I never thought the Twitterkidz were solely responsible for the shorting, despite what they would have others believe: it was way beyond their financial capability.
The question is, is this an attempt to lower the SP for a CR, or just destroy the SP in the hope that someone else can come in and clean up a potentially lucrative business.
As far as I can determine Vanguard are the lenders of the shares. If this is the benefit of Institutional Investment, then I'd avoid these types at all costs.
From the info currently available Vanguard have no more shares to lend out unless they have purchased more over the last few days. We wont know as the short info is delayed for up to four days. Maybe someone could persuade them to recall their share and some sanity may be restored to the market.
Being late to the party I am well into the red and now have no choice but to hang on and hope JM pulls a few rabbits out of the hat.
On another note, this is just another example where an elite few are screwing over the little guy, a trend that seems to be growing. As a result of this growing trend worldwide, the stock market is fast becoming a dangerous place for the retail investor. The larger funds are now dictating policy changes in the USA. The Fed makes an announcement, the funds/instos dump then the Fed changes it's mind and the funds buy up again. If they keep this up the whole thing will disappear up its own orifice.
Finally, I've know several stockbrokers in my time: all bar one were morally and ethically bankrupt. The other no longer works in the industry.
I'm taking a Lotto ticket for tonight.
And thanks for you insights as well.
Cheers.
ADN Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
(20min delay)