Fraud @ WCOM

Who the hell want's to invest in the market with all the Anderson dust still blowing in the wind? I know one guy at my firm that has 2000 shares short of WCOM at an ave price of $1.35. Too bad for all the people that have this piece of crap long at $1.00 or so. Like the saying goes, 10% of traders make 90% of the profits.
 
I observed enron (and once, a long time ago, Zenith at .25) and learned that a sub 1 dollar stock, just cuz it used to trade in the 40's and be a household name, isn't necessarily cheap.
 
I know the market is going to tank tomorrow, but didn't we as traders all see this coming (at least a little).

I shorted WCOM back in March when it was at $8 and I got out when it was $6, only to be surprised a few days later when it was worth $4.5.


I've got to believe you guys had a similar experience if you paid any attention to WCOM. Major companies don't sell for $1.50 a share.

If you didn't see this coming, and you are long WCOM (or were recently long) please reply.
 
history repeats itself and cycles really do keep coming round - and this period is just the warning of whats on its way!
 
Piper Jaffray (NYSE:PJC)was just fined for allegedly threatening to drop research coverage of a firm if it wasn't picked to manage a stock offering.
 
The major issue with this farce is that so many foreign investors will pull out of the US. A number (in the UK where I am) have called me this morning and what they are so upset about is the amount of time it has taken to get this information out.
Everyone can accept that there are rogue companies but it seems to take so long to expose wrongdoing. Remember, the average investor is not a chart watcher.

At this rate the only participants in the market will be traders, trading of each other.:eek:
 
Originally posted by Mike777

At this rate the only participants in the market will be traders, trading of each other.


yes, I think that is becoming more of a reality every day and one of the major reasons why the residual momentum, by way of follow thrus for several days are a thing of the past...Now the market is just an ongoing series of spikes and stalls that seem to occur at new and more random times of day, every day...truly strange times
More...
 
foreign investors should have already pulled out of the US since the currency rate which has been stable for years has now become a negative parameter - and this should in turn will lead to a decoupling of US and European markets as the US revises its percentage of European holdings

dont worry about private investors pulling out of the markets - they only come in to confirm bubbles - things are just getting back to normal - and watch where private money goes - since private investors are dumb investors - whatever they invest in - will be the next loser - so since they will move to cash - you can be sure inflation is on its way - since thats the only way to erode cash

history, cycles etc etc
 
Originally posted by stevet

dont worry about private investors pulling out of the markets - they only come in to confirm bubbles - things are just getting back to normal - and watch where private money goes - since private investors are dumb investors - whatever they invest in - will be the next loser - so since they will move to cash - you can be sure inflation is on its way - since thats the only way to erode cash

history, cycles etc etc
More...

Wow.

Private investors are dumb investors??? Maybe some are but don't blindly accept the mantra that is pumped out amongst traders and the huge array of support sites, that only they know what is real and everyone else is a moron who deserves to get whats coming to them.
 
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