June 7, 2016 Market Wrap Up

June 7, 2016 tvcuser Education, Trading Data, Earnings, Economic, Events, FFIV, JD, MRO, RHT, RL, S&P 500, VIX, VRX

The S&P 500 closed the day on the plus side, as we inch ever closer to all-time highs. We’re now just less than 1% from matching the all-time highs. With that said, SPDR S&P 500 experienced below average volume…not exactly, a strong sign of momentum as we grind higher.

Stocks in play today: Valeant Pharmaceuticals (VRX) -14.5%, Ralph Lauren (RL) -3%, F5 Networks (FFIV) +12.8%, and Marathon Oil (MRO) +4.5%.

Despite the grind up, the VIX actually traded higher, closing above 14, at 14.05.

Crude oil futures are now trading above $50 per barrel and sitting on 6-month highs. With that said, they are now more than 90% higher from the 6-month lows.

On the options front, we saw large call buying activity in Red Hat (RHT), which traded 7 times normal volume. We also saw a ton of bearish bets being placed in JD.com (JD), which traded 3.4 times usual volume.

Here’s what’s left for the rest of the week:

Key Economic Data:
8 June 2016- EIA Petroleum Status 10:30 AM ET
9 June 2016- Jobless Claims 8:30 AM ET

Key Earnings:
7 June 2016- MIK, VNCE, VRX, PAY, PLAY, VRNT
8 June 2016- TLRD, RH
9 June 2016- SJM, MFRM, HRB

Key Events:
7 June 2016- Stifel Tech, Internet, and Media Conference (runs till 6/8); Bank America Global Telecom & Media Conference (runs till 6/9); Goldman Healthcare Conference (runs till 6/9); Jefferies Healthcare Conference (runs till 6/10)
8 June 2016- Credit Suisse Global Energy Conference (runs till 6/9); Deutsche Bank 7th Annual Global Industrials & Basic Materials Conference (runs till 6/9)