One of the Best things about moderating this Round Table is I get to know so many of you personally
even though we have never met
Sir Cedarwood …Thank you for watching the GLD and reporting at The Chartology Forum
You are Super GLD Man
…Sir Cedarwood …is one of the good guys
He is a Grandpa , still working . and also manages to watch every tick…literally
of the Price of Gold on netdania..He is addicted and he knows it.
I suspect there a lot of folks like this here at the tent.
Sir Cedarwood…tell us the story of your greatest adventure in the Markets ..
Folks…don’t miss this. Fully
In 1999, I joined an array of stock chat rooms, all formed to follow a single stock: Osicom, symbol FIBR. We formed what amounted to a cult. We tried to outdo each other in the number of shares we bought. In the spring of 1999, I was loaded up on margin to Citibank … to the tune of 600,000 in debt. Osicom had gone from 5 to 20. Then, the shorts, who were undoubtedly watching our chat board, pulled a raid. The price dropped to 5. My phone lit up with calls from my Citibank broker. Somehow, somehow, I talked him in to not selling me out. Just one more day. Just wait until Monday. He did. On Monday, the price climbed to 11, and I managed to sell enough to retire most of the margin debt. I was left with about 90,000.
Then, as a true True Believer, I loaded up on … Call Options. From June of 1999, when I was just about “dead broke” (kinda like Hillary), to March of 2000 … well … on one day in March I controlled 50,000 shares with various options … in one day, Osicom went from 110 to 130 … up 20 bucks … resulting in a single-day one-million-dollar gain.
Ultimately, Osicom hit 149 3/4.
The chat room froze … like a herd of deer … their eyes in the headlights.
We were all waiting for … another double … we just knew it would hit 300.
With one phone call and one word “sell” I would have been worth $4,000,000 AFTER TAXES.
But no. We just knew 300 was just around the corner.
You all know what happened in March-April 2000. The Nasdaq had climbed to over 5000. The big crash began.
I held it … all … the … way … down … to ZERO.
Won’t happen this time. I’ll pull the trigger on my Spock Rocks with the help of Sir Fully, Plunger, Spock, Raj, and all youse guys. Because after hearing this story, you will, I hope, remind me.
Onward and upward.
It gets even weirder. We called ourselves (appropriately) “Osiholics.” We all got together both in Washington, DC and in California (at the company’s plant). We sort of broke in to the company’s headquarters on a Saturday and met the CEO. We even printed up T-Shirts that said “To the Moon!”
Then the real sell signals started: The guy who started the chat room, a young guy from Pittsburgh, was … I’m serious … murdered at a fast-food place in Pittsburgh. Then, a group of Osiholics was traveling to one of our meetings. There was a wreck in the middle of a road. A woman’s head sat there … in the road. A H&S pattern? Can you say “Sell Signal”?
Fully’s Comment : Sir Cedarwood..I just re read this and you must be joking then..right
The symbol for this stock was FIBR ?