The M & N series made a huge comeback AH and show a 12-15% gain while others are lagging. I am sure they will pick up the gains at some point. I am glad I bought a few more as I assumed they would bounce back like the rest of the bank stocks. Got in on the M at $5.85 and the H at $6.40. Will look to flip these if they hold or run some more Friday. Hate to hold something I was not even going to buy over the weekend.
The H's, for instance are trading just above the highs from the period post January 20. This is also just above the lows end of Sept and early October. It may take a bit of share clearing before we move to that $8 resistance I mentioned this am.
I'm a bit disappointed too the rather quick drop on this trading day, but I still maintain my position that the preferreds are trading pretty strong given how battered we got. I've not been tracking today to see if they are been price framed back down for accumulation (as they were a few weeks ago), but I suspect this is the case.
Generally, though I attribute the fact RBS preferreds agging other financial preferreds due to (1) uncertainty about the UK bailout and (2) that residual dividend uncertainty. It's been my judgment that the second item has given accumulations the necessary ammo to hold the price down for slow accumulation.
The trading volume is very small so if someone sells some shares it can create downward pressure on the price fairly easily. These things aren't very liquid. Many, many shares are held for long periods and not traded actively.
Bottom line: The pref can move 50 basis points, in either direction, on a 5,000-10,000 share transaction. That seems to be happening today. It popped a bit and some folks may be taking some off the table causing downward pressure due to thin volume.