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August 22, 2005
After" shot #2, Mon., August 22, 2005, 4:30 PM
I had some nasty things to write about Baidu after the stock came out of the shoot on Friday Aug-08. I even referred to "voodoo".
Then I followed up after an hour's trading on Monday, when BIDU was taken over $148 (eclipsed by its peak of $153.98 a few moments later).
The following day, August 9, I called my next warning article BIDU or screwed you?" The stock was trading at $98.00 at that point.
Alas, for those who didn't take good advice, your money could have been better put to work elsewhere. But, I understate, because BIDU closed today in the 72's, in which case -- if you are still long -- you were in fact screwed. Yours has gone to Money Heaven.
Or more likely to Connecticut.
Here's the BIDU After" shot #2:

Now here's the pain:

Just look at that volume blow-off.
That, folks, is what's called pump and dump".
Get used to it. As markets top out, you will be seeing a lot more of the same across the board.
Posted by Posted by Bill Cara on August 22, 2005 04:30:34 PM | Category: Stock Patrol

Bill-
This reminds me of the stories in the investment classic "Reminiscences of a Stock Operator". If anyone hasn't read it, I heartily recommend it.
Posted by: Mark at August 22, 2005 7:05 PM [link]