Pi, yes an Oracle! <VBG> Saving that, I just stepped in and bought at WSTL=30ish/TLTN=99.
Whowuddathunk that Castle Creek et al. (INCA,REDI,ARCA,SUSQ) wudda saved some up to hit us before options expiry? Can they hold it down for three days, or just panicky taking money off the table like the li'l folk may? Think not, and yet... BTRD shows up like clockwork, always around for the third Friday...
Maybe they were waiting for the sense that it's a done deal, so they know the convertible note will be called, and they'd actually let this puppy run a bit before coming in to collect their remaining coin. Figured they'd spread it over the next two weeks, though... saw 'em sell 250-300k from the ask today, I reckon, though they love to cover on the bid a bit to collect long shares to sell directly (boxing and unboxing their short hedges). Sometimes I think they do it just for exercise, just because they can...
Expected WSTL would give them 'the call' on Friday, after the Thursday votes affirm the merger, and they'd have a week or two beyond that to do their remaining conversion. You or me, we'd keep the extra unsold long shares and sell them later... what's the hurry, right? ... but CC doesn't seem to like to actually hold long shares... that's 'risk' to them... they seem to prefer 'pre-selling' (shorting) before conversion, then closing the short later.
Past experience shows they instigate selling programs, and simply take the stock to the level it needs to be to sell their daily quota. Monday was more gentle, but today? ... needed to drop it to get it moved. When they're done, they're gone in a heartbeat. Today was a flashflood, who knows tomorrow's weather? Where's that Oracle?!
Expect some institutions are gonna pound the table on this one if it breaks below 30, if'n they're not already tonight. I know I was.
Bon chance, to you and all! Let's see how it goes...
Regards!~ |
