Amidst the carnage, I found time and the bravery to buy some RENN.
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Joined Nov 10, 2007
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Sold half TVIX and bought more TZA. IWM failed at the 200 and is convincingly below the 20. 50d looks doable.
Nice call on RENN Fly. Ballsy.
Sold all TVIX. Looking for more TZA.
Sold SOXS.
Average volume: 82,600 shares/day
Volume today: 7,890,959 shares (~100x)
Sorry, Fly, but this has to be said. The intraday volume tells the whole story (my own non-Exodus conjecture)
$1.61 09:30 Big buyer (Fly?), huge volume at the open 100-200k shares
$1.68 10:05 Exodus members are informed, volume risese
$1.80 11:32 unwashed massed informed on iBankcoin, volume rises further
$1.99 12:15 algos sense fresh meat, spike up price
$2.47 12:52 algos take profits, price drops
$2.00 13:32 support tested
$1.79 13:35 support fails (-10%, 3 minutes)
$1.70 13:47 Fly believes his own sh!t, doubles down
Look at the quarterly balance sheet: this company is going bankrupt
https://finance.yahoo.com/quote/RENN/balance-sheet?p=RENN
Generally speaking, whenever a low volume stock gets a high profile mention (Cramer, Fly, etc.), the best move is to fade the price spike. $1.51 by Friday, if you really want this stock…