Is spam an accurate predictor of market crashes?

I’ve noticed a massive spike in stock-spam lately. You know what I’m talking about. You’ll get a message from some nice young anonymous telling you that some stock or another is ready for an AMAZING RALLY and you’d better not miss it. Oh, and it’s a penny stock, over-the-counter. For a company you’ve never heard of. And that claims they have nothing to do with the spam.

The last time this happened was just before the big crash in 2000. I suspect it was some kind of pump-and-dump scheme, where the pumper buys a big position, spams a million people, hooks a few suckers (running the price up) and dumps his entire holding in one shot, making the stock drop like a rock.

It’s a very efficient way to transfer money from suckers to thieves. It’s also possibly a harbinger of things to come.