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Bishop is only right with regard to Canadian trading. However, there are other Canadian trading rules that stipulate that it is illegal to break American trading regulations. Bishop's argument is disenginuous in that it purposely ignores the intent of the law, and that is the orderly process of the market. Yes, one can sell an OTC short, but there must be an attempt to cover those shares with bonified shares. Moreover, in Canada, the act of NSS is illegal as defined in the following
From Canadian Stockhouse: http://www.stockhouse.ca/news/news.asp?newsid=3722785&tick=NT
WWW.BUYINS.NET is a service designed to help bonafide shareholders of publicly traded US companies fight naked short selling. Naked short selling is the illegal act of short selling a stock when no affirmative determination has been made to locate shares of the stock to hypothecate in connection with the short sale. Buyins.net has built a proprietary database that uses Threshold list feeds from NASDAQ, AMEX and NYSE to generate detailed and useful information to combat the naked short selling problem. For the first time, actual trade by trade data is available to the public that shows the attempted size, actual size, price and average value of short sales in stocks that have been shorted and naked shorted. This information is valuable in determining the precise point at which short sellers go out-of-the-money and start losing on their short and naked short trades.
I've read the OTC regulations before and would need to find the citations again, but it is my recollection that with the exception of the orderly process rule, short selling on the OTC is prohibited. No one my legally sell OTC:bb or sheet-unlisted shares not in his/her possession, except brokers and MMs, and MMs and brokers can only fill buy orders with uncovered shares, provided they have the intention of seeking out shares to cover that open position. Failure to cover an open position then becomes NSS, which is clearly in violation of rules. On the OTC:BB and pinks, there is no borrowing of shares allowed due to the associated lack of liquidity and volatility.
I just want to say that I now hold enough shares of BIGN that if this runs to .60, I will be a thousandaire several times over. We small players must do our part to help the efficient rise of the SP.
Shopnow01, You coudn't find a reason for selling because you didn't look very hard or terribly deep. I think you may never buy because me thinks tomorrow may be too late for sub-.20s. LOL
That may be true, TallRob0, but until he tells me in an e-mail or says it in a PR, I will assume that it was never said or was said off the record. European financing makes sense, but I wonder if they need it if there is already a large revenue measured in dollars. Dollars to Rubles is a hell of a lot of purchasing power. For example, a Russian automobile costs about 2,200 pounds or ~110,000 rubles = ~4100 dollars. Imagine what can be done with $9 million a year net profit at the current revenue stream. Hmmm.
Naked shorters, who purposely do this practice, have no intention of buying back at a higher price. They will pressure the price through further short selling in order to exhaust buying. Keep in mind that naked short shares are not real shares, they are sales made without any backing, whatsoever. That's why I refer to them as "airshares". Shorters can add 25% or more to a company's float. That can exhaust a lot of buying and force a significant drop in the SP. NSS count on this effect to all but guarantee they never have to cover at a loss.
In theory, there is a short squeeze when the SP exceeds the short sales price. In practice, I don't believe in short squeezes, because I have never seen a short squeeze work in any direction except to squeeze a share price back down.
With OTC, shorting takes place when an order is filled without the presence of shares. MMs are allowed to do this, temporarily sell short to fill orders. However, they must then make an effort to cover the shares that were sold. That covering has a limited number of days. If the MM or brokerage does not cover within the required number of days, then Reg SHO comes into effect and the stock gets added to the SHO list. These are all naked, uncovered short positions for OTC stocks because there is no other kind. OTC stocks cannot be sold short, except for the purose of the orderly process of the market.
The new regulations add teeth to the enforcement against the practice of naked shorting with OTC stocks. Prior to the new revised regs, a stock on the Reg SHO list would have no further consequence, other than if a brockerage or MM called in the short sale and demanded covering. Under the new, revised regs the MMs and brokers have 13 days to cover or they face penalties. The question brought up earlier is valid, will the SEC enforce the new statutes or will continued lack of SEC oversight for OTC allow business as usual to continue?
bige2533, that's what I'm asking. Can the needed cash come from other sources on the consolidated audit? What do they need to raise? And, how will they raise it? A PP, warrants, loans? Or, is there currently financing/cash in place?
The next obvious question is, "Did the Russians bring cash to the merger, or does Nord-West Oil Group need to raise more money since NDOL shows only ~$3,000 cash balance?" Anybody out there have a take on this? It goes straight to the issue of dilution. If the merger included cash and cash equivalents, then no need to raise any more money, right?
OT: Gold 100, were you in Chicago for the Truth 9/11 conference? Read a short blurb on it in today's local paper. Sounded interesting to me.
