Thursday might be the crucial day. Markets closed Friday. Greek referendum over the weekend and stepped up terror alerts for our Independence Day weekend. Atmosphere getting more and more ominous. Much cash on hand and no overly outsized positions. Will monitor short ETFs for possible buys.
Actually the futures are down about 250 points on the DJIA............Japan down about 3%.
Oil down 82 cents and natgas down 2 cents...
Nikkei down about 600 points or about 3%.....other Asian markets down.
DJIA futures down about 250 points
S&P 500 down about 33 points
NASDAQ down about 66 points
WTI down .82
natgas down .02
Gold up $12
Silver up 14 cents.
All could change a lot up or down in the next 12 hours........................Kel
Looking at the one or 2 year chart for SLV, the Silver ETF. Very text book - multi point bottom has formed over the last several months.
Also apparent with the USLV (3 X long Silver ETN) one year chart. Multiple bottoms since early March.
Silver closed Friday @ 15.74. I bought some USLV @ 16.63 near the close.
Jman........Notice that KED's NAV is only updated once a month, whereas KMF is updated daily.
KED's current NAV could be in the $27.18 area if it declined 5% since May 31 as KMF's has. So KED might be near an approx 6% discount to adjusted NAV compared to KMF's actual 13% discount.
KED also is much smaller than KMF. Stock might have a higher bid-ask spread making it harder to trade in any amount. No Xtra being paid by KED either.
This group (MLP-CEFs) has really gotten beat up over the last several weeks. Besides the stock price / NAV declines, the discounts to NAV have widened as well. Truly a very beaten up group that might have more downside as the market does its adjusting for higher interest rates......while the FED drags their feet.
Look to your right fool...... .....See that 5 day chart....News was on Thursday. Stock bottomed and rallied into the close on Friday. Might be too late already for the shorts to cover. Carl might make a move before Monday's ope. That would be hilarious........... for the shorties.
Looks like Clrodrick and I are the only ones following this interesting situation.
KMF stock closed Friday @ 30.23, an approx 13% discount to its NAV, near the bottom of that annual range. The play here might be in what the stock does between now and July 7, as it goes x-div on July 8th in the amount of $2.31 total.
So we all have the next 6 market days to see what the stock does due to normal market forces or investors possibly buying into this huge distribution. Could be interesting.
Am 36% in cash in my regular account and 57% cash in my IRA (more active). Actually pretty close to where I usually am at, possibly even a little lower than average. No short ETFs right now.
Bought some USLV right near the close @ 16.63. Long Silver 3 X. Silver @ 15.74. Was tempted to grab some FSC but passed for now. Will see what Monday brings. Maybe Greece will be out of business by then.
Looked back 6 months, didn't go back further. No day in the last 6 months with this small of a range. Battle between the shorts and the bargain hunters. Next week will be crucial.
Sold at 119.95, cost was about $73. A little diversification in my less traded taxable account. Bought some IP (Intl. Paper) @ $48.49. Been watching for awhile and it has slid back from the $55 area. Probably hurt some by the strong $$.......they have worldwide operations.
C....good to see you here. Just stumbled onto this and the "special" news as KMF is on one of my watch lists. Nice one time combined payout of about $2.31. Wonder how it'll trade when it goes X-div and if it might be a worthwhile play. Any thoughts?
Still holding FPL and FEI. The FEI is in my regular account and have been holding for about 2.5 years now. Just keep on collecting the monthly dists and don't worry too much about the price and NAV fluctuations.
Heard him say that too right around the open of trading. Wondered about his statement. Even Harvoni (Gilead) isn't a complete, guaranteed cure. Many treatments out there, but very few "cures."
Kel...................holding GILD and CELG
Still holding CHK and CVX. Strange that the down grades are coming out now for various energy issues. Why didn't certain brokerage firms downgrade them several months ago when their prices were much higher and energy prices were much lower.
As usual, they look like fools with their bad timing.
buy at 11.00.....natty ready for a big move up................kel.........
All these people want to use the new $$ to buy back debt. One thing they don't consider is that as soon as the word would get out that they're buying back debt.......the price of the debt will then rise. Won't just sit there and let them scoop it up at bargain prices.
Kel.............just an observer