August 31, 2009
Good morning. Sort of an inside week for the market last week, what we in the business would call a premium sellers dream. The SPY was up a whole .41 on the week, moving from 102.97 to 103.38 (.4%). The VIX was down a little, from 25.01 to 24.76, not much of a drop considering how little movement there was. For those looking to buy long term put protection, as we do in the PIP Program, the cost for at the money put protection for December of 2011 is in the 15.5-17% of the underlying range for 28 months.
August 17, 2009
Good morning. First down week in a while for the market, but only a little, with Friday’s late rally almost pulling the SPY even for the week. The SPY closed at 100.79, down from 101.20, or .4%. The VIX was actually down for the week, closing at 24.27, down from last week’s close of 24.76. The little damage that was done to the market was generally attributed to the surprise Consumer Confidence reading of 63.2 versus forecast of 69.