PGN has drifted up this week as intended but seemed to meet some resistance around the $44.50 mark yesterday. By this time the market should have had time to digest the M&A news and in general must not be as optimistic as my analysis or it seems there would have been a stronger upward move.
Since the position is positive but not moving as fast as intended, A sell order with a $44.57 limit was submitted this morning and it hit. This speculative trade yielded 1.2% in 4 days, or over 60% annualized.
The underlying conditions for this trade continue to exist. An alert to re-consider re-entering this position if the stock price falls back towards $44 will be set and monitored.