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Better take screen shots of the percentages.
May be a good chance that granite f'up. Of course they won't ever admit it, but they will have insurance to cover this.
Really I think they didn't work in the SP drop form the RI.. Because the granite short and long were out of step with the RR price all day percentage wise.. Someone did f up
Yes. You are right. the problem is minus 73% of the SRR and why 73% if it cuts off at 50%?
Ah yes. That's what they said. When I rang them.. And I couldn't catch his explanation because at the time I was pretty miffed . Either way at a loss and no way to fix it
I believe, RR went up by 12%. 3SRR tracking RR sp and RI sp. so yeah 2* (3*12).
I might be wrong, it is just my guess.
*right
ETF is worthless, they got that write. yes, it was down to 20p (55 percent) and stop loss haven't triggered but it did later when it was back to about 40p (face palm)
Ok mystery solved (from Graniteshares website):
"The stop loss mechanism is designed to restrict the loss in value of an ETP during periods of adverse and extreme market movements. For example, if a 3x Long Daily ETP or 3x Short Daily ETP fell by 50% intraday as a result of a move in the underlying index, the stop loss would be triggered and the index level would be reset at a new base level.
The stop loss would thus serve to preserve investor capital and reduce the chances of the value of the ETP falling to zero intraday. To put this in context, for an 3x long daily ETP without a built-in stop loss, an intraday move of greater than 33.3% in the underlying would result in the ETP becoming worthless."
The strange thing being is this triggered at a period of relative stability in the price - not at all volatile, but I believe this is the explanation. Presumably it works both ways for the long or short position.
RR. rights issue calculation at 219.9 was 75p
Therefore price now is 84.54p This means RR. went up from 75p to 84.54p Consequently, the 3SRR should move opposite to the increase of the RR.
1X up = 3X down
I take that both percentages of the 3SRR and 3LRR must be equal and opposite for the prices to be flawless. Therefore we wait for either 3SRR which is minus 73% to closer to minus 39.5% of which the 3LRR is plus 39.5%.
So, until 3SRR = minus 39.5% and 3LRR = plus 39.5% then is is fair.
That one I have no answer why the 3LRR has not risen. I guess it is all in house manipulation sometimes. Who knows?
Mann. I think granite were saying what you are. Something about the price hitting 90 and the short was going to zero. Bit the sytem didn't reset until later when it hit - 50%
But I'm still confused.
All I want to know is.. When is the short price going back up as far as you know?
TERP = ( (10 x 32p) + (3 x 61.7p) ) / 13 = 38.85p
38.85p was what I calculated for the 3xSRR yesterday but since it moves 3x when RR moves 1x divide 38.85 by 3 = 12.95p was price it hit 12.9p on IG
It is NOT the consolidated price until the weekly RR comes back to the bottom. The previous bottom was 100.8p. This will be due to normal trading until the weekly chart flattens. The longs cannot lift the daily chart until the weekly points up, that's why it fells back down today.
Mann123. I've spoken to granite.
This is the consolidated price.
I don't know what else you're referring.
The price now will only change once RR drops as ratty said.. 30% which is pretty f*** up
Watch this! There are no real RR prices 3SRR and 3LRR until proper consolidation of new shares for at least a week before worrying about a rocket to the moon or dump.
Anyone know.. What price does RR have to be for short price to be back in the 40s. And is it likely with this RI diluted to get there?
1. Never trust these penny share manipulators!
2. Don't get mad, GET EVEN. (make a profit over your initial)
I feel exactly the same. said all that.. Apparently the short was falling below 50% so they corrected it..lots of off the books orders and MM orders etc.
That's the only way I can see.. If RR hitting below 70.. Some think it will but I don't like the idea of it.. Personally would have preferred to go long on RR then short
I said all that.. Apparently the short was falling below 50% so they corrected it..lots of off the books orders and MM orders etc.
I feel exactly the same.
What's the predicted lowest price due to RI. That's the only way I can see.. I can't see it hitting below 70
You can't just say "tough" that's not how it's supposed to work, it tracks the base value of the RR share as per the long (3LRR) does, that has seen no such correction, you can't just change the value of the share price mid trading and expect that to be kosher, I'm perfectly willing to accept loss that is a bad judgement call but I wouldn't have invested in the stock at all if such things could be done to it, wonder what the FCA would do? Shame they don't accept individual claims
I did contact them.. They called it a correction.. Politely said tough
KiJaHu. I agree.. Really crappy.. Got caught out.
I missed the dip to 70 today but that was a steal (@ sub-200p old money), although I expected it to be a red day with the general market sentiment.
To be honest I have never shorted before, but sold out almost all my main holding today when it was 15% up. When it still kept rising I sold my rights then in disbelief it went to >100p! That's the first time I ever shorted via the 3srr. I saw today as a trading blip due to folks misunderstanding the math, but also overly optimistic given the current market.
Having been long on RR so long I suffered a fair whack from the shorters, and thankfully gathered some cheaper shares as a result to average down. I think longer term this is undervalued and I would happily buy more when this dips. I think the current covid situation in europe is out of control and I cannot see how the UK cannot follow Germany and France with a national lockdown and even that may come too late.
What are you basing that on?? I've tried to contact them directly with no luck.
The 3SRR was tracking perfectly, it dipped to 27p when the RR share went above a quid and I placed more to bring my average down, that's the risk I took, it could quite of easily dropped further had the share price continued to rise and now I'm sitting a couple of grand in the red and the only explanation is "you need a PHD to understand it" that's not good enough. It would be fine if the same correction happened on the 3LRR but it hasn't, it's literally had the arse dropped out of it and no one cares. How is this even legal?