RE:DFN July 7 to 17Well, I'll take a stab at this... but you already somewhat answered it which is first and foremost "panic".
The NAV, gernerously reported here daily, was clearly on the threshold for a distribution and for the first time since Oct 2020 it looked like it could miss where at that time it dropped below $5. No manipulation here imo... but mostly panic. Second on the list for the selloff was caused by those who were not panicking but simply had their stoplosses triggered by the real panickers.
Once the panickers were done selling and stoplosses cleared out, the dip buyers,
like myself, took over. The distribution was still an unknown (until today) but the move was already over as a new gang of risk takers were already in position before today's news.
Larry50 wrote: What I don't understand is why no one is questioning how such a stable stock could close at $6.78 on Friday, July 7th, drop to $6.40 on Monday the 10th and close at $5.90 on the 11th hitting a low of $5.75 ($1.03 below July 7 close) and then jump back to $6.68 on Wednesday the 12th. Clearly there was manipulation in the movement as a greater than 10% drop in 2 days makes no sense whatsoever. And today the dividend is declared. Clearly someone made money on these moves and a lot of investors panicked and lost a ton selling in fear of further drops. Is this machine trading gone mad? I can normally find a logical explanation in pricing swings but certainly not in this case. Would be interested in hearing other theories or rationale.