The big problem here is that people thinking they were jumping on a lear jet with the mega insane multi mega boom boom times bought the hype. Many experienced traders on the day trade thread made clear warnings that the bubble would pop. From .007 to .07 in a small fraction of time with the same fundamentals. Yet many bought the $1 rhetoric and threw their money in. Unfortunately some things aren't a short term lotto win and at this end of town invest what you can lose. With the way qbl spiked and the blantant ramping (queens birthday long weekend referred to as queensland bauxite long weekend etc etc) alarm bells should have rung.
The sad thing is many real people hoping for a win have lost out if they panicked today and sold. It also reinforces doubt at the small cap end of town... which is a shame as many good prospects may not get the support they need to get off the ground due the recent debacles on the asx. But once heaps of people start believing the hype an unsustainable mega boom boom price will always be reached. Then you must jump ship quickly and take a healthy profit before the wind is rapidly put out of the sails.
Smarter people than me warned others that this would happen and were shot down for not jumping on board. Just a shame for those who believed the words by those who have now moved on to the next scalp. Otherwise stay long and absorb the current loss if you truly believe in the asset and future prospects.
People buying and selling set the market price. Ive learnt the hard way through extensive losses not to trust management. Not to believe the hype and above all research big time.
Really sucks for those who bought on the high.
What a kaboom today was for some.
QBL Price at posting:
2.5¢ Sentiment: None Disclosure: Not Held