Jagman, earlier you were speaking as though there was unreported dilution. There is no unreported dilution. You implied dumping due to unreported dilution, when in fact current selling is a combination profit taking, shake-out jitters, sale of S-8 shares held since before May, and naked shorting by those who always take advantage of expanded floats to mask the air-shares added. Added pressure on oil will result in a general increase in oil stock value, which will include EDEX, by the end of the week.
You were bashing while selling? Give me a break. I may be a drunk, but I'm no fool. LOL
Having West back bodes well for NNVC and longs on this board. Glad to hear you're adding at these levels. I think we are looking at at least a 10 bagger over the next 12 months. There may be more if orders are taken before the end of the year.
Vette Guy: See, I told you Thursday and Friday, Big Money would be back from the "Hamptons" on Monday. Love the rumor.
Spot oil back over $70 and headed toward $75 for the week. Friday's close formed a white dragonfly kind of hammer sort of thing, which someone brighter than I said that might be bullish, like in a way.
Therefore, back out on a limb: We will follow the price of oil all week. Speculation alone will pierce .11 and take us to .15 resistance. Just my opinion based on "to the moon" DD. LOL
I hate gaps. All they do is create an artificial top since so many investors believe that gaps require retracements, even if the gap was part of a retracement. Self-fulfilling TA prophecies.
By now I'm sure that you read my post on RB. I would argue that they do come under Sarbanes-Oxley as part of a joint venture, if that is how the tests were completed. If it was only an agreement between a corporation and a government authority, then you would be correct, but I'm under the impresson that VN negotiated a stake in our company, which would make the VN government an agent of NNVC and a part of the blackout period.
However, the confusion forces investors to re-examine their DD and see that before certain events can transpire for the company, there must be certificates pulled, FDA compliances met, and permits issued. These things are stalled and we will probably not see a rebound in SP until the business plan shows renewed progress.
32 days since the last PR. Will we have to wait a full 40-day quiet period or are we under the 10-day rule, which means the reporting audit complying with Sarbanes-Oxley 1934 can come out this week? However, if 40-day period is mandated then 8 more business days puts the next PR as slated for next week. If it's the middle of next week, I would expect more buying opportunities Monday through Thursday this week due to increased downward pressure by shorts and manipulators. An up-tick should then come late Thursday or early Friday and run counter to the end of week flow to cash.
Actually, if the VN results were as great as everyone seems to think, then there should be some cash infusion to report. Otherwiswe, where will the new buidling and offices come from? It is more than an entire acre. Not cheap. Have a great weekend mypointz.
The quiet period is from the beginning of the audit until the posting of the filing with SEC/EDGAR. The audit must be completely up to date at the time of submission. It must contain all relevant information and real events. Since PRs can only be about real events, the audit must include events publicized. It has been more than 6 weeks, and the timing is at the mercy of auditors and attorneys. When everyone signs off, then the filing will happen and the PR run will begin. Summer looks very, very good to me.
I hope this helped.
Better than that. We closed above the benchmark for yesterday's doji star. With June here and Big Money back in town on Monday, looks great for next week. Everyone who bought today did well, IMO.
Drinks for all the buyers and good luck to all the weak hands that will get left behind. Cheers!! Have a great weekend all.
Ah, yes. The secret to my "Friday Special". Just a splash or two. Only causes temporary blindness. No perminant damage, I hope.
Reread the last two PRs. Seymour said they will finish the audits and become a reporting company to move to a higher board. Filing requires a quiet period. The quiet period, or PR blackout, is almost over. First PR will come when NNVC reports filing financials for the first time. It will be interesting to see what kind of cash they have on hand.
Kind words MSG, thanks. When I use your initials, I'm not sure if you're an Asian condiment or a bisquit topping. Who cares. Barkeep, set one up for my friend. A "Friday special". And a little extra "gravy" if you catch my meaning.
Quiet time is almost over. Financial filings coming as per PR? Next week bodes well as MMs box the price going into the close. Think I may buy just a little more... Ooops, I did. That was fast.
I need a drink. Care to join me? Here let me fix one of my "Friday Specials".
The bid is coming up. The end of "short week" is almost over, in its last hour, anyway, and my prediction yesterday is now looking like a genius play. Did I hear a cork? Nope, just my wife getting up from the chase lounge. Sun's over the yard arm.... Calls for a drink! Where's the bar around this joint, drinks all around.
Here let me mix one of my "Friday Specials".
The bid is coming up. The end of "short week" is almost over, in its last hour, anyway, and my .18 buy yesterday is now looking like a genius play. Did I hear a cork? Nope, just my wife getting up from the chase lounge. Sun's over the yard arm.... Calls for a drink! Where's the bar around this joint, drinks all around.
Here let me mix one of my "Friday Specials".
