Saturday, May 25, 2013
05/25/13 Halftime
5 minutes remain in the first half, and I'm down by 7 points. The goal is to trim the SPX lead to 3 points by halftime. I can try scoring on a turnover (via an inverse ETF or bonds), or rack up larger percentage gains trading the high beta sectors. Waiting on the sidelines while the SPX sells off is another alternative, albeit one that offers only psychic gains. Even a mental edge can translate into outsized gains in the second half, so I'm not dismissing the sideline strategy.
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Just avoid any pick and six from the other team and you will win by running the running the ball yard by yard.
ReplyDeletei see Sigurd wrote about coal:
ReplyDeletehttp://reminiscencesofastockblogger.com/2013/04/20/arch-coal-taking-a-side-on-an-uncertain-outlook/#more-3772
I came across his article because i saw the same comments from the Peabody (BTU) CEO in mid April when i was searching around:
"Now turning to the U.S. market, we have seen a dramatic improvement in coal fundamentals from this time last year. We now project 60 million to 80 million tons of increased coal demand in 2013 as the industry reclaims the majority of demand lost in 2012 to natural gas."
I still think there's a reason the CHK, X, and WLT insiders are buying so much stock. I think they're seeing things improving now and going forward for Nat Gas prices, coal utility stockpiles, and steel demand.
The last paragraph below is why I like WLT the most out of the coal stocks. It's the biggest player in met coal.
Delete"Major US coal producers are hopeful for a better year on the back of coal weather and an increase in gas prices: “US coal fundamentals have improved from a year ago as colder temperatures and rising natural gas prices result in utilities increasingly returning to coal,” said Gregory Boyce, chairman and CEO of Peabody Energy Boyce in a conference call to discussthe company’s Q1 results with analysts.
In Peabody’s results statement, Boyce set a positive tone for the year ahead: "We now expect that during 2013, coal will recapture the vast majority of its 2012 demand that was lost to natural gas.”
US coal markets have been seeing a slow recovery after last year’s mauling at the hands of ultra-low gas prices. According to Peabody, coal demand grew 8% in Q1 2013 and accounted for about 40% of electricity generation. Meanwhile, natural gas prices have more than doubled on the previous year, leading to a switch back to coal among utilities. This trend accelerated in March when coal-fired generation rose by 15%, while gas generation dropped 16%, the mine said in its Q1 earnings report.
The long winter has also improved the prospects for coal. According to Peabody, coal stockpiles are about 20% lower than the same period last year, as coal shipments fell by 10% in Q1 2013 but demand for coal remained through a prolonged period of cold weather: “As the winter has extended into April for much of the country utilities have continued to burn coal while taking their contracted tonnes,” said Colin Marshall, president and CEO of Cloud Peak Energy in its Q1 results statement. Cloud Peak Energy estimated coal stockpiles of Powder River Basin coal at 83 million short t at the end of March 2013, noting that “Historically, we have seen price support for PRB coal at stockpile levels of around 80 million short t.”
Peabody now projects 2013 coal consumption for electricity generation will grow by 60 – 80 million short t over 2012 levels based on Q1 demand. Arch Coal was similarly positive in its Q1 earnings report, expecting US coal consumption for power generation to increase by 50 million short t or more in 2013 compared with 2012, due to favourable weather trends and higher natural gas prices.
Arch also saw positive news for US exports of metallurgical coal: “Global steel production also is projected to grow in 2013 with Asia, Latin America and the US leading the increase. Arch expects US metallurgical coal exports to remain elevated, with overall US coal exports projected to total above 100 million short t in 2013.”"
What are the odds they tank YRCW back down to single digits? I honestly wouldn't be surprised. You still have a ton of convertible notes coming on the market in July (series A notes) and the unions waiting in the wings for their share. Those comments out of Hoffa the week ABFS announced that YRCW tried to buy them spooked the shit out of me.
ReplyDeleteIt's a nice day trade right now that is about it.
DeleteI'm glad no one was hurt. What caught my eye in this article was the following
ReplyDelete"In the same month, a report card by the American Society of Civil Engineers awarded the nation's infrastructure a D - one grade above failure."
US road bridge collapse in Washington 'caused by lorry'
http://www.bbc.co.uk/news/world-us-canada-22650268
And this is the group that does the grading
http://www.infrastructurereportcard.org/a/#p/home
Seems like we would be spending a lot of money on our infrastructure.
