ok, so Zerohedge alerted re CYMK 5 days before anyone else got a wiff .. kudos for that.
This week-end's ZH front page reads like the Contents page to some book on imminent battle between the forces of good and evil prophesying a catastrophic but not necessarily decisive conflict:
When Perfect "There Can't Be A Recession" Indicators Fail
CEO Of Europe's Largest Insurer Pops The Utopia Bubble: "Nothing Is Solved And Everybody Knows It"
Goldman Warns, Congress Is Preparing To Tame The Fed
"Waiting For Armageddon" - Say It Isn't So?
"Planned Chaos" - Why Fiat Money Is "A Large-Scale Fraud System"
5 Things To Ponder: The Everything Boom
dc CB 18:44:55 GMT - 07/11/2014
matters not because STOX will close green on low volume.
Market Top? Meet The $1 Billion Company With Zero Revenues
warning can save people determined to grow suddenly rich.” Case in point - CYNK Technology Corp,
Story - Tyler Durden - 07/07/2014 - 17:50
GVI Forex john 18:34:18 GMT - 07/11/2014
I somehow think the SEC suspension of trading in Cynk is a case of too little too late. If you got suckered into buying the stock, now it is illiquid and probably worthless. They did not react until CNBC did a story on it yesterday.
Thanks for looking out for the little guy!
dc CB 16:27:41 GMT - 07/11/2014
For all the drama and comedy surrounding the epic idiocy in which a bunch of "investors" took the price of non-existent company CYNK from essentially zero to a market cap of over $5 billion in under a week, most people missed the key message here: the stock is a harbinger of what is happening to the entire market. Because while those defending what is clear irrational exuberance, scratch that, irrational idiocy are quick to point out that CYNK's epic surge took place on less than 0.1% of its outstanding shares, these are the same people to say precisely the opposite about the S&P 500. "Ignore the collapsing volumes sending the stock market to all time high - it's perfectly normal"
Perhaps ironically, it was the concurrent most recent crisis in Europe, that involving Portugal's cryptic Espirito Santo group, whose top-most HoldCo is largely shrouded in secrecy yet which somehow is not a deterrent to the sellside community to issue one after another "all is clear; don't pull your deposits please" note, that confirmed not only that nobody has any idea what the real situation of European banks is, but how the entire capital market has now become nothing more than one glorified CYNK penny-stock turning into a mid-cap.
In other words, just like the CEO of CYNK who promptly "made" a few billion in paper profits, it feels great to "make" money on virtually no volume. The problem arises when one tries to cash out of paper and into all too real profits.
Yesterday we wrote about the strange case of CYNK Technology.
The company's stock gained nearly 25,000% in 16 trading days, giving it a market cap of over $5 billion. But, as we noted, it's not clear if the company really exists, as financial statements indicate that it has no revenue, assets, or full-time employees.
Cynk Technology Corp., a development stage company, focuses on operating a social network. Its social network is based on showing the types of people the user is connected with and associated. The company intends to serve seekers, who want to meet people; mavens, who know a lot of people; and targets, who are people that other people want to meet. The company was formerly known as Introbuzz, Inc. and changed its name to Cynk Technology Corp. in July 2013. Cynk Technology Corp. was founded in 2008 and is based in Belize City, Belize.
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