There must not be any catalyst in the markets today to make the computer trading worthwhile as this is as quiet as we have seen the various markets for weeks. Of course there are a few hours left and we all know that the action can heat up fast and furiously.
It is interesting to note that only 85 issues of 635 issues on our “Near New Low” master page are within 1% of their 52 week low–this would indicate that the majority of issues are bouncing–at least 25 cents.
Preferred stocks and baby bonds are holding some decent gains today-finally. Gladstone Capital 6.125% notes (GLADD) are up $1.15 to $23.85. Shippers Dynagas LNG 9% preferred(DNLG-A) and various Costamare issues (CMRE-E and CMRE-D) are all up more than a dollar. The various GasLog Partners preferreds are all up 50 or 75 cents (GLOP-A, GLOP-B and GLOP-C). Also the hated Spark Energy preferred (SPKEP) is up a buck.
With some bounces today and with a heavy dividend collection on Monday we should see most of our accounts near break even for the year (now in a range of +1% to -2%)–assuming we don’t see more crazy action prior to Tuesday.
We have stayed away from temptation to buy this week and will not buy on Monday–but come Wednesday we will probably by 1 issue of some sort (there is plenty to choose from).