"So would rigged be a type of manipulation?" A good question, but I think we're getting into the semantics of the words here. "Manipulation" suggests to me something outside the allowable bounds of stock trading but which nevertheless occurs. (Of course there are other contextual meanings of the word, but I'm referring only to stock trading.) "Rigged," though, is legally systemic, however unfair to the individual investor.
Ops, Yahoo just wiped out a long post I made to you in response to your query, "Explain rigged against the average Joe."
I went into dark market trading, front-running by super-computers at investment banks, front-running by NASD trading houses via decimal trades, mutual fund and 401K management fees, bond-market finagling, and more. Plus the ignorance about this real rigging versus the imagined manipulations by folks who can't handle stock-market fluctuations. I probably won't be inspired to do it all over again. Sorry.
Rod, I agree with you about the K-1 nightmare. I'm sticking with LNCO and will never hold a K-1 partnership in a regular account again after, several years ago, tackling the K-1s for three different partnerships. What an awful experience. All those different forms to be filled out upon sale and the numbers that had to be changed per the instructions that contradicted the forms' directions. Arghh! THEN the whole new batch of Calif. forms with even more arcane instructions. I won't publicly say what I did about that.
Dope. The larger trade was a late posting of an early morning trade. I think its time for the Ignore button to fold you.
What I need, I think, is a definition of "manipulated" as it pertains to stock-market trading. If maneuvers are legal and within the historical framework of long-established rules (whether we like them or not), then it's playing the game as established, even though it may be rigged against the average Joe. For instance, it's absurd to refer to "criminal hedge funds" when no crime has been committed beyond putatively driving the PPS of your stock lower (unless collusion's involved).
Anyone with a working definition that makes sense in the context that we generally find with message-board accusations? Otherwise it's just a frustrated lashing out.
I've traded for umpteen years and have found that what I perceive as normal fluctuations many others regard as manipulation. (Not that more sophisticated players aren't trading to take advantage of those more easily frightened into selling. They're just playing the speculative game . . . and why not? It's legal.) But mainly I think we're seeing regular volatility, which some longs need to believe is manipulation because it pains them to think that some folks are selling their baby and, on paper anyway, costing them money. Something you never hear, though, iare cries of manipulation when a stock is rising on no particular news. Then it's because other investors are realizing the wisdom of the longs' decisions.
It seems to me that people shouldn't be in the game if they get distressed about the usual ups and downs that occur when one speculates. I think that CDs would be more consistent with their outlook. (I probably receive red thumbs for simply suggesting this.) And let's keep in mind that Linn Energy units are clearly speculative (although many holders pretend they're not)and primarily owned by individuals who are willing to risk only so much capital. They can sell quickly for any number of reasons.
Sentiment: Strong Buy
Sandra, I think that LINE is a buy only if you have a long-term outlook, in which case an investor should just get in and not try to nab a lower price, because there's simply no way to call it. Or, alternatively, you could become a short-term trader, but that's ultimately a much tougher game, especially if you're a worrier.
But Fred, that's the guy's job: "entertainment and glib" answers. He's even said so. The point of the show (which I find unbearable to watch) is ratings. And he gets them. He does sucker in many unsophisicated players, but if not him there'll be analysts, newsletter touters, discussion-board speculators, commission-seeking brokerages, boiler-room scammers, and Uncle Arnold who knows the next sure thing. Cramer's just another drop in the giant buy-this-sell-that bucket.
I think it's simply ordinary volatility, CC. Momentum excites people as do articles on SA and Motley Fool. And this obtains whether the fuel moves LINE up or down over the very short term, which I think of as weeks let alone hours.
Moreover, the market isn't exactly a rational arena, although, as Mr. Buffet asserts, it generally will be over 8-year spans for individual stocks.
Furthermore, I'm inclined to regard LINE as atypical among upstream MLPs. There's just too much about Linn Energy that's unique to the company. So if you believe, as I do, that Linn has finally gotten around to righting the ship (as nicely summarized on today's SA article by Mat DiLallo), you'll discount these short-term waves of emotion (not without occasional imprecations, of course), look farther ahead, and find which of the Jan. 2016 calls give you the most bang for the least premium. Or if you've got lots of dry powder in your cash inventory ,consider buying more LINE units, which do produce a handsome income.
Meanwhile, expect some exhilarating and frustrating moves as Linn slowly recovers from a recently failed and (as I view it) indecisive business strategy.
There was an odd crank named Norris,
Who could not see the trees for the forris.
With his unbridled rage,
He littered each page,
Like an angrily snarling Greek chorris.
Mike, a legal action brought in a federal district court is not within the purview of SEC response, the SEC (under-resourced as it is) being an adjunct of the executive branch and not the judicial. I don't object to attacks on the SEC (or any federal agency for that matter), but attacks should make sense within our legal framework.
If you go for the calls, I'd suggest LINE over LNCO because of greater liquidity. The Jan. 16s at a strike of 27 look pretty good right now at a premium of about $.25 and a buy price of 4.70 (ignore the big spread). For about 2.65 you could get the Jan. 30s, but the premium is way too high I think.
LINE is taking an inevitable (and overdue, in my opinion) breather from having spiked up so much in the past couple of months. If the company can consummate a decent deal from the acreage it has up for sale, it should erse the current retreat and resume its grind toward the mid-30s.
"Timing seems about right for a PPS hit today, with it going I am assuming the shorts are going to hammer this thing out of the gate."
Well, Chris, at about 1:15 E.S.T. LNCO's up over $.20, so it seems the shorts haven't found their hammer yet.