May 2, 2011
Good morning. It was another solid steady move to the upside last week, with the SPY rising 2.65 (2%) to close at 136.43. This move, again, comes under the general umbrella of lower dollar and higher commodity prices in line with the expansionary monetary policy being maintained by the Federal Reserve. Today we have the added bullish sentiment accompanying the raid on Osama Bin Laden’s compound in Pakistan, during which he and several companions were killed by U.S. Special Forces.
November 8, 2010
Good morning. Huge gains for the market last week, with the SPY’s up 3.6% to close at 122.72. This was primarily due to the announcement by the Fed on Wednesday that they were going to peg the so-called quantitative easing (QE II) at around $70B per month to a total of $600B. I think this number is in excess of the “street” number of $500B and I suspect the $70B per month is a little more aggressive than most thought before the announcement.