I was just wondering with the company asking to stop trading and releasing a statement saying the shares will be worthless why are people buying other than short covering?
Judging by the high volume of the last several days, I would think that anyone that needs to cover has done so. The only ones remaining are those that waited to the last minute to get out, and the con artists, dreamers, dummies etc. that are buying their shares. jmho!
They are buying because they believe that MTWV is ripe for what's called a "dead cat bounce"
They have been buying, and been calling for this "dead cat bounce" since it was at .06 cents.
It has gone down every day since then.
The company has no tangible net worth, but traders still believe that they can out-trade the next guy and make a buck off of this.
Every poster on here that has the sentiment of "buy" or "strong buy" has lost money since this company closed it's doors on January 24th.
Last week I likened the game they are playing to a game of Musical Chairs.
Tomorrow is the last day it will trade NAZ, and anyone who still has a position in MTWV will have what money they have left basically frozen until it moves to the pink sheets in 3 or 4 months.
These are just desperate people throwing good money after bad. They have no clue how to trade.
Why do they buy? Seriously, they buy because they do not really understand just how unskilled they really are. They actually believe that they will make money. Its all a psychological thing.
" They [The longs] actually believe that they will make money. Its all a psychological thing."
Of course! That is why they need lobotomies for their protection and that of their hapless relatives who will be sucked into their massive financial black hole!