MQGLOY

Hi traders and investors. I am young and inexperienced and would appreciate someone who is experienced with citi shorts. My question is this...

I noticed a while back that bank shares slide before the market even opens on ex dividend day. So this time round I bought a parcel of MQGLOY, a Citi put warrant and thought I could capatalise on the 17th. Ex dividend day came and sure enough the MQG share price fell $2.50. However, this drop did not spur on a rally of the same proportion inside the derivatives market. In fact, the warrants went down in value. I lost a small amount of money waiting in disbelief that I would not even get a 1 dollar profit. I quickly got over that shock to face a drop in the value of the warrants. I sold immediately but still got jipped $600. Can anyone tell me why the short failed?

The Citi page has a description of put warrants that states that they give investors exposure to falling markets. If so, why on earth did my warrants not go up? Any advice would be greatly appreciated because I am eyeing an MQG Citi long and I need to get my head around what happened so I dont get taken by surprise again.

Thanks,
Millibuster