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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis
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To: Dr. Seuss who wrote (1440)7/21/1998 2:27:00 AM
From: Steve Patterson  Read Replies (1) of 2506
 
Sadly, I'm involved...bad timing on my part. Although Stock Genie is about as lame of a rec as you can get, given their past record of hyping stuff like CCSI, I guess the people who read them don't notice this.

For instance, Stock Genie will probably trumpet the "fact" that OCOM was at about 6 when they first hyped it. However, if you bought based on their recommendation (as many people clearly did, right at market open) you could not get it for less than 7 1/2 -- and probably got it for 8 or higher, taking 33% off the top of their "return". Not to mention their recs assume you sold at the exact high after their rec, and they never issue any sell recommendations...oh hell, any idiot can see they pump and dump thinly traded OTCBB issues, except this time they figured they had enough subscribers to hit the NASDAQ.

Oh, well. Perhaps I'm just sour at having picked a poor entry point through bad luck. This is why I don't trade on margin or take large short positions, despite the fact that OCOM appears to be clearly on course for failure based on their cash burn and desperate financing deals (which I dissected on the OCOM thread recently).

I'm going to wait until tomorrow to see if I should eat crow, or hang on as it drifts back down. Lesson learned: don't short anything so thinly traded.

Steve
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