UPDATE: Cynk Technology (CYNK) Lunacy Should Be Ended by Regulators
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(Updated - July 10, 2014 2:56 PM EDT)
(Updated - July 10, 2014 12:05 PM EDT)
Traders have bubble talk on their mind as they watch the action in Cynk Technology Corp. (OTC: CYNK) - a penny stock with a market cap of nearly $6 billion. Shares are up 34.6% mid-day to $19.80 as traders watch the 'greater fool' game play out.
Unfortunately for traders it is nearly impossible to get a borrow on the stock to short it. Anyone buying the stock for more than a few minutes is a fool as a trading halt could be imminent.
StreetInsider.com has placed a call with FINRA about the stock. FINRA's media relations was unfamiliar with the situation but is now looking into the matter.
UPDATE: The SEC would not confirm or deny to StreetInsider.com that they are looking at CYNK.
UPDATE 2: While the SEC and FINRA would not confirm, sources inform StreetInsider.com that regulators are actively looking at CYNK. A trading halt could be imminent.
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