Watching CNBC this morning and they start talking about a company/stock – HK. It’s a US gas/oil exploration company (I only knew that by searching for them.) The stock was up $0.33 on the day as they talked about it and I was looking at what the heck they do. Sure enough, starts jumping up and up once they were done to + $0.75 (this isn’t AAPL, it’s a $10 stock so that’s a decent jump.) Made me laugh to see that happen…again.
When I worked at a hedge fund and sat right outside the trading room, I would listen to CNBC all day. This was during the internet stock craziness and it was pretty much 100% guaranteed the minute CNBC mentioned a stock, the sucker would launch. I had access to instant execution on trades so I would buy and sell small lots in my account. This is basically how I paid for my wedding/Hawaii elopement & reception. That and some options trading.
I remember calling a friend and asking if she wanted me to trade her account on a stock I was getting into that day AS they were talking about it on CNBC. She was stressed but did it. We both had a great day. She went into trading soon after that and ended up being a trader for a fund. She just left that to work on a stock newsletter. Good times. The stories she and I have about our old jobs would put the Nanny Diaries & Devil Wears Prada to shame. But we’ll never tell :)
Good to see the CNBC effect is still in place. The sheep are still there and you can profit from it (just like in ZNGA!)
