It does get old getting a couple hundred shares and paying trade fees all the time. But these MM's know this and if you put in an all or none, you get nothing. They are playing the C/T's like a violin.
As for the seesaw action it has been suggested that the MM's shorted the C/T's and are making it back on the other preferreds.
I don't think there are many shares available for the C/T's either as these tend to go into the hands of longs.
Only 48 million total shares issued:
6.375% Preferred Securities, Series K: up to 12.0 million
6.375% Preferred Securities, Series L: up to 12.0 million
6.00% Preferred Securities, Series M: up to 16 million
6.24% Preferred Securities, Series N: up to 8 million
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