April 7, 2016 Market Wrap Up

The market continues to have a rough week thus far. Overall, the S&P 500 was down 1.2%, the Nasdaq -1.47%, and the Dow Jones Industrials -0.98%. Whether it’s profit taking ahead of earnings, or an overbought sentiment that caused the selling today, it’s still too early to say.

The VIX saw another spike today, closing up nearly 15%, at 16.16.

Despite weakness in the equity markets, crude oil was relatively stable. The United States Oil Fund (USO) was down less than one percent, however; it’s pared almost half those losses in the after hours session.

On the options front, we saw large call buying activity in Endo International (ENDP). In addition, we saw heavy put buying in Ross Stores, Inc. (ROST), which saw 14.7 times usual options volume.

Stocks in play included: Valeant Pharmaceuticals (VRX) +3.92%, Maximus, Inc. (MMS) -8%, Relypsa, Inc. (RLYP) +68%, and Tesla Motors (TSLA) -3.1%

There are no major domestic events scheduled for tomorrow.