When Baidu started trading yesterday at 11:40 ET, the thread named "baidu" had 6 posts and only 250 views. I think a lot of people (most people) missed it
I rarely trade nasdaq stocks, and even more rarely the highflyers. But the term "chinese google" was just too good to resist. I entered with 50 shares within minutes of it opening, then added 10 shares every 2 bux down as it went against me. Was pretty close to stopping out before it reversed, then I just scaled out 10 shares at a time between 90 and 120. Ended up making $2400 on 100 shares. Like I say, not my game at all, it was just a punt. To say it's pure gambling is wrong, you just have to keep the risk in line, then it's like any other trade.
the stock hardly dipped except at the close, when all the daytraders were forcd to sell out. since the public could not short the only position they had was long. its not hard to imagine everyone made a ton of $ on this one.
LOL besides the poker tables, everything is a losing probability in a casino. In other words, stupid risks if you are trying to make money, unless you're counting on luck, which sounds like your style. No fundamentals driving BIDU, few technicals (it just IPOed), just daytrader.hedge fund momo & gambler mentality. Maybe the bubble euphoria is in but I'm not willing to risk it just yet. Can't short BIDU, well unless you got a good hook up or are a MM, but Im sure 95% of traders cannot short it. Hence you're stuck trading from one side and there is very little cushion from short covering just bottom pickers. Great equation for risk control, LOL. None of the top traders I know touched that piece of crap. All for the same reason, they do not gamble. Way too much risk unless you're a buy & close your eyes type trader. At any moment BIDU could have just cratered and for good reasons (it's a POS).
You're right, those 10-20 points dives it took did not actually happen. Either way, it looks sooooo easy in retrospect so I guess you're right. BTW, in order for everyone to make a ton of money, a lot more suckers have to lose a ton of money. I doubt retail shmucks & institutions were significantly involved in BIDU, it's just day traders & hedgies. Must be the MMs giving up all that easy money.
damn i can see the ipo fever hitting up now... all these people get jealous when someone makes a $ !!! all those dentists, doctors and lawyers... students, professors... they're all coming back!!! can i get yeAARARRRRGGHHHH howard dean style?
Underwriters are prohibited from lending their stock out for 30 days, I guess u got real lucky by having some retail client who got ipo stock lend u theirs