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Hey Sidney,
How are you doing? Thanks for stopping by. The more people I tell about the FLDs and the cult (Den), the more I'm convinced there will be an episode on it. The last couple years have been wild. I was fortunate in that I only invested play $$, but many weren't so lucky.
You gotta admit that the pied piper was good at what he did. But then again it's not hard to sell Kool-Aid to thirsty people.
congrats to anyone who stuck it out here. great day.
wow. no news either??? Who ever bought those million or so shares @ 1.93 has to be pissed. Good luck to all holders. It may recover in short order, but today's move shows the value of a stop loss.
I have no proof of anything not being on the up&up. It just doesn't look good to have a huge purchase near the low of the day, the day before some official news hits, the week after the CFO abruptly resigns.
So someone or some organization front-ran the news and made about $75k as of the current price of $2.05. Doesn't calm the nerves about some illegal activities going on. But a 3.5mill contract is never bad news.
Good idea. Things can get out of hand quickly. There are already ambulance chasers getting ready to attack.
http://www.prlog.org/11517241-china-information-technology-inc-under-investor-investigation.html
What's with 1mill shares in afterhours. Is that just setteling trades from earlier?
I think you will be good. I may be a buyer again at 12:15-30. I just want to see the chart set up better before I buy. On friday i bought before the big plunge and was stopped out. I'd rather miss a few ticks than get stopped again. Bottom line is that the stock is down about 24% from thursday b/c the CFO resigned or was politely fired. CFO's are important but they do not make the product tht the company sells.
stop hit at 1.98 @ 10:49am Maybe another down day before any bounce. glta
Premarket is looking good. 2.08x2.10 I'm hoping for it to go to 2.20 today. At this value the company should be a good long term investment. Trading makes a person miss big runs, but 1% per day will generate a 900% gain for the year.
I agree and also didn't do as much DD before jumping in. I was just reading the chart before hopping in. Seems as though all of their income comes from govt. contracts? People on other sites are floating theories that since the company can buy its own stock, they purposely had the CFO leave under suspicious circumstances so that they can buy back on the cheap. I'm not so sure about that, but stranger things have happened.
Another reason why I don't suspect massive fraud is that the Chinese govt. doesn't really liked to be messed with. They are quick (too quick IMO) to execute people.
That being said, I'm not investing in CNIT, just trading it. Expecting a nice pop Tues-Thurs and then I'm off to the next overreation.
Good luck to everyone
CFO quitting doesn't look good. Announce on Friday and last day is Monday. Smells fishy. If she really just wanted to persue other interests, why didn't she issue a statement saying, "I'm moving to be with my family" or something to that effect. Either way I think today's reaction was pretty severe. The market is probably fed up with Chinese accounting scandals. I picked up some at 1.94 for a bounce. Hopefully there will be a rebound after everything cools down on the long weekend.
good luck to everyone
My vote is that they didn't think it was worth it seeing how the world will end on Saturday.
Nice tax write off coming at end of year (if the world still exists). Live and learn
I regret to inform any people who bought this stock because of a stock promoter/seminar host, but IMHO it has all been a scam.
Today I came upon a person who claimed to be aware of the inner workings of EIGH and several other stocks that were promoted by a certain indiviual.
I have promised not to reveal the source of the information and will not provide details of the information. All I can say is that I think the information was extremely detailed and credible.
I know most of you now trust people as far as you can throw them, but some of you I have met in person and know that I would not make this up.
In my opinion the whole concept of the float lock downs with the leader holding until the end was a complete scam.
I'm not saying this because I'm bitter, jealous, or any reason other than a warning.
Things are not, and never have been, as they seemed.
I hope this message doesn't detract from what the company is trying to do, but I felt this had to be said. I could not, in good faith, get the info and keep it to myself.
If this post isn't deleted I will never bring this up on the board again.
Caveat Emptor
I regret to inform any people who bought this stock because of a stock promoter/seminar host, but IMHO it has all been a scam.
Today I came upon a person who claimed to be aware of the inner workings of CDIV and several other stocks that were promoted by a certain indiviual.
I have promised not to reveal the source of the information and will not provide details of the information. All I can say is that I think the information was extremely detailed and credible.
I know most of you now trust people as far as you can throw them, but some of you I have met in person and know that I would not make this up.
In my opinion the whole concept of the float lock downs with the leader holding until the end was a complete scam.
I'm not saying this because I'm bitter, jealous or any reason other than a warning.
Things are not, and never have been, as they seemed.
If this post isn't deleted I will never bring this up on the board again.
Caveat Emptor
Obviously you haven't read the Ibox on the board.
No where does it blame anyone for anything. The rise and fall of eigh and monk's den is a very interesting story and would probably make for great television. EIGH rising from the ashes would make an unbelievable tale.
I am always in peace and I'm am truly thankful for the experience. However, others don't have to make the same mistakes that many of us did.
