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Dash, you may also want to include, if you haven't read them, my MGLD posts #3070 and #3084. This will give you a bit of a heads-up on who must be considered another secret force at play in stock price action.
Do also familiarize yourself with the terms "Market-Maker" and "Shorting Stocks" and do realize how they can especially be used to take advantage of weaker, low priced ones like MGLD to drive prices conveniently downward for themselves.
Conversely, and here's the good news, be also aware of the jeopardy short-sellers are in when prices quickly escalate when the term "Short Covering" takes the owners of that stock on a truly wild ride upward.
You'll learn all this.
Dash, if you do somehow manage to come back on this MGLD board or any other I-HUB board, let me caution you now as I have cautioned others who have read my messages.
DO NOT let yourself be swayed by any single and perpetual voice of BULLISHNESS including MGLD without FIRST doing all that you can to satisfy yourself that from a 360-degree perspective that a stock is a good play.
As anyone who knows me in real life will attest, MGLD is just one of several assets I use as a trading vehicle. However, because MGLD (formerly CNCG) was on the OTC exchange until recently, it was able to sidestep much of what is already in place with the usual kind of financial vehicles I trade.
Because of this detective-like and no-nonsense veneer I have when it comes to stocks like MGLD, of which I have only owned maybe three others of in my entire trading career, I made sure I called the company directors and picked their brains for as much as they could divulge to me without violating any SEC disclosure rules.
Sure, the updated MGLG company news and links posted here are nice, but few will give you the cautionary advice of going beyond that directly to the ones authorizing those releases. Still rarer is anyone here giving out the KIND of pointed questions from a balance sheet perspective about MGLD that one must ABSOLUTELY ferret out from the leadership. This is where a bit of a corporate accounting background or a close association with how CPA's analyze data will greatly aid one.
Much of this you will have to learn from years of doing. I wish you well on your quest should you determine that this trading life is for you. In the meantime, you might want to also read my cautionary MGLD post #3074 to get another perspective on my feelings about years of non-stop bullish CNCG/MGLD messages from ultra-loyal lone sources who ignored the trading cross-currents and money management side of things.
I guess the kindest thing I could have said about this or that person's limited treatment of what was grossly omitted from their constant and sole BUY! stances was: THEY COULDN'T TEACH WHAT THEY DID NOT KNOW!!
The same is most probably true going forward........
Majestic14, the most important part of your high quality post has to do with the unseen and potentially explosive upside that may happen at any time with short-covering.
An important point for me to add would be to stay on constant alert and to be prepared to take quick profits that the unwinding of those short positions will offer. Once their short positions are no longer in force the buying ceases and its dip city once again.
Watch the time and sales, volume, block trades, and overall price action momentum acceleration/deceleration while thus moving accordingly. Use all the trading indicators you can call upon.
The up-listing to the NYSE gives those taking the short-selling counter party risks an option they didn't have so easily at their disposal when CNCG was in the trading market cellar. Turn this short-covering experience, should it come about, into the two-edged sword it can be for us if milked carefully.
God Bless my grandparents who somehow have managed to turn "Buy and Hold" from the 1950's with GE and a few other stocks, all with several stock splits along the way into a seven-figure net worth.
I guess that's one way to do it!!
My grandparents have owned shares in GE for decades.
To close out this all-around great trading week in all markets that I play, I additionally now have just over 52,000 shares of MGLD. Cost average per share = $1.974.
Anyone else?
Again, and in the spirit of full disclosure, I went in somewhat heavier on MGLD today.
Since I took full and quick liquidation advantage of the brief morning price spike a few Fridays ago, I now have reacquired just over 37,000 MGLD shares. My cost average per share for what I now hold is a modest $2.03.
Cautious and careful while accumulating assets wins the game the vast majority of the time.
BTW, I almost forgot.
In the spirit of full disclosure, I picked up just under 4,000 more MGLD near closing.
Sorry, I was not responsible for the climb to the day's high of $2.30+.
Ask Jim Cramer if he did it!! Somebody I also was aware of by reputation from the bygone days.
I always question the rationales of anyone who overtly asserts a "BUY" rating on any stock. While I hear this constant type of hype daily on the major cable financial news outlets, this especially holds true with stocks like MGLD, its stockholders, and stock info services like "Investor Place", etc.
