While the first 4-5 hours today were fairly quiet the last 90 minutes or so saw massive volumes of preferred stocks and baby bonds trade as no doubt ETFs were doing some rebalancing while other funds may have been locking down some profits for the end of the quarter.
Many of the high volume issues traded as much as 10-30 times their normal daily volume–mostly these were bank issues.
Many of the high quality issues traded down 25-50 cents on the close. The WR Berkley subordinated note issue (WRB-B) we wrote about last week (WRB-B) which we bought for a dividend (interest) capture fell all the way to $25.08 on huge volume. If it still there in the morning I will buy more. The issue goes ex dividend in a couple weeks.
Here is a little taste of some of the action today.