|
|
|
|
| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
|
|
| Bonds Online |
|
|
| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
|
S&P National Bond Index
|
3.00% |
|
|
S&P California Bond Index
|
2.96% |
|
|
S&P New York Bond Index
|
3.13% |
|
|
S&P National 0-5 Year Municipal Bond Index
|
0.70% |
|
|
| S&P/BGCantor US Treasury Bond |
400.09 |
|
| More |
|
| Income Equities: |
|---|
| Preferred Stocks |
|---|
|
S&P U.S. Preferred Stock Index
|
848.03 |
|
|
S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
|
|
S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
|
|
S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
|
|
| REITs |
|---|
|
S&P REIT Index
|
174.07 |
|
|
S&P REIT Index (TR)
|
425.30 |
|
|
| MLPs |
|---|
|
S&P MLP Index
|
2,469.58 |
|
|
S&P MLP Index (TR)
|
5,428.50 |
|
|
See Data
|
|
|
|
 |
|
|
|
|
|
|
Gold on Hold; The New Play May Be in Munis |
Minyanville - Sept. 26, 2011 - by Jeff Harding
Right now, the only investment opportunities that are both relatively attractive (versus alternatives) and offer a likelihood of growing nominal capital are investment-grade municipal bonds.
On Monday, Sept. 19, I suggested that the price of gold was vulnerable, and also suggested that the stock prices of miners were a better intermediate-term bet. This was two days before the FOMC meeting, which much of the “smart money” expected would produce a Jobsian “one thing more” in addition to the expected Operation Twist. Mr. Market was expecting something more like Twist and Shout rather than simply Twist Again.
After the Fed failed to meet expectations and issued a downbeat assessment of economic prospects, however, it was risk off with a vengeance in the DoctoRx financial environs. The Fed has kicked the economic problem to the administration and Congress, and to the business community at large (where it belongs, in my opinion). This sudden outbreak of financial prudence strikes me as a good thing. By selling short-dated maturities, it alleviates the (temporary ?) shortage of short-dated federal debt. And rather than shrinking the balance sheet or letting mortgage-backed securities run off their balance sheet to be replaced by yet more Treasurys, the status quo is maintained.
The Fed will have the advantage of surprise if and when QE 3 leaves port.
On a global basis, the Fed is probably also looking at the probability of money-printing out of Europe. It’s their turn to inflate. We’ve done our part.
The markets are signaling price declines all over the place. Platinum is trading about $40/ounce below gold. This is anomalous. MIT’s Billion Prices Project reported price declines in the U.S. in August (see final chart). The Economic Cycle Research Institute on Friday took the rare step of commenting in print that the stock market is at a significant risk for a further decline. Dangerously, Markit’s CMBX index (or, more precisely, some of their constituent indices) that tracks mortgage-backed securities broke Friday to yet another new multi-year low.
Right now, the only investment opportunities I see that are both relatively attractive versus the alternatives and offer a likelihood of growing nominal capital are investment grade municipal bonds. This could include some of the leveraged muni bond funds that yield over 6% tax-free as well as properly selected individual issues. The latter are generally buy and hold investments, though the larger muni issues have decent liquidity.
For the complete article.
|
|
|
|
|
|
| Partner Market Place |
|
|
|
| Stuff to look at |
Yield and Income Newsletter: A must have for income investors. subscribe NOW
S&P Commentary and Newsletters: S&P
|
|
| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
Keep up with monthly, in-depth coverage of fixed income market strategies, commentary, and insights as seen by our sources. Sign up for the free BondsOnline Advisor now!
Unsubscribe here [+] |
|
|
|
|
|
|
|
|
