Echo Automotive, Inc. fka Canterbury Res Inc (OTC:ECAU) Falling Fast

The shareholders of Echo Automotive, Inc. fka Canterbury Res Inc (OTC:ECAU) may be in for another disastrous session after last week’s would-be breakout.

Last Friday ECAU closed down 8.48% at $1.51 on 2.2 million shares. That, however, came on the heels of a 20% dive from the previous day. Ironically, that was the day the pumpers from Providence Media Strategies LLC (“Providence”) chose to mail on ECAU again.

They talked about the test drive taken by Indianapolis Mayor, Greg Ballard. While high profile, the news turned out insufficient to sustain the inflated price of ECAU.

Despite the dismal performance in the last two sessions, ECAU is referenced as an example of the explosive gains of penny stocks by a competitor of Providence, namely Awesome Penny Stocks (APS).

The current pump job of APS is Swingplane Ventures, Inc. (OTC:SWVI), and it’s also being covered on hotstocked.com. The reference is quite inadequate. The pumping outfits in the two cases are different, and APS hasn’t been able to push any of its “picks” past the dollar mark since a year ago with North Springs Resources Corp (PINK:NSRSE).

It may also be a rather revealing comparison, as ECAU is dropping fast, losing millions for investors who believe the hype about it. At the time of this writing ECAU is trading around $1.30 per share – down about another 15%.