November 1, 2010
Good morning. A very quiet finish to the market last week as the nation prepares to go to the polls this coming Tuesday. Someday someone will explain to me (officially) why elections are not held on a Sunday like in Europe, but I guess the unofficial reason that those in power really do not want big turnouts will suffice. This election, at least in Illinois, has been particularly nasty, with a lot of outside money entering the state (a lot due to the absurd Supreme Court ruling last year) that is virtually untraceable as to its real source.
September 27, 2010
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Good morning. It was another positive week for the market last week, or actually was a very strong Friday after a lackluster first four days. The SPY closed up 2.33 (2.1%) on the week to finish at 114.82, all but one cent of that advance coming on Friday. The economic numbers had been generally positive for the week, and when the Durable Goods number on Friday came in less than forecast in total, but better with the Transportation orders out, the market ran to the upside.
November 16, 2009
Good Morning. Another strong week for the major averages, with the SPY closing at 109.62. That is up 2.3% from last Friday’s close of 107.13, and now up a full 63% from the low of last March. The VIX was down 3% on the week, from 24.19 to 23.36. A lot of the rally seems driven, and is for sure being credited for the advance, by the continuing weakness of the dollar. It goes something like this.
October 5, 2009
Good morning. Last week the market had its second down week in a row, with the SPY down 1.96 to close at 102.49. That represents a decline of 1.9%, and is 5.2% off the high of 108.06 reached of 9/17. Is it a healthy pause or is the rally over? To be determined, but clearly the “buy every dip” mentality evident in the long run-up has cooled some. Economic numbers in the last couple of weeks have shown uneven progress in the recovery, and those most recent actually seem to indicate that the recovery is stalling in the face of huge governmental stimulus.
August 17, 2009
Good morning. First down week in a while for the market, but only a little, with Friday’s late rally almost pulling the SPY even for the week. The SPY closed at 100.79, down from 101.20, or .4%. The VIX was actually down for the week, closing at 24.27, down from last week’s close of 24.76. The little damage that was done to the market was generally attributed to the surprise Consumer Confidence reading of 63.2 versus forecast of 69.