Blog Archives
Year End Wrap-Up
December 31, 2009
Happy New Year! This last year was certainly a tester, as really was the whole last decade. We will finish the year in the SPY up almost 25% at around 113 or so, after a furious sell off in the first quarter took the SPY down to a low of 67.10 on March 6. The VIX looks like it will close under 20, after starting the year around 40, so as the market has steadily climbed since March the perceived fear in the market place has dropped by half.
Wall Street Reform and Consumer Protection Act
December 14, 2009
Good morning. It was a very inside week in the market last week, with the SPY up a whole .10, closing at 111.11. That represents a very dramatic move up of 66% from the March lows, and puts the market back to where it was on 10/2/08. It does seem like the advance has slowed, at least temporarily, as the SPY traded over 110 two months ago and has basically flat lined since then. The market is still down almost 29% from its all time high of 156.33 in October of 2007.
Bottom of the Economic Tub
December 7, 2009
Good morning. It was a strong week for the market last week after that sneaky sell-off the day after Thanksgiving due to the impending default of Dubai World. Dubai World, $60 B, Dubai stock market down 6% this morning, chump change, who cares?
We have met the enemy and he is us.
November 30, 2009
Good morning, and hopefully everyone had a happy and restful Thanksgiving holiday. The market was mostly positive last week until Friday, the normally sleepy half day after Thanksgiving, when the market reacted to worldwide sell-offs on Thursday due to the impending suspension of interest payments from Dubai World. The SPY was down on Friday from 111.38 to 109.38, or 1.6%, essentially erasing the entire gain of the previous four days, but not nearly as much as the 2-5% drops in other markets around the world.
OK, Here’s the Situation…
November 16, 2009
Good Morning. Another strong week for the major averages, with the SPY closing at 109.62. That is up 2.3% from last Friday’s close of 107.13, and now up a full 63% from the low of last March. The VIX was down 3% on the week, from 24.19 to 23.36. A lot of the rally seems driven, and is for sure being credited for the advance, by the continuing weakness of the dollar. It goes something like this.