January 26, 2016 Market Wrap Up

So far this week, we’ve seen less fireworks than the first three weeks of the year. However, that’s probably in anticipation of all the data that will be flooding the market. For example, we’ve got an FOMC announcement coming up, along with a ton of earnings and economic data to review.

With that said, the S&P 500 saw a gain of 1.4% today. Not only that, but the trading range was relatively tight, with not a lot of up and down action.

It was no surprise to see the VIX sell off, falling nearly 7% and closing at 22.50.

Crude oil futures prices caught a bounce after yesterday’s +5% sell-off. However, it’s currently trading lower in the after hours after the API reported a build in crude oil stocks. It will be important to see what the DOE reports tomorrow.

On the options front, we saw large call buying activity in Fortuna Silver Mines Inc (FSM). In addition, we saw heavy put buying in Grand Canyon Education (LOPE).

In the after hours we got earnings results out of Apple (AAPL). The stock is trading 2% lower at the time of this wrap up. Some attribute the drop to a slowdown in iPhone sales.

Please pay attention to the schedule as there is a lot of stuff going on this week.

Key Economic Data:
27 January 2016- New Home Sales 10:00 AM ET, FOMC Meeting Announcement 2:00 PM ET
28 January 2016- Durable Goods Orders 8:30 AM ET, Jobless Claims 8:30 AM ET
29 January 2016- GDP 8:30 AM ET, International Trade in Goods 8:30n AM ET

Key Earnings:
27 January 2016- BA, CLF, EMC, NVS, STJ, STM, TUP, CAVM, CRUS, CTXS, FB, INVN, HOLX, JNPR, LRCX, MLNX, MCK, QCOM, PYPL, SNDK, TER, TSCO, TXN, URI, VRTX
28 January 2016- ABT, BMY, DGX, F, CAT, CELG, CY, DB, HOG, JBLU, LLY, NDAQ, UA, V, VLO, POT, NUE, HSY, AMZN, EA, FLEX, SYNA, SWKS, MSFT, NOC
29 January 2016- AAL, ABBV, PCAR, APD, CL, CVX, HON, MA, PCAR, PSX, XRX