Echo Automotive, Inc. f.k.a. Canterbury Res Inc (OTC:ECAU) Abandoned by Pumpers

Echo Automotive, Inc. f.k.a. Canterbury Res Inc (OTC:ECAU) managed to close in the green on Friday, although there wasn’t any news or new filing, and it looks like the pump campaign is over.

ECAU closed up 12.41% at $1.54 per share. The volume was a little over 4.4 million shares. It should be noted that ECAU couldn’t closed at the high of the day and after-hours trading has it down to $1.36.

The pumpers at Providence Media Strategies LLC seem to have dropped ECAU. The last emails we got from their newsletters are from Jan. 31. The disclaimers stated that they were paid for one month, but it seems 16 days are enough.

One of these newsletters is the Bedford Report. It used to be owned and operated by Paragon Financial Limited and it was used in a couple of pump efforts on Oryon Technologies, Inc. (PINK:ORYN). In both cases the newsletter was hired by third parties who had been paid a lot more money to artificially inflate the price of the stock.

When pumpers manage to get the price of a stock traded on the OTC or Pink Sheets above a dollar, the way down to a reasonable valuation is hard, as believers have to let go of their illusions.

There are often some spikes which look like comebacks, but in the long run traders need performance not hype. Friday’s 12% gain is hardly any consolation for those who bought in before the dumping started.