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I stepped out for a minute and your right, I did get filled. Now it's lower than what I paid for it!!!
My order is at .007 and they are acting like it's not even there!!!
That was the first time that I have placed an oreder an seen it show up on LII. May because there are a lot of orders and they had to bump it up???
Covering Up Naked Shorts (Tomorrow is the day)
Harvey Pitt 07.11.06, 3:00 PM ET
Washington, D.C. - As crisis after crisis afflicts the business community and our capital markets, all too often the response is a form of reverse laissez faire. Business waits for government to tell it three things: if it has done something wrong, why it's wrong and how to fix it. The ineluctable result is that, like Rick's crooked police pal, Captain Renault, in the movie Casablanca, we're "shocked, shocked to discover" we don't like the government's responses.
Unfortunately (or fortunately, depending upon one's perspective), the business community's repeated crises has given it an opportunity to modify its laissez faire attitude. But so far, it hasn't shown the resolve.
A case in point is the current crisis in short-selling. Short-selling is a useful and critically important capital market phenomenon, but only if done appropriately. Among other things, it provides essential liquidity in thinly traded stocks, enables thoughtful traders to limit the degree of risk to which their portfolio holdings are subject and serves as an effective counterbalance to the herd mentality too many analysts and investors exhibit.
In a real sense, short-sellers are marketplace lone wolves (or, more precisely, lone bears), ignoring the herd, trading against conventional wisdom and sometimes uncovering real corporate frauds far ahead of self-regulators, regulators, prosecutors or even plaintiffs' attorneys. On the other hand, companies have been victimized by professional short-sellers, some of whom, on occasion, resort to dubious tactics--and even market manipulation--to ensure the success of their bearish gambles.
The problem with our current short-selling paradigm isn't short-selling itself, as many CEOs might prefer to believe. It's the ability of short-sellers to sell stocks they haven't actually borrowed in advance of their short sale. It's a phenomenon described, somewhat lasciviously, as "naked" short-selling. Naked shorts expose sellers and those "linked" to the sales to the risk that, when settlement day arrives and shares must be delivered, the short-seller won't have the necessary shares available.
The U.S. Securities and Exchange Commission recognizes this is a problem, but its efforts thus far haven't generated much success. In 2004, the agency adopted Regulation SHO, which, among other things, requires short-sellers and their brokers to have reasonable grounds to believe securities being sold short can be "borrowed so that [they] can be delivered at settlement."
What constitutes "reasonable grounds?" That depends on whom you ask. Many prime brokers, for example, satisfy the requirement of reasonable grounds by assuming that, if large long positions reside somewhere in-house, they can borrow from those long positions without bothering to check if the shares are actually available for borrowing and without ascertaining if those same shares have already provided reasonable grounds to permit another short sale of the same security.
This can lead to "over-shorting" of securities, a phenomenon in which the number of shares shorted can even exceed the number of shares physically available for trading. To combat naked shorting of heavily shorted securities, technically known as "threshold" securities, the SEC's rule requires brokers planning to effect a short sale in a threshold security to have in place, prior to shorting, a definitive arrangement to borrow those shares.
In addition, in May 2006, self-regulatory organizations adopted SEC guidance that any shares bought-in by a broker to satisfy undelivered shorted shares must be applied to the earliest undelivered shorts. This essentially requires brokers to buy-in all shares they've failed to deliver once any shares must be bought-in. In January 2005, there were 520 threshold securities. Today, even with the SEC's efforts, there are still 235, including some that were on the list of threshold securities back when the concept was first created. On Wednesday, July 12, the SEC takes its third stab at trying to solve the problem.
Because of the legitimate concerns this situation engenders, state governments are roiling the waters. Utah has adopted its own law to dictate how short transactions should be effected, and Connecticut has threatened to enter the fray as well. We're in danger of facing a quilted patchwork of state regulations to govern an important facet of what are uniquely national (and global) markets.
At the same time, plaintiffs' lawyers are pressing lawsuits accusing brokers of collecting fees for lending shares to short-sellers without actually having borrowed the shares. If these allegations are proved, the result could be a black eye for the brokerage community, large payments to aggrieved parties and much tighter regulation.
The securities industry and clearing agencies don't seem to recognize that it's only a matter of time before these problems catch up with them and kill off the goose that is, at present, laying very golden eggs. The securities industry needs to seize control and propose effective remedies to increase transparency in stock lending and borrowing.
Securities and clearing firms need to act quickly. Or else they, to paraphrase Will Rogers, will have to be content to live with even more government than they're already paying for.
Harvey L. Pitt is the CEO of Kalorama Partners. He was chairman of the SEC from 2001 to 2003, currently serves on the audit committees of Approva and the National Cathedral School, and writes a monthly column for ComplianceWeek.
The World's Best Big Companies
You and I will both be OK couchptado!!! I think at the end of the week you will look like a God with all the shares you hold. Just ask loss slayer, he would agree!! LOL
It's close enough to a penny to say it's a .01 stock.
Better to see it close at .007 then at .006!!! I have an order in at .0055
That is the only thing that bothers me too, I want to know what the share count will be a few months out!! We know what it is now.
Looking at the wide spread and the somewhat lower volume, I think the dilution is done. The price is trading between .01 and .006 for a couple of weeks now so we should be fine in the short term. We may test out .005 then Friday will roll around and the rest will be history!!! To the moon... we will all be rich... I'll pay cash for my house... up up and away!!! LOL
I am a T/A guy and I know that technical trading doesn't work as well with these pinks but the BB's are almost always right when they tighten the way they are with EQBM. I give it till Friday before we see a breakout!!! Same thing happened with EDEX's second run up.
Gold up... most of my gold stocks, DOWN!!!
