This pump and dump is hilarious. $LEDS (Semileds stock) announced last Thursday that some no name Chinese investor (Dr. Peter Chiou) was willing to purchase around 20% of the outstanding stock in LEDS at $5, when the stock was only trading at $3.30 the previous day of the announcement. Sounds fishy? Heck yes! Who is Mr. Chiou? Our google search found no one reputable in the LED business. So then we checked his home residence address and it was a $700,000 house located in Carlsbad, California according to the address listed in the 8-K filing. This guy supposedly has MILLIONS to invest but only lives in a $700k house? Bunch of baloney to me especially since he is Chinese. Any wealthy Chinese businessman values a nice piece of property to call home so you would expect a man of this stature to have a multi-million pad if he can afford to waste so much money into a turd stock like LEDS.
We shorted the pump as it went all the way up to $11! Covered into weakness and swung the position a couple days for some easy fast money. All live trades are called out as they happen in the MookTrader stock chatroom. Come trade with us!
Net Profit: $4,550