Delete"Lorry"...? Turns out it was an oil sands drill rig. I say charge the Canadians.
Deletehttp://www.youtube.com/watch?v=h4cPU9blsfE
LOL, was that oil sands truck headed to New Mexico White Sands, by any chance?
DeleteAll right boys. What are looking at tonight?
ReplyDeleteMy guess is pizza and SPAAAAA GHETTTI w/meatballs.
DeleteThat would have been the perfect guess at dinner last night!
DeleteWhat are you guys doing out there?
ReplyDeleteCalifornia Faces a New Quandary, Too Much Money
http://www.cnbc.com/id/100766887
Working for a living baby!
Delete"Performance returns for time periods longer than 365 days have been annualized."
ReplyDeleteNow I understand how Schwab does return %'s. I'm actually doing pretty Fing well.
Tele- NKE might be an interesting play here for you.
ReplyDeleteMUX right at the upper trend line.
ReplyDeleteAlthough they don't have a shit load of cash lying around.
DeleteX has 5 bucks cash/share.
ReplyDeleteVMW is tough. Has 11 bucks per share, looks good on the daily, but bad on the monthly.
ReplyDeleteNikkei opens below 14,000.
ReplyDeleteQuickly bought.
DeleteDid you take a position in "SPX"?
DeleteNo positions. I'm in cash.
DeleteDF - Oh, got smacked good.... Going back to $12?
ReplyDeleteFMD - Should'a added I guess.
ReplyDeleteGMO - Perhaps sellers are resting?
300 WLT @ 18.23
ReplyDeleteOFF all CECO for another 5% gain.
ReplyDeleteARR- This jives with my financial analysis...
ReplyDeletehttp://seekingalpha.com/article/1464171-far-oversold-15-1-dividend-payer-armour-residential-reit-is-a-buy?source=email_rt_article_title
Pretty interesting how these mREIT's tend to move, especially lately.
DeleteBased solely on price action, I'd have to conclude that something's seriously flawed with this financial analysis and that someone knows what the problem is, and is capitalizing on it.
Delete"In the bond markets, Treasuries are selling off across the curve, as both 10-year
ReplyDeleteand 30-year yields are up 3bp, to 2.04% and 3.20%, respectively. In Europe, UK
gilts are up 2bp, to 1.92%, German bunds are up 1bp, to 1.46%, while Spanish
and Italian 10-year yields are down 6bp, to 4.25%, and 3bp, to 4.01%,
respectively.
The dollar is modestly strengthening against a basket of other major currencies,
with the DXY index trading 0.1% higher. In the commodities market, WTI crude oil
prices have increased 60 cents, to $94.75 a barrel. Gold prices have decreased
$12.88, to $1,381.90 an ounce."
Off WLT@18.75
ReplyDeleteNice clean trade, good job!
DeleteYRCW coming in again.....how many bounces back above 20 does it have left?
ReplyDeleteTBT - It's been a fantastic month for this one.
ReplyDeleteFNMA - Another 28%, eh? I bet the tweets are flying fast and furious!
ReplyDeleteMan I'm glad I stayed away from the rip tides today:
ReplyDeletehttp://www.kitco.com/charts/livesilver.html
Silver still has a $22 handle on my screen, 2 leads to 8, right? Could be, $28 coming if 2 holds?
DeleteVolume dead in REDF again
ReplyDeleteMTG - I guess this is where all the mREIT money is going........
ReplyDeleteTalk about getting the rug pulled out from under you, wow!
Wasted away again, in mortgage REITville......
DeleteThat's a pretty big jump in interest rates we are seeing now. In fact, since early May, the rise in interest rates has been amazing. Stocks are becoming more and more overbought, bonds are becoming more and more attractive. The "jaws of death" are closing. When will the money managers say "Enough!" and shift the capital temporarily into bonds? Has it started today?
ReplyDeleteGMO - Management has returned from China but I don't hear of any done deals yet.
ReplyDeleteMITK - I owned this one last May, paid $2.13.....
ReplyDeleteJust to show what a team player I am, I want to let you know before the close that I sold out of the rest of my BIIB at 239.23. This was the stock I bought too early when I got in a rush one day. Small position by TT standards. Now that I'm flat I assume it will go ahead and run up another $60-100/per share now.
