Today we had the PMI (Purchasing Managers Index) and the numbers came in lower than expectations – soft with a reading of 47.3 – readings are supposed to indicate contractions in the economy, but who really knows if this is a good indicator.
I thought maybe the soft number would help push interest rates at least a bit lower, but alas the 10 year treasury is now up 2 basis points to 4.23%.
Average prices of $25/share preferred’s and baby bonds are dead flat (plus or minus a penny)–there are many times that ‘flat’ is good and this is one of these times–I’m happy to be flat.
I’ve done nothing today – haven’t even opened by accounts–just waiting and watching. I am looking to nibble a bit tomorrow if markets are calm–still in no hurry as there will not likely be any upward movement in income issues–we need to have a flattish market for a while before we see any upward movement in prices–needs to digest and let investors gain some confidence.