This little unknown (till last week) crappy stock traded just under 58 million shares today at an average price of 10.60 p.s. That puts approximately $600,000,000 on this horse. SIX HUNDRED MILLION BUCKS IN ONE SINGLE DAY!! Despite all the ridiculous excitement here, I'd bet my mother in law's sweet buttooty that mutual funds and other serious money managers accounted for no more than a miniscule percentage of this total. So, one can not help but wonder WHERE THE HELL THE MONEY COMES FROM??!! How is it possible that a bunch of daytraders, most of whom are in their 20's, have $600 million to put on a little piece of drek like this in one day????
Btw, all evidence indicates that when Taser traded 26 million shares on one day last week at an average $82.50 p.s. ($2.145 billion!!!!!)
the daytraders accounted for practically all of that too!!
Is it possible that guys like Ameritrade, Etrade, Schwab etc. put billions of dollars of their own money in the form of margin in the hands of irresponsible 20 somethings for the purpose of speculating with the most risky and volatile garbage around ????? Is it possible that daytraders are building fast the biggest paper pyramid ever???? Is it possible that NO ONE LEARNED ANYTHING ONLY 4 SHORT YEARS AGO WHEN THE BIGGEST BUBBLE IN HISTORY BURST????
Please don't get me wrong. I am not a "basher"! I actually bought a few thousand shares of this thing on Friday and sold today. WITH MY OWN MONEY....
Intelligent responses to my thoughts would benefit all of us here. Many thanks in advance.
Lets assume that about 20,000 daytraders traded this stock today. Each one 5 times and each time 500 shares. The total No. of traded shares is 50,000,000.
To trade 500 shares of IPIX, one needed only $5000, which is withtin the reach of even the kid daytraders!!
AGREE - This is like the late 1990's. . .when a stock like EPWN (E-pawn) went from .50 to $40 then into BK. . . all within a year! I guess we have a new generation of traders. . .I bought at 2.50 and sold IPIX at 7. . .no regrets. . .had dinner last night at Trader Vics on my $7000 profit. . .and will put the rest in boring dividend stocks.
that has to be one of the dumbest questions I've heard in a long time and doesnt even really deserve a reponse. As far as institutions not buying, Ebay just bought a boat load of shares a month ago.