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Irrational exuberance is not realistic.And the minute you say last chance to buy at 5...the prefereds start dropping.Maybe the run up is just short covering and day traders.I'm long, but I am not irrational.There are still a lot of questions to be answered. Remember that in December these things ran up to double digits before tanking again.Let's hope this is not a repeat.
I am guessing the preferreds are going up further. By ex-divi date (is it 2 days prior March 15), to about 7 bucks anyway, for the H's. That $7 range is base on other preferreds I have or track, mostly REITS, that look decent but actually have a higher risk than the RBS. RBS risk just dropped significantly.In the U.S. now we need a Gov deal with Citi. Clarity and some acceptance on the framework, for banks. That will boost common and really firm up certain preferreds. Next couple weeks, me thinks.I think it is going to be difficult to shake shares at lower prices. Not that it will not be attempted. But, the prices are still very low.jack