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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Patrick J. Saunders who wrote (695)7/11/1999 4:11:00 PM
From: Larry Brubaker   of 1438
 
Patrick, I would look at shorting UOLP at the same price you see the bandits doing the same thing. There were many big block sales in the $8s and upper to mid-$7s, then the selling dried up when it went lower. Remember, the ceiling on the floorless is $5.5, so the bandits want to guarantee themselves as big of a profit as possible by shorting as much above $5.5 as they can.

I don't think the bandits had enough volume in that price range to complete their initial hedge, but the price is now creeping back to that range.

I'd watch for the big blocks sales to come back out and act accordingly.

All of the above is just an opinion.
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