If one just simply looks at the facts (and I have decades of market experience tracking this) one will see something rather eye-opening: Rarely after a "BUY" recommendation (which is the pervasive one I see here) is given by a stock's proponent does that stock actually move in that hoped-for direction in a timely fashion.
MGLD, formerly CNCG has been around since I was in my thirties and it has only been recently that any kind of significant price spike has allowed loyalists a brief event with which to cash out. Luckily, I made my earlier money on CNCG when it was selling as low as $.003 and I twice sold all my millions of shares on run-ups of $.04 to $.055. Made a TON and thanks to an angel on my shoulder, I somehow stayed away from getting back in again. However, folk were still hanging on telling readers that CNCG should be at a quarter in no time.
Fortunately I did my later acquiring (after the reverse splits) gradually over many, many months while CNCG was between $.65 and $1.20, so I fared darn well again on the recent spike. But even then, back 4 - 5 years ago or so, I confronted CNCG management about several key unaddressed issues to the point where they wouldn't respond to the unusually pointed and incisive questions they obviously were not ever asked by other folks.
But what is to be said of the thousands of constant "BUY! BUY! BUY!" posts for CNCG seen here during the last 20+ years?? Did those shareholders who followed that erroneous advice and, who went through TWO reverse splits (a 1-for-10 and a 1-for-30) totaling a 1-for-300 actual scenario, ever actually make a profit??
With all this said, guys and gals, resolve right now do your own thinking/investigating based what your deliberations on MGLD reveal to you about buying and then when you decide to sell at various points.
We will probably never see MGLD at $.60 levels again, but BEWARE!!. Nothing goes up forever in a straight line. MGLD may be a $25 stock someday, but how you take profits at certain key times based on far more factors a smart trader ferrets out than one will find spoken of here on this board, is what will make you a success.
All of this is up to you and to your level of commitment to be the uncommon man or woman in the market who LISTENS, DEEPLY CONSIDERS ALL SIDES and THEN MAKES STRATEGICALLY-BASED MOVES that are not founded on the words or encouragements of just one or a few voices. Be smart now!!
I'm nibbling right now with some MGLD buys here at this sub-$2 level.
Until I feel the time is right, and by that I mean when I get a trader's intuitive signal that I can't fully explain but that I've come to accept about my inner guidance, I'll be patient.
I've come to know this innate signal that springs from within that has stood me in good stead over the years. When it tells me something is about to break, even without regard as to price, is when I'll make a serious move to acquire a much larger position.
And on the opposite side of that coin, I can assure you that I also listen to that same inner prompting that tells me when to let some or all of MGLD (or any other stock) go at that particular time.
More importantly, the issue of the MM's influence underscores one of the BIGGEST considerations that I don't see addressed here fully enough as the overriding caveat of stock trading reality we must be aware of.
Just referencing the MM's ability to do what they do best is not the same as actually having my own real world brokerage background that saw it happen firsthand daily in all markets.
Too much one-sided tunnel vision of misguided optimism is rampant here which reveals the absence of real, hard core, in-the-trenches trading toughness, longevity and experience in matters some here can only pretend to know about.
This pretty well sums up the bulk of what I see posted here.
Do any of you see why its sound to take profits when you should?
A few days ago the public's enthusiasm and internet hype over MGLD made a market for those who are wise as to the ways of stock price action and how to benefit from it.
Now, ladies and gentlemen, you are seeing pure supply/demand as reality has set in and the frenzied news response has played out.
Nevertheless, this is still a time to accumulate cautiously at lower levels before the next run-up now that more awareness of MGLD is in play.
This also goes to prove that MGLD, like the former CNCG is still for the present greatly dependent on selling its "story" to the investing public. Company fundamentals and financials especially like those on MGLD's level somehow never seem to trump youthful and overtly public enthusiasm for piling on a hot stock. This is especially meaningful when people are also woefully ignorant of the immutable "what goes up must come down" concept inseparably attached to these fleeting stock spikes.
BTW, I hope most of you were able to take profits early today as I was able to do once I finally opened my Ameritrade account and saw the event unfolding before my astonished eyes.
I would say that anytime anyone can be minutes late in logging on to their account and still sell shares within 5% of the day's high it is indeed a great day!
On the flip side, I was doubly grateful to see how my early notion not to be greedy saved me from the later fallback in price. However, now there may be plenty of trading opportunities to buy and sell this puppy going forward.
