3SOF

Aussie,

Here are some support levels, assuming they're going to gap it down on us:

9.94-9.96 - That's the 8-day Tenkan-sen and the 50DMA, respectively.  My guess would be that they'll gap it down at least to there, minimum.  Anything above that would be encouraging.

9.82 was last Wednesday's Bullish Hammer low, at the 8-day Tenkan-sen.  That was a nice candle. 

9.485 is the bottom of the Kumo (Cloud), so we will have "fallen below the cloud support," on a gap down below that.

9.347 is the Ascending line.  It hasn't been validated by a third hit, so a gap down tag of that trendline, then a bounce at least would be encouraging.  A gap below it blows our Ascending line, as it stands.

9.05 was the recent low.  A gap below there.... UGH.   

At least we've got some cushion from our entries in the mid-9s, so hopefully, we won't get hurt on this one. 

A gap down below the recent 8.40 low sure would be an OUCH, though.

 

Quote from: Melf Elf on November 13, 2006, 07:25:18 AM
Aussie,

Here are some support levels, assuming they're going to gap it down on us:

9.05 was the recent low.  A gap below there.... UGH.   

BBC currently is indicated at BID 8.90...ASK 9.07, which likely will change by the open.

I'll sell this morning.

 



Form 8-K for BODISEN BIOTECH, INC


--------------------------------------------------------------------------------

13-Nov-2006

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standa



Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Delisting
On November 6, 2006, Bodisen Biotech, Inc. (the "Company") received a letter
(the "Deficiency Letter") from the staff of the American Stock Exchange ("AMEX")
indicating that it is not in compliance with certain continued listing standards, specifically Sections 132(a), 132(e), and 403 of the AMEX Company Guide.

Among other things, AMEX believes that the Company made insufficient or inaccurate disclosure in its public filings with regard to its relationship with, and payments to, a consultancy firm and its affiliates both prior to and subsequent to its listing on the AMEX. Additionally, in the context of the Company's relationship with the consultancy firm, AMEX expressed concern that the Company has internal control issues related to its accounting and financial reporting obligations. Prior to receipt of the letter from AMEX, the Company publicly announced that it had terminated its relationship with the consultancy firm.

The Company has already contacted AMEX to confirm receipt of the Deficiency Letter. To meet AMEX requirements, the Company intends to submit a plan to AMEX indicating what actions it has taken and will take to bring the Company into compliance with the AMEX Continued Listing Standards. If the plan is accepted, the Company will continue its cooperation with AMEX during the plan period, during which time it will be subject to periodic review to determine whether it is making progress consistent with the plan.

Prior to filing the plan and, if a plan is timely filed, while the plan is under review by AMEX, the Company expects that its common stock will continue to trade without interruption on AMEX.

Concurrent with filing this 8-K, the Company is distributing a press release announcing the receipt of the Deficiency Letter. The press release is attached to this report as Exhibit 99.1.





Item 9.01 Financial Statements and Exhibits
(d) Exhibits.

Exhibit No. Description

99.1 Press release dated November 12, 2006.


http://biz.yahoo.com/e/061113/bbc8-k.html

Sold BBC at 9.00.  Loss: 3.9%.

Not as bad as I expected.

Glad I had my insurance sale a week or so back. Also off loaded some at the $9 area, I decided to leave some over the close today as I wanted to just keep a small position to see if earns news or resolution of this AMEX notice may bounce the stock straight back up again. Must admit it looks unlikely, there were some crazy low AH sales in the $7's, seems some big guns are aiming square at BBC, the whole timing and reaction just seems far to manipulative than coincidental.

Here are the Q3 results:

http://biz.yahoo.com/e/061113/bbc10qsb.html

To coin Melf's phrase, here is another gap into crap i mean fertilizer

Quote from: AussieTrader on November 13, 2006, 10:16:29 PM
To coin Melf's phrase, here is another gap into crap i mean fertilizer

Aussie,

Yeah, I'd say that we got a little "fertilizer" thrown our way yesterday. 

Quote
Glad I had my insurance sale a week or so back.

That was a real good move. 

Normally, I would have taken some profits when we got back up to the 10.80 resistance, but I had committed NOT to trade this stock because of the illiquidity, and because I bought it primarily for the great fundamentals, looking for a big gain by holding it into 2007.

Sigh...

I'm grateful only to have a small loss in BBC, but it's disappointing to have gotten spanked for trying to pay attention to what I thought were great fundamentals.

Regardless of how good a job BBC is doing at "fertilizing China," there's something wrong here.  In addition to the problem about the payments to the consultancy firm...

Quote
To meet AMEX requirements, the Company intends to submit a plan to AMEX indicating what actions it has taken and will take to bring the Company into compliance with the AMEX Continued Listing Standards.

