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Competing Against Fear

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.

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Social and Economic Health

August 31, 2009


Good morning. Sort of an inside week for the market last week, what we in the business would call a premium sellers dream. The SPY was up a whole .41 on the week, moving from 102.97 to 103.38 (.4%). The VIX was down a little, from 25.01 to 24.76, not much of a drop considering how little movement there was. For those looking to buy long term put protection, as we do in the PIP Program, the cost for at the money put protection for December of 2011 is in the 15.5-17% of the underlying range for 28 months.

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