It was amazing to note the massive volumes of preferred stocks being traded last week. Obviously a lot of re-balancing going on with funds.
We have a page where we watch volume of preferred issues and we highlight those with 3X the normal average volume Normally there are 5-10 issues each day with more than 3X normal average volume. On Friday there were 124 issues with over 3x normal volume.
We witnessed huge re-balancing going on back in December and prices moved sharply lower—this time values moved higher.