WOW! The ASKS got filled!managed to get a hold my buddy. glad I didn't sell. almost did!
told me to sell before the splt and said I'd be a fool to sell now. here is how he explains it:
1. bunch of desperate investors see the downtrend, put in Ask orders to something like 10 cents on the old shares.
2.share consolidation occurs (100:1), price gets adjusted to say $5 and boom all the ASK orders gets filled and there is massive selling.
3. stock tanks.
he says to BUY NOW! Even got off the phone so he could place his order. Bought a bunch at less that $5, says it won't last long.
does that make sense? buddy is pretty good at this but he's not alway right. Mostly right and this scenario makes sense. opinions?