Tuesday, June 02, 2009
As my regular, perceptive blog readers are well aware, I've gotten my clock cleaned shorting this bear market rally. They also know that I have been *not looking* at the markets hardly at all.
So yesterday, I took a deep breath and surveyed the damage for the first time in several days. I punched up CDE, that silver mining POS that I've owned for quite some time. The last time I saw it, it had *run* up to 1.50 or so per share,
Last night I saw the above screen and my heart skipped for a millisecond. I knew that the metals had been running, and that all sorts of crazy stocks were *squeezing*. Could it be? Could CDE really be at 14 bucks?
If so, between the stock I re-bought at .77 and my full inventory of erstwhile wortheless Jan 5 calls I'd have reaped a few hundred thousand bucks.
I said a *millisecond* above because I knew it couldn't be real.
Just then I scanned the news on the margin and saw:
Coeur Announces Completion of 1-for-10 Reverse Stock Split on NYSE.
In other words, the CDE was still effectively $1.42 a share.
Why can't I catch a break? It does happen. Once in a while random traders do get incredibly lucky.
It's probably because, had the stock skyrocketed like that, I would have totally reneged on my deal.