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.