With some sadness, I sold out my position in AGO today.
It was a great and very profitable trade from 3.1 to 5.2 from early January to my sell out two weeks ago (as disclosed here). My re entry to sale today was a loss that really surprised me. Overall I've still made good money but the price action and volume, combined with apparent big sell downs from major holders is killing AGO for the time being. The market seems to be over reacting to any IOP reduction and practically ignoring any IOP increase. I genuinely feel AGO is undervalued but you can only fight the market for so long. I hope for holders' sake that I'm wrong and Monday sees an upturn. I'm still into FMG despite it too being hammered today.
I'll be watching news on AGO regarding debt, cash sweep and hedging very closely and looking for re entry, hopefully soon. In the meantime there are other opportunities around.
