Once again we are having a day without much noise–at least in the equity and bond markets.
Today no matter which channel we turn on for background noise all we hear is Trump/Putin talk. We don’t really care to hear this ongoing drone from everyone–we just turn the channel–or better just turn the tube off and crank up some music.
We do notice some individual issues getting smacked around–like Netflix. Once again it makes no difference to us. We so seldom own common shares that we are becoming hardened to movements in common shares—we only care about those 500 or 1000 point moves in the DJIA that have the potential to drag down all issues–including the issues we own.
We did make a tiny purchase of the new Energy Transfer Partners 7.625% fixed-to-floating rate preferred (OTC:ETPZF)–and by tiny we mean 100 shares. We could add in the future, but as most know we are not really buyers of perpetual preferreds, although we are becoming more open to tiptoeing into a few.
Interest rates today are doing absolutely nothing. The 10 year treasury has traded in a range of less than 2 basis points today. The dog days of summer are certainly here.