Wow it is really quiet in the markets today–it almost seems too quiet. Our giant ‘master list near new lows‘ (within 1% of new lows) shows only 5 issues today–and 2 of those issues are baby bonds that mature this year–which will keep them in the $25 area.
The 10 year treasury has moved in a 3 basis point range and is unchanged. The DJIA and the SP500 have moved in ranges of less than 1/2% and remains near unchanged.
In the preferred stock and baby bond arena there is little movement–the vast majority of issues are in the plus/minus 25 cent area with just the usual suspect of PG&E issues bouncing a buck higher–probably on the lawsuit which was filed contesting their upcoming Chapter 11 filing.
We always love ‘calm’ days–but this one ‘feels’ (a scientific term and method) different. There are way too many potential market movers out there to not be leery of a ‘event’ occurring. Of course I am guessing we have removed one event from the near term horizon – higher interest rates. The fear of higher rates is gone–rightly or wrongly.
We continue to watch the markets for potential bargains–most of which have disappeared, BUT the Brookfield Property REIT issue (BPRAP) remains in the $22.75 area which is a 7% current yield and we will likely buy a little more yet this week.