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A Gentle, Yet Persistent Sell-off

Todays near 3% loss on the S&P500 felt pretty darned calm. After opening lower it just kept drifting lower and lower–no panic, just lower.

All of our utility and CEF preferreds and baby bonds remained essentially flat today, while almost all of our junkier issues lost a percent or two–but we are not deep into the less than investment grade issues yet so happy to see them move lower.

I didn’t do any investing today–I hold a modest position in Proshares Ultrashort ETF (SDS) and actually had an overall tiny gain today–a few steak dinners. At this point I am only concerned with ‘hedging’ the junk issues I hold–the utes and CEF issues have been pretty rock solid.

The selloff today and yesterday were essentially what I have wrongly been looking for the last couple of weeks. I hope that there is a realization that the economic damage being done to the economy will be long lasting–no need for investors to panic–just slowly sell off.

I will continue website work this weekend–which I do to a small degree everyday–adding more data and making corrections (never ending it seems) to spreadsheets and individual security pages–not going to spend much time searching for ‘buys’–plenty of time for that during the week.

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