The markets always surprise me with something that I have never seen before and today it was $GTAT.
The quick read on the story/mess is a good start at Business Insider.
This stock has been on the Stocktwits trending bar for months as speculators used as a proxy for iPhone 6 (Sapphire Glass). The bears and bulls have each helped it trend. Today was a feast for the bears. The shortsellers had a win that makes shortselling addictive (I imagine).
Here is my ‘doodle’ (I call it the ‘Cup and Turd‘) of the mess:
One smart friend, Frank Lortscher, was short the stock. He uses price, volume, and social sentiment (a Stocktwits API customer). He presented at Stocktoberfest last year and will be back this year doing the same.
I love this simple visual roundup from Olivier:
— Olivier Tischendorf (@Tischendorf) Oct. 6 at 11:07 AM
His blog post is also great.
Many speculators are asking me what to do now. I reply as I always do – ‘who got you in…ask them’.
The markets are ruthless. Treat them with some respect.