I think you might of missed the bear raid we had on Thursday:) IMO they were fortunate that the brokers raised margin on people which forced us all the way to $10 and scared many many people out of their shares, otherwise we wouldn't have gone lower than $13. I was lucky that I got off margin before the Citron hit and even more lucky I closed out most of my naked puts the day before the MW hit.
I think the bear raid is over but if Citron releases a part 2 it will focus on the same garbage thats been discussed. We'll see if the herds fall for it again but as they stated it will probably focus on the following.
-SAIC filings don't match (doesn't matter for VIE structured companies)
-Credit report states CCME has bad rating, high risk, etc (will probably be done by cheap online company based in China to give it some credibility, but it will be based of SAIC filings or another company with a similar name)
-Quotes from industry professionals(a quote from VISN/FMCN media rep or IR, stating CCME is a small company with a few hundred subpar greyhound buses whose riders are migrants and factory workers)
We'll see what happens next week. A few things to note is that margin requirements on CCME are still high so this will discourage weak hands, the institutions have been and will continue using this huge volume+fear factor to load up big without having to worry about the price running up too much while still getting a huge discout, and finally the short interest is still high even though they used up most of their ammo which is being proved false.
Who says we don't get our squeeze even shorts can regret being too greedy. Remember if a short is too good to be true it probably is:)
