August 16, 2010
Good morning. It was a sharply down week for the market last week, with the SPY closing at 108.31, down 5.08 for the week (3.6%). The VIX, as expected with the market down, ran up 20.7%, closing up 5.5 at 26.23. The close Friday on the September S&P Futures contract of 1076.10 is fairly close to the midpoint of the post-holiday low of 1003 (in the pre-market session on July 6) and the high on August 5 of 1127.
January 19, 2009
Good morning. Another week and still no rally of any sort, not even a feeble Bear market rally. Given the action in Europe today (Dr. Martin Luther King’s birthday) I do not hold out a lot of positive hope for tomorrow’s market as well, even though it is Inauguration Day. It seems Royal Bank of Scotland, and others, still have issues.