What's The Story With Citi?
Rumor has it that significant long preferred - short common positions have been "dancing the corpse" this morning. Also, in the absence of great borrows in the common, a number of synthetic shorts are supposedly floating around out there at 4 and 5 strikes, (though holding any short with strikes this low strikes us as risky) compounding the squeeze effect as the big C heads to $4 and $5 a share.
Whatever the case, Castle Vikula is up over 15%. Go team!