LOL. Well, we're here because its defensive, with high yield, so...

LOL. Well, we're here because its defensive, with high yield, so we don't want it moving in sync with everything else, as we may as well buy the index if we are taking an overall market view. But it is moving in a rectangle between $2.89 and $3.27, with the occasional prod above this level encouraging us that the breakout will be to the upside. If it ever gets below $2.89 for even an hourly close we will know that in fact it is a continuation of the downtrend. The up down moves we hope are Macquarie (or some other large party) accumulating the stock at our expense at the lower levels and perhaps lightening up at the upper end of the range to ensure they can get more at the lower prices. MIG, MAP breakouts are to the upside but are due to come off. If you wanted to hedge you could long MCG and short MAP or MIG.