Monday Morning Kickoff

The S&P500 traded in a weekly range of 3323 to 3397 before closing the week at 3348 which is a gain of just under 2% on the week after closing at 3298 the Friday before.

The 10 year treasury traded in a range of .64% to .72% before closing at just under .70%.

The Fed balance sheet fell by $37 billion last week–continuing a sawtooth pattern of weekly changes as the overall balance marches higher.

Last week the average $25/share preferred and baby bond gained 19 cents. Banks were the winners on the week with gains of 1%. Utility and CEF preferreds/baby bonds were near flat. Investment grade issues were up 15 cents.

Last week we had only 1 new income issues as Public Storage (PSA) priced a new low coupon preferred.

The issue is trading on the OTC grey market under ticker PSADL and closed last Friday at $24.80.

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8 thoughts on “Monday Morning Kickoff”

  1. I just heard that there is a proposal to delay all evictions until March of next year. That would hurt all kinds of real estate.

  2. Thanks Tim, I’m looking for a reversal in SPX in the 3440 – 3510 area. If it does not reverse there, we should take out the ATH. I do expect a reversal and lower prices ahead. Patience will get you better prices. 🙂

  3. A bunch of REIT’s are tanking today.
    out of the worst 3 performers in the S&P, 3 of them are REIT’s.
    EXR, O, and AMT
    is that something you see very often?

    1. Not a good day for covid vulnerable stocks. The Regal Cinema announcement is troubling. What I have noticed this morning is that while my REIT preferreds are okay, the underlying common are getting hammered. Maybe the rise in the 10 year rate has finally arrived?

      1. I was aware of that, but these three are really getting hit hard, even in comparison to other REIT’s, which are down about 1/2 a percent, where these are falling by 2-3%.

    2. I would think down 1% for those 3 would be expected and normal. Now if they were down 5+% I would call that a small correction. It was just a few weeks ago that we were all saying that prices were outrageous and there is nothing to buy. I wont be loading up on a 1% drop though on anything.

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