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The Flying Pig Gets Grounded

Daily Rap 09-21-2018

The market was mixed through midday, with the Dow and S&P a little higher and the Nasdaq slightly lower. After appearing to win at beat-the-number and seeing its stock price pop a couple of bucks after hours last night, Micron, aka the Flying Pig, was weaker and ultimately closed a couple of dollars lower, as the twin vices of oversupply and saturation (plus tariffs) are making themselves felt in the memory world.

Stop the MU-dness When I saw the news last night I thought it could have implications for other chips stocks, and it did, but only slightly. For the most part it would appear that the news was ignored and certainly deemed to be company specific, which is true for some chip companies, but not others. It is all part of the mindless...more

Last year's posts for Ask Fleck

Q: The California State Legislature must be among the stupidest in the country. They just imposed a 6.5% sales tax on all out-of-state purchases, either online or through the mails to support our welfare state. Do you object? Then you must be a Dirty Yellow Communist. Next you'll be insisting there's inflation in our economy.


Fleck: I can only imagine what they will dream up in the next recession when their budgeted revenues have imploded.
(posted: 9/21/2018)

Q: Hi Fleck, hope all is well.

In the "Ask Fleck' mailbag yesterday I read this exchange re $MDXG (MiMedex):

"I know there have been some related parties trying to manipulate the shares higher which I would say *was* a risk. But it would seem that we're past that now."

"Fleck: $5 frauds are always dangerous, even as they are headed to zero."

You are spot on re how hard this kind of short is and I would caution any of your readers re getting involved and to know the risks, even with such an obvious fraud as this.

I'm saying this as a retail investor who made some money early when it dropped from the teens down below $4, then I doubled down on some puts. Ever since there it's been an endless move upwards and the shorts have been killed. Stock was up over $6 yesterday (up 10%) on essentially no news. There have been multiple days of 10-15-25% type moves on essentially no news or regurgitated stories put out by the company which have doubled the price of the stock from the $3s to over $6 over the past few months.

The company has an army of stock pumpers and since it's in some of the healthcare ETFs it has been relentlessly going up for pretty much zero reason (other than indexing I guess).

SEC gave them an extension to re-report their financials in early September and who knows what they will ever do re this situation and the restatement -- they are out to lunch and can't even police obvious market manipulation in the stock around option expiry dates (like this week for example, but other times as well). With such a small float I guess it's a pretty easy stock for insiders and their buddies to manipulate.

Cohodes and the expert shorts are winning the battle, but boy you can really get burned during all the ups and downs on the way to zero. I'd also caution reading too much in the short term from the vocal shorts on Twitter -- they may be right eventually, but there is a lot going on here and it's not for the feint of heart.

Fleck: All good points, thanks.
(posted: 9/21/2018)

Q: Hey Bill, are you able to give us an update on the futures positioning of Gold and Silver? Thanks!

Fleck: I can't yet, the data comes out at 3:30 PM EST on Fridays.
(posted: 9/21/2018)

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