March 3, 2009
Good morning. The weekly report on “last” week is starting to sound very familiar, with no good news for the market to be found. “Last” week the S&P was down another 4.5%, down from $77.42 to $73.93, bringing the yearly drop to an astounding 18%. Reasons abound, a good example being the government revision of fourth quarter GDP numbers from a minus 3.2% annual growth to minus 6%, way more than most had envisioned.
January 26, 2009
Good morning. Another week, another drop in the market. This time the SPY’s were down only from $85.06 to $83.11, or 2.2%. This actually represented a decent recovery from the huge sell-off of 5.3% on Inaugural Tuesday. It does seem, from watching the market, that there still are liquidations going on and any sort of rally is met with renewed selling pressure.
January 19, 2009
Good morning. Another week and still no rally of any sort, not even a feeble Bear market rally. Given the action in Europe today (Dr. Martin Luther King’s birthday) I do not hold out a lot of positive hope for tomorrow’s market as well, even though it is Inauguration Day. It seems Royal Bank of Scotland, and others, still have issues.
January 5, 2009
Good morning, and Happy New Year. We are fresh off a solid three-day rally, with the SPY moving sharply up from an $86.91 on 12/29 to $92.99 on 1/2/09. The VIX has continued to slide down as well, from 43.9 on 12/29 to 39.18 on 1/2/09. Is it the start of something positive, a relief rally that the horrible investment year of 2008 is over, a celebration of the new President, or just another bear market rally?