Sent today to a chum who thought today's performance was strange
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What's so strange? 50 cents was valuing their ore at under 70 CENTS a tonne - for the best iron ore discovering in the Pilbara for 40 years - the market was absurd and totally out of touch with the real world - other shares may be like that too but that is hardly the point is it!
I guess you will now be applying for a job with the ASX who have queried UMC's price and turnover overnight - note that no-one asked why the price fell 60% following their last sensation report - and clearly the ASX computers are down as turnovers of 500K to 1m shares a day have been quite regular in the last three months. As usual they are a pathetic bunch who should not be allowed to act as regulator. UMC's share price recently was being manipulated by trades in ONE share only, not to mention BOTS trading. Did they threaten the brokers clearly fixing the market - no way Jose! As I say, pathetic and they should be sacked from the job. Poachers make bad gamekeepers if they remain in the business of poaching. The Opus Prime fiasco this year was a fine example of regulatory failure aided and abetted by rapacious and immoral bankers.
Today's lesson .....
Having said that I have been advising all and sundry that the great danger to UMC is an opportunistic takeover bid say at $2.00 when the shares today should be at least $5.00 and in the real world $8.00/10.00
$3.00 by Xmas!!!
UMC Price at posting:
94.0¢ Sentiment: Buy Disclosure: Held
