Hopefully everyone (except Scott) is well rested after a New Years Eve Party.
I am not sure if you notice that someone pop-out the Champagne cork 20 minutes before TSX last trading session of 2010 was closed.
In last 10 minutes of trading ITG Dealer #14 (specializing in execution of the special trades as well as providing live trade analysis and liquidity for hedge funds and institutional clients) was buying anything available at asking price.
They bought well over 2 million shares including about 1 million on the last second (16:00:00) of trading session.They were singlehandedly responsible for mowing the CLL SP to $1.33
Who was a mystery buyer ? We may never know. Anything from short covering to some Fund readjusting their portfolio for 2011 is a possibility.
What is important here that we close at $1.33 the resistance level set in on Oct 14, 2010 close.
If we stay here and move up we can go to $1.5 range which is coincidently matching the price targets set by most institutional analysts based on the CLL Risk NAVPS.
Here are the most recent (Nov, DEC 2010) CLL target prices:
RBC Capital (Royal Bank) $1.5
RJ ( Raymond James) $1.5
CSFB (Credit Suisse) $1.5
Scotia Capital $1.65
Note: RBC and CSFB changed CLL target price on Dec 15, 2010, one day after the last Connacher operational update.
