Contraian - Something else to consider is the typical buyer for Common is different from pfd. Diferent risk profiles, different time horizons.
It could that commons are moving up as new money comes into commons.
This money may not even know about pfds, or the are too illiquid.
Commons offer greater liquidity, and greater potential profit,
Overall good news for commons is good news for pfds are vice a versa.
Will some people invest in both sure.
Forget Fannie n freddie, Think portfolios, some bonds, some equites.
even then they start diversifying and picking categories by risk, time horizon, dividends, long term and shorter term.
So i dont think its commons vs pfds. it is more will the rule of law prevail or will Wells Fargor and Bob the fraud prevail.
So far a draw.