REMEMBER: This special offer ends yesterday (I’m giving latecomers one extra day!), take advantage of it now because it really will make you a more profitable and knowledgeable trader…and you might have a little fun there too 
Remember Gulf Alternative Energy Corp (GAEC) which I alerted to TIMalert subscribers a few weeks back:
GAEC I shorted because the company is the sketchiest thing I’ve seen in a while as evidenced by its top two shareholders being named “Joe Schmoe”…the stock is being manipulated high from 25 cents to $2.50 in the last month, I’m short 800 at $2.36 and will hold…the key here is simply finding shares to short, the stock shows no signs of stopping so I’d love to get squeezed so I can take a greater position at higher prices as this kind of manipulation almost always ends in 50%+ intraday collapses.
…and we made a few thousand on?
A happy TIMalert subscriber did a detailed blog post, but he couldn’t find that many shares to short so the fun in this one wasn’t the $ to be made, it was just the whole ridiculous setup and apparently the SEC finally took note in this SEC filing:
It appears to the Securities and Exchange Commission that there is a lack of
current and accurate information concerning the securities of Gulf Alternative Energy
Corporation (trading symbol: GAEC) because of questions regarding the accuracy and
adequacy of information contained in press releases and on its website regarding the
quality of the company’s technology and the company’s business prospects and
agreements.
The Commission is of the opinion that the public interest and the protection of the
investors require a suspension of trading in the securities of Gulf Alternative Energy
Corporation.
Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act
of 1934, that trading in the securities of the above-listed company is suspended for
the period from 9:30 a.m. EDT, July 31, 2009, through 11:59 p.m. EDT, on August 13, 2009.
The suspension came and went, check out how the stock has performed since, LOL:
Love these penny stocks, just wish there were more shares to short sometimes!
Posted in Breakdowns, Manipulation