Aside from this being all my fault, due to saying I / we were going to hold our shares, this is what I think occurred:
1.) A group of people or a person with a lot of money (prob a group) were ready to short and were set up to do so. In other words they were ready with 'hard to find' shares at their broker.
2.) Today, in the morning at least, many retail investors were unable to sell their shares due to the new CUSPID number. This allowed the people wishing to get short to be the very few / only sellers of the shares and providing high short sale prices.
3.) Subscribers to AF's The Street.com's articles knew of the piece prior to all of "us", possibly by hours.
4.) Due to shorting, the price started to fall, then the release of the article. Around 10:30ish + or -, my shares at E-trade became available for sale. I assume this was the case at most brokers (not TD, still unavailable for sale), but this caused panic selling on the momentum players and anyone scared by the article.
5.) Price sunk.................
Aside from the balance of my account (and yours, but I really only care about mine :) ), I think the only real damage might be to a Nasdaq listing. Obviously the price is no longer high enough, but in addition, Naz nor AMEX nor NYSE are going to like an equity that can lose 70% in one trading session. Even when you pass all the requirements, the company still has to pass the "smell test". I think it is going to be difficult or at least more difficult now.
What a crappy day!!!!!! |