ReplyDeleteCorrect, join the team! ;)
DeleteDuring May, Interest Rate 10-Year T-Note up 20%, NLY down 10%.
ReplyDeleteMBS's have been selling off pressuring NLYs' book value too. Follow the money but where's it heading?
DeleteWLT 350@18.37 at the close
ReplyDeleteARR - Can you believe this one was down over 7% at one point today? Holy crapola....
ReplyDeletesold a third of my TBT at 68.75. It's close to the top of the trading range but it sure looks like it wants to keep going up with heavier volume lately. I'll hang on to the rest of my shares for now, maybe sell covered calls later.
ReplyDeletePPMIQ - Up 240% today. Common shares are supposedly worth nothing but why is it still trading, that seems irresponsible.
ReplyDeleteCould be plumber's crack but we won't know for sure until it stops trading. Unless we're being mislead into believing something that isn't true.
ARNA - I saw that coming, but this one isn't approved and blessed, so I said nothing.
ReplyDeleteTBT - Do you guys think this one's headed higher? I suspect it is.
ReplyDeleteIt seems like I read an article 2 or 3 weeks ago stating that the treasury may not be issuing as many bonds in the coming months. I remember thinking that even if the fed stops buying, that the lack and new issues might keep rates lower that what I would expect, mainly due to less supply. So TBT could still trade up some but it feels like the treasury and the fed have created both a cap and a floor.
DeleteI've been holding some TBT for awhile, I think my breakeven just on the purchases was around 65.40 but I've sold about $2.50/share in covered calls over the last few months. I would like to see it trade about $70 before I sell anymore calls though.
Yes and are you still holding NLY?
ReplyDeleteYes, I still have my position from Friday at $14.32 Not devastating but disappointing is the applicable word. Hopefully the slide is near done, a few more days wait would've been a better idea! ;(
DeleteTGFBM?
ReplyDelete"MBS SPECIAL ALERT: Melt-Down Continues. Rate Sheets Destroyed
Decrease Font Size Text Increase Font Size
May 28 2013, 3:26PM
Although we don't typically publish "alerts" to the MBS Commentary channel (because of MBS Live), today feels like a good day to break those rules considering the sheer level of destruction we're witnessing. The day itself isn't on the scale of 'Black Wednesday' in May 2009, but the month of May 2013 has been far worse, and is now, in fact, the steepest month of losses for current coupon MBS that we have on record since 2008."
Is there a link to this article?
DeleteARII - Well, if rail transport is expected to increase due to coal sales then perhaps we can say ARII is oversold?
ReplyDeleteDrove my train into the truck.....
Juuuuust rolling in....
ReplyDeleteI really wish I could look up my old comments easier since I sorta use this site as a trading log. That was one feature on the sister site that I liked, click on the name and you could see all of that person's comments.
ReplyDeleteHey PORT, yeah that is a nice feature. I was at the sista today and could not even figure out how to bookmark a comment anymore, perhaps I'm missing something.
DeleteRegarding past comments and look at it as a log; although it takes an extra step, I think the best thing to do is write your comment in word or whatever and then past here, that way you have your log.
FWIW
Actually with all my typos in this little box I should ONLY prepare my comments in WORD first then spell ck it and then post it. Good idea.
DeleteDude I have to be the king of typos.
DeletePort, I haven't worked on it much but you might be able to use google search, such as:
DeleteSearch: "port2015 LUV tradingtopics.blogspot.com"
?
Notes From Underground: The Markets Are Reacting to Rising Interst Rates, While Equities Continue to Roll On (And Fed Anticipates a Roll Off)
ReplyDeleteIn post-Memorial Day trading the BONDS had a large selloff as yields on long-term debt rose dramatically. The U.S. DOLLAR followed the rate increase and rose against all major currencies. Let’s reflect: Equities are impervious to rising long-term interest but the DOLLAR attracts foreign investors in search of a little more yield. The fact that the short-end of the curve is anchored by the FED, the result is that the 2/10 U.S. yield curve is steepening and actually made 52-week highs today as it rose to 186 basis points. The STEEPENING YIELD CURVE is aiding financial stocks. The 2/10 has increased to 184 from 145 basis points during the last three weeks, which has helped banks and other financials to pick up 40 EXTRA POINTS in yield by selling the short-end and buying the longer end. This is an interesting situation for usually steepening curves will put pressure on a currency.
