the other messageboard is gone.
do you see that the shorts have a funnel going? just a few shares on the ask, enough so that you can buy $50 or so at a pop. and a few on the bid, $60 or so. they will make, for instance, $6 average cost-$0.60=$5.40/share x 100 shares=$540, so $10 commission would be no big deal. you spend $10 commission and get $60. not a fair trade, i don't think. but this is where they wanted it. they want you to make hardly any $ and them to make a lot. if you wanna hand your wallet to bowser, go ahead.
after naked shorting is over, this price will certainly rise.
but the big 4 brokers are trying to get the SEC to delay forcing them to supervise their customers.
for every imaginary share sold short, there is an IOU somewhere. they all must be bought in by 7/16.
the four biggest brokers are requesting a reprieve from supervising customers until november.
this would allow the same naked shortselling that is going on now. NAKED SHORTSELLING has been illegal since 2008. i am pretty sure that they have NOT bought in the equity/debt swaps by 7/16, as required, and they want naked shorting to help them buy it in. the brokers should all buy them in 7/18, but since the brokers are loyal to other brokers and not to retail investors (their customers), i don't this will happen. those brokers didn't buy them in up to this point, why would we expect them to do it now? equity/debt swaps fund shortselling and are a debt to the other investors.
http://www.businessweek.com/news/2011-06-21/exchanges-ask-sec-to-delay-market-access-rule-to-november.html
let the SEC know that this request should not be granted.
http://www.sec.gov/complaint/question.shtml
you may want to let the SEC know that you want audits of brokers to make sure that our stock is owned by us and not floating around in space, loaned to anyone else, used for someone's margin.
http://sec.gov/news/press/2011/2011-128.htm
Proposal to Amend Broker-Dealer Financial Reporting Rule
(Rule 17a-5)
you can read comments and comment on the shortselling disclosure proposal that does not address the failure to deliver.
http://www.sec.gov/news/press/2011/2011-103.htm
[Release No. 34-64383; File No. 4-627]
Short Sale Reporting Study Required by Dodd-Frank Act Section 417(a)(2)
i guess we gotta beat that bid but don't take the ask. they will be able to see level 3, which most of us retail people have. so they will see ours for sure. we might not see theirs.
when we couldn't buy in the first part of the morning, this was the time they wanted to sell into the bid to drive the price down. they have 3 weeks to buy in completely, before the end of debt/equity swaps and naked shortselling.
1000 shares available to borrow this morning. this will not last too long, if they cannot buy in and they are forced to by 7/16.
so i see longs as only having the strategy of hold or buy.
shamlet76