February 28, 2011
Good morning. Rising tensions in the Middle East caused the market to have its first down week in a while last week, with the SPY closing (despite a strong rally on Friday) at 132.33, down 2.24 (1.7%). The VIX spiked higher to finish at 19.21, up 3.32 (17%) from a very low close before the three-day weekend of 16.43.
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.
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.
February 23, 2009
Good afternoon. There was continued market fallout in the last week’s holiday shortened week, with the SPY down an additional $5.44, or 6.6%. That brings the decline this year to 14.2%, and it is only the middle of February! The XLF, the financial sector of the S&P 500, was down 16% on the week to a total decline of 40.6% so far this year.
November 28, 2008
Good morning! Where do I start? Since the last time I have written Jon and I have been removed from the radio show on WSCR, the market has declined to levels that would indicate that the upcoming recession will be longer and deeper than anyone imagined, we have a new government forming by the day, investors are nervous, and a lot of people have lost enough money to cause serious life-style revisions going forward. Nothing seems remotely positive on that list, other than everyone is “hoping” the new administration has more imagination and more feel for regular people than the last. They sure will need it.