Short Selling NETE (Net Element, Inc.) After New Board Appointment

NETE (Net Element, Inc.) jumped 50% today on news of a new board director.

NETE (Net Element, Inc.) Jumped 50% today due to news that Dr. Jon Najarian has been added to its board of directors. Although Dr. Najarian is a respected part of the finance community and a staple on CNBC, a board director appointment is never a legitimate catalyst. In addition, their financial filings have been both weak and late, and their business is based on blockchain (crypto is tanking at the moment). After looking at all of these factors, I short sold it as soon as I saw technical weakness for an $800 gain.