The big run today would seem to be confirmation of the abrupt run up yesterday. Some sell activity kicked in around 2:45 yesterday and did slap the trend down to the end of the trading day but in the first 15 minutes of trading today gave that effort a huge dope slap and the market never looked back. It will be interesting to see if the profit taking in the last 10 minutes today continues tomorrow.
No matter how credible Compass Point might be I cannot see they could make the market move like we have seen. It will be interesting to see the other shoe or 7 drop. Quite possibly CP divined some message from the tea leaves that led them to steal a march. JMHO, honest but not at all meant to imply expert.
On the plus side, the buy back will reduce the number of shares outstanding albeit a relatively small percentage. Given the same total earnings the EPS will rise which will provide a bit more cushion for the ratio Dividends / EPS. If they buy back Preferred that would increase the total earnings, a nudge in a similar direction.