May 24, 2010
Good morning. Wild and down market last week, despite the late day rally on Friday. For the week the SPY was down 4.78 (or 4.2%) to close at 109.11.The low on Friday of 105.36 was only slightly above the so-called flash crash low of 105, not a pretty site if you were in the camp that the “flash crash” was just an anomaly.
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.