Blog Archives
Egypt
January 31, 2011
Good morning. A significant sell-off last Friday left the SPY down slightly on what had been a positive week, with the SPY closing down .65 for the week at 127.72 (.5%). The VIX closed up 8.7% but still was not that elevated at 20.07. Most of the Friday sell-off was attributed to the spreading political issues in the Middle East (as well as F, AMZN, and MSFT earnings), as uncertainties surrounding the future of Egypt and the Suez Canal took center stage. As of now, to the extent that anyone can predict the outcome of unrest due to 30 odd years of heavy-handed rule, the situation does not look dire or likely to spread rapidly or violently to the surrounding countries.
Rumors of a Hidden Cliff
January 10, 2011
I invite you to register for our (complimentary and always no-pressure) Protected Index Program® In-Office Seminar to be held at PTI’s Downtown Chicago Offices on Saturday, January 15th, 2011 from 9:00am – 12:00pm. My brother Dan and I will be talking about how the PIP strategy works and fielding questions. Seating is limited but you must register to attend here. I look forward to seeing you there!
Good morning, and Happy New Year. The market started the New Year with a nice gain on the first day, and basically held on to those gains for the rest of the week. The SPY was up 1.39 on the week to finish at 127.14 (up 1.1%), which represents the highest levels since early September of 2008. The VIX was down on the week, closing down 2.7% at 17.13. The VIX, and the volatility levels in the majority of stocks, continue to exhibit a very pronounced skew to the upside as we go out in time.
Hog Heaven
December 20, 2010
Good morning. Even though the SPY had several minor up days last week, as the market continues its gradual but steady rally, it actually closed down 18 cents to finish at 124.30. This is due to the 60-cent dividend that came out on Friday morning.
Earnings Season
July 12, 2010
Good morning. It was a very positive week for the market last week, with the SPY trading up 5.76 to close at 107.96 (5.6%). It was an even more dramatic move for the S&P Futures contract, which actually traded down to 1003 in the electronic session last Monday and finished the week at 1072.50, or up 6.9% from the low print. Last week’s positive move almost exactly negated the strong down move the week before, and last Friday’s close of 107.96 is a whole 9 cents higher than the close on 6/25 of 107.87.
Questions and Absurdities
July 27, 2009
Illinois is trying to bet their future on video gaming in bars…
Good morning. Market is on a tear, with the SPY up another 4.2% last week, closing up 3.97 to 98.06. That 98.06 close represents a 46% move up from the bottom tick of 67.10 on March 6, quite an impressive bounce. Equally as dramatic is the plunge in the VIX to a close of 23.09 last Friday, a level not seen since 9/8/08. All of a sudden fear, or even concern about the market moving a little too fast, is totally out of favor. To hear the financial press tell it everything is ok, earnings are better than expectations, we will start to grow in the third quarter, etc. Everyone, from government to reporters to stock owners, are eager to declare the last year a nightmare over, and get back to business as usual, even though that business as usual is maybe what caused the nightmare in the first place.