March 16, 2009
Good morning. A whole different tone in the market this morning from prior weeks, with the stock market staging a significant rally last week. Last week the S&P was up $7.17, from a close on March 6 of $68.92 to a close last week of $76.09, a gain of 10.4%.
March 9, 2009
Good morning. Yet another horrible week for the market, as the SPY continued its seemingly relentless slide lower. The SPY finished the week at $68.92, down 6.8% for the week, bringing the yearly carnage to 23.7%. These numbers are despite a fairly substantial closing rally last Friday that had the SPY close 2.7% above its low print, and actually finish up slightly on the day.
March 3, 2009
Good morning. The weekly report on “last” week is starting to sound very familiar, with no good news for the market to be found. “Last” week the S&P was down another 4.5%, down from $77.42 to $73.93, bringing the yearly drop to an astounding 18%. Reasons abound, a good example being the government revision of fourth quarter GDP numbers from a minus 3.2% annual growth to minus 6%, way more than most had envisioned.