Yesterday I trimmed a few of the gains in our portfolios—maybe adding around 1-2% to our cash position yesterday.
I have written about having little to no cash for the last month or two–virtually everything was invested. A fully invested position was the correct move and it yielded lots of gains, but now I am targeting a cash position of 10% or so–with money market funds paying a decent amount the ‘pain’ of too much cash will not be nearly as bad as it was previously when the yield was zero.
Equity markets are looking red this morning, although probably just a limited number of issues contributing to the losses–like 3M which missed on revenue and income.
Interest rates are off a couple basis points this morning at 3.5%. We have the PMI manufacturing and services index release at 8:45 a.m. (central)–these shouldn’t move the market (but who knows for sure).
Lots of earnings coming out including the community and regional bankers. Bank OZK released late last week–the report is here. Customers Bancorp (CUBI) will release tomorrow.
CreditSights is hot for the 1000 preferred bonds. Especially variables with resets. Specifically ALLY bonds.
You can see the surges across the boards. Phwwwwww……..
I peeled some today also while out and sold about half my oversized position in PCG-A which has jumped about $2 in the past 2 weeks I have owned. Still crazy, my preferred spreadsheet shows over 1% gain in just past 2 days. Havent checked on the bonds, but I suspect they have been considerably more modest in movement this week.
Some of us have certain issues which discourage in/out moves like those you are enjoying Tim. I’m just glad to see everything that was purchased Aug and October back in the black for the most part. As we all know the 5’s have had a tough ride. The 4’s are still a waste land.
This was on the highly speculative side of things, so I’m not sure how many other people were in it, but the busted preferreds of Sotherly Hotels (SOHO), which have been suspended for nearly three years, have just been re-instated.
https://www.sec.gov/Archives/edgar/data/1301236/000095017023001051/soho-ex99_1.htm
wonderful news! I have a few SOHON in my portfolio.
Quoting the great Emeril Lagasse … “Bam!”
Sold a little more yesterday as well, up to about 25% cash 1/2 my SLG pfd for nice gain, UBP-H for nice gain.. the spreads over cash are not enough now despite my low entry costs to consider these keepers; inflation will be sticky imo and and w all the volatility around I can see other opportunities in pfds/bb’s and common stocks. Building extensive watch lists as well. Sold some REITs for gains albeit small as well. Just tightening risk. CPI probably the biggie this week. GLTA Bea
Sold my UMH-D today at 23.00 for a profit plus dividend. Also my KNTK I broke even on with no fee trades. The KNTK goes Ex- div in about 6 days but I didn’t want to stick around as its been one of my few holdings losing value in this rising market