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Crisis of Competence

September 20, 2010


Good morning. Firstly, I extend an invitation to all of you: If you are interested in learning more about my managed money program, the Protected Index Program (PIP), PTI Securities & Futures is hosting a no obligation, no-pressure, complimentary In-Office Protected Index Program Seminar on Saturday, October 2nd, 2010, in a classroom overlooking the CBOE at PTI’s Chicago Loop Office from 9:00am to noon.  A continental breakfast, coffee bar and classroom materials will be provided. Topics covered include: review of option basics, investment program objectives, diversification solutions, SPY basics, index portfolio examples, option time decay and PIP portfolio example, strategy expectations and objectives and longer-term fixed income products. Space is limited and all attendees must register at www.PTISecurities.com/Education.htm – Come out, have a cup of coffee with me, and meet some of PTI Securities’ experts.

It was another positive week for the overall market last week, as the SPY finished up 1.01 points to finish at 112.49 (1.1%). This level, roughly 112.50 to 113, was reached both in late June and early August, only to fall back. Will the third time be the charm for the bulls? The VIX was essentially flat on the week, hovering right around 22, and interest rates inched up a very small amount (TYX up .04%).

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Taking Off The Rose Tinted Glasses

August 30, 2010


Good morning. We had a very solid rally on Friday of over 1.5% in the SPY that was almost able to turn what had been a very negative week to the positive. As it was, the SPY finished “only” down .6% on the week and finished at 106.86. Friday’s close puts the SPY down 4.2% from the closing price of last year of 111.44. The VIX was actually down 4% on the week, closing at 24.45. What are the “reasons” for Friday’s rally?

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Assumptions Going Forward

June 22, 2009


Good morning. First real down week for the market in a while, with the SPY down from 95.08 to 92.04, or 3.2% on the week. A lot of the down move was caused by a correction in the price of commodities, most notably oil. Oil was down over 3% on Friday, and the oil part of the SPY (XLE) was down 8% on the week, from 53.51 to 49.21.

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Where Is Our Adult Supervision?

June 15, 2009


Good morning. Last week the market continued to advance, but at a very reduced rate. The SPY finished the week at 95.08, up from 94.55 or .05%, and is now up 5.3% from the 2008 close of 90.29. Rising commodity prices, especially oil, and a series of economic numbers that are showing generally a decreasing rate of deterioration seem to be fueling the rally.

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