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Reajusting Positions

Two trades today.

Sold part of Phillip Morris (NYSE:PM) position. I am winding down PM, reasons are explained here: seekingalpha.com/instablog/155619-alex-f.... Good price action today, sold into strength.

Added to American Capital Agency (NASDAQ:AGNC) position. Company declared new round of shares offering. As usual, shares are down, good time to buy. This is a high risk, high dividend play on the mortgages backed by government. Should be pretty safe, but there are couple of risks:
1, If inflation and interest rates pick up, this stock is going down hard. I don't see such possibility, Fed said they'll keep current rates for a long time.

2. If government decides to refinance mortgages and as a part of the deal, hit mREITs. I hope it doesn't happen, many congressmen are invested in mortgages and REITs one way or another. There aren't many people around willing to vote against their financial interests.