Larry, actually I have seen it many times, I got caught once in a maelstrom like that because I was on the road and I hate putting in SL that the MM's can see, SPCT dropped down on me 50% in one day some two years ago. The funny think is that this was only the beginning, luckily I took my lumps of bitter medicine as soon as I was back in, since after that 50% drop, it went further down over a period of another 12 months to 1/4 of the value I sold it at (all rough numbers). The technical damage is quite severe, and there is no knowing what are the fundamental changes that brought about that sudden changes, it is quite possible that the "forecasted breakeven " for the operation occur very close to NYSE trading of a billion shares, and the current 600 to 800 MM shares daily assures losses for some time, and thus more drawing on the floorless. If ASTN has no choice but to put stock to the floorless for cash, you end up in a bad spiral. We'll see a climax before it is all done. I am quite happy at being able to bail when I did, and not fall into the normal trap of "things will return to normal".
Good luck, I'll wait for an entry once I understand better what brought about this massacre.
Zeev |
