The last two session of Salamon Group Inc (PINK:SLMU) turned out to be very intensive. Tow days ago, on nearly 1 million share volume, SLMU stock surged 81% to $0.127. The next day, the volume was much higher with nearly 2.6 million trade shares, which is nearly 40 times higher than the daily average.
However, on this almost record high volume SLMU stock experienced a sharp correction. At the end of the day SLMU share were traded 24% lower at $0.096 while hitting and intraday high of $0.127 at the beginning of the session.
The sharp fluctuation on the market came after the company issued a press release yesterday. It announced that Sunlogics Inc, which is a strategic partner of SLMU had received an equity investment of $7.5 million by GM Ventures. [BANNER]
SLMU stated that this deal would provide the company with a pipeline of high quality solar assets for acquisition. At first it appears that the market rejoiced at the issued news when the stock rose higher than previous close in the firs hours of the trade.
However, around 11 p.m. a serious selling pressure appeared and drove the stock price down. At the end of the day, when FIRNA published its short volume results, it turned out that more than 1 million shares were turned over in short transactions.
Maybe it will take another couple of sessions before it becomes clear what the actual market sentiment about SLMU stock is.
