The 10 year treasury is holding right at the 4.30% level today–plus or minus a basis point. No doubt traders are awaiting the personal consumption expenditures (PCE) on Friday–then we could see some fireworks one way or the other.
Today housing numbers were released–soft, soft, soft! New house sales were down over 10% month over month and about the same year over year. Mortgage rates just are not following enough to stimulate any kind of demand.
In the last few days B Riley finally filed their 10Q for the period ending 9/30/2024—what a disaster!! If Bryant Riley didn’t control the company there clowns would have been canned a long time ago. A loss of $286 million for the quarter and $771 million for the 9 month period. It is a very long filing and more than ever I question whether they can survive.
Yesterday I did some more nibbling by adding back some shares of the RiverNorth Opportunities Fund 6% perpetual preferred (RIV-A) for $23.55. This is about 3% below where I sold most of my position in October so I gained a bit there (although I lost maybe 10-20 cents on the lower yield on money market). I am looking for a 3% capital gain on these shares in the next year–we’ll see.
Well let’s see where we go now. With Nvidia reporting tonight who knows where that will drive tech shares and thus the S&P500.