But with a zero interest policy being the order of the day for many central banks, this time may be different … for a while. The global thirst for yield will lead some investors to look at the U.S. 10- and 30-year DEBT to lock in higher yields;just not yet as investors are only certain about equities … for now. The short-end of the interest rate market will be on hold for quite a while regardless of whatever the Fed does with its QE program.
The tailwind financial stocks receive from a steeper curve can also increase the mREIT spread, all else aside, such as falling MBS asset prices(book value), possible rush to refinance(loans which are closed are prepayments, thus cease to generate revenue for the portfolio).
DeleteAnd the verdict, at least for the time being is:
Delete"
Refinance Applications Plummet as Rates Move Higher
Waning enthusiasm for refinancing again drove the volume of mortgage applications down during the week ended May 24. The Mortgage Bankers Association ( MBA ) reported that its Market Composite Index, a measure of mortgage application volume , was down 8.8 percent on a seasonally adjusted basis from the..."
Now, perhaps we can assume mREIT management earns their keep by placing substantial portions of the portfolio on the right side of the trade, or at least doesn't panic and do the wrong thing(s).
Here we go, on May 15th I bot LUV at 14.23 using the AbvGL scan. Today LUV closed at 14.27, down a penny on a strong day. It only traded up to a high of 14.44.
ReplyDeleteI remember reading in "Reminiscences of a Stock Operator" or the other one "How to Trade In Stocks" that if a stock doesn't do what you expect it to do then you are wrong and you need to exit.
I'm thinking that may be a sound strategy on these technical scans I keep running. I'm not buying any of these stocks for their fundamentals. Maybe it would be best to 1) use a stop and 2) put all new purchases on probation for some period of time (10-15 days maybe?). Hmmmm.
I watched about 5 min of Cramer tonight and most of the time he was talking about "know why you bought a stock". He said peeps ask him all the time what he thinks about a stock they bot and his first question to them is to ask them why THEY bot it. Makes sense to me.
Well, I bought the damn stock b/c Cramer said I should, then the POS tanked almost immediately, so WTF! ;)
DeleteOINK - Does yesterday's dip seem slightly coincidental?
ReplyDeleteBasically right back to Friday's close. Let's see if my gains hold.
ReplyDeleteSFD - I figured the SFD buyout might provide DF a lift?
ReplyDeleteCCL - Maybe they're close to done selling this one?
ReplyDeleteI've never understood the attraction to cruises. Then again I never understood the attraction to allowing a Co. to use your roof for their LT gain.
Delete"I've never understood the attraction to cruises."
DeleteNo argument there whatsoever, I wouldn't be caught dead paying for a cruise. I dunno about the roof thing though.
The solar panel deal is better than a car or truck lease for business use. The capital outlay is pretty high so they enable a homeowner getting really low power rates while also paying for the panels well before their projected lifespan is supposedly over, so the homeowner then owns the panels for additional payback. It's a win win for those that can't afford the initial outlay. It's like leasing a very expensive piece of equipment used to build high end homes like a NC saw that cuts and marks all framing lumber. A contractor could live without it but if he had a lot of homes to build and used CAD he could just download the data from CAD and replace or at least improve the efficiency of a few framers.
DeleteAround here to get to only tier 1 pricing, the break even time is about 4 years.
DeleteThose NC saws are scary b/c they don't measure twice before cutting, I bet they don't mark till after cutting, too.
DeleteMaybe that's the kind of stock we need, one that replaces human error with automated uniformity and repeatability, doesn't take coffee breaks, pay union dues, or have pension liabilities.
4 years on a product with a minimum 20 year lifespan is a killer deal. You likely have at least a 15 year mortgage on that roof with some bank making LT gains on it. What's the dif? Except you could be a power producer getting lower rates and free power in year 5.
Delete"What's the dif?" Good LT thinking. Might add that power prices aren't likely to fall and a solar investment is a hedge on those prices?
DeleteThey've proposed charging new fees for hybrid automobiles in my state b/c they don't use enough fuel to compensate for road repairs.... And, they want to eliminate gasoline tax, so WTF, go figure.
NLY - Added at @13.32
ReplyDeleteHa!...I just added 2000 more ARR @ 5.85 :)
DeleteI doubled up, like a good soldier. Don't need to lose any fingers, so have to decide when/if to unload... Last time this happened to NLY, I regretted not adding but this is now a full $1/share I couldn't pass on, sigh..... Hopefully it's no more than a few days to get that $1 back.
