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Despite talk of stronger growth, the bond market is telling me that there is more fear of credit risk than interest rate risk, or at least that credit spreads have become too narrow: high quality munis have mostly held their recent gains, the government yield curve is less steep, shifting upwards a bit in the middle while mostly holding steady on the long end, and high yields have sold off, also probably on profit-taking.
Volatility is good for opportunists, but the overall trend seems to be moderate growth and very gradual and moderate rises in interest rates over a period of several years.
Hence I have bought some equities or sold puts on the dip today, and still have dry powder to buy more outright or sell puts if it continues. Lots of stuff, both good quality and a bit risky, is overpriced but still interesting at more reasonable prices.
Market off around 1.80% today, another 5% over the next month or so would be a sweet spot, anything more than that might be a bit scary, but there would be some great bargains at 20%.
The volatility is great for options traders today.
She!!! Love it...
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