RE: Below $3 today? This is combination of tax loss & index deletion selling as I had mentioned before this is going to end in a few days where large number of sellers will get exhausted. The stock was creating a base that base is being breached by forced selling.
Fund that are holding this stock in the S&P/TSX 60 index will have to sell for what ever price they get to replace it with stock that are added.
Tax loss / index trade would be to buy at the time of liquidation of index selling in stage if you can. If you get in close to the bottom. Then after ex dividend you have $.09 a dividend cushion even if the stock is flat. Some short sellers may cover here too. Not too manys shorts on this stock
Poseidon Concepts removed from S&P/TSX indices
2012-12-14 20:08 AT - Miscellaneous
Standard & Poor's Canadian index operations have made index changes as a result of the quarterly S&P/TSX Composite Index review.
These changes will be effective at the open on Monday, Dec. 24, 2012.
S&P/TSX COMPOSITE INDEX DELETIONIssue name Symbol 60/Completion Live composite GICS sector indexPoseidon Concepts Corp. PSN Completion Energy
Changes to the S&P/TSX Composite Index will also affect the S&P/TSX Capped Composite and Equal Weight Composite indices.
Stocks added to or removed from the S&P/TSX Composite Index will also be added to or removed from the appropriate global industry classification standard (GICS) sector index.
S&P/TSX COMPOSITE DIVIDEND INDEX, DECEMBER, 2012, QUARTERLY REVIEW, DELETIONIssue name SymbolPoseidon Concepts PSN
S&P/TSX EQUITY INCOME INDEX, DECEMBER, 2012, QUARTERLY REVIEW, DELETIONIssue name SymbolPoseidon Concepts PSN
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.