Saturday, April 4, 2026 
Market Rap 24 September 2009
The S&P cars roared out of the gate and climbed a few points on euphoria from the better than expected employment claims headline: 530,000 versus 550,000 expected. 30 minutes after the open, existing home sales hit the wire and were light of expectations: 5.1 million Vs. 5.35 million expected or -2.7% month over month. After selling off, the market traded in a range for the remainder of the session, closing lower by 10.09 or just under 1%. S&P 500 - September 24, 2009 US Dollar - 15 Minute VIX - Daily
Oil and gold mirrored weakness in equities as the dollar was well bid. Inversely, the Euro was weak.
Volatility is beginning to pick up and closed higher by 6.22% at 24.95.
Credit spreads were wider across the board. US bonds were well bid. The 7 year $29 billion auction drew 3.005%, bid to cover ratio: 2.79 Vs. 2.63 prior. Indirect bidders took 61.2%. Even Rick Santelli — who grades on the curve — gave the auction an A.
After hours, Research In Motion (RIMM) traded lower on lighter than expected top line revenues and weak year over year margins: 44.1% Vs. 50.7% a year ago.
I have been cautious and positioned for risk aversion — strong dollar, weak equities and commodities. The market is pulling back and distribution is increasing. I will continue to watch how players react to the distribution. Whether this pullback will develop into something more meaningful is yet to be seen. For the short term, the path of least resistance is lower.
And the beat goes on.