There needs to be "a plan" to get back into compliance?  That sounds a lot more involved than "You forgot to get some paper work in on time...send it over here."

Quote
If the plan is accepted

Excuse me, but did that say "if" it's accepted? 

IF??      

Quote
the Company will continue its cooperation with AMEX during the plan period, during which time it will be subject to periodic review to determine whether it is making progress consistent with the plan.

I'm not sure that married couples even have as much contact as BBC is going to have with the AMEX. 

Bottom line for me: The Gap Down Crash opening, below all levels of recent support that I listed before the open, was all that I needed to see.  I don't know enough to understand the extent of BBC's problems here, but I recognize a Crash opening when I see one.  SELL. 

Good luck with the rest of your shares, Aussie.  You're in good shape, having sold what you did.

Quote from: AussieTrader on November 13, 2006, 10:16:29 PM
Must admit it looks unlikely, there were some crazy low AH sales in the $7's, seems some big guns are aiming square at BBC,

Aussie,

It would seem so.  Looks like another crash opening on tap. 

BBC currently is indicated at BID 6.80...ASK 6.98.

It looks like they halted trading at 11:44AM.  Last trade was 5.98, down another 30% on 2 million shares, which is huge volume for BBC.  I don't if it's the 4 groups of Angry Bulls, or if something else is going on. 

Anybody see anything?

Okay, trading resumed at 12:13PM.

Auch I got crashed. 

Moved with my company and was unable to do anything about my shares for almost a week. Looks like it was an expensive week. WHAT HAPPENED???

Amarens

Quote from: Amarens on November 15, 2006, 09:35:51 AM
Auch I got crashed. 

Moved with my company and was unable to do anything about my shares for almost a week. Looks like it was an expensive week. WHAT HAPPENED???

Amarens,

I'm sorry that you were unable to get out of it   

What a terrible beating BBC has taken this week.  The market doesn't like the uncertainty about a possible delisting if the company doesn't come up with an acceptable plan to get into complaince with AMEX requirements (see Aussie's post, and our discussions).

I didn't think that BBC ever would see the 5.31 target that's been IN PLAY on the chart since the May Day crash, but it MADE at yesterday's 5.29 close. 

so 5.31 is the low of the longterm down trendline...right?......bbc is on watchlist...waiting for signs of life...

Quote from: ket1390 on November 16, 2006, 03:11:07 AM
so 5.31 is the low of the longterm down trendline...right?....

Hey, ket!

No, that target has nothing to do with trendlines, or with any support.  5.31 simply was the target IN PLAY that I derived from taking a measurement off that big top in the chart below (all of the trading above the red trendline) when yukiii and I discussed BBC back in May on the Stock Picking Board.  Here's the chart from that discussion:

http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=21480;image
.

Quote
.bbc is on watchlist...waiting for signs of life...

I'd suggest putting this one on the back burner for quite awhile, ket.  Yes, it will have a reflex rally to the upside at some point,  probably a good one, and it could be as soon as today.

But, if you look to the left of the chart and follow the horizontal black line, BBC is back to prices when the stock traded as little as 800...1,000 shares in an entire day! 

So, that means that literally everyone who bought this stock after it started to get buying interest currently has a loss in the stock if they're still holding, and most of them have BIG losses.  Even if there is a very clear statement that BBC is back in compliance with AMEX requirements,  BBC likely would have a strong rally on that news, but there is a tremendous overhang of sellers,  and they will be selling into rallies. 

Yesterday's low "could be" the absolute low in the stock, but I avoid stocks like this, that have crashed.  They need time to build a new base and recover, technically, and that can take awhile.

Meanwhile, "cheap can get a lot cheaper."  It's possible that BBC will be delisted, which is why it has crashed so badly.  If it doesn't get delisted, then there's probably going to be shareholder lawsuits because it seems that payments to the consultancy firm weren't disclosed (or not properly disclosed?).

thanks melf elf for the rapid and good comments.

nice call on the 5.31 !

this is a dead cat bounce....in the last time i tried to trade stocks that were missing earnings and were falling out of the bollinger band (mostly overreaction).....with forming of the right candle i was able to get good trades.....here are no signs of reversal yet but as you said it can change with the right news...or the right candle 

Quote from: Melf Elf on November 16, 2006, 03:58:14 AM
If it doesn't get delisted, then there's probably going to be shareholder lawsuits because it seems that payments to the consultancy firm weren't disclosed (or not properly disclosed?).

The Ambulance Chasers didn't waste any time.  I got a  letter at 11:00AM this morning, by Federal Express, no less!

It's from a firm called Schriffrin & Barroway, announcing that a class action complaint has been filed in the Southern District of New York on behalf of anyone who bought BBC between August 26, 2005 and November 14, 2006.

If anyone is interested, and didn't get the letter, their toll free number is 888-299-7706.  You can call and have them send you the information.