So, we saw that there was a very sharp downturn(50%+) over the past few days as UBS is allowing for share creation (See more detail HERE)
The indicative NAV was way below and as of the close yesterday, there needed to be another 30% drop in order to get the price inline with the INAV. Well, that is now getting very close.
Once the premium is close to wiped out, there should be a short covering. (We initiated a small position at $7.34 and will add to this as a “trading” position looking for a squeeze/cover. (It is a trade, not an investment)
3/24/12 Update: this position was sold for a 2.5% loss
Here is yesterday’s information…
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