Hard to pick where this may bounce? If you're able to chart latest movements, and pick the bottom I'll give you double thumbs up. IMO, no one can accurately predict where this will rest given the current economic situation. My call is 2.8 cents at worst scenario. I'll settle for a bounce in lower 3's if Europe sort's itself out.
I've been in PEN since Pre-GFC, and seen the s/p go up to 11.5 cents and back to 1.1 cent all while holding a core parcel. It's been a painful and joyful ride over the years, not sure if I could deal with what I went through before I count myself lucky that I now just hold free carry. But I certainly know how some of you are feeling watching the s/p drop like a stone whilst holding a much higher average.
Anyways, regardless of what happens you can always play a stock for what it is. I wouldn't recommend anyone trade out now, maybe that window is closed but work out a game plan to suit your needs. This may bounce back some day just have to be patient and keep an eye out.
I used to have an 8 cent average with PEN in early 2007. I learned about trying to average down while it was falling which was a big mistake, "catching a falling knife" as some may say. Eventually after taking note from some good T/A guys and learning a bit about it myself was able to accumulate and average down my core holding when PEN eventually bounced from 1.5 cents sometime around 2008.
Each and everyone of you holders can work out a plan, and shift things in a way to favor your needs. Fundamentally, the company is fine, it has a few disgruntled holders with management but otherwise it will claw itself out of this hole when the time is right. When that time comes, are you going to sit around on your hands and wish you did more complaining? Or are you going to free up some capital, protect it until you know it's a good time to use it.
Good luck guys, the world may be sick but it will get better. Map out your plan.
PEN Price at posting:
3.3¢ Sentiment: None Disclosure: Held
