June 15, 2009
Good morning. Last week the market continued to advance, but at a very reduced rate. The SPY finished the week at 95.08, up from 94.55 or .05%, and is now up 5.3% from the 2008 close of 90.29. Rising commodity prices, especially oil, and a series of economic numbers that are showing generally a decreasing rate of deterioration seem to be fueling the rally.
May 26, 2009
Good morning. Another in a string of very odd weeks for the market, as a huge up move on Monday of 2.8% in the SPY (235 Dow points), continuing to a high of 92.80 on Wednesday (4.6%) gradually eroded and finished with the SPY up only .31, or .3%. The Dow gave up 227 points of Monday’s strong move as the week wore on, finishing off 315 points from the Wednesday high.
March 24, 2009
Good morning. Last week the market had some volatile moves on a daily, or hourly, basis, but closed the week with a gain of only .8%, with the SPY moving from $76.09 the week before to close at $76.70. Be mindful, however, that the $.72 dividend in the SPY did come out as it went ex on Friday, meaning that it was actually up another $.72. The big news, however, came on Wednesday, when the Federal Reserve announced a long rumored plan to buy some long-term treasury securities.
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.