Looks like we are cruising into the weekend on a very quiet note. Apparently all the worrying and gnashing of teeth over the China tariff was done before the actual event as today equity markets are extremely quiet–guess we are also entering the dog days of summer which is a quiet trading time.
Interest rates are off 2 basis points so the drift down in the 10 year treasury continues–as does the flattening of the yield curve.
For us it has been a good week. After going ex-dividend last week Spark Energy preferred (SPKEP) has been sprinting higher. We are nicely in the black on it finally and when we receive the dividend payment we should be up 3-4%. We may lighten up on the shares as we had a huge position and we would rather be at a more normal weighting as earnings will be released on 8/5 or so and we really hate to be overweight until the company ‘proves’ they have the business under control.
Also we had a ‘flip’ position in the new Enstar 7% fixed to floating preferred which we have sold. This issue opened strong when it began trading a week or so ago and we bought shares at $25.25. At the time we put in a good til canceled sell order for $25.75. We were surprised that it was hit so quickly.
Our intention was to get some buying done in the model portfolios but our continuing crushing workload didn’t allow for due diligence–maybe on the weekend, although I will be working my ‘real job’ all weekend.