I didn't say it went to $2 I may have wrote some thing wrong. Anyway same weird action today. Big bids and bids above the ask.
I went long on Feb 3 but got out on Feb 6 because it didn't show me love I expected to see... LOUD did a very good weekly reversal, however it is not doing well since Feb 6 to spin this reversal into a rally. that' my vision though... everything can change but I got out. It's just not going smoothly... by the way, DELL is trying to do the same now... good trading
Yeah I'm out of this thing to. It makes no sense. almost 90 million traded today and yet no price change. Perfectly sideways even on news. Pretty boring now. Oh well made a quick killing on GTCB some big sell off drove it down 50% and I jumped in for the recovery which for me was a 40 min 25% gain!! Yeah!
When Worldcom went belly up, the volumes were huge. Same players sitting on the bid and offer, collecting their rebates. Low priced stock, lots of volume, a rebaters dream.
Exactly, cause flat fee man cant short a 60 cent stock in his account, so he pounds the lower island offer, and pounds out to the brut/acra bid, while the rebaters keep one ECN super stacked and let the other ones drift down. They lose 1/10th gross but make 4/10th credits. I just cant believe its allowed to happen.
Oh yeah... Worldcom was the bad example: the man that struggled and wasn't able to stand up again. There is definitely a lot of arbitrage in this stock (flat-fee based). But if you remember SIRI (the good example), there may be huge upside potential (10 fold increase). So it can be that marketmakers have different opinions about long term performance of this stock. And by using this type of games, they change positions at fair/real market prices instead of trading at each others quote (paying the spread over large number of shares). They can also take much larger positions because the risk of exiting a huge position is nowadays much more limited... And maybe (but the chance is very low) there are some artificial shorts in this stock, that create a larger free float (like in some goldstocks, there is a short interest over 100%). But this is only my opinion. MM involved: UBS, CDRG, BEST, MLCO and some other...
When i referenced Worldcom, i wasn't talking about the investment merits of the company. I was talking about the volume of trading and how the rebate traders flipped it back and forth all day.
Hey TurboSetch, looks like LOUD withtood the selling pressure. it's going up man. so will DELL if it gaps up on monday good trading
all those guys who thought they were getting rebates on INET and BRUT over the last 2 weeks are going to get owned. read the latest INET, nasdaq news regarding nasdaq pricing under a buck. all retroactive to feb 1st. that means all you swifttraders are not going to get your rebates you worked so hard for.....
Word from a reliable source says that the reason for the massive volume (and subsequent pulling of rebates by Inet and Nasdaq) was a bunch of traders wash trading. They would hit themselves with a flat fee account and collect the rebates on their rebate account. Needless to say they're being charged by the SEC.