March 9, 2017 Market Wrap Up

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The markets were mixed today, with the all indices gaining except for the Russell 2000 which sold off slightly. Making news today was the energy market and the ECB meeting, which turned out to be a non-event. However, it’s worth noting that volume was above average in all major indices today.

Strong earnings performers included: Signet Jewelers (SIG) and Orbital ATK (OA)

Weak earnings performers included: Stratasys (SSYS) and Ulta Beauty (ULTA)

The VIX closed higher today, at 12.30, a gain of 3.71%

ETF Performers: United States Oil Fund (USO) -1.31%, iShares 20+ Year Treasury Bond (TLT) -0.80%, SPDR Gold Shares (GLD) -0.59%.

On the options front, we saw large call buying activity in Arch Capital Group (ACGL), which traded 50 times normal option volume. In addition, we saw heavy put buying in AmTrust Financial (AFSI), which traded 7.8 times normal option volume.

The only scheduled event worth noting for tomorrow is the employment situation

Key Economic Data:
10 March 2017- Employment Situation 8:30 AM ET

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August 25 2016 Market Wrap Up

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The S&P 500 closed relatively flat, but still down on the day. A lot of attention has been in medical stocks, as politicians are criticising their business model and even accusing them of using aggressive and unethical pricing methods on drugs. However, attention should focus back to the Jackson Hole meeting, as Fed Chairperson Yellen is set to give a speech. In addition, GDP numbers will be released before the start of the US session.

Stocks in play today include: Dollar General (DG) -17.6%, Signet Jewelers (SIG) -12.6%, St. Jude Medical (STJ) -4.96%, and Mylan (MYL) -.70%

Over the last couple of trading sessions we’ve seen a slight bid in the VIX, closing higher for the second straight day at 13.63.

Crude oil futures bounced back a little from yesterday’s pullback, climbing more than 1% and closing above $47 per barrel.

On the options front, we saw large call buying activity in Salesforce COM (CRM), which traded 2.3 times normal option volume. In addition, we saw heavy put buying in St Jude Medical (STJ) 60 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Economic Data:
26 Aug 2016- GDP 8:30 AM ET, International Trade in Goods 8:30 AM ET

Key Earnings:
26 Aug 2016- BIG

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May 26, 2016 Market Wrap Up

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The S&P 500 was relatively flat today, as volume seems to have dried up as we near all-time highs.

Stocks in play today: Gogo (GOGO) +16.3%, Lions Gate Entertainment (LGF) +7.5%, Abercrombie & Fitch (ANF) -16%, and Signet Jewelers (SIG) -10.5%

It was no surprise to see the VIX sell off as hard as it did. Many traders will be away tomorrow, as Monday is a holiday. With that said, it makes sense to see volatility come in, given not much is expected over the next few days. The VIX closed below 13.50.

The United States Oil Fund (USO) was down less than 1% today. Now, crude oil futures did hit $50 per barrel for the first time in over 6 months, but were unable to hold that level into the close.

On the options front, we saw large call buying activity in Bristol Myers Squibb (BMY), which was 3.1 times normal volume. We also saw a ton of bearish bets being placed in Eagle Pharmaceuticals (EGRX).

Here’s what’s left for tomorrow:

Key Economic Data:
27 May 2016- GDP 8:30 AM ET