September 7, 2016 Market Wrap Up

The S&P 500 closed relatively unchanged on above average volume. All eyes will be on the ECB tomorrow as domestically there isn’t much on the schedule this week. With that said, there is a ton of stuff scheduled for later this month. This includes an OPEC meeting, FOMC meeting, and the first presidential debate between Hillary and Donald.

Stocks in play today included: GW Pharmaceuticals (GWPH) +21.7%, J.C. Penney (JCP) +5.9%, Chipotle Mexican Grill (CMG) +5.9%, and Sprouts Farmers Markets (SFM) -13.7%

The VIX didn’t move much, closing below 12, at 11.94.

Crude oil futures prices caught a bid today, and is now on a three-day winning streak. Over that period, crude futures have been up nearly 6%.

On the options front, we saw large call buying activity in Sally Beauty Holdings (SBH), which traded 10.4 times normal option volume. In addition, we saw heavy put buying in Sonic Corporation (SONC), which was 5 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Economic Data:
8 Sep 2016- Jobless Claims 8:30 AM ET, EIA Petroleum Status Report 11:00 AM ET

Key Earnings:
8 Sep 2016- BKS, CONN, NAV, FNSR, VMEM, VNCE
9 Sep 2016- EROS, KR

Key Conferences:
Barclay’s CEO Energy-Power Conference (runs till 9/8); Barclay’s Global Consumer Staples Conference (runs till 9/8); Citigroup 2016 Global Technology Conference (runs till 9/8);
Apple Event Conference; Baird Global Healthcare Conference (runs til 9/8); Cowen Global Transportation Conference (runs till 9/8); Goldman Sachs Retail Conference (runs til 9/8); KBW Insurance Conference (runs till 9/8); RBC Capital Global Industrials Conference (runs till 9/8); Wells Fargo Healthcare Conference (runs till 9/8)

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