I screwed up. When ASND was down to 23/12 this a.m., I thought about doing a day trade because I knew the MMs would bring ASND back to striking distance of 25 by day end. However, the Dow was down so much (200 points) that I feared judgment day had arrived.
I then left for a meeting. I came out of the meeting, heard first that the Dow was down 160 or so and then checked ASND. Lo and behold, it was up. You know how your instinct sometimes tells you, "no question, this is due to such and such." Well, when I heard the ASND price, and the volume (relatively low against the market generally), it just was clear as a bell to me that MM manipulation was involved.
Heck, at least it is upward manipulation today, probably thru unwinding of MM short positions. What a market!
Gary Korn
P.S. So what happens Monday, absent the manipulation?
P.P.S. I did at least buy some March calls when ASND was at its low. Not as good as a day trade, but I think earnings or acquisition will help by then. Then again, I'm wrong most of the time of late. |
