Futures were pointing to another big down day today, the Bank of England just
slahed rates by 1.5%, triple expectations, it’s good governments are willing to
help, bad how bad the situation really is that requires such aggressive
cutting….scary times, good to cut losses/gains quick and focus on staying in the
game, as most will not be around in a few months/years.
MECA is the one I was short overnight, you can read why in this
post, up $500 on it so far…sadly, due to its illiquidity, it didn’t fall as
much as I wanted, it being only the first down day in the pattern that I love so
dearly…good news is they reported horrific earnings late late last night ,seriously
so many footnotes and losses, (trying brush it under the rug no
doubt)…analyst expectations of a loss of 24 cents/share, actual loss of
$8.26/share for the quarter for a $3 stock, too funny…I hate when companies say
they’re evaluating strategic alternatives, their stock usually gets a bump
higher, but considering its already up 150% in the last few days and the fact
that the firm these idiots hired is Miller Buckfire—specializing in
restructurings/bankruptcies, I think there’s a good shot a big drop
too…especially considering this statement that’s also included in the PR, not
even in the disclaimer, in the main earnings report:
Although the weak economy will continue to present challenges in the
near-term, we are very conscious of the fact that we must significantly improve
our operating results…
Although we continue to take steps to implement our debt elimination plan,
real estate and credit markets have continued to demonstrate weakness to date in
2008 and we will not be able to complete asset sales as quickly as originally
planned nor do we expect to achieve proceeds of disposition as high as
originally contemplated. Given our upcoming debt maturities and our operational
funding requirements, we will again need to seek extensions and/or additional
funds in the short-term from one or more possible sources to meet our
obligations as they come due. The availability of such extensions and/or
additional funds from existing lenders, including our controlling shareholder,
or from other sources is not assured and, if available, the terms thereof are
not determinable at this time. We expect that we will enter into negotiations
with such existing lenders, including our controlling shareholder, with a view
to extending, restructuring or refinancing such facilities. There is no
assurance that negotiations with our existing lenders will result in a favorable
outcome for us.
Yes, it’s a very very very bad company, but I will take quick gains/losses as
always, understand that.
BEE dropped perfectly (25%) in 1 day once it cracked support at $5 in the
morning (that’s what I thought MECA would do! My Short Selling pattern reigns
supreme and that’s why my new ShortStocking instructional DVD,
focusing on these EXACT patterns, is gonna be a huge hit. Shoulda woulda coulda
been in this play, I’m a very very bad short seller.
LNG continued it tankage, down another 20%, now 40% off its $5 highs…gotta
love this pattern, just wish there were shares available, congrats to those of
you who played the options on it.
CVI dropped 64 cents/share to $5, but it’s still above $4.80 support…if the
markets really tank today, we can kiss that support goodbye, be careful of
fakeouts though, as we’ve all learned on this one
CROX was another one that dropped 30% in a day, I coulda woulda shoulda been
short that one too, but I’m human and I make mistakes.
RZ had gone form $2 to $5.50ish, first down day, didn’t really crack until
the last hour, stubborn little guy…let’s see if the pattern works well here
too
GGP dropped 50%, yes, 50% in 1 day, God I can’t believe I missed all these,
you bastards better learn this stuff so you can take advantage of these
situations!
HDSN is actually bottoming.
