Well today started off right with the producer price index showing a month over month reduction in prices of 1/2%–of course it is just 1 months worth of data so to some degree not ultra meaningful, but just the same it feeds into the interest rate decision in 3 weeks. 1st time jobless claims were up from last week and above forecast a bit which is also an important ‘sign’ for the Fed.
Tomorrow we have what is normally a batch of less important economic news – but in recent history everything can be important.
Interest rates are pretty much holding flat at 3.42%–doing nothing at all.
Preferreds and baby bonds are mostly holding their own – with a green tilt up. I keep checking my good-til-canceled buy orders and nothing happening there which is fine–I have plenty of dry powder, but as long as it is collecting 4-5% I am happy being very patient.
I see the Triton (TRTN) preferreds are mostly up 2-3% today–I suspect they will climb back over the course of the next week or two, but folks are pretty risk adverse so I doubt we see all the losses from yesterday recouped–but who really knows. I pretty much don’t play in these situations anymore – just not motivated to take the risk.
Well let’s see if equities hold their gains without puking today–unlike yesterday.