Saturday, October 24, 2009 9:24:51 AM
Another short term factor will be shorts that get margined out of their positions by 5x post-split margin requirements .
SNWT's "invested" a couple of hundred-thousand dollars in stock promoters who will make sure that people believe. Furthermore, they maniuplate prices, which is easy to do in a thin market. Just get two brokerage accounts and shuffle stock from one pocket to another, thich only cost you some transaction fees. The recent price action and level 2 quotes hint in this direction.
The turning point will be the next SEC filing (which SNWT will delay until after all new stock is sold and pumpers have dumped their shares). People will realize how much the price is disconnected from reality.
I may be wrong or right. Time will tell.
Disclusure: Covered my short position with a huge loss of nearly $2k.
I don't like to be in the hands of smart stock manipulators. Usually, I rarely play short positions overnight. My mistake here. Also can't allow my capital being locked up by $2.50 margin requirements per penny stock (particularly after split). Meanwhile grabbed an opportunity of allocating the freed up capital ($50k) that will more than make up for the losses incurred through SNWT and is faster and safer.
Management's plot was successful, after all. Hate to admit that but that's simply true. Nevertheless, I wouldn't play this on the long side. Don't forget you are in the hands of shrewd stock manipulators here (the likes of Harry Masuda). They will make sure that most fare dodgers will get screwed.
Anywho, good luck to all, long or short!!
Cheers,
Value
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