Well, Andrew Left (@CitronResearch) has taken his cool 70% profit from shorting CVSI and moved on to CRON. As noted previously, I like Lefty but I wonder how on earth this is legal. I mean, are Cramer’s producers allowed to trade stocks that they know he is going to jump up and down about? Maybe, I have no idea. But I would think not. This was pretty remarkable stuff in my opinion. I realize that Cramer is a TeeVee star, but there should be some kind of rule about all media figures; like don’t go the fuck on CNBC, become famous and influential and then recommend positions on stocks after you’ve traded in them.
Anyway, Citron did not hurt me in the least. I regretted selling CVSI as noted in previous posts (not bothering to link, you can find them if you want), he shorted, allowing me to buy back. I made an instant and huge paper profit, lost it as Dewy Cheatem and Howe chased the ambulance dialed up by Citron, the overwhelmingly unsophisticated investor base (I have to assume, of this OTC BB stock) ran like cockroaches for the exits and now Lefty tweets his short cover and puts a hit on CRON.
I added a bit on the downside hysteria yesterday and also bought a chunk of trading shares, which I got rid of this morning for a 40% day trade. Beyond that, I am holding the other shares because I think this whole stupid thing is nothing but OTC games, with one big bear shark in the waters and the Ramoras (also called Sucker Fish; how perfect is that?) at these goofy law firms attached.
The reason I bought more was this chart, as emailed to my contact Fred who is the reason I even know about the stock. It’s a daily log scale chart. Suddenly the context of the crash did not look so bad. What the chart told me is that lots of sheep were getting sheared. As noted to Fred in an email “Check out the log scale chart attached. Doesn’t look nearly so dire, does it?”
I would not do an update for NFTRH subscribers on such a volatile and speculative situation, but all the moves were right there in the Trade Log. Sure, I cherry picked a log chart to firm up my own backbone, but it does show the percentages and how not really out of whack it was, given the previous upside. Lefty lit a match, is all. That burned down the barn and the sheep that didn’t get incinerated ran out.
Anyway, back to square one, which I think is a long-term fundamental situation with a profitable company operating in a space that is still shady in some corners.
[edit] And here come the Ramoras for Cronos. I have no comment on whether the Citron slam is well founded or not (guessing maybe it is). But here’s Dewey Cheatem and Howe, right on schedule. Too funny. So these dirt bags and whatever sad sack clients (aka losers who don’t do their DD) they dredge up simply wait for a renowned short seller to do the work and then they feed.
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