Strategic Mining Corp. (OTC:SMNG) has been suffering from a serious post promotional hang-over. It took only three sessions in order to wipe out the whole gain SMNG achieved in the first weeks of October.
The daily chart of SMNG shows that the its share value almost double in the first two weeks of the month. SMNG manage to break the resistance at $0.02 with the help of a press release issued on October 12.
Just when the stock has reached $0.03 per share, a promotional program on the company sponsored by Crème Dellatex was initiated. What followed after the promotion though was a complete devastation to the value of SMNG stock.
Yesterday, just when SMNG had had opened the session at $0.024 on another promotion of the company surged on the horizon. It was once again sponsored by Crème Dellatex but the promoting sites were different.
At the end of the day only short investors could watch the chart of SMNG with satisfaction, for the stock drooped down 34% to $0.014. More than 6 million shares took part in this scenario, 2.8 million of which were part of the short volume.
Apparently, the promotional effect, for which $15 thousand were spent by Crème Dellatex, was soaked up by serious selling aspirations on the market.
I cannot believe how many penny gold minning stocks are out their.
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