Today's tape was different -- time to BUY all we can again
Doesn't look like careful hedging or gentle exit, looks more like tarts trying to algo press shares down.
This is great news for real longs. Remember the news that Manila COD continues on track, full speed ahead with minimal damge to city infrastructure. Other pm will see, as we do, these chumps thinking the story is broken vs simple hedge and trim strategies into EOY.
We are not the only ones taking advantage of the algo quant traders thinking they can stuff it down. We were thrilled to be adding today below $34. The cheap shares won't remain so for long if we are right -- as suggested prior, we believe many hedged longs will soon say F it and pull the hedge as we have. This should imminently cause a reversal in the tape into EOY (we still think $40 is possible) and our PT of $50 for next year will likely be revised at least a couple time as was our PT here for 2013 of $30 (said with the stock at $12) then $35 (hit that!) and then "as high as $40 (a month before the storm).