Zecco is my broker so it looks like I'm owning EIGH until the end. Good luck to us all.
What's up Canada Eh!?!
For those who aren't familir, FLD stand for Float Lock Down. The concept is pretty simple. Market makers, hedge funds, folks with off shore accounts supposedly can naked short sell (NSS) penny stocks. This NSSing supposedly can go on until many multiples of the authorized shares are in the market. This severely drops the price per share. A FLD is like a martial art, it's supposed to use the momentum of the NSSers to force a short squeeze. The people involved in the FLD just have to buy, hold, wait, and get more people/money to do the same.
Monk would pick stocks for FLDs. EIGH and CDIV are just two examples.
From dictionary.com
Ponzi
a swindle in which a quick return, made up of money from new investors, on an initial investment lures the victim into much bigger risks.
Indeed. Good lessons were learned. I'm glad I didn't have that much money to invest (lose).
Unfortunately the only taste that Mr. Blanks experienced after gifting the scotch was one of bitterness.
A little background on the scotch for those new to the progression of the story. Shootin Blanks presented an expensive bottle of scotch to Monk as a token of appreciation for the stock picks/advice that made him some money (pre-collapse).
hello this is the first post. Please stop by and give reasons why you think the show would be of value and/or interesting. Examples are welcome
Great to be here. Feels nice to own a piece of a company that actually makes a product and isn't pushed by a huckster.
You got that right. What's with this good news that makes the stock go up 1.61%. Weeeeee
I sent in my information. Why not, can't lose too much more $ from here. Thanks Monk for the stock pick. It marked the end of my foolish following.
I sure hope there was a typo in the PR or it's really all over.
" The amendment shall decrease the authorized number of shares of common stock from 700,000,000 to 5500,000,000 and authorize 150,000,000 preferred stocks."
Got back to reading "Trading for a Living."
"Toolboxes are for serious traders, black boxes are for people who believe in Santa Claus, and gray boxes are in between. When considering a new package, ask yourself which group it belongs to."
"Most black boxes are sold by hustlers to gullible or insecure traders. Black boxes always come with impressive track records shoing profitable past performance. Every black boxy self-destructs because markets keep changing. Even systems with built-in optimization do not work because we do not know what optimization will be needed in the future. There is no substitue for mature judgement in trading. The only way to make money from a black box is to sell one.
Each black box is guaranteed to fail, even if sold by an honest developer. Complex human activities such as trading cannot be automated. Machines can help but not replace humans.
Trading with a black box means using a slice of someone else's intelligence, as it existed at some point in the past. Markets change, and experts change their minds, but a black box keeps churning out its buy and sell signals. Trading with a black box is like like having sex using a penile imlant - you may deceive your partner for a while, but you will never deceive yourself."
LOL at the last part of the quote. Sad but true
What does Monk in a box have to do with EIGH in the toilet? Unless his magic box is about to start buying shares in EIGH I don't think most bagholders here give a darn.
I remember that. What was the japanese term for "ball squeeze?" Those where the days back when the Kool-Aid was fresh. It is fermented now and full of bitterness.
Perhaps EIGH will have one more run for old time sakes.
No need to pardon your skepticism as I think it's warranted. It doesn't look good. I don't think there is a an effective way to sell this company to a potential investor other than a lottery ticket. Even then, the odds on a lottery ticket are clearly stated.
IMO this is more like betting on something comletely random.
For longer term shareholders the caluclation is a bit different. The money spent in the past purchasing shares is a sunk cost and really should not be included in any current/future economic calculation. IMO the only question a current sharehold should ask is, "Do I think the share price can appreciate in the future, for any reason?" If the answer is no, they should sell. If they answer is yes, then asking one's self a few questions would be a good way to get to the bottom of this decision.
For example:
I think the share price will go up substantially from here.
Why?
Because there are NSS that need to be rectified.
How do you know?
I don't. The company says that they exist.
Does the compnay have a good track record saying something that is true/comes true?
Not even close.
If you can't rely on company information why do you still believe that they are telling the truth?
It's not a belief more of hope.
Why do you hope?
Beause I want my $ back and then some.
Why?
Who doesn't want more money. It would be used to increase the amount I can swing trade with.
You know this is a long shot as, "Just as the sun can be counted on to rise, one can count on cries of "NSS" to pop up after a pump n' dump has crashed. The claims are always raised, and yet there have never been any "buy-in notices" issued to bail out the stuckholders- ever"?
Yup.
Good luck
I hope something more than a shred has been provided to the one group that matters, the SEC.
I think that would be even more cause for a settlement. What's the SEC to when if they find that the hustler was hustled? Once the door is opened a person never knows what will walk in.
I agree that if a shareholder suffers losses b/c the company doesn't produce, they really don't deserve anything. The company has over promised and under performed on just about everything in their press releases. Of course anyone can sue but I imagine that effort would be a waste. People have been warned in many ways.