Agreed DQ, and the bid just came up. Are we going to get the big close to finish at or above .20? The bigger the white candle the more bullish for next week. Looking good for a June run. Could there also be a June wedding in the next 4 weeks? Hmmmm. Feeling more optimistic already.
Me too. But, the way I read the Pinkie Regs, no one is supposed to be able to put stops in for pinkies. If you are going to play the pinks you have to have access to the market, at least on an hourly basis. For the next 8 weeks I have a lot of time and can devote to expanding my pink positions after DD. That is not possible for most of the year. I think normally, I still would have bought on today's low for a long ride back up since the risk seems to be minimized now that solid bases have been struck. But, you never really know with pinks, do you. And the average investor/trader can't get out and can't set up defensive limit orders.
Oh, well. If you can't stand getting bit, then don't run with the dog-pack. Especially if you are one of those fluffy little high- strung doggie pit-bull wannabes.
PrftTkr, I said Badge is a prik, what else do you want. Come on, he has good DD no matter what his motives or personalities are. I suspect he is part of a P&D group, but maybe he is just a jarhead with a following. Don't know. But, I'm not going to let him ruffle my feathers over a few insults.
By the way. Why do you care? What's your interest here? Me thinks that you might be a stalker.
brentjanice, Easy to say, but when someone buys a stock, not gas, at 1.50 thinking the valuation is 2.17 and the buy is "easy money", so goes all in on cash position, then watches the SP tank over the next 3 weeks because s/he bought at the top, and the money is actually IRA money that was built over time, it is difficult to
1) See a silver lining
2) see any intrinsic value, whatsoever
3) impossible to buy at lower values if there is no cash to buy with
4) to make the decision to liquidate other safer positions to create the cash
Otherwise, I agree with you completely.
Agreed. EOM
Jstick, You might want to look for a doji star at close, or a white hammer in the star position. This thing, so far this week, has played by the rules.
Pretty nice retracement on sell-off Friday. GLTALongs and to you West. Happy trading next week.
I think next week we will all feel different about this stock. The board will be praising, setting off fireworks, toasting and otherwise feeling like gods of the market, again. June will be very good, but "beware the Dog Days of August." LOL
I really don't know what the hell I'm talking about.
Selling has completely dried up. WOW!! Strong hands for the pop to the next basing level above .105. My guess is swing and day traders will be looking for .105-.12 range for next week.
Badge, I gotta admit, for an arrogant prik, you have some nice DD. I'm learning a few tricks.
Don't get me wrong. I don't believe in TA for Pinkies. But, since you brought it up, resistance is the .335 bounce which is the bottom of the gap up on the 60 minute chart. If the price drops below that then, yes, there is no real bottom until .10. However, .355 is a pretty strong line and I would be very surprised if it were breached for anything more than a quick dip before rebounding. If the Sp passes below .32, I don't think you could get out fast enough.
What I do believe in are traders that trade on technicals and traders that trade on emotions. Very, very few traders and investors trade on fundamentals, they only claim they do. Technical traders, when dominating after a run, can force a separate reality that causes emotional perception to shift and technicals become self-fulfilling expectations.
Both NDOL and AURC are playing by the TA textbook this week. Gaps filling from last runs and pausing at support on the way down. The rebound has already begun provided the SP closes above yesterday's benchmark close. Already had the strongest possible bull indicator with a gap up at open, drop, and renewed buying. Afternoon buying at close should do the trick.
June should be very good for all in both stocks at these levels. Remember, Big Money returns from "The Hamptons" on Monday.
Textbook bounce off the bottom of the 60 min gap at .335. This stock is confirmed as playing by the hardline Pinkie TA rules.
Rule #1 for Pinkies: All gaps must fill no matter how strong the valuation.
If you didn't fill below .35, you really are a rookie, but you can still buy now because next week is nothing but up. Unless the rule players demand that the gap at .08 fill. LOL This last statement is for real rookies who do not know the qualifiers for rule #1. Happy trading all next week. Wheeee!!! NWOL will be back to $1 shortly.
Doji star formed today. Bullish. New bull trend confirmed if we close above yesterday's close, or if we open with a gap down followed by a long white candle forming for a close. Well, let's see if American Bulls is right.
By the way, I still don't believe in TA for Pinkies, except when it serves my purposes.
Couldn't agree more. The TA all points to Bull on all indicators. Even American Bulls... no they don't cover NNVC. Let me regroup here... When it comes to NNVC, there is a lot of Bull. Just go to Raging Bull if you want to see real bull.
I don't believe in TA for pinks, but right now, yes, there is a lot of bull in all NNVC indicators. And if you want to see some more NNVC bull indicators, check this out:
http://quotes.barchart.com/texadv.asp?sym=nnvc