The stock market and Wall Street make me angry sometimes. I day trade and follow quite a few publications on stocks and it pisses me off to no end that the stock market is so easily manipulated. For example, this morning a rather large publication called Daily Penny Stocks put out a publication on a penny stock (GNLK) that was trading for $0.007 yesterday with a volume of 300. This morning, they put out their publication, the stock jumped to $0.106, that is a huge gain in a penny stock! The volume went up to 2,152,662. This happened last week with GOFF and COPI as well, a few weeks before that it was BRZV, before that it was ORYN.
The shitty party of this and what makes me so angry is that these larger publications will put out a stock pick, the volume and price will jump exponentially in one hour, and within 2 days it will go back to where it was trading before the publication went out. This sort of manipulation is standard, I know. I know that it happens on a much bigger scale with banks and the global market (Libor Scandal) but god dammit if it doesn't piss me off daily when I watch it happen before my eyes. I might just be bitter because I lost $500 a few weeks ago on BRZV, but I feel like this volatility is what has caused the financial crisis in this country.
Huge brokerage firms play the market and manipulate it to the way that benefits them the most, so they can trim their huge fees off the top, or just all out swindle money from their clients.