CHATROOM

The BIDZ Saga, Better Than the PRXI and The Godfather Sagas

November 27, 2007 at 8:58 pm
by Timothy Sykes

Watch these 7 free video lessons on how I became a millionaire

The saga of BIDZ, an online jewelry auctioneer, is too incredible to ignore—it’s a classic smallcap tale, filled with hype, momentum, greed, lust, passion and tragedy. Here’s a recap:

May 1, 2007: Begins trading on the OTCBB—opens at $8

June 4, 2007: Company announces it will buy back $5 million worth of stock because they believe it to be

undervalued in the $5 range

June 5, 2007: Approved to trade on the NASDAQ, stock doubles over the next week

July 10, 2007: Gets mentioned as an “undiscovered internet play” here—compared to other jewelry e-tailers and auctioneers.

July, August and early September 2007: Stock stays put in the $8 range, even though they report solid earnings

September 21, 2007: Stock starts to climb, finally breaking through the $10 barrier to base in the $14 range all throughout October

November 12, 2007: Reports better than expected earnings on increased growth/margins, raises guidance, stock surges to $18 at the open the next day

November 16, 2007: CEO gets nice puffy article in Investor’s Business Daily—stock doesn’t budge at $17

November 21, 2007: SmartMoney.com wants to get in on the action, too—company gets yet another optimistic article, but the stock finishes lower around $18

November 25, 2007: After closing at an all-time high at $20, two more bullish articles here and here are published while the markets are closed

November 26, 2007: Stock opens at an all-time high in the $21-$22 range, but falls on a negative report by Citron Research that raises concerns over several issues (inventory, shill bidding, CEO compensation, criminal supplier, fake office building, etc. Stock finishes down in the $16 range.

November 27, 2007: Stock is in freefall to the $11 range when the company announces they’ll host a conference call after the market close to clear everything up. In what can only be described as one of the funniest conference calls in recent memory( read the summary ), the company denies everything but even more concerns are raised, the company promises to take legal action against Citron Research and the stock falls to the $9 range in after-hours and convicted stock manipulator Jonathan Lebed comes out and defends the stock!

November 28, 2007: Citron Research has promised part two in their investigative report…

bidz.png

 

 

 

 

 

 

 

 

 

 

Stay tuned….like The Godfather, I have a feeling the sequel might even be better than the original!

 

SEC fun label: I have no position either way, but I did try to borrow shares to short today. Since that didn’t work, I’ve bought some popcorn to munch on while this all plays out.

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  • YoungGunz

    I took the day off from work and trading and missed out. I was watching that fuckin pig for a while waiting for it to finally crack and of course it does when I am gone. Looks like there ain’t shit in play for today either. Oh well there will always be more.

  • notesguy88

    Keeping an eye on FEED and CPSL but not reserving anything yet.

  • phil235

    Is today the day we see MITI tank? Me think so

  • lamecoder

    STSI?

  • lamecoder

    My bad, I posted without readin the aler, didn’t realize it was on there already.

  • Reaper

    anyone have thoughts on RHD?

  • YoungGunz

    rhd looks promising. I would like to see it skyrocket today or something to make for a really good short.

  • Ross

    Mornin,

    I held onto MITI overnite, It seems like it is having a hard time breaking 6.5 and some people were covering shorts above 6.5 which I don’t blame when your riding a large volume of shares, covering in steps does make sense. I would love to see it tank below 6.5 since a 40 cents swing isn’t much when you only have 200 shares. I am shorting @ 6.91. I’ll take what I Can get regardless.

  • Lance03

    we on IronCondor today?

  • TheParadox

    #BearishEngulfing

    today

  • Getshorty

    Just in case you were wondering, Paradox is refering to the HUGE bearish engulfing pattern that was completed yesterday on MITI and that signals a reversal XX% of the time.
    It is a black candle completelty encompassed the next day by a red candle. This means that there is a swing in momentum (bulls couldn’t keep a gap up and it gave the previous day gain… and then some, showing buyers are done). This is even stronger when the black candle is small and the red candle is huge qith strong volume, like yesterday.

    Looks like the ride up is over for MITI.

  • krakken

    Tim,

    Why am i NOT RECEIVING your alerts via e-mail? And no, not in my junk box. Please have your admin check. Thanks.

  • kelvin

    anyone on FEED ?

  • kusumo

    MITI just broke down.

  • be-the-ball

    woah, MITI, nice work to anyone in this trade, I was on vacation yesterday…

  • Reaper

    Out MITI KANA ENAB. Total profit from yesterday and today $3650.62, all but $80 of that from MITI. Using Tim’s system since 6/17/08:

    Total Profit: $18,993.49
    Avg Profit per trade: 6.22%
    Weighted average profit per trade: 4.15%

  • bat711

    very nice reaper. Any still left in mito? Looks like it still has room to move to 6.25

  • krakken

    Reaper,

    If i read that right, you are trading with 300k? How much do you put in per trade? I’m starting with 10k and risk 20% per trade. Just curious. Thanks.

  • kusumo

    MITI still has room to drop.

  • dnovembre

    6.22% is his average per trade. If he only made one trade, then he would need 300k. But apparently he has made several. I am curious as well though!

