Arb unwind continues....
Using the current short position of about 9,000,000 shares for DML (new short position number available shortly), and using some guess work, assume 2/3 or about 6,000,000 shares need to be covered by the arb's, assume 1,000,000 covered last week, assume 50% daily volume is short covering, then we have covered about 1/2 of what needs to be covered (DML and DNN). We probably will have the arb's out of the way by Monday or Tuesday depending on volume. We may see DML trade at par with FCU before we are done. Remember as the arb's cover shorts in DML they are selling longs in FCU. This explains the selling pressure on FCU we are seeing. Should be a good entry point in FCU the next few days. Watch for the new DML short report. Of course this is just a lot of guess work on my part so don't hang your hat on it!