i see where you are coming from. i just don't understand why people play the game the way they do with bk pinks. i'm a day trader and only play in the world of naz and nyse except when i dive in to the world of bk pinks. i always use the same strategy. try to pick the bottom, if unsuccessful i average down large. this has never failed me. the mm's always run the bk's a few times before they cancel the common. i always take profit on the momo pumps. with wamuq, profit was taken at 04 and .125 to reload again at 02 and .085, respectively. i sold at .128 today and am waiting for a pullback, but with wamuq i am holding a core of free shares. i have never done that before. i have almost always made money using this strategy, some times a lot, some times a little.
wamuq is of course different, it is the one in a 1000 that has a chance of not having the common canceled but the game remains the same. the mm's will work the pump and dump to perfection based on news and speculation. when a stock is in bk news is driven by court action, the mm's know that and know how to play it to their advantage. news comes out, high volume, than news dries up and they move the stock where they want, within reason.
where wamu differs from other bk's that i have played is of course the lawsuits. that is the wild card. bop on yahoo use to argue with me that the lawsuits are not a wild card they are a given. nothing is a given so make your money on the flips and hold a core of free shares long if you so prefer.
here is the situation as i see it. jpm and the fdic colluded under the direction of paulson to steal wamu, it was the only way to keep jpm liquid, bair was paulsons puppet. he did not care about jpm what he did care about was the 40million bucks worth of goldman stock he has sitting in a trust with a strike at 77. the aig conduit was set up to save g.s., the wamu steal was set up to save jpm. at the time of the theft, chaos was the order of the day. jpm and the fdic knew what they did was illegal but they were also smart enough under paulsons direction to understand they could tie this up in court for years until the crisis was over and then settle right before deps and that is what i believe is still the case. so look for settlement no earlier than this time next year. that does not mean that trading wamuq will not be a goldmine between now and then. what longs should hope for is higher and higher base sp and that is what we are seeing. the bottom was under 2cents, the first base was 4cents and retested the 2cent bottom. now, the base in around 10cents plus or minus a huge beta. if a share holder equity committee is approved by the courts, share price will base at 25cents. then as the trials get closer share price will be driven by news from the courts and the equity committee and if news is good, base goes higher. my prediction is that sp will touch a dollar right after deps are scheduled. jamie boy, paulson, bair etc. will never be deposed. that is when settlement talks really start to heat up. this is a war and will be drawn out for as long as legally possible by the fdic and jpm. my opinion and mine alone
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