Along with the puts purchased...
Play the manipulation and stay alive.
Still in UGAZ. Out of RENN though its tempting to purchase at 3.15
Probably a good spot to go long.
Funny how the NASDAQ short interest list posts early when short interest goes up.
RENN short interest went up by a million in the past 15 days.
Not bad for a days work. bought UGAZ at 14.22 now its near 15.00
Notice I post my buys/sells real time, not after it goes up/down. I sold Renn at $3.44 cause it wont go above 3.50 ish (too many call options sold to suckers), wont go below 3.00 cause RENN has too much cash. So I buy and sell in between with little risk.
Just picked up UGAZ at 14.22 bargain of the week .
I did pick the top of the decline by buying SDS, could have kept it but better to pocket profits.
I sold some RENN at 3.44 not expecting the stock to get past the glass ceiling of 3.50 where One million Four hundred thousand OCT CALL options sit. However, today I looked at the short interest on RENN - it DROPPED by almost 20% in 15 days! Short interest was about 8 Million July 1st, now its less than half that figure (3.8 million short).. Something is going on with this stock. Wouldn't that be something if GS/MS were buying the CALL options? this thing would totally explode within 15 days. Should have bought 8k shares this morning. RENN may come back down to my buy level of 3.30
Sold my SDS and made a few G's, Now if I'm doing this right, I sold some RENN into the meeting news and rise to $3.44 a share. Will buy back in when RENN hits 3.30
8k shares just hit the sell.
Thanks for the reply, and double thanks for the INTELLIGENT reply which is sometimes hard to find on these boards. The Stars had aligned and the chart was right to short the S&P, I was getting frustrated with the manipulation in the markets. Its bad enough when someone make a mistake, but to blatantly manipulate the SDS a DOUBLE ETF that goes up when the market goes down, ONLY to watch the ETF price go down as the market DROPPED!! With efficient markets should there be almost zero lag! unless there is MANIPULATION and DIRTY politicians that look the other way.
First words section- left column
"when I'm in China, I often get asked-they all come to me and say, 'Hey, when is Facebook going to come to China?'"
Bought SDS, which is the inverse S&P, when S&P goes down SDS SHOULD go up (2x)?
Paid 24.12 for SDS when S&P was @ 2001....S&P DROPS to 1989 and SDS is @ 23.99? Its getting BAD to put your money in any market... I play the cronie's game, with RENN its just the same thing. RENN wont pay out any of its 3.50 OCT calls, there is too much to pay.. used to be 15cents per option, now bid is almost nil. Nothing to do with chens investments or how well 56 is doing.... Just got to figure out how the small fry invests and then do the opposite cause that's where the blue blood will Not take the market.
Someone might be a little scared about the short interest dropping so quickly. All the longs from the IPO have been ground out by the daily drag : only the DIE hard longs are left. If Snowball IPOs at the beginning of next year, we may see some heavy hitters (GS/MS) buying RENN stock to curry favor to swing the IPO.
Chen is doing what he does best.. Hundreds of millions made by buying and selling internet companies. Nice to see he has invested again. Companies may have NO positive earnings but BIDU pays hundreds of millions for such companies.. Lucky for RENN. So RENN makes hundred of millions, yet no revenue from operations.. nice way to keep stock low.
Most confusing is that in the last 15 days Renn's short interest dropped by 25% from 6 million short to 4.5 million shares short. This is down from being almost 12 MILLION shares short at the beginning of the year.
But the manipulators that sell CALLS on RENN stock have been able to keep the stock below the OCT 3.50 call price... nice job. not so confusing there.
Think 56 would do great by subtitling or translating the Mandarin(?) to English, at least another billion or two in potential customers. I bet Alibaba translates to English..
When RENN was 3.30 you could buy OCT 3.50 calls for 15 cents, with the run up to 3.55 of RENN stock, you can SELL those options for ..........15cents. (and you lost the time premium too).. RIGGED MARKET!!!
Still don't expect RENN to top 3.65 till after OCT OPEX. (3.50 stock price plus 15 cents - cost of option) the run up makes a good market to sell TONS of calls. Nice... who are the suckers.
Must be nice to be GS/MS and call sellers. Millions of naked short stock to sell and over a million (stock share) calls sold @ 3.50 ...
ya $400 million market cap, 700 times the Option action than RENN, Market makers/ options sellers wet dream come true. That stock will whip lash you out of your money quicker than two flaps of a mosquito wing. Forget NQ.
GS/MS et al, has sold Call options for OCT strike price = 3.50
On just about a MILLION shares of RENN. For each dime RENN goes over 3.65 (strike price + premium) THEY lose $100,000 So don't expect he MASTER manipulators to allow RENN over 3.50 anytime soon.
I must have misunderstood the WSJ article:
WATCH FOR: July Retail Sales (8:30 a.m. Eastern Time): seen +0.2%; previously +0.2%. June Business Inventories (10:00): seen +0.3%; previously +0.5%. Canadian Solar, Cisco CSCO -0.26%, Deere DE -1.05%, Macy's M -4.84%, NetApp, NetEase, Pinnacle Foods PF -0.74%, Renren RENN -1.86% and SeaWorld are among companies scheduled to report quarterly results.