Hi, Wayne -
I don't pretend to understand DMX trading, especially lately. I think we all have guesses.
Joe watches it like a hungry hawk.
Since August, when Acqua selling resulted in DMX being dropped from the Index - there are a few players who appear to have taken large positions around $2.
I wasn't aware that Merrill Lynch had recently crossed again - I seem to recall that same cross previously, at which time I thought it was the result of being dropped from the Index.
If it's been crossed again, then perhaps, rather than sell it, ML has decided to put it in one of their funds.
That is the sort of guess that I thought many of the Index players (those who could) would make: given the probabilities for approval, what was the sense of selling DMX out of the house, and crystallizing a loss, simply because it was delisted from the index?
In the overview, without approvals, Acqua seems to have given us the world's longest-running IPO. My reaction is a mixture of resigned sadness that we have no approvals, and relief that some big buyers apparently see the same possibilities we do. If they didn't, who knows what the price would be?
But we can't be sure of the facts, and logic isn't necessarily a guide: just an opinion, of course.
Regards,
Jim |
