Simple answer as to why the trades still stand:
I took risk when I bought it at 50. So should I be deprived of my gains when the stock was halted and reopened higher? I think not.
Had the news been legit, and the pr in the morning was more of a leak before emlx got halted and released the actual news... you would've been happy to have sold to me at 50. I would've been stuck holding the bag there, and likely would've suffered a loss (even at 50 the stock was overpriced based on that "news").
But in this case, I took the gamble, and bought the stock. You (not YOU per se, but the public) took the chance that the stock was going down further and happily dumped it to me (need I remind you that it was down to 45 at the halt, so I was already down 5 points).
Fraud or not, it's up to the individual to make their own decisions if they want to sell or buy a stock. While I am sympathetic towards those that sold out of panic... the narrow time frame that the stock was open only hurt the daytraders in the stock (face it, most people that have this thing tucked under their pillows don't check it everyday; they have jobs and are at work, and likely wouldn't pay attention to the 1 hour window it was open).
All it took was for a person to take a look at the pr to realize that something wasn't right. That's why I bought, and millions of other shares were bought. Remember, for every sale there was a buyer.
When I and others saw the pr, we put our heads together and did the dd, and came to the conclusion it was most likely a hoax. I, and others, then took it further and put our money down, and bought the stock.
So if folks that sold are going to cry and whine that the trades should be cancelled, I'm gonna be there to fight back and say that they let emotion take hold and dumped their stock out of panic... while cooler heads prevailed.
What happened was an unfortunate situation, but turned into a profitable trade for a few lucky traders.
Regards,
Jason |
