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Wow, Tim Sykes is promoting a stock today?!
Thought everyone should check this blog post I found. Tim Sykes and his publisher have been paid $100,000 to promote IRYS.
http://marketauthority.com/?p=24300
This is the first time he's accepted money to release a pick. Pretty crazy, must be a good one!
Here is a chart of today's action. You can see that except for the first few minutes when shares rose, nobody buying today is seeing a gain. The insiders bought this stock over the last few weeks, and now they are dumping it to a new set of suckers, those who think they are frontrunning the usual set of suckers.
If Sykes wasn't a douchebag before, he is one now. Funny he rips promoters left and right, and then becomes one. Maybe to make a point of how easy it is to manipulate these things and then he can short the crap out of it later. Who knows. I guess time will tell. I won't be buying IRYS unless the chart shapes up better for a day/overnight trade possibility.
The newsletter Skypes sent out today is boasting about how he alerted everyone before the market opened. However, if you look at the chart, the stock sold only a few shares before jumping to the high of the day. How many traders are going to be filled at the open and figure out it is time to sell 90 minutes later? The promoters are just taking this one step further than before, by paying for pre-pumps as well as the regular pumps.
Looks like the holders of the stock are so desperate to dump their shares they weren't even able to get out today without depressing the tape. What they try to achieve with these promotions is a feeding frenzy so they can sell into a rising market. Doesn't work if the selling crushes the price.
If you do searches for Tim Sykes Scam or Timothy Sykes fraud or Tim Sykes fraud you get the usual sites trying to get traffic from those searches, but you also get some interesting results.
There is an interesting article at PennyStockAlerts.com:
Timothy Sykes – See the Scam Man Exposed in My Review
Timothy Sykes – Is his whole life a scam?
Is Tim even a good trader?
Are his facts even real?!
Do you have to be rich to follow his strategy?
Is Tim’s ENTIRE strategy a fraud??
http://pennystockalerts.com/timothy-sykes/
Another one from the same site:
Penny Stock Millionaire – Timothy Sykes Brand New Scam
Timothy Sykes uses deception to enhance his supposed “track-record”
His trades don’t REALLY work because they can’t be replicated
Sykes DOES pump penny stocks
He goes as far as promising millions of dollars in gains if you give him $2,000!
I WILL SHOW ALL OF THIS RIGHT NOW
http://pennystockalerts.com/penny-stock-millionaire/
Reading this article was interesting because it mentions how the results Tim Sykes gets on Covester.com are not the same for his followers as they are for him. The article is several months old, so I went to Covester.com and checked how Tim Sykes' followers were doing in their mirror accounts these days.
Tim Sykes with his "Contra-Hype" account is currently ranked as Number 1 for returns, as he likes to point out.
http://covestor.com/timothy-sykes/contra-hype
Scroll down to Performance detail
Pretty impressive returns, right?
Now click on the top right of the chart where it says "Average Subscriber (view latest)" - this is the performance for his followers that are using Covestor in their mirror accounts - accounts that follow every trade he does, as soon as he does them.
