Sellers in SMCI
Updated
SMCI cannot bounce, every time it gaps up, sellers push it down. It is not acting like it did on the way up.
Trade closed: stop reached
Stop out at $816Trade closed manually
Shorted the gap up on Friday at 887 and covered today at 786. This is too much excitement for the summer . I am done with SMCI for a while...
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The stock was relatively weak for over 2 months and now they missed both on EPS and Revenue. What a surprise...not!
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covered my last lot at $488.51 and
then found out that SMCI is accused of accounting irregularities from short-seller Hindenburg Research. It claims that the company engaged in accounting manipulations.
Yes, I know- the effin short sellers. Yet, SMCI was delisted from NASDAQ back in August 23, 2018 and if this is true, it maybe "game over" for the stock.
Note to self-today is August 30, 2024 and info about Hindenbur's research went public on August 27
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I followed this all the way down, shorting at 45, then got squeezed at 50 before re-shorting at 47.50. The last short has been easier to hold, and I considered adding more before yesterday’s close but held off. And as of this morning, this is the third successful short on the way down with SMCI trading 30% down at $33 .
It’s no secret—when a company is caught twice cooking the books, confidence is gone. I’m sure there are long-term, buy-and-hold investors clinging on, hoping this next accounting scandal at SMCI is just a bear raid. But with having Ernst & Young resign, I’m getting a strong feeling we might be looking at another ‘WorldCom’ situation. Let’s wait and see…
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