Sunday, October 19, 2008

ING in the News Over the Weekend

Top Line: We are operating under the assumption that the Dow bottomed on Friday the 10th of October down around 7900. The market should get a lift this week as we come out of options expiration last week and get ready for the Fed meeting next week along with the end of the month and the election in early November.

Last Friday's expiration (options) didn't deliver on the rally we were looking for but we did have some volatility. The Dow opened down about 200 points but spent the next four hours rallying and during that time went up over 500 points before dropping about 400 points going into the close. It almost seems tame compared to what we've witnessed over the past few weeks.

The two indicators we have been watching, the VXO and the Treasury bonds (TLT), suggest that stocks should go up. The VXO was up by the end of the day but stayed below the highs of Thursday and well below the high of 103.41 established back on October 10th. The Treasury bonds were down.

We did take the opportunity to purchase some more GDX on Friday morning and got fairly good prices for it.

The big news over the weekend involved ING and since we are employed there we cannot discuss it. For further info please see the main stream media. And, check the stock chart if you like over at bigcharts.

We are going to keep this post brief this evening due to the news on ING and our focus on our day job. We should have something different to mention after Monday's session.

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