July 26, 2010
Good morning. It was a very strong week for the market last week, despite a sell-off on Wednesday attributed to Federal Reserve Chairman Ben Bernanke’s testimony before Congress. In that testimony before the Senate Banking Committee the Fed Chairman referred to the economic outlook as “unusually uncertain,” and the market responded with a two percent sell-off into the close on Wednesday. The market recovered that amount and more on a big rally Thursday that continued into Friday. For one week, at least, the market focused on generally good earnings, increased revenues, and good guidance going forward, rather than the tepid Economic numbers.
April 27, 2009
Good morning. Two solid days for the market last Thursday and Friday almost brought the SPY into the positive for the week, but the rally fell short at 86.66, leaving the SPY down .74, or less than 1%, on the week. There was a fairly significant increase in the VIX, up from 33.93 to 36.81, possibly due to a combination of concerns involving financial stress tests and a possible worldwide flu outbreak.
March 30, 2009
Good morning. Another solid week for the market last week, as the market, in the last four days, was able to sustain the levels reached on last Monday’s strong rally. Despite a down Friday, the S&P closed at $81.61, up 4.90 or 6.4% on the week.