The Perpetual Rally fizzles

Some kind of gift from the heavens was dropped on the perpie market just about 12 noon Christmas eve. After months, actually 2 years, of tortuous selling, and endless flooding of this market by the banks with new issues, for some totally unexplained reason (not even the HIMI experts have a clue), buyers came to the market and ran up Canadian perps by a good 20% across the board. Oddly, the newly invented rate resets were not bestowed this uptick, just the perps. This trend seems to be pretty much over now, with the bid slowly vanishing, the banks continuing their flooding ways, and the institutional sellers renewing their selling bias. This has been a great opportunity to unload what has become one of the scankiest investment vehicles of all time, and although I do not know who is responible for this gift, all I can say is . . . thank you.