Just as long as its the bottom, I'll be happy with that. Time will turn this thing around and hoping for a PR on Thursday is not smart IMO. If Larry is not coming back till Weds. or Thurs., then we should see something by those days next week.
Lets go get him, I hear he is worth 10 million!!
Wow, I have had an order in since yesterday at .007 and they just filled it. We may retest .005 and then up from there!! OH NO, is that pumping??? I better stop...
You guys seem honest and have formed a close brotherhood!! I like that and will be keeping a close watch to see what you are doing. Good luck and God bless!!!
I have a job and right now I am able to stay active in the market with my current job title.
They narrowed the spread!!!
I feel that the MM's are buying shares of EQBM by naked shorting the hell out of it to get them cheap!! I think they know that a junior company is about to be a producing company with a soon to be PE ratio. Once everything is finalized and IMHO that will be when it starts trading on the Frankfurt, then they will let it go. There will be no reason to short EQBM after that happens. They will sell into the Frankfurt volume and we will all be happy. If the news we are waiting for is good and I see a long term play here, then I will hold onto it and you will not see me post here again because what is the point if the speculation is over. If all we have been hearing comes to pass, then who knows how high this will go and we can kiss the pink sheets good-bye. After all the financing and mines are producing, then you better believe that we will be on a higher exchange. Things are looking better everyday here and I can care less if the PPS goes lower just as long as the company has been honest in the PR's, because in the end the ones buying at these levels could possibly make a million dollars.
This is my last post ‘cause I used my 15 today. I will be reading up on what all you crazies have to say. LOL.
I would like to think that the dilution is done!! If they go over 500 million, then I will sell.
What do you mean by effect on pinksheet stocks???
What it sounds like to me is the dilution that we have been seeing is where they will get the money for it. That is what I understand!!!
Oopps, wrong company, but they do have property in Ecuador!!!
Guess where in Canada their property is????
EQBM's chart after they get the resource estimate:
http://stockcharts.com/h-sc/ui?s=ARU.V&p=D&yr=0&mn=4&dy=0&id=p50953684218
slayer, can we agree that if EQBM does start bringing in 19 million + a year, then the PPS will be up from where it is now. Without more dilution and shorting of course!!!
Pinks are on the list!!
I have had an order in for a while and they just keep trading past it like it wasn't even there. It's a small order too!!!
You can't beat a company that has both good T/A and F/A!!!
Many times with junior mining companies they will either buy a producing mine or start producing on an open pit property(low cost mine) that they already own, in order to get revenue coming in to fund the other mines and projects. It is the smartest thing to do and it appears to be what EQBM is doing!!
I would think that they are focusing all their attention on the China deal so that the dilution will stop and the revenue from the mine will finance the other properties. That is why in today's PR it stated that they "plan to increase production to three lines".
I also hope that once the China deal is finalized that they have a proven resource amount. Then we can really see the size and the mine life that we are looking at. It would be nice to see 1 to 2 million ounces of proven & probable reserves.
In 8 months EQBM will be a producing gold company and bringing in about $.04 a share revenue. Plus all the other things they have in the mix and this thing is trading for .007!! This must be some kind of joke... If things here are going as scheduled and the share count stays the same, then this could be trading at $.40 a share this time next year just on the China property alone!!! Most producing gold companies trade at a PE of 10 or more so one can do the math and figure this is way undervalued, especially with the gold boom we are about to experience!!! I love it...
All the longs here, including myself, bought shares in this company on pure speculation. We are all hoping what we have heard, read, and spoke about comes to light! There are no fundamentals yet and we sure didn't go long from a T/A stand point. The bashers here may be right and the longs may be right in the end. We will see within a month who was right so please everyone stop acting the way you are. As of now there is nothing to pump or bash because nothing has been proven either way. Some of you have wasted a lot of time the last few days defending and bashing for no reason, unless you are getting paid for it. Relax and let this materialize.
My first purchase was at .045!! I didn't want to admit to that but it's true. My average now is .014
If Larry is done with adding more shares for financing, then EQBM will NOT go lower. If we see high volume and the PPS keeps going down, then we all know what is happening. I hope he is finished and 400m is it for our float.
I'm here and buying more muzicmen!!!!
I have an order in at .0055
Now look at the spread!! EOM
Just be patient and hold tight. Let me tell you a little story...
In the early 1930s two boyhood friends, Joe Shuster and Jerry Siegel, developed what has becom e one of the America's most famous and profitable franchises -- the larger than life man-of-steel, Superman.
The two young men came up with the idea and developed the Superman persona before they even graduated high school. For years they tried to sell their brainchild to newspaper syndicates. They were repeatedly rejected.
In the meantime, they began working for the fledgling Detective Comics, Inc., predecessor to today's DC Comics. And in a hasty move they sold all the Superman rights for a mere $130 (about $1,700 in today's money)!
Just image how they felt when only a year and a half after its first appearance, Superman quickly became America's favorite superhero and was being printed in three different comic books. In addition, there was a popular radio show and, by 1941, a series of animated cartoons from Paramount.
So why did I tell you such a tale?
Because I don't want you to end up like Shuster and Siegel -- r egretting selling something you shouldn't have -- specifically the stocks on the our portfolio that have recently corrected.
Now listen -- I know that right now is the hardest time for investors. We're off our lows and many investors are nervous about where the market is heading going forward. And those same investors just might be tempted to cut their losses.
But for god's sake DON'T DO THAT! Why? Well, I'll tell you where the market is going - Higher.
Trick here is definitely going to be avoiding selling too soon. Like any other bull market, this one will go way beyond our expectations.
We're going to need the poise and patience to allow the market to work itself out. I know we sing that song a lot, but patience is one of the most important virtues to have when investing.
The markets are in their turnaround stage...a period of consolidation. Hold tight and continue buying stocks on weakness.