Replies to post #243652 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[wadirum1]

Or at least ungag the TA! Maybe they are limited by the investigation with respect to what they can release, but I would think they could ungag the TA.

[RJRFlorida]

Well, when you look at the
fact that the entire float
has traded 1.5 times in three
trading sessions on the gray
market, it should be very
obvious to anyone including
the S.E.C. that today's
buying was naked short
covering. Given the
circumstances most investors
are not going to gamble their
money on the stock because of
Kmart and the NBA. The
company is still under
investigation. The only
logical explanation for
today's massive blocks being
bought is short covering and
hopefully the company is
buying back more shares. Most
people today complained that
their buy orders were not
going through and some took
an hour or more. That means
the O/S is on the low side,
Period. I believe the shorts
are trapped amd they know it.
There are no MMs to sell air
shares to each other anymore,
thus the covering has begun.
With a 10k filed in the near
future, the truth will be
known and we will all look
back on days like today and
realize how much work our
Government needs to start
doing to stop the illegal
business of selling
counterfeit stock. I hope we
see major financial penalties
for the MMs who went along
with the NSS and DOJ arrests
of the Hedge Funds and paid
bashers responsible for this
mess and the countless other
stocks under attack by these
white collar criminals. Write
your local senator to stop
all NSS and push them for
tighter regulation to ban the
practice all together. GLTA
Longs. Good night. This is my
one post allowed for the day.
Will post again on Friday.