what I said was, it seems to me the company is legitimate. As far as the market activity,I referred to naked shorting as a very likely culprit. You suggest that I pick-up more stock as the price drops on Monday,what makes you so sure the price is going to drop? If the price does come down or holds flat,I may just take your advice. BTW- I'm not a pumper, all info I posted is available via the companys news releases.No lies or slanderous hacking, just the facts... Do your own DD GLTA
I want to share my favorite post on ET this year.... http://elitetrader.com/vb/showthread.php?s=&threadid=78323 That sounds like a guy who has NEVER made a dollar trading. That sounds like a guy who has hit rock bottom after blowing out yet another account. That sounds like a guy who is jealous and resentful of successful people. Bitch777, I think you should change your name to "TradingSucks". You've earned it.
Still stewing over my MNCS dissaster three days ago ...made a profit but still annoying Why did I think that I was smarter than the market? I should have just been less greedy and taken some off last week in the high 7's. Stupid.
See? You have the solution. I did the same thing. After the Vancouver article I was thinking, "Hmm... you know, I can always buy it back." But, noooooo. It's just human nature. Read Mark Douglas' "trading in the Zone."
tough call imo. there where no much signs in the stock as far as i could see that told me the party was over. maybe the last daily bar was cut too short but in the climax it was difficult to make an assessment. the article tho yeah was a red lite, i have to admit. still, in insight, we were in for the ride and at least me, i was in for all or nuttin'. if mncs became an established company we would have made a fortune and nothin' wrong in aimin' for those virtual double digit teens prices.
I think it's still viable to do that. One thing going for it, trade wise, is a lot of people will be watching it for the near future.
Bitstream,step back and take stock of what your company already has a) $300,000,000 line of credit ($275,000,000 left) b) a chain of six car dealerships with sales of $76,000,000 last year, and on track for $112,000,000 this year c) $100,000,000 in receivables d) a shareprice that is ridicously oversold e) a business plan in place to put multiples of the above numbers onto the bottom line as more buy here/pay here businesses are acquired (assuming they can close more) I agree there was nothing indicating the party was over,no reason for it to end.The company had just announced it closed a huge takeover,and integration of Nice Cars and Nice Cars acceptance. Are Nice cars and Nice Cars acceptance some kind of a shame company?, is it run by incompetent management? "Mr. Ray Lyle, the principal shareholder of Nice Cars prior to the acquisition, is well known in the industry and has won several awards. He was elected National Quality Dealer of the Year in 2005 by the 22,000 member National Independent Auto Dealers Association. Most recently, the Chattanooga Free Press named Nice Cars the 'Best Used Car Dealer' in their market area survey of all new and pre-owned dealers. He is a featured speaker at the National Buy Here Pay Here and Special Finance conference in Las Vegas this weekend that is to be attended by over 2,000 dealers". That and the fact that there's over $100,000,000 in receivable and its on-track for $112,000,000 in sales this year,and will probably continue to grow year over year, tells me we've got a great business going forward. No hype, no stupid comments,just whats starring me in the face. The way the stock came off,following the purchase is just too ludicrous.If anything the price should've jumped.I cant imagine anyone long the stock selling in the manner that presented itself after seeing such extraordinarily strong news. I mean,really,do you believe a majority of the shareholders read that news release and at the same moment phoned their brokers and said,"Get me out at any price and do it quickly before the companies bottom line gets any stronger!" Common sense tells me something else happened, and thats where I came to the conclusion that the only people to benifit from such a truly bizarre pouding on the companies share value had to be trying to protect a short position. I believe the company is legitimate and will move much higher to adequately reflect the companys new structure, direction and of course the bottom line. Do you own DD and check the facts. GLTA
am very well aware of all these facts but keep in mind that manipulation can drive an excellent company outta biz. we are in merky waters now and mncs aint listed in a reputable exchange, short sellers are in full control and not likely to give up, i frankly dont know what's gonna happen, it may rebound and get back to previous highs but it may take yrs or never happen at all: there are many good opportinities out there, why take the risk now, as i said what was attractive of mncs was the absence of downdays [and downticks for that matter]. no reason that i see to jump into it now. shit can hit the fan anytime and stock can be halted...sorry, no me cup of tea.
The fact is all these are press releases and PR stunts. The facts will come out soon. These kind of frauds are common in BB stocks. A price increase of that magnitude while it attracts traders also attracts regulatory and news scrutiny. Many people do not realise that they are lucky that atleast this company is still trading, in most cases the company stock simply stops trading once authorities suspend trading. There are several cases like this. Just a couple of years ago a similar story played itself out on ET about mad cow disease company. One fine day the company stopped trading due to Sec /FBI action. Search through ET archives and you will find it. There is a whole industry which caters to creating and promoting such shell companies through continuous press releases. Those who has been in market know this very well. But hype and rising prices fools even most veterans as this company showed when some of the veterans on ET started believing in the hype. The truth will come out slowly. That is the way this BB game is played. If you believe your own hype, load up on this stock with all the money you got and see what happens next.