SQNS - I think this stock has a morning pop then we see it test that tumultuous 7.25 level that is was so sure it would hold today and eventually 7, where I hope for the crack as I am short.
Why'd the stock almost double today? went from 4.44 (yest close) to a high of 8.7 today.
- China's Ministry of Industry and Information Technology approved the company's chips. Montley Fool What does this mean? At the heart of it, its means that SQNS, who makes chips, is now allowed to have their chips used in China.
- So being allowed in one of the largest markets is huge, but what isn't huge is that they've got no contracts, and all the competition has China sewed up, which is why I shorted this parabolic today and I'm swinging the short.
- Until they lock in a contract of some substance, the stock should fade back when it has no driving force, 95% in one day.