  • Getshorty

    SHorted 1500 shares at an avereage of 6.92, covered 500 today at 6.58 (just in case it was bouncing from 6.50, don’t think I’ll be covering the other 1000 shares today. This is a truly beautiful pattern.

  • Getshorty

    I meant, I WON’T be covering the remaining 1000 shaers today.

  • bat711

    The only thing is there is support every $.25 down to $5.50. Might take some time.

  • kusumo

    Covered MITI. $1036 profit after commissions.

  • http://www.heyidea.com Sweeney

    anyone else watching VPHM for the potential breakout today?

  • Reaper

    krakken – dnovembre is right. That is average per trade, many trades. I could have done this with under $100k (or over $1m). I do not reveal my total capital. Many trades were with not much money. MITI was by far my biggest position and I had 10k shares in it (though not for very long). The only other large position I had was my short of USS where I was in for about $50k.

  • Getshorty

    Sure, Sweeney, if it breaks 14.70 is good to go

  • yaktipper

    Did anyone buy the SQNM breakout? I got alerted when it went over 23.

  • Getshorty

    SQNM looks like a fakeout, beware, not holding over $23

  • yaktipper

    Looks pretty weak to me too.

  • bat711

    Anyone watching FRE FNM for an afternoon fade?

  • Getshorty

    No bat, but may go to play black jack during lunch break, do a little better there than shorting unpredictable stocks (but I do use basic strategy and do counting, not as the movie though since they use 6 decks and is not that effective, overall, much better to play penny stocks)

  • mo4453

    FEED looking to crack support

  • Getshorty

    FEED is a damn messy chart now, not the beauty it used to be, if it craks support, there is one more right under at 11.20. Much better charts around to play, hope it spikes and it becomes the shortable beauty it once was.

  • Lance03

    getshorty you need to join the chat room we have setup

  • Lance03

    I am long VPHM at 14… GL

  • Getshorty

    I may get in if it breaks 14.70 handsomely

  • mo4453

    FEED cracking

  • Getshorty

    WHere is the chatroom again?

  • Getshorty

    Feed has been a one day spike, and most of it is allready undone, no good risk reward, wish you luck, but from now on I am only playing multiple day setups.

  • mrscott21

    I bought FRE in the morning at 3.52 and planned on going long with it but once it crossed 4 I bailed at 4.10 figuring it would fade this afternoon… which it is doing.

  • Getshorty

    So, how do I get to that chatroom again? is getting quiet here.

  • bestdeception

    shorty, go to https://www.mibbit.com/ change the “connect to irc” to Mozilla.org, and type in your nickname (getshorty for you I guess), then the room is #BearishEngulfing.

  • AdamN

    Bought BTIM @ $1.35. A low float stock on a breakout with some volume. Hoping for a gap up open tomorrow. Have to be careful though, it’s a fairly illiquid stock.

  • awgregory

    Whats the consenses on holding MITI overnight?

  • Getshorty

    Sykes, gotta create your own chat soon, people is migrating to individual chat rooms .

  • Getshorty

    I can even hear my own echo here… here…. here.

  • Getshorty

    I am holding 1000 shares short MITI and couldn’t be happier, usually after market trades don’t mean much, but 59 500 shares traded at 5.19, way lower than the 5.32 price…. makes me feel good.

    I covered half my position, 1000 shares at 6.25…. I am kind of regretting it now……. well, not really… my first objective is to stay in the game…. my first objective is to stay in the game…. my first objective is to stay in the game…..

  • http://www.test.timothysykes.com timothysykes

    let people create chat, it only splinters the pennystocking world more…we’re working on a web aplication that will unify it all and you’ll never miss any play again!

  • Getshorty

    you were right, it is good to go to message boards to get a sense of the hype.
    MITI message board on Yahoo contains enough material to create a doctoral thesis on the psycology of hope. Sad at some times, like the promoter telling this guy that his grandson will be grateful for him staying invested in MITI.

    I guess they also get people to sell their wheelchairs to buy this turds. Disgusting.

  • notesguy88

    I for one am waiting for the web chat that Tim is working on and there will be no question that’s where I’ll “reside” online during the trading day.

    Getshorty, the current chat is only a temporary thing until Tim’s site is completed. The chat site is an IRC room that is announced here everyday. I’ve been getting to it via http://www.mibbit.com. For “Connect to IRC:” select mozilla.org. The channel is announced here in the morning.

  • Getshorty

    Thanks notes, been there today

  • YoungGunz

    Only reason we started the cht is because the blog comments were coming so fast that it was practically a chatroom itself just that you had to keep refreshing it manually. I really don’t believe that it splintered anything. more like kept out a lot of clutter on the comments section from having all the little quick comments. Especially the wasted ones where people asked or answered questions then realising it was already asked or answered between the time they last refreshed and their post.

    I am also looking forward to the chat system that you guys are working on. We’re not trying to undermine the timalerts site or anything by starting a chat its just the demand for something faster came up with so many things going on the pace of the conversations going so fast that the comments and the site slowing everyone down with the anti-spamming timer.

  • Getshorty

    Just in case I went misunderstood Gunz, I am not ratting on people going on chats, it is the logical thing to do, I am in a couple of chats myself (included the one mentioned above) just throwing up the idea so this community can stay around this website if just a chat is added. BUt looks like Tim had already realized that.

    Good Luck tomorrow, and may MITI just die.