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.
December 29, 2008
Good morning. The year end rally continues to be elusive, the VIX is creeping down steadily, the market may be settling into a range at levels no one is happy with, are these the cards being dealt? Right now it seems so. On the credit front we continue to have such fear that the 30-year rates on U.S. Treasury Bonds are 2.6%. Incredible, does anyone know any sane person who would give their money to anyone for 30 years at an interest rate of 2.6%? Does anyone really predict that there will be zero inflation for 30 years?