April 20, 2009
Good morning. Yet another positive week for the market, making it five advancing weeks in a row! Is there anyone out there (except the talking heads on TV who seem able to revise their predictions on the fly) who would have thought that on those dark days of early March?
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.
March 24, 2009
Good morning. Last week the market had some volatile moves on a daily, or hourly, basis, but closed the week with a gain of only .8%, with the SPY moving from $76.09 the week before to close at $76.70. Be mindful, however, that the $.72 dividend in the SPY did come out as it went ex on Friday, meaning that it was actually up another $.72. The big news, however, came on Wednesday, when the Federal Reserve announced a long rumored plan to buy some long-term treasury securities.