AFFY’s weak day

Here is a 2 hour chart of AFFY’s price during March. 









Sizable spike yesterday after trading was resumed post approval, but today it was all downhill. I still have half of the April puts I bought yesterday afternoon – today’s weakness may drive some momentum to the downside tomorrow.

I had a fairly small position in the puts (total size was ~1% of the NAV) so unfortunately the gains were not enough to make up for the weakness in the other positions; everything else closed down on yesterday. Finished the day down 1.6% which was the largest negative move since March 6th (coincidentally the day of the largest drawdown).


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