It’s been a week since I wrote that the institutional selling in Valeant (VRX:NYSE) would end on Thursday and pent up institutional buyers would show up on Friday. I didn’t expect a 40% move higher, but am not complaining either.
My hunch is that under the hood, Valeant looks a lot more like SunEdison (SUNE:NASDAQ) than Allergan (AGN:NYSE) and I don’t want to stick around to find out the answer. Despite some premium remaining on my puts, I’ve booked them all this morning.
This was a very small position, but more than pays for my trip to Nevis (and a few dozen more).
On the flight home from Nevis (who knew that an iPhone took such good pics???)
On the flight home from Nevis (who knew that an iPhone took such good pics???)