Well we have seen 4 hours of trading and we are not seeing much bounce in any equity index. Bitcoin is also way off. Interest rates are sitting right around 4.04%. But you never know what the last few hours will bring.
Our accounts have a little damage–but it is very minor–down around .13% last I looked. Minor damage makes sense since I have a pretty big chunk of securities off the ‘hiding spot’ list and they really are not moving much.
As I said I am not buying or selling today–just watching.
It is interesting that we really know nothing at all about what will happen over the course of the next week or two–lots of moving parts on a global basis. Will there be severe tariff retaliation? Will consumer demand fall sharply causing a global recession? The list of potential issues that could occur is as long as my arm (and I have a long arm).
Hopefully in the next couple of days I can get my list of potential buys ready (the low coupon, high quality perpetuals). Don’t know when I might need it, but it is something I want to have available when I want pull the trigger.
Off only 57 basis points today- consider that a sort-of-win. ATT- T continued to hit a new (recent) high today- giving me reason to keep selling- have way too much from the bad old days- but can sell some at a profit ( a few hundred already gone)
I agree with you. For what was pretty much a bloodbath today there’s not actually much that I’d consider “cheap.”
Will start to see some margin call liquidations tomorrow after sleepless nights for many on Wall Street. That’s when the bargains will be found and this thing will have a chance at bottoming. Buckle up. There might already be rumors spreading of a big bank or trading house caught off guard with pants down and entirely wrong footed. They might be in process of being “carried out”. Powerful foreigner gov’t or individuals might be coordinating to sell sovereign wealth fund assets into this weakness to damage Trump. Again BUCKLE UP!
My portfolio, which is mostly IG preferred with some MLPs was off 70 basis points today. Seems like almost all issues closed on the bid price and there doesn’t seem to be much rhyme or reason for what held up well versus what didn’t. The things I do have that I consider high risk (which isn’t much) barely budged. Go Figure. After loading up on high quality perpetual preferred was hoping to see gains in those issues from the lower long-term rates. One of the few green issues was TY/P other similar issues like AGM-D down. Mostly bid ask widening but some of my pipeline MLP’s took a hit – that’s ok they will be doing well as long as people need heat and power.
Glad I have practically ZERO exposure to common stock.
Did not find anything worth buying today.
Keep your chin strap on and stay down .
Dan-
Glad you mentioned margin calls because the real fun doesn’t start until the selling is forced. Where is the leverage?