I’m not even hunting for ‘bargains’ today–what is the point of looking to buy unless you are locking in some short maturity baby bonds or term preferreds?
Income issues are pretty much all red today–fortunately only by nickels and dimes for the most part. The 10 year treasury is at 4.55% and in my mind is going to go higher – whether it be from stronger than expected economic news or from the massive supply from the treasury.
I see JPM still has a 5.75% 1 year callable CD hanging out on eTrade–I’m not even interested in that since my modest cash levels are getting 4.98%–which isn’t to shabby while ‘waiting’.
Housing numbers were soft today–but I wouldn’t call them a disaster–675,000 new houses sold versus 695,000 forecast. Consumer confidence softened a bit–but honestly all things considered 103 versus 105.5 expected and 108.7 last month isn’t really terrible–with gas prices, interest rates and the Washington clowns you would think folks would retrench further.
Well let’s see how the last 3 hours play out today — with the S&P500 down 1% anything could happen.