imo this will go down in history as one of the great con jobs of a asx listed top 200 company in history. it must have taken weeks of planning.
step 1 wait for consolidation. much easier to short a stock when its 2$ plus.
step 2 wait for june to help shorting with tax loss selling
step 3 start selling stock at 2/2.30. retail holders start to panic and question why sp is dropping. must be bad news on the way. rumors start up on chat lines. bots sell small amounts in massive volumes at bid driving down price.
step 4 sell it heavily the day before bad news is released to give impression shocking news must be coming. stops being hit , margin calls over night increasing the sell of next morning.
step 5 release bad news market goes into free fall retails punters throw in the towel, more margin calls , massive volume created thru churning , day traders get involved adding to the volume and churn.
step 6 shorters buy back stock they sold at $2 plus cleaning up big time.
step 7 asx says nothing to see here
GXY Price at posting:
$1.60 Sentiment: Buy Disclosure: Not Held
