September 8, 2016 Market Wrap Up

The S&P 500 closed the day lower as volume is starting to slowly creep up. With that said, volatility has been virtually non-existent. We’ve more than 2 months worth of trading where S&P 500 has not had a +/- 1% move. As mentioned the other day, volatility should pick up as we near some catalysts later in the month.

Stocks in play today included: Western Refining Logistics (WNRL) -8%, Twitter (TWTR) -6%, Transocean (RIG) +5.4%, and Clovis Oncology (CLVS) +15%

The VIX caught a bid, however; it’s still trading below 13, and closing at 12.51.

Crude oil futures prices caught a bid today after a larger than expected drawdown in weekly inventory numbers. Crude oil futures are up over 9% during the last four trading sessions.

On the options front, we saw large call buying activity in Dow Chemical (DOW), which traded 4.4 times normal option volume. In addition, we saw heavy put buying in Accenture (ACN), which was 4.3 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Earnings:
9 Sep 2016- EROS, KR

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