Or the fact that the stock rose 40% in one day. It is normal to test breakout areas. this is the MM taking out stops and then they will run it. downside risk is maybe 13.20 from purely a technical standpoint.
Last week, the Bruce anncd they had acquired a $500 million inv in Fannie and Freddie pfds. Today they said that that number was $2.4 billion. Wud not be surprised if their holdings of MBIA have been trimmed further and probably other invs as well but this is not necessarily a bad thing. I would rather they be out of the way with their outsized posn.