News you didn’t see.
A reader sent me notice they received about ARNA that hasn’t made the wires, as far as I know.
On Friday, ARNA will be added to a biotech ETF, which will cause an estimated 1.8 million shares to be bought and taken out of the float.
Also, there are no shares available to short, and numerous calls to return previously borrowed shares. My friend’s source said the last borrow they saw on this stock had the outrageous negative rebate (interest rate paid on borrowed shares) of 65% (!!!)
Both bullish, but the market speaks for itself. Does point to a rebound this afternoon with some short covering that could continue tomorrow, followed by a terrible crushing Friday, assuming the FDA does not approve.
Whipsaw seems to the dominant theme of this market, no matter where you are. Keep those neck braces on.