May 6, 2011
I have traded for many years and continue to be baffled by the ability of short sellers to do naked shorting of a company with no regard for being questioned or caught.
For example, CCME, a chinese company which may possibly have questionable accounting has been shorted to over 70% of its float value. Now this may sound normal and I may also have my facts mixed but I see this company being shorted to extremes and no one is questioning it.
The stock has halted since March 11, 2011 due to not complying with Nasdaq rules for submission of its annual 10k report. I see options continued to trade on this with short interest increasing even after trading halted. I don't understand how this can happen and I think the short interest is much higher than I stated previously.
There is too much inside information being shared by specific groups of people where the small retail investor is unable to trade in a fair environment. I have lost confidence in the stock market and feel that its all fixed.
Thank you for reading this,