By settlement I mean that the SEC finds that there are massive NSS of EIGH stock. Instead of ordering a buy-in that could cause astronomical losses for the responsible entities, the SEC could bring the all parties to the table and negotiate a settlement of a $0.XX/share.
I know what own and always have, a scratch-off lottery ticket. You don't sue b/c your ticket isn't a winner, you would sue if the game was rigged.
Interesting wasn't meant as an understatement. I think the links are what makes it informative. I read the SEC page. They do kind of imply that suspension is a person's fair warning.
If there is a settlement I would not be suprised if they told people who bought after the suspension to kick rocks.
I agree that selling means admitting defeat which is very difficult, especially for people who aren't honest with themselves.
All shareholders were drawn to this stock for a particular reason. A little self examination will reveal the true motives for action which can be embarrassing and a bit depressing at first.
With some effort I have been able to come to terms with this investment and realize that I was in a particular mindset at the time of purchase. I'm glad/proud that I'm no longer in that place.
Interesting post.
I wonder why they would continue to allow it to trade of it was flagged as a dangerous stock.
It doesn't really seem to me like the law should work like that. It would be like someone dating a convicted felon, getting beat up by them, and the police saying that charges can't be filed because the person had a record. The law was still broken.
If there are still NSS occuring shouldn't a new buyer be party to any litigation regarding the stock?
I do agree that some small limit has to be placed on when a person could have bought and still benefit from a settlement(perhaps weeks). All news leaks and the SEC wouldn't really want folks to front run any positive conclusion to this mess.
Don't underestimate the herd mentality. Hope springs forth eternal. I'm still holding in hope of better days. Not ready to take .01 for my shares. Who knows though, 0.01 may be a great price in the future. It could also mean missing out on settlement $. As the price sinks there is less and less incentive to sell. Kind of like a law of diminishing losses. Any money that a person is down now is a sunk cost. From today on, holding may be the right option.
What do you mean? Did someone say that something was supposed to happen?
Today has been the day since the FLD was announced. lol
It's almost like a religion. Be ready because the cover,judgement,buyin will come like a thief in the night. There's a new false profit (pun intended) on this stock just about every week.
I'll believe it when I see it.
Regarding EIGH and the other FLDs. I don't think they were scams, i.e. "Let me get a bunch of suckers to buy these sh*tty companies. I'll front load and dump on em. Muuahhahhahahha (evil laugh)"
For me it comes down to Cui Bono and Deprehensa? (Who benefits and who loses)
Cui Bono?
Suppose the FLD did/do work in the end.
The sharesholders who were in pre-sqeeze win huge. They make outrageous profits and have the resources to do what they please whether it be trade full time, pay off debt, fund college etc. Monk's status/street cred/following becomes legendary. He would reap tremendous financial profits and infinite intangible gains. Maybe he even becomes a verb with Larry Cudlow running his loud mouth, "Do you think that the high number of NSS on Apple increases the risk of the stock being Monked?"
Deprehensa?
Look at the current situation with EIGH and C***. Assuming things don't get better or get even worse, who loses?
Shareholders are more or less wiped out. Many invested more than they could afford to lose because this was a sure thing, the "family" would stick together, and victory was inevitable. (we shareholders have no one to blame but ourselves) Some lost money that will never be regained as their earning potential and good years left are starting to decline at an increasing rate. Beyond money, they lose a bit self respect and trust in strangers not to mention forever eating crow served up by the friends, family , associates who told them it couldn't work.
Monk loses a bit of credibility and some $. But being a good trader and perhaps an even better salesman, the money can be recouped in fast order.
I think a large amount of the confusion comes when words and actions don't match. IMO it was irresponsible to assume the unofficial title of leader of a movement to "help" people and encouraging them to take extreme risks. I think that FLDs shouldn't have been discussed at all during Monkinars. A FLD has nothing to do with trading. For the folks that didn't have the $25k to daytrade, myself included, prudent instruction would have focused on swing trading and the patience involved in such an endeavor, nothing more, nothing less.
I started the year with only $2300 to trade with and I've made just over $650 by swing trading. (with the help of some margin and the volitility caused by mid-east drama) The $ is there. The methods work. It’s just a matter of time for me and anyone else who can take the good/safe/beneficial parts and throw out the rest.
As with all things, Caveat Emptor.
I'll have to third that statement. It's a pitty that a lack of judgement and a promise of multiple thousand percent returns made people turn off their brains for a while.
I think people in general forget that we live in a dangerous world. It may not be a lion or anaconda looking to have you for lunch anymore but there's a different type of mental predator out there that can be just as dangerous.
A person has to be mentally strong to defend against attack. But just like a lion, a predator never goes after the strong. That's too dangerous, they can see the danger and avoid it.
That would be quite unfortunate.
Did you hear that the govt. shutdown, if it happens next Friday, will close the SEC? That would be perfect time for any wrong doers to get out of dodge.