Discussion in 'Stocks' started by ener555, Oct 30, 2009.
Just wanted to see how it traded because there might be similarities to CIT on monday.
I think they change the margin requirements throughout the day on penny stocks and consequently when and if that happened on a gm chart wouldn't leave much to ascertain with a comparison to CIT on monday.
hmmmm.... I never thought of that. That actually could be useful. If anything, I am sure it couldn't hurt.
Good idea imo
Sharp dips, then short squeezes all day. Whoever wrote options @ .65+ @ the 1 strike amde a killing.
It probably won't be the same, it never is. I personally hope they pull off some random bankruptcy escape.
I traded them on 6/1, went long @ .6USD exited at .7301USD. From what I rember that day it closed up. The tape ran real fast I saw a large sell block and got out and it ran up another .20USD. Total time in the market was under 5 min. I did not want any motor liquidator shares even though they are still being traded. It is more of "I can I traded them on the last day" thing than an investment strategy.
Thats the reason why I posted the question. I think I remember too that there were short squeezes but couldn't find any intraday chart of GM anywhere.
I cant be sure CIT will behave the same way but it didn't sell off that much on Friday after several sources (Faber, insiders) reported they may file for BK Sunday or Monday.
So still looking for that intraday chart if anyone can find it.
Was it selloff first 30min and then rally or how did happen?
No chart yet, hm =)
thank you guys
This is a lottery ticket kind of trade.
You can see what happened on GM. 47.7K for 800 dollars of risk. I put a butterfly order in on the weekend before they officially announced there bankruptcy. Monday morning it filled on the opening print. I got out that Monday morning once I saw that. I have a few guesses. One is CDO's - credit default swaps. Some funds had to take a quick loss to maximize the payout they would get before it ceased trading. Or maybe someone just f-ed up, who knows. I doubt it will work again like this but thought I would show it off.
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