This is how this game is played. GRX spiked up to $11.60 on May 20th when I put out a "take profits" notice. Today, May 31st, GRX has spiked down to $10.50 (currently $10.62).
Realize that there is very little news that should be accounting for this other than a rights offering. I'm not sure what impact the rights offering may be having but it certainly should have NO effect on the fund's NAV which has only dropped from $11.50 to $11.44 in the same period of time.
With GRX back to a roughly -7% discount if this drop holds and one of the best NAV total return performances of any CEF, up 20.8% YTD, I'm stepping back into GRX.
Disclosure: I am long GRX.