Blog: All posts by Tom Haugh
Crisis of Competence
By Tom Haugh on September 20, 2010
Good morning. Firstly, I extend an invitation to all of you: If you are interested in learning more about my managed money program, the Protected Index Program (PIP), PTI Securities & Futures is hosting a no obligation, no-pressure, complimentary In-Office Protected Index Program Seminar on Saturday, October 2nd, 2010, in a classroom overlooking the CBOE at PTI’s Chicago Loop Office from 9:00am to noon. A continental breakfast, coffee bar and classroom materials will be provided. Topics covered include: review of option basics, investment program objectives, diversification solutions, SPY basics, index portfolio examples, option time decay and PIP portfolio example, strategy expectations and objectives and longer-term fixed income products. Space is limited and all attendees must register at www.PTISecurities.com/Education.htm – Come out, have a cup of coffee with me, and meet some of PTI Securities’ experts.
It was another positive week for the overall market last week, as the SPY finished up 1.01 points to finish at 112.49 (1.1%). This level, roughly 112.50 to 113, was reached both in late June and early August, only to fall back. Will the third time be the charm for the bulls? The VIX was essentially flat on the week, hovering right around 22, and interest rates inched up a very small amount (TYX up .04%).
Economics 101
By Tom Haugh on September 13, 2010
Good afternoon. It was a second in a row up week for the market last week, with the SPY advancing .59 to close at 111.48 (.5%). It was significant because the market was able to hold and consolidate the large gains of the week before, leaving the SPY up a strong 4.3% for the two-week period. The VIX was actually up slightly (3%) last week but still showed a large drop of 10% for the two-week period, closing at 21.98.
Taking Off The Rose Tinted Glasses
By Tom Haugh on August 30, 2010
Good morning. We had a very solid rally on Friday of over 1.5% in the SPY that was almost able to turn what had been a very negative week to the positive. As it was, the SPY finished “only” down .6% on the week and finished at 106.86. Friday’s close puts the SPY down 4.2% from the closing price of last year of 111.44. The VIX was actually down 4% on the week, closing at 24.45. What are the “reasons” for Friday’s rally?
Competing Against Fear
By Tom Haugh on August 16, 2010
Good morning. It was a sharply down week for the market last week, with the SPY closing at 108.31, down 5.08 for the week (3.6%). The VIX, as expected with the market down, ran up 20.7%, closing up 5.5 at 26.23. The close Friday on the September S&P Futures contract of 1076.10 is fairly close to the midpoint of the post-holiday low of 1003 (in the pre-market session on July 6) and the high on August 5 of 1127.
New Keynesian Economics
By Tom Haugh on July 26, 2010
Good morning. It was a very strong week for the market last week, despite a sell-off on Wednesday attributed to Federal Reserve Chairman Ben Bernanke’s testimony before Congress. In that testimony before the Senate Banking Committee the Fed Chairman referred to the economic outlook as “unusually uncertain,” and the market responded with a two percent sell-off into the close on Wednesday. The market recovered that amount and more on a big rally Thursday that continued into Friday. For one week, at least, the market focused on generally good earnings, increased revenues, and good guidance going forward, rather than the tepid Economic numbers.