DeleteA new concern for common shares in REIT's that I hadn't previously considered is that management may be inspired to favor preferred share issuance at the expense of commons, some may be structured such that management reaps greater reward based on sum total by expanding the preferred.
DeleteTXT - This is another one I bought too early and sold too soon.... Now it's back to where I sold , I feel a need for a coffee break.
ReplyDeletespider sense was right on yrcw.....how far does it drop? Glad to have avoided it yesterday.
ReplyDeleteMaybe single digits?
Delete10yr Treasury auction at 13:00
ReplyDeleteAdded to a full position in WLT @17.74
ReplyDeleteTapering vs. Supply And Demand – Last week, three members of the FOMC called on the Fed to end a portion of their
ReplyDeleteQuantitative Easing (QE) program.
The portion that the three wished to end was the Fed's purchases of mortgage backed securities (MBS). The three amigos
struck two chords. First, the housing market had rebounded enough that it should be taken off life support.
More importantly (to us, at least), were their indications that continued Fed purchases in the MBS area could be disruptive
and counterproductive. They were already influencing (negatively) the efficiency of that market.
We have noted for weeks the risk of the Fed staying full throttle as the numbers of treasury bonds and mortgage bonds
were starting to decrease. There were some estimates that the Fed was already purchasing 90% of the MBS issuance.
When I have a question on mortgages, I turn to my good friend, Barry Habib, who is the resident genius on the topic.
(Actually, Barry is the resident genius on lots of things financial, but I don't want to give him a big head – well-deserved or
not). Anyway, this was Barry's comment:
As you know, the Fed has been stating that they will purchase $40 billion in Mortgage Backed Securities (MBS)
and $45 billion in Treasuries, for a total of $85 Billion each month. However, the Fed has actually been
purchasing much more than that because of reinvestment of principal from refinance loans and principal
payments. Earlier this year, they were purchasing over $80 billion per month in MBS alone. This is more than
double the amount the Fed stated they would be purchasing. But over the past two months, the Fed has eased
up a bit on the gas pedal, as these purchases are now closer to $65 billion per month. This is still obviously more
than the advertised $40 billion, but less than what we had seen earlier this year.
per Cashen UBS
Has a little tapering already begun? The answer is no. We believe that the slowdown in Fed purchases is due to
Deletefewer loans being originated for refinancing in March, when rates had spiked.
Barry went on to note that the resultant drop-off in MBS paper may have prompted the Fed to scale back purchases (lest
they disrupt the markets thoroughly).
He pointed out that there was a burst of refinancings in April (nailing down low rates before they rise?). Those loans will
close in June, which could result in a new flurry of "paper" for the Fed to buy.
If the Fed does return in earnest, it could cause a mild rally in MBS paper in general. So, added supply could reignite the
Fed whose activity could then raise prices. Lewis Carroll would have loved it. Thanks Barry!
Anyway, this is a taste of what its like when the FED steps away.
DeleteKind of reminds me of that ELO song Blue Sky.
DeleteBuy low, sell higher, right?
DeletemREIT's supposedly have been suffering the slings and arrows of lost revenue due to refinancings(contraction of revenue) and high MBS prices(mREIT's need to reload those lost revenue generators) ie: due to FED support of MBS prices REIT's have been competing with the FED.
Supposedly this was why mREIT's sold off on QE3 announcement (FED MBS purchases) and so now (those with short memories?) are selling the story that FED tapering is destroying mREIT's.
Okay, so the FED will buy those MBS's from April that are low yield, and leave higher yield MBS's for the market? Nice, too nice.
VHS is looking interesting a play on Obamacare.
ReplyDeleteThey sure are flushing coals today.
Some insights from David Kotok this morning about yesterday's market behavior:
ReplyDelete****
Two keystones to current FOMC policy are transparency and effective communications. Both have taken a hit last week. Chairman Bernanke’s testimony before Congress did little to clarify how long the FOMC will pursue accommodative policy, what will cause it to begin to phase out its asset purchase program, or how that phase-out will proceed. Bernanke’s observation that the pace of asset purchases or sale would “depend upon the data” didn’t bolster confidence that the FOMC had a well-defined set of criteria for when and how to act.
