Tough market all aroundNow the chickens are coming home to roost. The high flyers are starting to get hammered. I see wiseacre is also posting over at the BVG (Bravo) board. BVG was trading at $1.50 not so long ago and is now almost half that price. Still, not quite as bad a scalping as what the market has delivered to AMK bagholders.
All you newbies and cheerleaders keep forgetting to look at one thing: shares fully diluted. Whereas wiseacre's tool---looking at Level II data---may be of help to a day trader, it's not much good for assessing the long term picture. And the long term picture here isn't too sweet, unless AMK delivers some great results pronto. That's because these guys laid out way, way too much paper. What they paid for the Electrum property (was it 2 million shares???) was just insane. Also, what they gave to Rimfire and some of the other Electrum neighbours to pick up more moose pasture...NUTS.
All that stock is going to show up in the market, might even be there now on the sell side. You think the vendors of the Electrum paper are going to sit by and see what was once worth $5 million bucks on paper slowly getting frittered away?