Replies to post #385 on Luminent Mtg Cap Inc (fka LUMC)

[HAK41]

Excellent overview and summary of the situation Lee.
You pretty much summed it up. The emotional idiocy perpetuated by the herd mentality never ceases to amaze me even after 30 plus years in the market.
Someone might also remember that over 75% of Luminent's mortgages were AAA rated and for some strange reason I do believe that not ALL those folks decided to stop paying their monthly mortgages. Yes, things are tough in this sector, but at the ridiculous closing price of $ 0.19 per share, I do believe there could be some real rewards. Buy when things look the bleakest and sell when everyone is popping the champagne corks.
Reminds of ABK having been beaten down from about $ 98 to $ 3 in the last six months. I couldn't help but load up on that one too.
GLTY !
Incidentally.....this is a nice calm board instead of the rest of the nonsense so prevalent on the IHUB & Yahoo boards that tend to limit any real intelligent conversations.

[leebret]

Since this post on May 3rd 2008 when I reported the short numbers at 7 million (as of April 15th) we have been updated by two sites with the new (latest) short numbers at 4,416,611 as of May 15th.

So in one month as I predicted in the beginning of May that they would possibly cover 2 million. Well, they covered 2.6 in the one month period. Now it the tricky part for them now that volume has slowed to a trickle. Is covering without a dramatic price swing before the merger.

I say let the squeeze begin in earnest..........lol

I see no way they can successfully buy the rest without some news which would allow them to cover without being noticeable.

Take it for what it's worth and well, buy a few and keep an eye on it. If it doesn't happen, you own some at a very good price.


The latest short numbers;
http://www.otcbb.com/asp/OTCE_Short_Interest.asp





Quote from my post on May 3rd if you notice I wasn't far off..........................

1) On April 22nd I reported the new short numbers. By April 15th they had covered almost 4 million shares of the 11 million short over a 45 day period. I'm sure the new period between April 15th and April 30th those numbers went even lower. Last short numbers reported on April 15th stood @ approximately 7 million.

Even though the short numbers haven't boosted the share price they have continued to cover and we have the evidence to prove it. Assuming they covered as many as 2 million in the latest period, they still need 5 million more.



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