The Toxic Assets Avenger
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 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.