May 12, 2015 Market Wrap Up

The S&P 500 closed the day lower; however, it fought back after being down a decent amount in the pre-market. At one point, both the S&P 500 and the NASDAQ were below the 50-day moving average.

The VIX is back above the 13.50 level; however, despite the volatility, it was barely unchanged today, closing at 13.86.

The energy market continues to strengthen; the United States Oil ETF (USO) settled higher, at $20.74, good for nearly a 2% gain.

On the options front, we saw bullish call buying in Danaher Corp (DHR), RealNetworks Inc (RNWK) and Castlight Health Inc (CSLT). Bearish option bets were made in Southern Co (SO).

Two names that caught headlines were AOL Inc (AOL) and Vertex Pharmaceuticals Inc (VRTX). Earlier this morning, Verizon made a $4.4 billion bid for AOL, the stocked closed 19% higher. At the close, an FDA panel backed Vertex’s Cystic-Fibrosis drug, Orkambi, which was good for a 7% move higher.

Here’s what’s on tap for the rest of the week:

Key Economic Data:
13 MAY 2015- Retail Sales 8:30 AM ET
14 MAY 2015- Jobless Claims 8:30 AM ET, PPI-FD 8:30 AM ET
15 MAY 2015- Industrial Production 9:15 AM ET

Key Earnings:
13 MAY 2015- M, RL, ZBRA, CSCO
14 MAY 2015- KSS, AMAT, JACK, JWN, KING
15 MAY 2015- PBR