With yesterdays melt up in stocks and income issues I was very pleased to look at the accounts last night. Nice gains all around.
Of course suspecting this was a ‘fake rally’ I didn’t get overly excited–and today has proven that its ‘easy come, easy go’ as interest rates shot up – the 10 year now at 3.08%. So all of yesterdays gains have evaporated (and more)–but in the end I continue with my plan.
Yesterday morning before all of euphoria I took a new position and added to a few current holdings.
I initiated a part position (200 shares) of the new A1 rated Rivernorth Opportunities Fund 6.00% perpetual (RIV-A) at $24.10. I wish the price was better but the brokers had issues making this one tradable.
I added more nibbles (50 shares each) on the following issues–
Insurance company AIG-A 5.85% preferred at $23.99
Asset manager Affilated Managers MGR – 5.875% baby bond at $23.83
This morning I added the following nibble –
Saratoga Investment 6.00% baby bond (SAT) at $24.67.
Of course I could now add these at lower prices–but for now I hold and wait a while.