Grind lower all throughout the 1st 90 minutes, stabilize for a couple of hours and then launch higher.
Watching the charts there has been an epic battle of sellers and dip buyers–fun to watch, but glad to essentially not be involved, although income issues have taken a bit of a hit in the last couple of days. I feel fortunate that we haven’t had a real panic–the one that rips your face off and lays waste to all issues whether they are income issues or common shares.
I do see the 10 year treasury is up 5 basis points right now to 1.78%–I suspect it will remain pegged there until the FOMC meeting wraps up tomorrow—then we will likely see some bigger moves one way or another.
I hope everyone is hanging in there without too much financial damage on their income issues. As I mentioned yesterday most of our portfolios are a bit off there all time highs but not by much–now maybe 1% more or less.