July 18, 2011
Good morning. The market finished down last week despite a late short-covering rally on Friday afternoon. The SPY finished the week down 2.71 to finish at 131.69 (2%) after trading as low as 130.77 on Friday. The VIX soared 23% to close at 19.53 and the GLD (gold ETF) finished the week up 3.3% at 155.19. The market activity can be summarized as a series of fairly violent moves within the range of 130.50-135.50, with a lot of the significant trading taking place outside of normal market hours.
April 11, 2011
Good morning. The market was slow and virtually unchanged last week, with the SPY closing down a scant .28 at 132.86. The VIX was up slightly (.48) to close at a still relatively low 17.39. There was a little more movement in interest rates, with the 30-year bond rate up.15% to close at 4.63%.
April 4, 2011
Good morning. The market continued its advance last week, with the SPY up 1.5% on the week to close at 133.15. This is the highest closing since March 3 of this year, before the shocks of the Japanese reactor issues and the Libyan conflict. Even though neither of those has shown any improvement the market has moved on.