Hi, Thread:
Crazy market seems made this thread more quiet. IMO, internuts is
about crash. As more and more tickers announce build website selling
things, the Street and small investors will know what exactly means,
hype it up then dump. As time goes nobody will have any interests in
unless everybody can make quick buck in it, which is impossible.
I am naked shorts, and steadily improving by sticking to small internuts.
Just digged ITEX SEC filing, found there are 53.5K convertible
at lesser of five day trading average bid before April 30, 1998 or
80% of average common share trading price (I assume it is closing
price) for 5 trading days before conversion. Off-shore purchaser
agreed not to sell more than 50% of converted COMS for at least 75days. Well, tomorrow is 76th days, how convenient ! Assume
starting May 11, 1998, he sold half (41 days before can convert), he
still got 26K preferred shares left. And I think if he start selling @5, he will definitely sell at above 5 to lock his profits,
as long as he has the capital, he will sell. Today's volume is 18million, tomorrow there will be lots less and many profits taking.
I also expect market become little weaker due to INTC. ITEX floats
5.9M now, 13K shorted.
Also noticed XYBR closed a private placement of $4million, the funny
thing is the statement:
"Each investor purchased restricted common stock at share prices well above current market, the company said in a statement."
Happy trading, everyone. |
