My take on the Blackstone IPO was to short FIG Friday. Made money on the trade, although I would have done great had I gotten my initial fill near the open.
Figured the scarcity value of FIG would be reduced by 50% ...the universe of pure play PE firms doubles and should suck dollars out of FIG into BX.
Incidentally, I made out with BX by hotkeying the bid then the offer in the mayhem after the first sale. Held positions for seconds at a time. The old "picking up nickels and dimes in front of a freight train".
All in all it worked Friday. FIG isn't thick enough to trade for my intraday strategy, although I monitor it and take a stab here and there.
