It's all fun and games until someone pokes your eye out with a pirated copy of Jersey Shore ("so this is how the Americans live!? A Snooki would be shunned in China. We're sending our money to these people? What a Situation!"). Once these things turn it is a game of musical chairs... the music stops, and suddenly you realize there are only so many bathtubs full of Kool Aid to sit in. The stock is down more than 20% from the high of the day and 7% for the session. The pathetic thing is this could drop 90% from the high of the day and still be considering expensive by normal valuation methods.
Larger picture this is a good lesson for any newbies to the market about how all the things you are told the market is about, means zilch in the near term. Sentiment, human behavior, greed, fear - all that jazz means much more with certain names, in certain time durations. I am sure almost no one in Youku.com has ever been to the site, and 90%+ did not bother to read up its documents on the SEC website. To trade a Youku long or short you need all sorts of Antacid.
Intraday chart
No position
