November 14, 2011
Good morning. A nice Veteran’s Day rally on Friday had the SPY closing up on the week after a serious down move on Wednesday following a spike in Italian debt rates to well over the supposed 7% danger level. The SPY closed up 1.18 (.9%) at 126.66, with the ranges being a low of 122.86 on Wednesday after a high of 128.02 on Tuesday. The VIX was up slightly (.11) to close at 30.15, but had a spike to 36.43 during Wednesday’s sharp sell-off. In general the market remained driven by news from Europe, but it does seem that, in the absence of bad news out of Europe, the direction appears positive.
March 22, 2010
Good morning. Last week the market was up fractionally, with the SPY up .51 to close at 115.97. That is still a spectacular move up from the gloomy days of last March, when on last March 19 the SPY closed at 78.94 (47% increase). It also is an interesting contrast to the VIX, which was down on the week to close at a low number of 16.96. That is down dramatically from the number last March 19 of 43.68 (61% drop).
March 1, 2010
Good morning. The market ended last week down ever so slightly, with the SPY down a whole .40 (or .4%) on the week. However, that weekly summary masks a series of almost violent ups and downs on both an inter and intra day basis. For example, we had a virtually flat Monday, then a surprisingly negative Consumer Confidence number on Tuesday sent us down almost 1.5%. Wednesday brought a snap back rally of almost the same magnitude, followed by bad jobs numbers on Thursday that had us down almost 2% before recovering to almost unchanged.
February 16, 2010
Good morning. It was a very interesting week for the market last week. The SPY advanced 1.38 (or .9%) on the week to close at 108.66, after actually trading lower on last Friday than the close of the week before. It was actually a fairly impressive rally off the lows last Friday, as the low opening was associated with negative market news from both Europe and Asia.
April 13, 2009
Good morning. A furious rally of 246 points last Thursday made for a holiday shortened positive week in the market, with the SPY finishing up $1.65 or 1.8% for the week. The continued upside move in the market caused the VIX to drop 3.18 points to 36.52, a value the market has not seen since September 26, 2008. The VIX made an initial drop this year, after a relatively sharp year-end rally, to 36.88 on January 2, but has spent most of the year over 40. This morning we are seeing a modest retracement so far of last Thursday’s rally, but nohuge sell-off.