Seems everyone has headed out for the long holiday weekend in the U.S. as markets are pretty darned quiet—even looking at our largest account at Fido it shows daily gain of $2.42–that’s pretty quiet.
Earlier this week we let go of 2 utility issues – the Spire 5.90% preferred (NYSE:SR-A) and the NextEra Energy 5.65% baby bond (NYSE:NEE-N). Of course as happens too often the Spire issue has spiked up 60 cents since I sold the issue and is now over $28.
Our only purchase the last couple of weeks was the Ready Capital 6.50% baby bond (NYSE:RBP).
So, like most folks, we have too much cash–way too much cash–maybe 35-40%. With our accounts up almost 10% since January we aren’t feeling very motivated to move up the risk ladder—but we will be forced to do it. If the Kayne Anderson 3.50% term preferred (NYSE:KYN-F) would swoon like it did a few weeks ago (down just under $25) we would add further to our 1000 share position just to lock up some safe yield while waiting.
Next week my goal is to find at least 2 buying opportunities–1 of which might have to be a dividend capture candidate, which has worked so successfully this year. After capturing dividends successfully many times earlier in the year I have not done anything in that arena for a month–I just haven’t taken the time to scout out the best candidates.
Hope everyone has a good weekend and prepares for what is not doubt going to be an eventful fall season.