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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (44742)10/1/2011 2:35:54 PM
From: E_K_S   of 78669
 
The Schwab Street Smart Edge along w/ Street Smart Pro platforms is what I use. They have a chart module that pulls all the preferred share trading data (by minute if needed) which allows you to distinguish between noise vs a large institutional Sell or Buy.

For those preferreds that make monthly distributions, you can view trades pre & post their ex-dividend date, look at daily trading spreads along with volume (low vs high volume days) and if patient can move into and out of positions w/o having to pay up on the full spread. I do find it is easier to buy "below" the market when there is a large seller. The market maker on most of these issues will transact a sell based on their bid price. On rare occasions will they meet me in the middle when I am selling.

If you go into these with this trading mentality, you can take advantage of the inefficiencies in this market. For example if I need to increase my source of funds for the Day/week, each morning I will place a sell order for a few of my preferreds based on the previous "highs" traded for the past few trading secessions.

If time is of the essence or the need of funds is immediate, you will have to accept the spread prices. I have even noticed that the typical ex-dividend drop reflecting the dividend payout does not always occur as it should.

Therefore, BOTH the Buyer and Seller need to be careful.
EKS
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