They put the call option out way back in Jan, flushed the SP a...

They put the call option out way back in Jan, flushed the SP a bit tried to pump up the price up with $30m to cover their call on 24/02 failed. Then another $10m to catch to knife on 25/02 got shot down. Suffered heavy loss , they then bought put option after 25/02 as an insurance and also as a way to test the market sentiment. Everybody knows MS is long , to sell Put to MS tells you there are another major player is happy to keep the SP close to 8 or above $8 to avoid losing the $11.6m profit received. That tells me the market heavy weights’ consensus on rock bottom is somewhere near $8. It’s not UBS , not MS itself selling the put . So most likely from Blackrock , Mitsubishi and Citi. I wouldn’t be surprised it’s Citi. If it’s Citi that signals the game is finished and bottom has reached. If it’s Mitsubishi and Blackrock , look their averaged position , Black Rock is $9.8 and Mitsubishi circa $14 . It’s not in their interests to let the SP to slip further down from $8 . Both of Mistubishi and Blackrock have the means to arrest the fall and reverse the trend . I believe they’ve already got their P/E in mind . Citi’s game is coming to a close. A little positive news will see a violent reverse as everybody ,big boys included , will jump in early to lower their positions if an upward recovery trend is established.