Well I was feeling good about the portfolios until today – looks like there is some profit taking in issues that have run up quite a bit–for instance Bridgewater Bancorporation 5.875% preferred (BWBBP)–now trading around $18.06–way down from the high of around $19.30 just 5-6 days ago. Also the Tricontinental 5% preferred (TY-P) always causes consternation because it moves on little volume–down $1.36 share on 300-400 shares of volume. Oh well – things will change tomorrow for sure.
Well the job openings and turnover report (JOLTS) came out today and job openings were a bit less than expected–6,000 under the expected 8.85 million–I guess the lowest number of openings in 3 years, but not exactly weak in my mind. All in all probably an OK number with the Fed. The 10 year treasury is off 1 basis point at 3.93% – so not much reaction – guess we are going to wait for FOMC minutes in a few minutes or the ‘official’ employment stats on Friday.
I am on hold as far as buying today – just haven’t formulated my next buy yet and I don’t want to buy just for the sake of buying.
Well 5 minutes to FOMC minutes – so let’s see what happens.