Well, I jumped in at $7.05 this morning. After checking the fundimentals (which I know don't mean crap in today's market) I see too much upside potential here.
I admit, I'm a bottom feeder and go after the stocks on the cheap. After looking at the 5 year chart here, the only time this stock has been down around this level was back around April of 2009.
We may see more bleeding of the market tomorrow, but I simply don't see anything really wrong with this stock from here. So, at $7.05 I would expect a decent bounce in the next month or sooner.
From last I checked, there was something like 713K shorted shares here, so I would expect some short covering pretty soon at this level.
All we need is some decent volume and she should push back up nicely from here.
We had about 5 minutes yesterday with today's knowledge being shown to us. 5 minutes to the close someone showed 110k shares for sale. That was someone who knew dumping. If the news was good, the shares would have been snapped up instantly, but they weren't.
The real damage today was the clause about being a going concern. When they actually file probably now on the 29th, the 1st quarter 2012 will be already in the books. Even if they say something, my BS detector will have a real problem taking them seriously after today's delay. They have a serious credability problem. They have to say something for sure and when they have the conference call and announce will be the next big move day, until then all that's going to happen is tax selling and complaining.
I am also not so sure I want to risk anymore capital.
I have a bunch of call contracts that are obviously out of the money at this point and are underwater. It might not be a bad idea to short some shares and use the contracts as a hedge.
The problem with the dark side in my eyes is it might be a bit too late to join the party or join with any real size position. I'd be happier shorting 100 shares of a 100 dollar stock than 3500 shares of a 3 dollar stock, unless I could hedge and there by limit my losses.
I can't think of a play that makes sense right now....and no one ever went bust sitting on the sidelines watching.
I also believe that alot of peoople tossed in the towel today and gave up. Capitulation may have occured around midday.
We'll see, but for now I am going to continue to watch from the sidelines until the announcement, probably wait my 30 days as you say and then decide. My losses are pretty much locked in so I have no further downside on my options contracts and with no shares, well I have in theory no more downside.
The company isn't going anywhere for a couple of weeks, that I think we can agree on.
So Accordion, you still considering buying IPSU after a director quit, the 10K got delayed and the news came out about the auditors' doubts about whether IPSU is a going concern? You should really join me on the dark side and short the hell out of it. Starting to look like a short to zero candidate and there's still plenty of meat on the bone.
Don't care about who sold what.....at this point in my eyes IPSU management has a definite credibility issue. How can I believe what they say? To me regardless of the situation is a big problem.
IPSU has been very good to me. Sold 80+% of the Dec. 5 puts and considering exercising the rest. The IPSU titanic has a definite list and sitting a little low at the stern. I would like to see CMG below 300 in mid-January before officially putting on a buy signal. Missed this last trip down to 300 being slightly preoccupied with IPSU. But ask stinky, he'll tell you I spend all my time on this board without a position in the stock.
"Observor" is beginning to sound like buyloww. Sore about his losses, just like buyloww was sore about coin. Did you make a lot of money in the IPSU puts? I cleaned up yesterday in GLD puts. What are you doing with CMG these days?