This is starting to look like real life Boiler Room.
xc_hide_links_from_guests_guests_error_hide_media
You must be registered for see images attach
The Market 2022-2023-2024
- Thread starter Folster
- Start date
Oh it absolutely smells like crime.
OP
OP
- Joined
- Jun 23, 2005
- Posts
- 16,820
- Reaction score
- 7,314
Pretty strong rally off the lows of June, the S&P 500 is up over 12% while the Nasdaq is up nearly 17.5%. I'm not convinced we are in the clear. If this turns out to be a bear market rally and we see lower lows, I think it will really hurt investor psyche and could lead to the capitulation needed to find the real bottom.
- Joined
- May 14, 2002
- Posts
- 87,643
- Reaction score
- 38,899
Definitely don't feel comfortable yet but yeah July was really good given how bad June was. I nearly got back everything in July I lost in June.
I was a day early on the market, I sold my ESPP stock yesterday it's up 5% today, and I sold a big loser stock I had, FROG, yesterday just as a future tax write off, it's up nearly 5% today. But not a big deal can't time it.
Earnings so far have been mostly good and I think that and the rate hike have pushed the markets up but there are definitly still dark clouds out there to watch for rain
Yikes, I hadn't looks at FROG in awhile. I had owned them for a bit around their IPO in 2020. Back then it was up in the $70 range. I remember being annoyed because I took a small loss then. Really glad I got out of it when I did. FUV is another one like that for me. Glad I got out it at around $16. It's crazy the way some of these have dropped.
- Joined
- May 14, 2002
- Posts
- 87,643
- Reaction score
- 38,899
Yeah not a good buy at all bought 20 shares at 66.25 in Sep 2020, sold 20 shares at 23.10 and change yesterday. I just figured might as well take the loss and be done with it so of course it will go up now. i interviewed there in 2018 and was quite impressed but sounds like they have not done a good job since going public.
But it's a writeoff on my gains from ESPP shares I've sold.
elindholm
edited for content
Can someone translate into English what the allegation is here?
elindholm
edited for content
Pretty much the only reason I'm still holding OPEN is to sell it at a big loss in 2023. I've already harvested enough losses for 2022, barring big capital gains distributions (which I'm not expecting).
Kind of funny that you're looking at FROG, since I recently picked up BUG, a cybersecurity ETF. I realize that only the names are similar.
That it's a fake company and that this has been a pump and dump scam. The website is barebones with not much working and looks fake. Add that to there's no reason it should have rocketed the way it did. It was IPOed in July to little fanfar at like $8 then shot up to over $2500 at some point yesterday.
If you haven't seen Boiler Room I'd recommend it. It was a good movie and it centers around guys running scams like what many are suspecting this to be.
elindholm
edited for content
Okay, but where does the money come from? If it's just a group of guys bidding up their own stock, don't they need suckers on the outside in order to make any profit?
Yes, the insiders buy their shares, they then pump it to retail buyers, insiders sell at the top, and retail is left holding the bags on a worthless company. For the pump they can do ladder buys and other things to try to make it look like it's taking off to try to trigger FOMO.
But this wasn’t retail at all in on this. This came out of nowhere. The media is trying to spin this as a Reddit thing but jump over and there and you’ll see what’s really going on
This was an inside job
OP
OP
- Joined
- Jun 23, 2005
- Posts
- 16,820
- Reaction score
- 7,314
Enter Wall Street Bets and the like. Classic pump and dump.
Paging Michael Saylor. Cathie Wood is next.
You couldn’t be more wrong.
Lol. Care to explain?
Have you been over there?
Where is over there? You still haven't explained why his opinion is horribly wrong..
OP
OP
- Joined
- Jun 23, 2005
- Posts
- 16,820
- Reaction score
- 7,314
It may not specifically be that sub but there are plenty of similar subs that pump stocks and this stock is the talk of the town. There's already talk of a short squeeze. Apparently there is no shortage of idiots to chase meme stocks.
elindholm
edited for content
I still find it hard to believe that Reddit bros, as a group, have the financial muscle to influence the market to that degree -- or frankly any degree. But I guess the evidence is that they do, so there you are.
This stock is the talk of the internet for the exact opposite reason you listed.
I’ve seen zero talks of a short squeeze with this stock I don’t see how it meets any of the requirements for a squeeze.
This is a corporate pump and dump. Retail has zero to do with this. Just a quick trip over to WSB and you’ll see what everyone is saying about and it ain’t wow look how much money we made.
There will be suckers that lurk memes and fall into the trap but WSB itself has a lot of very sound retail investors with super intelligent DD. To discount WSB as a whole of dumb people doin dumb things just means you have not spent time actually looking through the nonsense on the WSB board.
TSLA annual shareholder meeting today. expecting approval of the 3-1 stock split.
Similar threads
