I have exited most all my 550k position in the market in the last two days in the low/mid 1.70s range. Whilst I am of course not bearish, given it has been 4 weeks since the bullish press release, and we now only have a week or so before the deadline, its reasonable to assume negotiations were perhaps not as 'in the bag' as I had first concluded. That, plus the 50% rally in the stock since my entry, mean the risk/reward is simply just not what it was.
Of course I still think the most likely outcome is a positive settlement and the stock pushing through $2 on that news. That said, if it falls through for whatever reason there is now much more downside in the stock from current (high 1.70s) than when I first got involved.
Will continue to watch and may well get involved again once the decision is handed down. GLTA
KCN Price at posting:
$1.78 Sentiment: None Disclosure: Not Held
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