Day Trader Exposes Tricks Of MMM
By Jack Burney
Published by OTCNN.com
07/06/2000 01:30 PM CST
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and comments, but the opinions expressed by investors in their letters to Investor Forum
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Day Trader Lance Berger says he profits from taking advantage of market makers, but still
finds it offensive that they “screw every long
term investor.” He goes on to explain what MMs (Market Makers) do and why.
“Just wanted to take a moment and say how impressed I am that someone had the guts and
time to undergo the task you are taking on
fighting the b.s., that the market makers pull everyday,” he wrote.
“Is it just coincidence,” he asked, “that all these big float stocks hit record highs during the
first 2 1/2 months of the year or did the
MMs just plain out plan this?”
“I am an experienced day trader and have become very good at taking advantage of the
market makers… walkdowns and weed outs
(panic induced sell-offs) but I still find it offensive that they royally screw every long term
investor over their greed. INVT, BBAN,
IMDS, FOCS, LITH, LOCH, CAMB, ENET, ACCR, and PFCK have all in the last
month come across the market makers little
destruction.”
“BBAN - How can a stock go from 10 dollars down to .50? Best part was when MMs
covered their shorts at 50 cents, ran it to 2.00
in just 2 days with no extreme volume, just to tank it again, of course. I made a killing on it,
but they have destroyed a lot of investors
with this b.s.”
“NITE is the biggest scam artist in the OTC game. His trick is, when the momentum starts
to come in, to fill orders at the bid to cause a
sell off appearance. Then right after, he fills some orders, comes out of the blue a market
maker that was not even in the picture on the
ask, and goes .005 above the bid on the ask. ...This market maker has not even been in the
picture and on a stock that was in the .70's
and he is at one dollar. When they tank he comes out of nowhere to hold down the bid...”
“The truth of the matter is the OTC market makers in the first 2 1/2 months of the year ran
every stock that had a big float up 400-500
percent and now they have brought them back to even lower levels and now are covering
their (short) position. This was not a fluke,
that every market maker did not have shares to sell some stocks that even had 100 million
shares float. There is no way that this was
not a planned event for people that (supposedly) do not have any conversations or contacts
with each other.”
“Take a look at the charts of these stocks from January to March 14 and now. It is a joke:
TMMI, IBUI, PFCK, GONT, TREY,
NSTG, LITH, ACCR, BBAN, INVT, IMDS, ACTI, ADOT, WIZZF, KAHI, TSER,
FOCS, VCSY, SYBD, WTCH, LOCH,
CCGI, WASP, AIGI, CAMB, NCTI, ADVR, LAJD, BMKS, TSIH, MKRS, BIGM,
FASC, ECAR, MDCH, GLCP, APPI,
EDOC, ADGI, VALH.
To other readers, Berger said, “I post on Silicon Investors as ‘lance b’ and on Raging Bull
as ‘lancebps.’ You are more than welcome
to check my past and what my track record is. If I can be of any help, just drop me a note.
Be happy to help.”
Writer’s Comment: Lance Berger has said it all. |
