I just did a buy at all-in of 80.693 on which E*Trade promptly marked me to market at 88.590, or a one-day profit of 9.31%. Ten minutes later, after my trade filtered through TRACE, the Mark-to-Market value dropped to the current-offer of 80.493, or a loss of -2.05%, which is what I expected to see on a completed trade, i.e., a markdown that reflects the spread plus commish. Easy come, easy go, right? The bond was a Baa1/BBB, insured, OR REV muni on which my tax-equivalent YTM is 9.8%, or a decent-enough for the probable risks.
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