More Quiet Markets

With no China news-except for the virus which looks to have already played out (as far as markets are concerned) we are having a quiet day everywhere.

The 10 year treasury is at 1.765% which is less than 1 basis point (1/100% of a percent) changed from yesterdays close.

The DJIA and S&P500 are up a tiny amount–a rounding error.

$25 preferreds and baby bonds are moving by a penny here and a penny there. Again only banking issues moving much–off a couple cents. There was little ex-dividend action today so no movement because of ex issue. So since the 1st of the year we have seen almost no action in these issues–we actually like that–quiet is good.

Complacency is definitely high in these markets–and black or grey swans at this point in time could be really, really painful.

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