Market Notes
Apparently just the thought of a Republican victory cheered Wall Street as the major averages finally blew off their recent doldrums and staged a very nice rally. Although today’s move was convincing, we’re not out of the woods yet as the indices still can’t move past their recent highs (we’re close, though). Also, that darned VIX is being stubborn, refusing to dip its toe below the 20 line. What’s it gonna take?
Maybe encouraging words from the Fed tomorrow will be the nudge needed to break the market barriers. Let’s hope Bernanke doesn’t hint at deflation or we can kiss the rally goodnight.
Correction: Dr. Kris may need a new glasses prescription as she said in yesterday’s blog that the Fed’s decision was today. It’s tomorrow, at 2:15pm ET.
Today’s portfolio close-out
The 10/18 portfolio was closed out for a tiny gain. If commission costs were included, we definitely be in the hole on this one. I’m glad I sold Netsol (NTWK) when it tanked on 10/21. Although it did recover a bit, it went on to post a 25% loss for the period had I held it. Tomorrow, the 10/19 portfolio will be closed out.
[See 4/21/10 blog for further details on how these portfolios were constructed.]