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???)