Fixed Income Allocation Updates
Adding 5% to HY allocation in Core, Traded, and Aggressive Adding 5% of Spanish 3.75% 2015 to Traded and Aggressive Will look to sell out of MHY in Aggressive today. I am adding risk after a big up day, not my normal style, but I think the market is caught short and will also be […]
The T Report: Benny and the Inkjets – Central Bank Focus
Ben Bernanke Today I will be attending Ben’s talk in NY. I’m curious to see him speak in person, but can’t help but think of the questions I would ask if I could. Do you think that low rates are hurting savers, allowing big established businesses to make money while stopping new entrants, and do […]
The T Report: ‘Tis The Season to be Bullish
‘Tis The Season The start of an almost 2 month long holiday period starts in the U.S. For many, particularly those affected by hurricane Sandy, the season has snuck up on us, but it is here. Maybe it is the holiday spirit, but I’m feeling very bullish this morning. I started getting bullish too early […]
TFMkts Weekly Fixed Income Summary and Strategies
Closed End Funds I can’t remember the last time I look at the fixed income closed end fund space this closely. It was probably in 2008 when many were trading at great discounts and offered a great opportunity to get long the market. This week, while Pimco executives were busy writing Op-Eds and telling Europe […]
The T Report: Have We Obottomed?
A Post Election Drubbing Romney at least made it close, for the markets it has been a drubbing since election night. S&P 500 down 75 points or 5%. IG19 is out 17 bps, a huge move. Dividend stocks have been hammered and closed end fixed income funds have wiped out years of gains. PHK remains […]
Delayed Post: ETF’s, Closed End Funds, CDS
State of the High Yield Market The ETF’s and Closed End Funds are attracting a lot of attention. Redemptions and poor performance in the past few days have caught a lot of people’s attention. It also sounds like it is hitting traditional mutual funds. It is worth looking at. Unmitigated Disaster in Closed End Funds […]
The T Report: The Road Not Taken
The Road Not Taken For the past 5 years, I have had to listen to how every “instant gratification” strategy employed by the government or the Fed has been the right decision. The justification for so many policies has been “it would have been worse otherwise”. That seemed to be the only test of a […]
The T Report: Greece Needs to go “Dirty Harry” On the Troika
Go Ahead, Make My Day Greece has negotiated like the Clint Eastwood that spoke to an empty chair for 10 minutes. It is time to bring out the Dirty Harry. Point a magnum at the Troika and tell the “go ahead, make my day’! Greece has been asking for money in some form or another […]
Vix – Seasonality may be making VIX look more complacent than it is
I’m hearing lots of concerns that VIX is low so the selling isn’t over. It is definitely lower than it was pre-election, but that makes sense as a big one time outcome was taken off the table but could be a sign that there is complacency. It is still higher than where it was post […]
