The stock formerly known as AHR has been on a tear the last two days. The common and the preferred both went up around 70% yesterday alone, and the preferred is up 20% + again today.
I’ve searched every news source I have, and there is exactly nothing. My personal conspiracy self says the reason is that I hadn’t notified my broker to recast my traditional IRA as Roth yet, so of course the price on my ACPI and ACPIO lottery tickets would go zooming up just in time to make the conversion.
Uncle needs the revenue, but sometimes I have to wonder whether there’s a camera aimed over my shoulder and some market gnome somewhere that makes sure my new purchases go down, my tax liability is maximized, and anything I almost buy goes straight up without looking back.
My question is:
Since many of my friends claim to have their own dedicated contrary gnomes as well, where do they all live? Is this what Santa’s elves do the rest of the year?
Now that we have that out of the way, I still expect the Anthracite management to make “end of the world” predictions until they cut a deal with the preferred and debt holders. They’ll probably just wait until I recast the IRA, since that is the path of maximum personal pain.
For now, enjoy the ride, but don’t come crying to me when the stock tests the recent bottom before the bankruptcy is resolved.
Maybe it’s just some shorts ringing the cash register early in the new year, and a few pennies per share don’t change the big picture of cash in hand.