An Illogical Market
GM's stock is still trading at $0.80
Why?
Because the market is irrational - to a degree. I firmly believe that a market is the most rational way to arrive at the greatest common good, and all of that. However, that does not mean I believe it to be perfectly rational. Never have, never will.
GM is proof. They have issued--as far as I am aware--two press releases basically stating "dont buy our stock, it's worthless" and yet the price has yet to collapse. At one point after the announcement that common stockholders would get a grand total of $0.00 the stock actually went up to about $1.60.
The only thing you should do with your shares at this point is try and request the certs from the DTC and mount them on the wall. However, I dont think the trade in novelty certs is what is keeping GM's share price afloat - stupidity is.
I wonder how much, if any, GM stock is available to lend and has thus been shorted the shit out of by hedge funds. I would short it at this point if possible (scottrade is not so keen on trading in options on pink-sheet listed penny stocks, sadly enough in this case).
Why?
Because the market is irrational - to a degree. I firmly believe that a market is the most rational way to arrive at the greatest common good, and all of that. However, that does not mean I believe it to be perfectly rational. Never have, never will.
GM is proof. They have issued--as far as I am aware--two press releases basically stating "dont buy our stock, it's worthless" and yet the price has yet to collapse. At one point after the announcement that common stockholders would get a grand total of $0.00 the stock actually went up to about $1.60.
The only thing you should do with your shares at this point is try and request the certs from the DTC and mount them on the wall. However, I dont think the trade in novelty certs is what is keeping GM's share price afloat - stupidity is.
I wonder how much, if any, GM stock is available to lend and has thus been shorted the shit out of by hedge funds. I would short it at this point if possible (scottrade is not so keen on trading in options on pink-sheet listed penny stocks, sadly enough in this case).
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