Illegal land occupation

[Suradit69]

This is beginning to sound like an alarm call that a market bubble is developing when rubbish "investments" like this one are pulling in "investors." Around 360,000 shares traded while the SEC remains ever vigilant. ZZZZZZZzzzzzzzzzzzzzzzz. What could possibly go wrong?

Cynk Surges 36,000% as Buzz Builds for 1-Employee Company

The financial world has become obsessed with Cynk Technology Corp. (CYNK), a stock that sold for a few pennies for most of its existence before exploding more than 36,000 percent to give it a market value exceeding $6 billion.

Cynk supposedly operates a social network -- one that appears to have no members, no revenue, no assets and only one employee. The stock climbed as much as 49 percent to $21.95 earlier today in over-the-counter trading on volume of more than 380,000 shares before erasing its gain to close down 5.5 percent to $13.90. After closing at 6 cents on May 15 it began its surge with a 3,650 percent jump to $2.25 on June 17.

http://www.bloomberg.com/news/2014-07-10/cynk-surges-36-000-as-buzz-builds-for-1-employee-company.html

[jbaldwin]

This company is not traded on any stock exchange. What has changed is a price indication on over the counter message board. It has changed from one completely meaningless and irrelevant number to a higher meaningless and irrelevant number. It says nothing about real investment in real companies with real market exchange quotations

[Suradit69]

This company is not traded on any stock exchange. What has changed is a price indication on over the counter message board. It has changed from one completely meaningless and irrelevant number to a higher meaningless and irrelevant number. It says nothing about real investment in real companies with real market exchange quotations

Even if the Thai Visa resident expert on what's real or not dismisses it all, Business Insider, the WSJ, Bloomberg, CNBC, et al are talking about it.

"In chaos theory, the butterfly effect is the sensitive dependency on initial conditions in which a small change at one place in a deterministic nonlinear system can result in large differences in a later state."

The price chart has been the talk of all manner of business blogs and Twitter pundits. Business Insider is leading with the news. The Wall Street Journal has listed all of the many ways in which Cynk is a risky investment. Zero Hedge, the blog that flagged Cynk’s moves on July 7, calls it “pure madness.”

“Most people that are paying attention to this think it’s a completely ridiculous move for a company with no earnings whatsoever,” Dave Lutz, the Annapolis, Maryland-based head of exchange-traded fund trading for Jonestrading Institutional Services, said in a phone interview. “The big question is: when the SEC is going to stop trading in this thing?”

You think something trading 360,000 shares that generates bid/ask prices isn't part of a real market just because it isn't the NYSE or NASDAQ?

Pink Sheets: A daily publication compiled by the National Quotation Bureau with bid and ask prices of over-the-counter (OTC) stocks, including the market makers who trade them

The whole point is that it isn't a real company but it's drawing attention on CNBC and Bloomberg which, if you're older than 19 years, is the sort of nonsense that signals that the broader market is getting frothy.

The volatility the past few days, attributed by Art Cashin to be 90% due to the bank situation in Portugal, is another indication that the broader market is looking for an excuse to correct 5% to 10%.

Edited July 11, 2014 by Suradit69

[Suradit69]

Someone finally woke up the SEC

http://video.cnbc.com/gallery/?video=3000291754#eyJ2aWQiOiIzMDAwMjkxOTg3IiwiZW5jVmlkIjoiZWpKMitNSm00S1puUnlVQVladlN1UT09IiwidlRhYiI6InRyYW5zY3JpcHQiLCJ2UGFnZSI6IiIsImdOYXYiOlsiwqBMYXRlc3QgVmlkZW8iXSwiZ1NlY3QiOiJBTEwiLCJnUGFnZSI6IjIiLCJzeW0iOiIiLCJzZWFyY2giOiIifQ==

Edited July 12, 2014 by Suradit69