Spivs who prey on the seemingly endless supply of gullible retail investors.
I can't figure out if it's a stream of people just jumping into buying ASX stocks without any diligence at all and then bailing out completely after getting burnt a few times, or a pool of people who buy, get burnt, but keep coming back for more thinking they'll get lucky on the next punt.
Probably a bit of both I guess.
Not that I'm placing all of the blame on the savaged investors. ASIC being toothless and ASX having a conflict of interest are as much (or more) to blame.
MXC Price at posting:
0.5¢ Sentiment: None Disclosure: Held
