2009 June 12

Not long ago we were curious why a sponge in the tech world would garner so much attention. Today our doubts were answered with over 200 million shares traded and a close over $.23. Mind you SPNG has been on our radar since it was a sub-penny stock.

Volume and interest continues to grow and the question remains: how high will SPNG go? If you are a realist you would know that this stock will go down, whether its tomorrow, or next week, or even next month. But in the short term increased interest and the astounding amount of money trading hands in the stock today, illustrates the potential for more upside.

Just don’t be the one without a a chair when the music stops.

Our post not long ago about SPNG:

SPNG has maneuvered itself from the sub-penny area to $.03 in a short amount of time. This was done with substantial volume and a tremendous amount of capital.

We all know the deal with penny stocks. Most of them are penny stocks for a very good reason, but when you see $1 million plus traded on a daily basis for a $.025 stock you begin to think this Sponge might have some upside.

Today SPNG dropped a little over 3%, which was a better showing than many of the Dow Components. Penny stocks are supposed to be the wild crazy bets, while blue chippers such as JP Morgan Chase, and GE are the ones you should be throwin your money at…. right?

SPNG has a compelling story. SPNG has had some very serious volume and money exchanging hands. SPNG also had a press release out late this afternoon that could vault the stock tomorrow.

This stock should be a very good day trade for the time being so keep it on your radar. Today’s PR is pasted below for your viewing pleasure: