On this the last day of February I still cannot report that I'm back online yet since, even though I took receipt of my new laptop a couple weeks ago, it was my misfortune that when I began the process of reinstalling all my software, I was unable to find the packets that had the original install CDs in them. My best guess is that I accidentally threw them out when I moved to my new condo 2-1/2 years ago. Instead of spending hundreds of dollars to purchase all new programs and all new licenses, I've been exploring other options.
I finally got it all figured out about a week ago and have been rebuilding my laptop ever since. And it is close, very close. I'm hoping to be fully operational again in the next few days. Meanwhile, it's occurred to me that, given the nature of the blog and the nature of the markets, I've had to keep my hand in regardless, reading the daily reports and writing up my own quick summary so I don't fall behind.
Given the extraordinarily dramatic events of the past week, I thought I should begin my posts again now rather than wait another few days. But instead of doing them daily, I thought I'd try an experiment and redo the format of the blog by posting only once per week. I will post only the index numbers and my own brief summary without the accompanying backup source.
So I'd like to know what everyone thinks of this new format, receiving all five daily summaries all at once at the end of the week, or going back to the traditional format I've been doing for years and sending everyone a summary every day of just that day. I will do this new weekly format today and again at the end of this week. If the feedback I get is that you prefer this weekly option, I'll keep it that way. If you'd rather that I return to the daily reports, I'll be happy to do that. It's not really that much more trouble to publish the daily, but it is some so I'll be fine with keeping this new format if everyone likes it better.
So here goes: For the week ending Fri 2/25/22
Tue February 22,
2022 6:31 PM
Note: Mon 2-21-22
markets were closed for Presidents Day
S&P
500 confirms correction; Ukraine-Russia crisis keeps investors on edge
Dow
dropped over 700 points by 2 pm until Biden made his announcement regarding
sanctions, then the market rallied over 400 points by 3 pm before falling again
almost 200 points to close in the final hour 482 down. The S&P closed down more than 10% below
its January 3rd high and thus confirmed a correction. Today Britain
joined the U.S. in announcing its own sanctions against Russia and Germany
froze the gas pipeline project into Russia.
Consenus remains that Russia is still planning a major assulut on
Ukraine.
DJ: 34,079.18 -232.85 NAS: 13,548.07
-168.65 S&P: 4,348.87
-31.39 2/18
DJ: 33,596.61 -482.57 NAS: 13,381.52 -166.55 S&P: 4,304.76
-44.11 2/22
Wed February 23,
2022 4:50 PM
Wall
Street extends selloff on Ukraine worries
It was
another rout today with the Dow and Nasdaq sharply down with Ukraine declaring
a state of emergency and the State Department saying an invasion remains
imminent. Putin showing no signs of backing away has increased nervousness
exacerbating an already tense market that has been in a downward direction for
some time. Today the Dow came very close to correction while the S&P went
into correction yesterday. The Nasdaq is way past at now a 16% loss since
January. Volume was very close to average at just a hair below 12 billion
shares.
DJ: 33,596.61 -482.57 NAS: 13,381.52
-166.55 S&P: 4,304.76
-44.11 2/22
DJ: 33,131.76 -464.85 NAS: 13,037.49 -344.03 S&P: 4,225.50
-79.26 2/23
Thu February 24,
2022 4:52 PM
Wall
St rallies as West hits Russia with new sanctions
The Dow was
down over 800 points on invasion fears until Biden’s speech announcing harsh
new sanctions and so, starting around 2 pm, there was an enormous rally erasing
all the losses for the day and sending all three indexes into positive
territory, especially the Nasdaq which went from more than 400 points down to
more that 400 points up, a rally of nearly 900 points in two hours. As today’s
expert put it, “The tough stand is sending a loud message to the financial
markets that they’re going to try to cripple as much as they can the Russian
economy.” This loud message even sent
the VIX lower on a day that it should have skyrocketed with Russia making
actual attacks today. Volume was huge at
17.5 billion.
DJ: 33,131.76 -464.85 NAS: 13,037.49
-344.03 S&P: 4,225.50
-79.26 2/23
DJ: 33,223.83 +92.07 NAS: 13,473.58 +436.10 S&P: 4,288.70
+63.20 2/24
Fri February 25, 2022 5:38 PM
Dow
posts biggest gain since Nov 2020 as Wall St rebounds second day
Wow! An
invasion gets underway and Wall Street suddenly becomes exuberant with the Dow
up a whopping 834 points, its biggest daily percentage gain in 16 months, and
the Nasdaq and S&P also performing astounding well as Russian missiles
pound Kyiv. This may just be a second day of investors reacting to strict
sanctions which they hope will bring a quick end to the conflict or may be the
simple realization that the big sell off was really overdone. Rather than a
correction and as put by today’s expert, “It feels a lot more like we’ve really
exhausted sentiment in this correction.” The consenus: “the sanctions are going
to have some bite” and there is relief that Washington seems set on avoiding
war with Russia. For the second day, the VIX has also come down, today to a
reasonable 27.6. Volume was close to the
4-week average at just under 12.5 billion.
DJ: 33,223.83 +92.07 NAS: 13,473.58
+436.10 S&P: 4,288.70
+63.20 2/24
DJ: 34,058.75 +834.92 NAS: 13,694.62 +221.04 S&P: 4,384.65
+95.95 2/25
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