Wallstreet Crooks
By Johns Wu on Aug 14, 2005
on august 8th, i made a post about ELN lifting off for no apparent reason. the chart is reposted again on the left. i was confused at the time, because no news had come out, yet someone was desparately buying/covering in huge blocks.
10 hours later, though, ELN and BIIB announced an official tysabri update and the stock jumped 15% when the markets opened.
looking back, its OBVIOUS someone with deep pockets knew that ELN and BIIB would be holding a conference call on august 9th before the open.
who knew? who was behind those suspicious transactions? isn't this kind of trading illegal? woudn't it be pretty easy for the SEC or the NASD to pinpoint the person or institution behind those trades? why haven't they done anything about this?
this is just another example of how heavily the odds are stacked against us on the market. wall street crooks are bribing doctors for information, trading on insider information, and theyre getting away with it! instead of going after smalltimers like martha stewart, the SEC needs to go after the real criminals.
the good thing, though, is that i'm learning to play the game now. for instance, from now on, if i ever see ELN's stock move like the way it did on august 8th, i'm going to immediately buy everything in sight without hesitation.
3 Responses to “Wallstreet Crooks”
BOOM is a stock that has a huge short position. What do you think of BOOM? Thanks for all your great work. Debbie
You might want to check out ELN again today. Jumping a bit on no news, just like the 8th.
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I just love how you post during the weekends. Although I spend this time researching, it’s always nice to be able to read some new blog entries here and there.
Your thoughts on how people profit off of insider information goes to show that whenever a news story hits the street, it has already been factored into the stock’s price, or as I like to say, it has already been baked in the cake.
Hope you can capitalize on this sort of opportunity next time. (Just don’t lose your shirt) ;)