The last trading day for Q1 is Monday. Does locking in profits before the end of the quarter provide an economic or non-economic benefit to holders of large positions in NRF? Do hedge funds earn fees on realized or unrealized gains on a quarterly basis?
We are still 50%+ ahead of when the spin was announced, so this may just be a major air-pocket on the way up and nothing to worry about. Like you say, it could be "profit taking" with an absence of short-covering. What "concerns" me (the quotes are because I'm not really that concerned, but . . .) is that a move like this may reflect some information that one of the "big boy" investors has that the market does not have. I'm not saying that that is the case here, but this is what that type of trade looks like when it happens -- and there are a lot of moving parts at NRF right now.