February 9, 2009
Good morning. We actually started the month of February with a solid advance, with the SPY up $4.15 (or 5%) on the week. This still leaves the SPY down around 3.6% for the year, but still a real advance cutting the losses for the year roughly in half. The VIX was down from 44.84 to 43.36 (3%) for the week, moving in the expected direction for an up week, but still hanging historically very high.