Investors don’t know whether to buy or sell today–maybe some of both as the S&P500 is flat as a pancake.
I bought a nibble of the newer Lincoln National 9% preferred–more of a placeholder position — something to remind me to buy more if it passes due diligence. Looks like they have had giant write downs and maybe some drama in the C -Suite–regardless I need to dig deeper. Hopefully there issues are resolved so I can get a big chunk of this one next week–may have to reduce other positions to get it but it would be worth it I hope.
Today we had existing home sales announced as down 5.9% from the previous month–no giant surprise. This is a modest decline all things considered and I am surprised sales have been as good as they have been up to this point. But eventually the declines in the various housing data points will take a toll–i.e. house building and employment.
The 10 year treasury is up 4 basis points to 3.82%–trading up a few basis points and then down a few–that is how I like it–none of this up and down 10-20 basis points which scares the shix out of everyone.
Under the filing of ‘glad I didn’t buy this’–Argo Blockchain 8.75% notes–a new issue almost exactly a year ago.