Short UOMO
If your broker can get shares of UOMO, short it all day! The stock is a pump and dump that has been followed by a newsletter that I follow TimAlerts.com. He is rock solid when it comes to the pump and dump promoted penny stocks. This spiked due to a pump this morning. Expect a big fall. This could drop 15% by mid-afternoon.
UOMO is currently at $0.91 per share.
5/21/2009: 12:18PM UPDATE: UOMO currently at $0.70 per share. Day low of $0.64
5/22/2009: 9:32AM UPDATE: UOMO currently at $0.52 per share.
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A pox on all shorters for their dishonesty and duplications. If this stock is no good, it will fail of its own accord anyway but in the meantime, you destroy any chance they can make good. Click on my website for more detail before you rant.
Bob,
I agree with much of what you discuss on your web site with regard to shorting and naked shorts. However, I do feel that there is a place for shorting. Especially in the case of pump and dump promotion. Someone is left holding the bag at $1.00 when this company should be at $0.20 (if public at all).
The up tick rule should be in place. The naked shorting has devastated the stock of many companies and even put their survival in question. Debt covenants tied to share prices can be triggered when an institution is targeted by the shorts. Peoples business and employment can be put at risk.
However, I have no problem with shorting, in a normal fashion, as a way to play the downside swing on a stock.