On a relative level today is kind of a calm day–equity markets up 1.5% or so. I am very leery of this market–everyone is trying to pick a ‘bottom’ without firm data to really be able to see clearly.
I have made 2 purchases today–no sales of investments (except most of my Proshares Ultrashort SP500 (SDS) early in the day).
I went ahead and started a position in the RLJ Lodging $1.95 Conv Preferred (RLJ-A) @ $17.05–see it is up to $18.xx already. I chose this one because of the strong balance sheet–I think they will remain in good shape for a couple quarters without much business.
I also bought some of the AllianzGI 5.625% Convertible and Income preferred (NCV-A) which is an add to a previous position.
That will probably be it for today since I strongly believe we are in a bear market rally and opportunities remain to be seen in the months ahead.
I see the mREITs are getting hammered today while the lodging REITS are mixed. Seems to me that these sectors will take a number of months to sort out–maybe even longer.
So for now am just slowly moving back into the marketplace and staying with quality sprinkled with a few others that have more of a speculative twist to them.