Profit Taking Rules the Day

It appears the last two days saw big moves upward in all of the following:

10 and 30 year U.S. Treasurys
GLD
DBB
FXE
SPY
DIA
QQQQ

Stocks, bonds, commodities, everything on a roll at the same time. This can't be a sentiment shift (since Treasurys typically move the inverse of equities.) Our guess is derivative profit taking is pushing up underlying securities.

Security Analysis

Are all equity investments created equal? Is a common stock, CEF, and ETF all fundamentally the same because they are bought and sold on the stock market exchanges? How about securities in the same class? Is it reasonable and necessary to presume all types should match their peers' fundamental metrics?

Today PHK went ex-dividend for the month and in typical fashion took a beating in price. This time it was compounded with a recent set of negative reviews at Seeking Alpha.

PIMCO High Income Fund: Substantially Overvalued?
CEF Funds Review: Worst to First

In the first, we've commented on the analyst's perspective asking some of these questions. If you have some insights to add, we hope you'll speak up and add your analysis to the mix, either here at SBC or at Seeking Alpha.