PSN, Poseidon Concepts

psn nov 15 2012.PSN Analysts - The Globe and Mai

Poseidon Concepts does something with water tanks that are used in the fracking processes used in the 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!