After 13 or 14 green days in a row in income issues one hates to see share prices sell off, but nothing moves in one direction forever. The S&P500 was off 6/10% yesterday. Income issues were off 1/2%, on average, as the 10 year treasury yield rose 10 basis points to 3.63%. Right now markets are mostly flat in the futures market.
Unfortunately today we have Fed Chair Powell speaking at 11:40 a.m. central–while markets are quiet now there is no telling what will happen come mid day. Powell is likely to continue his hawkish tone so we could see negative reaction–but who really knows.
I am watching the Federal Agricultural Mortgage (AGM) preferred shares. I bought positions in 2 of these issues a couple months ago–currently I have gains of 8 an 10%–but am looking to add a little more. These issues have fallen 4% in the last couple days so maybe I will nibble today (or tomorrow).
Did you see the earnings release from Affiliated Managers (AMG)? Stellar!! While assets under management were down (all asset managers have seen large AUM drops) the company has managed to hold the line on net income–one of my personal favorite company’s–ver well managed. The earnings are here.
Another green day. Haven’t looked at my accounts yet to see what they have done. But I pulled a few preferred up on and off today. The volume was practically non existent on several like the PCG I then looked at the S&P500 1/2 the average volume. If anything happened to panic people I wonder what would happen with these types of stocks.
I think a lot of investors ignore Federal Agricultural Mortage (AGM) because it is non-rated. They don’t realize it is more commonly known as Farmer Mac and is a Government Sponsored Enterprise(GSE) like Freddie Mac and Fannie Mae and both of them have recent long term credit ratings of AAA. Five of AGM’s directors are appointed by the President of the United States and its operations are overseen by the Executive branch and Congressional committees.
Saw the release- am liking my MGR @ $20.85 cost 🙂
Sorry Tim. Bond market doesn’t share the stock market’s exuberance.
Bwhaaah! Sorry- mine is AMG related.