Well Monday trading was much wilder than anticipated. Economic news which is typically not highly important came in uniformly hot which sent interest rates up 10 basis point and stocks tumbling. Oh well one can never hang their hat on any given days news.
Today the only economic news coming out is the trade deficit – so very quiet economic news.
The new Athene Holding fixed rate reset preferred looks interesting at 7.75%–if I had cash I would take a taste. The concern with investors is over ‘change of control’ provisions–I need to read the prospectus over carefully to see what protections investors are afforded.
Yesterday I did zip–nothing at all. One of my largest accounts has about $900 in cash in it so obviously there is no longer ‘dry powder’–but as always one can sell something to buy a different security. Today is likely to be another day of ‘do nothing’ – just watch.
Equity futures are relatively flat at 7 a.m. central time. Interest rates are a bit lower with the 10 year treasury at 3.57%.