Fortescue Metals was a penny stock too...
I sold at 5.4, will buy back in lower as people panic sell. Staying for the long term but not watchin profit piss away in the mean time.
Market is incredibly sensitive to the smallest things - it was positive news and because of a typo or confusing explanation, or higher expectation...drops 10% and then people's stop loss orders set in like a domino effect...or people do what I did. Once it over sells / rats leave the ship it bounces back, hence bounced to 4.7 after touching as low as 4. I hope it goes/stays down for my buy back in, but hope it rises in general / long term. The fundamentals haven't changed for this one if you're in it for the long term - shitloads of oil in the ground, the oil hasn't gone anywhere, and the play has been derisked from 40% to a 60% chance of success - regardless of market sentiment it's a great long term investment that I'll be back in for, likely tomorrow.