He's been short PAL since May, with a bankruptcy thesis, so he will probably stay short. Correct me if I am wrong Joe, since you never offer any hard trading numbers for the mb to ponder, yet criticize others that actually post their trades.
This stock will go up, imo, when the Honolulu trader comes on the board and posts a long position, like last December.
Joechong is another guignole, a clown with a funny face...It is like listening to a #$%$ talking about dark matter or dark energy...
Like always these simple minds do not dare to talk about what they do...We are all trader here and we try our best to ride the waves with or without these imbeciles.
Look how he is avoiding anything regarding real trading. Who, as a retail, has an interest in shorting PAL right now, come on? he never talk about option strategy either put call.
I have been selling since 1.04 yesterday and sold as high as 1.07. Missed 1.09 and I have several order from 1.10 to 1.15. Sold so far about 25k shares with 15k today at 1.05 1.06 and a bit at 1.07... I have now an average of 0.947...I am a net seller now. PAL is now 15% up from 0.91 established few days ago.
May day trade so the next news...
The only stock that I bought back right now is EGY at 5.41...I am out of PVG and own little of IAG right now but looking to re-enter. ACI is good to day trade recently...Many more but no time.
I believe we will be trading between 1.10 to 1.25 soon after the news release and perhaps a time for you to sell few at a loss? I really do not want a big PAL holding before the release of the Q2 which will be quite negative and may pressure down the stock. again under 1 I believe.
As always, you can look at PAL as a glass half full or half empty but the only truth is that it is a good tool to trade and with a good timing and accumulation will always deliver a nice return.
Yes, I have been shorting the company since May. I saw it as a good opportunity with palladium trading at a multi-year high near $800/oz, and the company trading for a premium multiple to NAV even though it had to (and still has to for Phase II) raise a lot of money. The BAM loan is the final nail in the coffin.
If you're looking to go short, you're protected on the downside since there is no buyout risk. You can imagine that management explored all potential asset sale opportunities before they signed the loan agreement. Also, the loan must be paid back in full with interest and a prepayment penalty upon change of control, so its very unlikely that someone will step up to buy the company for twice as much now when they had no interest a few weeks ago.