last year of rising market all smoke and mirrors. truth has finally set in. market rose on low volumn which meant the retail investor has been out of it. GS and JPM just kept buying from each other to milk the market. sorry, little guy's lose again. market will continue slide to 7500- 8000 and travel sideways for considerable long time.
All the buy/write CEFs dropped significantly this morning. My guess is that after the recent market action many retail investors are getting spooked and dumping, whereas the institutions rarely invest in these closed-end funds because for the most part CEFs can't handle size. This is what I like about many of these funds such as ETW, which holds a basket of solid companies and has a history of decent management. Often you can buy them at deep discounts to the underlying asset prices. With that said, clearly money is flowing out of these funds right now, and in my experience it never pays to try and catch the proverbial falling knife.