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Strategies & Market Trends : The Thread -- Ignore unavailable to you. Want to Upgrade?

To: Mike E. who wrote (11590)	8/25/2000 2:23:01 PM
From: rowrowrow	Read Replies (1) \| Respond to of 49816

Anyone follow ICOM? What's going on???

To: Mike E. who wrote (11590)	8/25/2000 3:26:38 PM
From: KevinMark	Respond to of 49816

Thanks Mike! Dale, one more thing before I'm outta here. The NASD has some explaining to do on why the stock opened higher than the opening price. Investors long in the stock, were taken out of the market with heavy losses, only to see the NASD release it higher than it's opening price. What the MM's did was totally illegal. How can you cut through millions of shares and then open it @ 130! They did, and they will have some explaining to do on why the stock did not open lower with a progression higher from many investors who sold out or were stopped out for heavy losses. You can bet you will see all kinds of class action suits on this one from the longs. NASD never showed a quote before it opened! That's illegal. They have 5 min before they open a halted stock to show quotes on L2, which they did not. There are many unanswered ?'s here that will be answered in the court rooms. If anything else, the news agency will be sewed for allowing a bogus PR, before contacting the company's IR department to verify the validity. There's some people going down on this one. The NASD played as big of a role in this as any others. They had absolutely no regards for the investors who got burned on this, not to mention those who would have bought back their shares at a decent price. Anybody ?ng this, ask yourself this. Where was all the volume in the stock after it opened????????? There was a bump up and then selling. I happened to notice a 725,000 block being sold during all the chaos. There was NO buying volume coming in, but they happened to open the stock @ 130?????????? Where was the demand. It's certaintly not there now. Another analogy would be this. Imagine a general contractor having to dig a 65ft hole(points lost on EMLX) from a 110ft high (share price of EMLX) piece of land. All the dirt(shares sold), once dug, is lying next to the hole. Then, the contractor says, we have to fill the hole back guys! Sorry, the company reported that they don't the hole was an oversight by the company. Ok, how do the contractors fill the hole back up? That's easy, they throw the dirt back in. Therefore, starting 65ft deep and going higher until the hole is filled. They don't place a platform 20ft(20+opening price of 110) higher than the hole opening and THEN start pouring the dirt, which would be 130ft. That's ludicrous. Some institutions will have to answer to someone on how and why they opened the stock so high, and yet noone had an opportunity to fill the hole. Remember, the amount of dirt(shares of EMLX lost in the chaos) that came out of the hole, no way represents the dirt(shares bought back after the open) that was replaced after the oversight. Will I complain???? Hell no, but the longs who got screwed will, and you best believe, there will be some litigation involved here. Noone stood to gain here, but the institutions. They will have more phone calls on Monday than they can handle. If I was long and was stopped out, only to see these guys open it higher, I would close my account immediately if they didn't compensate me for the losses. Because you can bet they gained a great deal by scooping up the shares @ 45-50 and sold some for nearly a triple!!!!!!!! Remember they still have tons of shares in their inventories(dirt), because noone was buying after it opened! How can that be, they open a stock @ 1:30, and then there's more selling??????? It's going to be fun to see how they justified the opening price. Don't tell me it was demand, when less than 10% of the trading volume came after 1:30pm. EMLX will have to answer all these ?'s too, because the PR had to come from them, which makes them liable! Therefore, if your holding that short, I would hold it for awhile. This stock is going no where fast, after they have a couple of class action suits on their hands. Ok, ok, now I'm outta here. KM