Then and now;

The 4th wave did not get quite as high as thought. It did not enter the gap area at all. Anyway now the 5th seems to be complete after hitting a low of $2.74

Now that the stock has dropped from $16 to <$3, our analysts are a little more optimistic than they were the first day after the drop, but not by much, on average they are now a hold instead of underperform. The company is going to “vigorously” defend itself against a lawsuit whatever that means. We would leave it alone but definitely would not sell it here. A good bounce is overdue.

Just a day later the 7 strong buy analysts have all but one disappeared into thin air. 3 remain quasi positive (hold means sell in this business) and 4 remerge as (strong?) sellers. In the mean time you have just lost 69% of your money. Today’s low on the stock was $4.49, at that level it probable is a buy, not a sell so the analysts could well be wrong again. There is a huge gap from about $13 to $6.50, chances are that the stock might want to trade back into that gap. Time will tell.

Just in case you think these analysts are just newcomers from tiny dealers, here is a list provided by the company itself, it has 11 analysts so two must have been awol at the time of the surveys.

and the company’s Nov 14 statement to investors;

“Rolling out three major new products and services demonstrates that Poseidon is focused on leading the evolution of fluid handling across North America, and emphasizes our commitment to expanding the Company’s footprint in the fluid management space,” said Lyle Michaluk, Poseidon’s Chief Executive Officer. “While we are disappointed in the third quarter’s weaker financial results, this was a transformational quarter for our business. We remain optimistic both about our core tank rental business and the ability of the new products and services to attract new customers and generate incremental revenues. We are already experiencing strong customer enthusiasm in response to the new offerings.”

Just horsing around, I guess.

Poseidon Concepts does something with water tanks that are used in the fracking processes used in the oil and gas business. The stock is down 61.9% (nice Fibo #) when I last looked at it. I have added a possible count just to make it clear that wave 3 can be pretty deadly. A lot of other stocks are presently in exactly the same position but have not yet gone over the cliff. More importantly I have added the analyst recommendations on this stock , as compiled today and changed every day, courtesy the Globe and Mail even though at the top it is dated as of Nov 7. Whatever, the point is that recently no less than 9 analyst followed this stock 6 of which thought very highly of this stock giving it a strong buy rating. The remaining 3 were slightly less optimistic but did give  the stock a buy rating. Not a single one thought to give it either an underperform or sell rating. All this despite the fact that the stock tried 3 or 4 times to go through the $16 level. The EW count is also relatively clear. So are these analysts all brain dead? Absolutely not they just don’t work for you. They are simple extensions of the sales apparatus that is the pride and joy of every self respecting investment dealer. Watch them all change the rating tomorrow while your broker will remind you that you are very lucky as the stock now yields 18%. Never , ever, listen to analysts!