Sunpeaks Ventures Inc. (OTCBB: SNPK) (OTC: SNPK) (NASDAQ: SNPK) (PINKSHEETS: SNPK) was AwesomePennyStocks highflying new pick
That many were predicting would go to $10 per share. Considering there are 420M shares outstanding that would represent a market valuation of $4.2B for a company with no revenues to date. Even at $1 SNPK has a market cap of $420M which is completely ridiculous. AwesomePennyStocks previous pick NSRS traded as high as $1.75 at its peak and his since fallen to well below $0.10 We think SNPK will probably follow a similar pattern and drop significantly from current levels. If anyone is still invested here at $1.13 I would suggest cashing in your chips. Now that the promotion is over and APS will no longer support the stock there is no way that SNPK can support current price levels, I suspect it will drop below $0.25 within the next 2 weeks.
The sudden drop that SNPK experienced was caused by a well planed and orchestrated short attack. There are short venture capital firms and market makers, usually led by CSTI that build huge short positions in these highly promoted highly liquid stocks such as SNPK or APS last pick NSRS. At the same time they buy several million shares long to use in the attack. Once they have built up a significant short position and long position they sell the long shares at market in coordination with all the other short groups in the stock, at the same time Timothy Sykes and a short online rag such as the Street Sweeper publish negative articles pointing out all the short comings off the stock. Millions of shares hit at the same time and the market for the stock just collapses.
Of course, it’s easy to bash a stock as highly over valued as SNPK, it is easy to find companies trading on the OTCBB with proven revenue streams that trade at market valuations of less than $1M Without the promo, SNPK will sink and sink fast.
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