July 18, 2011
Good morning. The market finished down last week despite a late short-covering rally on Friday afternoon. The SPY finished the week down 2.71 to finish at 131.69 (2%) after trading as low as 130.77 on Friday. The VIX soared 23% to close at 19.53 and the GLD (gold ETF) finished the week up 3.3% at 155.19. The market activity can be summarized as a series of fairly violent moves within the range of 130.50-135.50, with a lot of the significant trading taking place outside of normal market hours.
August 30, 2010
Good morning. We had a very solid rally on Friday of over 1.5% in the SPY that was almost able to turn what had been a very negative week to the positive. As it was, the SPY finished “only” down .6% on the week and finished at 106.86. Friday’s close puts the SPY down 4.2% from the closing price of last year of 111.44. The VIX was actually down 4% on the week, closing at 24.45. What are the “reasons” for Friday’s rally?
January 11, 2010
Good morning. It was a strong first week for the market in 2010, with the SPY closing up 3.13 on the week to 114.57 (2.8%). More importantly (maybe) is the amazing drop in the VIX, from 21.68 to 19.12, an astounding 16%. Could an expiration back spread be in our future? I am surely tempted, and may jump on one as soon as today.