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Well for better or worse I lower my cost basis a ton.  Was selling 100 shares chunks as fast as I could.  Bought back in the low 5s.

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Nice little shock to test people's resolve. 

When Chet started selling, that might have been a sign.

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Are there any rules/penalties for doing what I just did?

I just bought 100 shares at $9.40. I dumped it and now may want to get back in. 

If I buy back in, are there any issues with doing so?

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2 minutes ago, cubd8 said:

At 5.80 is now a buying opportunity? what happend? i just bought 100 this morning at 9.45 and dumped them (took a 100 loss).

get back in?

the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.

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1 minute ago, cubd8 said:

Are there any rules/penalties for doing what I just did?

I just bought 100 shares at $9.40. I dumped it and now may want to get back in. 

If I buy back in, are there any issues with doing so?

Regular brokerage or Roth?

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Just now, cubd8 said:

Are there any rules/penalties for doing what I just did?

I just bought 100 shares at $9.40. I dumped it and now may want to get back in. 

If I buy back in, are there any issues with doing so?

Wash sale rules on taxes is it.  Meaning if you still hold the shares at year end you can't write the loss off, you just adjust your basis for when you eventually sell.  

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1 minute ago, -OZ- said:

Regular brokerage or Roth?

Regular account through Fidelity.

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What a whirlwind. Really thought I had DHT up on the board for awhile there. No dry powder so didn't add at the bottom.

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11 minutes ago, cosjobs said:

You're asking us?

Remember when I said I was still worried and you questioned me why? This is why. It’s an OTC stock and easy to mess around with by shorts. They got it by the balls. 

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2 minutes ago, Ignoratio Elenchi said:

the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.

Depends on whether there's something we just don't now yet.

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Just now, stbugs said:

Remember when I said I was still worried and you questioned me why? This is why. It’s an OTC stock and easy to mess around with by shorts. They got it by the balls. 

But someone dumping 9 million shares without a care in the world isn't exactly the same as being messed with by shorts, no?

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4 minutes ago, ghostguy123 said:

I am at a loss for words.  How does that even happen?  Does it even mean anything?  

Literally screaming in my car for the past 5 minutes on my way home.  

Well it is an OTC biotech stock with a market cap of 5bn and zero revenue. It is not for the faint of heart. 

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1 minute ago, Ignoratio Elenchi said:

the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.

Nothing, that we know of.  Lots of crap happens with OTC stocks (I vividly recall 2000 in the OTC space - ugh).

On the surface appears to be a very large seller dumping shares.  Whomever did that could have done way better by staggering sales.  They lost a lot of profit.

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3 minutes ago, cubd8 said:

Are there any rules/penalties for doing what I just did?

I just bought 100 shares at $9.40. I dumped it and now may want to get back in. 

If I buy back in, are there any issues with doing so?

Just wash sale rules.  It won’t show up as a loss for tax purposes until you close out the position.  This prevents you from racking up short term realized losses and reducing your tax bill while still owning the same position.  

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4 minutes ago, chet said:

very sloppy seller

Man, you’d think someone would know not to enter a market sale of 9MM shares on a stock that’s average volume before the last week was only like 7MM a day. That just seems crazy to me

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7 minutes ago, Sand said:

Bought back a 5% stake at 5.9.  Seems to be drifting back up after that selling shock.

Me to at 5.99. Watching like a hawk!

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3 minutes ago, Shula-holic said:

Wash sale rules on taxes is it.  Meaning if you still hold the shares at year end you can't write the loss off, you just adjust your basis for when you eventually sell.  

So, assuming I buy back in (100 shares)....there is no penalty/restriction in doing so? It's just if i sell, there's some complication involved.

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Do we know who the seller is?  Hope it isn't NP!  :oldunsure:

 

 

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5 minutes ago, cubd8 said:

Are there any rules/penalties for doing what I just did?

I just bought 100 shares at $9.40. I dumped it and now may want to get back in. 

If I buy back in, are there any issues with doing so?

Short answer, no. It’s a wash sale for tax purposes. If you do it often enough, you’ll get labeled a day trader which may affect how your account works. But it’s not against the rules to sell high and buy low. 

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4 minutes ago, Ignoratio Elenchi said:

the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.

Look at it from another perspective. It climbed to 10 on basically no news. This thing can swing both ways.

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1 minute ago, Buckna said:

Man, you’d think someone would know not to enter a market sale of 9MM shares on a stock that’s average volume before the last week was only like 7MM a day. That just seems crazy to me

He meant to hit 900k shares maybe?

God dang I almost sold most of mine at 9.90.

Now instead I bought more at 6.

This is a ride, that's for sure

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2 minutes ago, eaganwildcats said:

But someone dumping 9 million shares without a care in the world isn't exactly the same as being messed with by shorts, no?

Yes. I was just guessing. Posted before the post of the 9M share sale. My point was that there is still risk and I was right to be worried.

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6 minutes ago, Ignoratio Elenchi said:

the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.

Yeah but what’s changed in the past few weeks from $3 to $10? Can play it both ways. 

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Sold the shares I bought this morning at $5 for $6.02

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2 minutes ago, ghostguy123 said:

One seller did all that?  Seriously?

Guess a lot of stop-loss avalanches had something to do with it as well.  Some in here mentioned stop-loss triggered, I'd imagine there are lots of them that triggered all around.  

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16 minutes ago, chet said:

someone sold 9MM shares

How much did "institutions" accumulate in the last week?

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Just now, Jayrok said:

Guess a lot of stop-loss avalanches had something to do with it as well.  Some in here mentioned stop-loss triggered, I'd imagine there are lots of them that triggered all around.  

Absolutely. Which also explains the low volume trades.

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15 minutes ago, The General said:

Are we getting back in now?

I grabbed another 2000

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God I need to go shower and grab lunch but I can't get the roller coaster to slow down enough to even get out of my chair

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Just now, Shula-holic said:

God I need to go shower and grab lunch but I can't get the roller coaster to slow down enough to even get out of my chair

I spent way too much of 2000 and 2001 like that.  Go take a shower.

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In unrelated stuff,

I'm not sure if I'm more surprised that Tesla might join the S&P 500 soon, or that it wasn't already in it. 

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20 minutes ago, chet said:

someone sold 9MM shares

"someone" 

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13 minutes ago, chet said:

very sloppy seller

not if they wanted to create a 50% drop to buy back in at

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I was trying to buy in again at $5.50, had to chase it all the way up to $6.45 as Merrill Edge kept asking me for verification codes, and wouldn't take market orders. ####ers. 

Really hoping this was all driven by the huge 9 MM share sale and not someones insider knowledge of results.

Either way, loaded up another 1,000 shares. Let's go. 

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13 minutes ago, -OZ- said:

Regular brokerage or Roth?

cash or margin? Do you have a cash balance?

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14 minutes ago, Ignoratio Elenchi said:

the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.

...same can be said the other way. What fundamentally causes the quick increase from 5 to 10?

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8 minutes ago, sporthenry said:

Short answer, no. It’s a wash sale for tax purposes. If you do it often enough, you’ll get labeled a day trader which may affect how your account works. But it’s not against the rules to sell high and buy low. 

I should add, in my case, I took a $100.00 loss after buying this morning and then selling.

If I buy back, is there any tax implications/penalty since I just took a hit on the sell? Would this new purchase be a start-over of sorts - if i keep it for a year, a 15% hit if I make money?

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Just now, CGRdrJoe said:

I need a drink

CGRkid is probably on his third...

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RH is going to love this stock when it gets uplisted.

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