I want to share an interessting story with you guys, something that happened to me yesterday in the restaurant I visit often. I was having my meal when I overheard two traders sitting next to me braging about how much money they made in their career (what else). And one of them, a guy from US judging by his story and accent started talking about his biggest fear he ever had which was to be locked in a short position for too long while price is spiking like mad. He started talking about a stock and I didn't pick the symbol which was annyoing as I would have wanted to verify this story through a historical chart. But he said that he started shorting that stock while the price was at 2$ a share. When he came to work next day it was 4$ already and he simply shorted more, being that he was convinced that it's a shitty company and that it must go down. While he was shorting it over next few days the price spiked to 100$ (!!!) a share which sent panic waves through his spine and he couldn't sleep because he was locked in a massive short position he could not cover. And now I'll qute his exact words.

"But I knew it must go down so I kept shorting that fucker until it went down to 80$. This is when I covered my position and I was happy to break even."

He "knew"? Of course he knew, he and his chums made that stock go down by shorting it. Market makers have no clue how much a stock is worth most of the time! It reminded me of my visits to UBS trading desk in Zürich while I worked for UBS IT. Out of 220 traders in Zürich around 20 were people who knew what they were doing and rest were incredibly stupid muppets with some luck to get into a position that pays 300k minimum bonus every year simply because markets are going up during bubble times. And people like that decide that stocks, like ECU, are "not good" and "short the fuckers" until they go down.

You all see my nick, CMKXVictim. Maybe some of you have heard the story, pretty famous in shorting circles. Look it up, it migt turn out to be the best stock market soap opera ever created. Bottom line is that CMKX had 703 billion issued shares and the word on the street was that there is a naked short position of 2 trillion shares. You read well, 2 trillion.

So that's it, enjoy the story and a silver rise.