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.