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Fifth Street Finance Corp. Message Board

  • thewisejman thewisejman Jun 3, 2013 4:11 PM Flag

    What a strange day!!!

    With both NASDAQ and S&P in the RED, DOW lingered in the positive territory while most of most of the dividend stocks such as pref. stock CEFs, BDCs and REITs continued to tank. Even floaters and pref. stocks started tanking and you know that the correction had officially begun. Yet both oil and even precious metals remained strong and that was quite a weird sight because if the FED stopped buying bonds, it appears to me that precious metal prices should drop. I really could not figure it out any more. I bought OXY back and only found myself selling it for a quick profit since it jumped up so much. Still holding on to my remaining LINE shares, at one point I could sell it for a quick profit but it was too early to sell it so cheap. VGR, a tobacco company that pays a 10% yield, refused to tank in this market. I also bought some PSEC at 10.18. I just could not resist it at this price. Even bought some NRF-D, just too good to turn down. I am watching all these pref. stocks closely and if they dropped below their par, like AGNCP, it would be a great opportunity to grab some. The DOW ended closing 138 pts. higher with other two indexes slightly up. That is why I did not want to buy any DXD or other short ETFs unless DOW went up 150 or more points. This market is just too unpredictable. I rather conserve my dry powder to grab something good. I tried to buy more FAM today at 16.06 but missed the opportunity, it went back up too quick. Continued to buy back FFC, FLC and JPI. Any good buys today?

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    • Tried to get some more PHK and PSEC.... didn't happen.
      Sold some HL.
      Want more SLW.
      J-MAN, you have the best timing of any one I know.
      GL

      • 1 Reply to tjdevlin71
      • I am flattered. I actually have the worse timings because I was always either a bit early in either selling or buying, once in a while I got lucky but since I am a resident bear, I always prepare for any abrupt market changes and that was why my friend and I were both 100% out of stocks six months before the last market crash. He is a better gambler than me. Right now, I absolutely have no idea what will happen with this market, just keep on buying good dividend stocks every time they drop, the more they drop the more I will buy. My goal now is an average yield of 9-10% for my portfolio. I will not touch anything that pays less than 8% unless they are great floaters. FAM had dropped to its 12-mo low with almost a ten percent yield and I believe it has become undervalued. PSEC if drops closer to or below ten will become undervalued. FFC, FLC, HPS, HPI and HPF are now attractive buys. COP and LINE are both good buys. These financial advisers kept saying staying away from energy and buy financials. What a bunch of hogwash. I will never touch any common stocks of financials because they are mostly shells. I will buy good energy stocks because all these gas boom and energy self sufficient in the States are just fantasy, may last 5-10 years, after that it will be OIL again. Mark my words.

    • Have not really updated our account balance since May 21 because the market especially our pref. stock CEFs have been tanking big time. So just tried to take a look at much damages were being done to our accounts and found some very interesting things:

      My two accounts were down 1.67% as of closing today. My wife's very small IRA account was down 3.21% without any trading. Now out of my two accounts, once account actually had 90.8% in cash, I sold out almost everything including most of my pref. stock CEFs to prevent further damages, keeping only mostly oil stocks such as COP. Another account has 52.6% in cash and that is my predominate trading account since E-trade only charges me $ 4.99 for each trade. Sad thing I am running out of cash some time. So I have placed all my buy orders with Fidelity for all the dividend stocks I would like to buy cheaply. Overall, I have 69.2% in cash and I am just afraid that this correction may happen too quickly and we may miss the buying opportunity but on one side I do not want to buy in a hurry. We should watch all those preferred stocks closely because usually when any correction come, those preferred stocks, especially the good one, such as BCS-C will be the last one to tank and if they drop below par, then start rising back, you know the correction is over.

      I believe the best buying opportunity will be in the BDC sector and in the pref. stock sectors if you can find some really good bargains. I am kind of loading up with NRF-C and NRF-D today at blow par and at par. Sold some RSO-B and will try to grab some AGNCP. The BDCs I want to buy are: FSC, PSEC, ARCC, AINV and PFLT. May be even some GAIN at the right price.

      • 1 Reply to thewisejman
      • I lucked out today and got some more NCT shares at $4.94. They just announced a quarterly dividend of $0.17 which sounds mighty nice to me. I kind of like the NRF common more and more the closer it gets to $8. Someone pointed out that NRF common shares is the 2nd largest position of Cohen's SAC Capital hedge fund that may be forced to liquidate a lot of its holdings to comply with regulators and close the fund to public money. Maybe they are selling off their hefty NRF position lately? If not now, they may in the near future which could put more downward pressure on NRF and make what appears to be a good bargain into a really good bargain. I'm going to set some wishful thinking limit order and see if I can snag some shares in the $8 and $7.60 range.

 
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