Albedo just went trading halt earlier. It was like a L Train where the selling and bleeding wouldn't stop and the blood was oozing out profusely. From opening 0.052 to a low of 0.024 is no joke. Those who went long would be on the fear now. But lucky for us, there were no long calls made on Albedo. Looking at this chart, there were many rounds of profit taking which constitutes to the selling you see today. As seen on the trade record, a naked short trade was entered at 0.045 and covered at 0.043. 2 pips but it was good! Why? Because it crashed at such a high speed that a trading halt is imminent. Just imagine the trade was still on and a fine is imposed on naked shorting. $1000+ for lunch is better than paying $1000 per day for naked shorting! So what's the news affecting such big drop?
#Albedo: According to The Star, Tan Sri Danny Tan is aborting his plans to inject his prized Johor land into Singapore-listed Albedo Ltd, a company whose share price shot through the roof late last year on speculation that it would become a new “Iskandar play”. Sources said talks between Tan and the major owners of Albedo – a loss-making steel and raw materials company – broke down after they failed to agree on the terms of the sale. Both parties have mutually agreed to end the deal and are in the midst of making their announcements soon.
source from The Star
Ronald K - Market Psychologist - The Big Speculator
