I thought we might see a weak job openings and labor turnover (JOLTs) report this morning–but not so as it came in a bit better than forecast and stronger than last month. Regardless we apparently have folks who want out, although at a softer pace than the last few days—the S&P500 is off just .4% today thus far.
The 10 year treasury is almost unchanged at 4.22%.
I sold my Priority Income Fund 6% PRIF-H issue this morning (it is being redeemed in April)–leaving a few cents on the table, but I wanted the cash to redeploy into the Priority Income Fund 6.625% PRIF-F issue. Thus far I have bought some shares at $24.60—and have 2 good-til-cancelled orders in (different accounts) waiting to see if someone wants to sell to me.
Additionally I added to my position in the CEF preferred from General American Investors (GAM). The GAM-B issue has a coupon of 5.95% and the issue was trading around $24.67 when I bought. While the issue is a perpetual preferred I have a high level of comfort in this one–the CEF owns level 1 assets (stocks and bonds) and has a coverage ratio of 805% and a A1 rating.
Tomorrow we have the consumer price index (CPI) being released–I guess this would be the most important piece of economic news for the week–we’ll see what happens. Let’s see if stocks can get some stability–maybe even a little bit of a bounce this afternoon, but who really knows.
ECC down 5.34%
Without even asking a question I quickly sold ECC-D which was the last of my exposure to underlying bank loans. Something is up. Never seen ECC common move that much.
Starting to feel like someone is getting “carried out” and liquidating positions…
Seems like that “someone” owned a bunch of income stocks which are getting absolutely crushed. Bottom might be near.
Who knows? Never try to catch a falling knife!
Don’t panic. Look for news to see if something was reported.
The market is starting to act like it normally does. Selling in the market then buyers start stepping in snapping up what they think are the deals and it ends up recovering from the lows of the day.
Then we live on for another day.
Really what you should look for is the trends. Why I have been watching and seeing BDC’s last couple months are in decline. But there’s a level of protection in the BB and preferred.
ECC- might be the 3-4% drop in NAV est from them today.