Mid Day Ramblings

Interest rates started the day off 3 basis points higher, but now have drifted back down as there is no impetus to go higher at this point in time.  Not much news of consequence although retail sales were announced higher than anticipated–up 6/10% versus consensus of up 4/10%.  Yawn.

The DJIA is up quite a bunch at near +300 points–but it is quiet–orderly.

Preferreds and baby bonds are flat on the day again–in the last week the average $25 share has traded in about a nickel range–talk about quiet.

We do note that our Spark Energy 8.75% Fixed-to-Floating Preferred (NSADAQ:SPKEP) is back over $24.50 after a trip last month to $23 last month.  Braver folks could have picked up a nice ‘flip’ at this price–we had an average buy around $24.27 (actually I forget the exact number) so we are in the green and pick up a nice 54.7 cent dividend today (although eTrade hasn’t credited the account yet)–we are happy.

We await the trading of the OFS Capital baby bonds (NASDAQ:OFSL), which is not showing on the brokerage database yet.