Im going to post this here for your enjoyment. Please, do not laugh. I shed a tear.
This morning I was watching shares of DWAC. It was up 20% premarket on the start of a social media site for the former president. While a 20% move is not "that" great, I have gotten burned way too many times on SPACs, especially when the deals are first announced.
I bought 1,000 shares premarket at the 20% premium price of $12.23 and then had second thoughts and sold them quickly at $12.30, it then quickly fell to $11.90. I patted myself on the back and thought I was lucky.
When the stock opened it was roughly $13, up 30%. I was watching it waiting for a pullback. It was VERY wild jumping all over the place, up and down with wide swings. I thought the best it would be was up 50% on the day, maybe $15. I did not buy back in.
When the damn thing broke through $20, I could not help it and bought 1,000 shares for a quick flip. I set a modest ask of only 50 cents ($500) and the shares were quickly taken from me. Now the stock was up 100%!!
But then it hit $25, $35 and finally closed at $45, up nearly 400%.
I was busy all day at work and every time I checked up on it, I was shocked at the newer high price. Normally the worthless market makers will park at stock and keep it there all day long, but they lost total control of the price despite several halts.
Just for fun, I bought 10 shares after hours at $45, and sold them a few minutes later for $47.
The damn thing hit $70 dollars after hours, up nearly 600%!!!
In all my years of trading, I dont think I've ever seen a stock up 600% (on a non otc stock) in one day.