DrD and Family:
Nice to see this finally giving us a chance for a portion of profit-taking liquidity for which we have been patiently waiting since the post-Y2K era. What a pleasure and a surprise out of left field to see 89,000,000 shares move.
Congratulations To Us All!
Since people here have a penchant for quoting statistics concerning Concierge and its price and volume changes, did anyone catch the double digit move in its stock price today and the way above average daily volume?
Somehow I expected celebrating and giddiness galore on this Concierge board at today's action. What a letdown you all are to a man like myself who thought I'd be coming to a party!
And what happened to the guy who posted that he thought Concierge would be at $3 -$4 after the news came out? Whoever you are please come back here with more of your valuable and irreplaceable Concierge input and help liven up this joint. Please!
Gee, perhaps the market's response to Concierge's earnings would have been better if it hadn't come out at all.
Who could have guessed that after all the Concierge board hype and buildup something like this could happen?
There's a teachable moment at hand and a larger and much more important lesson to heed here for those who have eyes to observe it, I believe.
I'll leave you folks to figure out just what went wrong. I've already let it be known for some time, again, only for those few who up to now had the eyes to observe it.
Something else Concierge shareholders are NOT being told by company management is concerning the experiences they've had with several previous stock promotion entities they've hired or interviewed to enhance the share price of Concierge. This latest company move is nothing new and needs to be looked at with skepticism, not joyous enthusiasm.
These earlier efforts basically turned out to be disasters as either(1)the stock promoters asked for unrestricted shares upfront that they quickly sold to Concierge's detriment, and/or (2) the amount of shares (restricted or unrestricted) they required upfront was too high a price to pay.
Current shareholders can verify this history with management if they don't believe me. These stock promotion entities know how the game is played and especially how to woo and schmooze companies needy for exposure like Concierge.
They promise that they have the manpower/womanpower on their staff of callers to get quick uplift for small companies, all of whom are in need of assistance and are ready to grasp at straws for help.
It also looks like perhaps profit-taking and a dose of reality has set in today on this heady and overbought condition of Concierge. This is in direct contrast to the temporary, unsustainable and euphoric state whipped up here by anyone doing all the talking on this board.
I deal in facts, not fantasy.
Stock chart shows Concierge did 2 reverse splits in succession about 4 years ago. One at 1-for-10 and one at 1-for-30......a net reverse split of 1-for-300. If anyone bought all their shares since then at a post-split low of about $.60, they're in good shape. I get that. If shareholders bought anywhere before then, they're light years away from a victory lap.
With that truth said, how curious it is to read the same type of comments from current contributors as were made several years earlier (before the reverse splits) about what a great value Concierge was way,way back then.
Think deeply about the concept of trusting ANY penny stock advice about Concierge especially here at present-- or, as a matter of record, any advice given a dozen years earlier which certainly proved to be not only non-productive, but actually destructive.
Words posted by ourselves make the best and most convincing witnesses.
One unfortunate and overriding fact about Concierge, Inc. and its so-called company loyalist(s) on this board is that they have been forced into turning what they had hoped would be a quick trade for a quick profit into a multi-year investment.
Don't be fooled by their false company loyalty. These people would have been out in in a flash in their own best interests had the market given them half a chance at any point along the way. Sadly, the pitiful volume of trading is also working against them being able to take a decent profit without tanking the stock in the process.
Still want to follow the advice of those who are stuck up to their hips in this venture? Be our guest.
And perhaps a welcome addition of varied views on the subject of Concierge will add much-needed push-back to a poor financial diet of obvious market naivete offered as sustenance to the unwary.
After so much time has been wasted and so much faith has been dashed on the rocks by Concierge, Inc, I wouldn't believe ANY reason they gave for a corporate address change. For all we know they may have only found a place with a more affordable monthly lease price.
If anyone supporting this stock was right about their reasons for supporting it, the proof would have easily shown itself several years ago. There's never a justification for having money or energy locked up for so long in a losing effort.
Throwing coins in a wising well in the realm of the stock market doesn't make it so and doesn't prove anyone's case. Neither does baying at the moon prove a person can just wish their way there.
If anybody else has opinions like mine and backs the concept that other and diversified voices are needed on this board, please feel free to contribute. Perhaps this will overcome the one-sided staleness that permeates it now.