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Riptide - Rob Rowe; Live in Concord, MA
Songwriter, Poet, and Novelist Robert Rowe performs his song "Riptide" in Concord, MA. March 09. The song tells a story of growing up ...
Honda Dealer Massachusetts
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Mental Midgets and More
Good morning. Another quiet week in terms of volatility last week, but again the market did finish with a gain. The SPY was up fractionally again, gaining .61 to close at 116.58. At times, both Thursday and Friday, it looked like there was a chance of a real upside breakout, but late sell-offs dampened the mood. On Thursday, for instance, the SPY traded all the way up to 118.17 before closing near the day’s lows at 116.65. Normally that would be the sign of a tired market, but any attempt at a sell-off seems to be met by buyers below the market (at least so far). The VIX was actually up on the week, although fractionally, closing up .82 to 17.77. If anything, the upward skew in the implied volatility going forward worsened, and it remains significantly more expensive, in terms of implied volatility, to buy far out protective puts than it does to buy anything near term. For example, in AT&T (trading $26.24), the January 25 puts of 2012 are trading for a 23 implied volatility vs. the near term April 26 options at a 15 implied volatility. I am not sure what sort of relative carnage or volatility spike the market is collectively expecting going forward, but it is sure priced in.
It is pretty hard to not get caught up in the increasingly bitter rhetoric regarding the recent Health Care Bill. Scenes from the tea party in Nevada, and speeches by serious statesmen like Mitt Romney are abounding on the TV, as well as some Democrats who are just as hard to listen to. Actually, there is one part of me that seriously applauds the energy that some in America are finally bringing to an issue. For a long while it has seemed that Americans were immune or deaf to the incredible fraud and bungling in the various governmental units in the last 15 years. I do have to ask, however, why this issue? Why, after a war fought for fake reasons, overwhelming government bungling and fraud in Homeland Security and Katrina, serious larceny in virtually every governmental program, is Health Care the issue? Or is it just the issue around at the time when people are finally tired of what is happening? It is hard to tell for sure. I do know it is the issue Sarah Palin, along with other right wing lunatics, are jumping on, but can’t we be smarter than they are? Are we really ready to look at the world through the eyes of demagogues? Some of their followers are obviously not real bright, as evidenced by the mental midget at one of the rallies last week carrying the sign saying government should stay out of “his” Medicare. What school wants to claim him as a graduate?
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