Wow it is red again today–I know I am in some pain–nothing new this week. Just guessing that 90% of all preferreds and baby bonds are red today–some very red. The 10 year treasury yield is lower by 2-3 basis points–but nervous nellies don’t care they just say ‘get me out now at any price’!! They say they will buy back in at the bottom–BS–that isn’t how this works because no one knows the bottom when it arrives.
I am hoping that I am down just about 1/2% but just eyeballing it could be a little worse – but since I am not going to be a ‘buy high sell low’ investor there is no use crying about it.
I did nibble again today on 3-4 issues. Usual suspects of insurers and utility issues and even a dab of an Arbor Realty Trust preferred–over 8% current yield on those issues.
I also bought another CD today with a 4% yield. I had bought one earlier in the week at 3.8%. Short term (9 months) spot for some of my ‘dry powder’.
So the close today could be interesting–will we get a giant selloff at the close? Doubt we will get a giant short covering rally–doesn’t feel like going into a weekend we will see much buying–but who knows.