Blog Archives
A Hot Mess
November 29, 2010
Good morning. The market retreated a little last week as people headed to the malls for what most prognosticators predict will be a solid holiday buying season. The SPY finished down 1.39 (1.2%) to close at 118.80, almost all of which happened during the half-day session on Black Friday. What was supposed to be a sleepy day turned out to be just that, a sleepy day, except the market opened down around 1% and stayed right there until the close.
Crisis of Competence
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%).
The Bottom Line
June 7, 2010
Good morning. One of the few calendar, or seasonal, type plays in the market that has been most consistent since the early 1980’s (time I started in the trading business) has been the relative lack of volatility in the market from essentially the May options expiration through Memorial Day and even until the 4th of July. When I remember the years when I had 11 traders trading in our group on the floor of the CBOE and how difficult it was to not end up long premium entering a time of holidays, time off, graduations, etc. Not this year, it seems.
About That “Flash Crash”…
May 24, 2010
Good morning. Wild and down market last week, despite the late day rally on Friday. For the week the SPY was down 4.78 (or 4.2%) to close at 109.11.The low on Friday of 105.36 was only slightly above the so-called flash crash low of 105, not a pretty site if you were in the camp that the “flash crash” was just an anomaly.
This Island Earth
May 10, 2010
Good morning. Wild and down market last week, with the SPY closing down 7.55 (or 6.4%) to close at 111.26. The VIX spiked up 85% to close at 40.95, signifying that the cost to protect positions had risen dramatically, and actually closed Friday night very close to the high. In addition the market had a nightmare day on Thursday, with the markets spiking down and coming virtually unglued for a brief time in the afternoon. Investigations are abounding, and should show that the entire market structure needs to be looked at very strongly and honestly, but I am not holding out any hope for real reform.