the move higher is on below ave volume. besides, we don't need a short squeeze... they are typically short lived spikes that retrace. i'm just hoping for a slow sustained climb back to a reasonable valuation.
last year when the special dividend was announced on 12/19/14 the PDI share price spiked up to its NAV. so it's possible the same could happen this year, BUT it was trading at a larger discount to NAV last year when the special dividend was announced. so such a spike this year would be less impressive (based on current discount). regardless i think buying PDI right now is not a good idea because it's selling above the ave discount. i'd be looking to buy when it's selling at a 5%+ discount to NAV, at least.
right now PDI is selling closer to NAV than usual, presumably because of the anticipated huge end of year dividend. i would not buy it until it's at least 5.5% below NAV because that's been the average discount for the past 6 months. it's currently only trading at 2% below NAV. also, if the fed raises rates, PDI's share price will probably take a hit, deserved or not..