Interest rates have backed off a little–down 6 basis points on the 10 year treasury.
The S&P500 has moved higher virtually all morning in a very calm manner until a sell off at noon–dragging income issues along for the ride. Overall preferred stocks and baby bonds are mostly green, although the volume on these issues is pretty light–many issues have traded just 10 or 20% of their average daily volume at 11 a.m. (central).
I am just watching–my accounts are up around 1/2% as some issues such as the Arbor Realty perpetual (ABR-D) popped higher by 3%. Some of these issues are acting like ‘the bottom is in’. This issue traded as low as $16 2 weeks ago and now is at $18.50. Where the bottom is nobody knows–thus I have just ridden the shares down–added a little a prices dropped and now hopefully will ride higher.
Let’s see what these markets hold in the next few days–could be exciting.