We did learn that it was now unlikely that MBS sales will figure in its exit strategy due to concerns about potential disruptions to the mortgage and housing markets. But this means that the burden will fall on the Treasury component of the Fed’s balance sheet, with the obvious implications for interest rates at the long end of the curve because of the predominance of long term Treasuries in the Fed’s portfolio." [my comment: hence the drop in Treasuries yesterday].
But how does one communicate forward guidance that markets can plan around when the answer is that policy “it depends on incoming data?” That is not useful forward guidance and will only likely heighten uncertainty and greater market volatility. But what is one to do? No fixed income investor wants to be left holding a portfolio of long term bonds whose values are likely to change in unpredictable ways. At the same time, while equity markets have been buoyed by QE, the thought that it is ending will be a negative for equities. In other words, one likely scenario is a short term shock to both equity and fixed income markets to be followed by a period of adjustment and volatility.
Perhaps Kotok's not on the insider's distribution list? Wonder who is, I know it's not me either!
DeleteIs FED withdrawal(an appropriate DT subject?) a sign of increasing confidence or just that those insiders have completed a majority of their distribution phase? I'm going with the former, at least until it's too late to react.
The market is going to have an intermediate term top around 22 Jun plus or minus 2 days either way.
DeleteTrade accordingly.
Doesn't it look like we have a double bottom for AUMN, between mid-April and mid-May? Maybe investors are finally beginning to price in the fact that AUMN will complete the ramp into their key productive underground mining area this summer, which will allow them to take out ore in large trucks (as opposed to using small buckets through a narrow shaft, which has reached its maximum capacity already) and also lower heavy machinery into the mine for opening new stopes?
ReplyDeleteBuffett said that investors should price stocks on their business prospects over the next 20 years, and that if the company has 0 profit over the next year, without disrupting its business over the future years, then the value of the stock should not change much. Apparently, AUMN investors have not been listening to Buffett and have not been looking beyond their nose...
My large bet on AUMN last year was based on the belief that investors will start pricing the company prospects with the new ramp well in advance...
DeleteBased on 2/8 rule, silver at $22(assuming it holds) might move to $28?
DeleteA well intended, little ray of sunshine....
David, I guess my only question to the above is, when have you ever seen or heard of Buffet investing in a miner stock?
DeleteThe closest he ever came was buying silver, probably over a decade ago which he closed most likely at the behest of the gov't as he is in the highest echelons of the elites.
"he closed most likely at the behest of the gov't"
DeleteImagine how uncomfortable he must've felt about going against the grain like that, he probably couldn't sleep for the guilt-filled nightmares he began experiencing once the insider phone calls dried up.
Very insightful, CP, LOL
DeleteI guess it's important to remember that wolves evolved through the eons as pack animals, and dogs are direct descendants of wolves.
DeleteNLY - Okay, so I'm about flat now ($14.32+13.32)/2 = $13.82
ReplyDeleteHopefully this one doesn't pull an SVM on me by continuing to crater.
Sold half at $13.85 just in case, back to original position size and ready for a reload.
DeleteSo I guess I'm probably on a bad-guy doghouse list now that I sold something before the three day period but I look at it as though I was simply doing the market a favor by providing liquidity like those HFT computers claim to do.
FMD - I see this one tested $1.10 again, while I was off on my bender in mREIT-ville.
ReplyDeleteMissed that reload too
DeleteBAC - Christmas green again today, oh what a shocker.....
ReplyDeleteVHS WENT LONG
ReplyDeleteGDXJ breaking out above the resistance level established over the past 2 weeks, ahead of GLD, SLV, and GDX. A preview of what is to come?
ReplyDeleteMust be a bull trap, wind down of QE3 should be dollar positive, Treasuries negative, and PM bearish?
DeleteNot really... End of QE --> higher rates --> higher velocity of money --> higher inflation --> higher PM prices
DeleteThis would.not have been the case if our monetary base were smaller. But it is huge now and getting bigger with every month of QE-infinity. That's why economic recovery is very positive for PMs now, unlike what Goldman Sachs wants us to believe.
DeleteAgreed, honestly it's about time downside subsided. I was just playing a little devil's advocate.
DeleteI do wish there were an reverse mortgage ETF, I've been thinking of looking for an reverse mortgage play.
ReplyDelete"•Buyers Step In to Reverse Mortgage REIT ETF Losses."
new post
ReplyDelete