September 28, 2016 Market Wrap Up

The S&P 500 is off to a strong week, up more than 1.1% so far. For a moment today, things started to look a little shaky, however; positive news out of the OPEC meeting caused oil prices to rise and the market followed with it. It appears that OPEC has come to an agreement to cut down on production.

Stocks in play today included: Amazon (AMZN) +1.6%, Tempur Sealy International (TPX) -22.4%, and National Beverage Corp (FIZZ) -7.3%

The VIX sold off more than 5%, closing at 12.39.

As mentioned earlier, oil prices surged today, more than 5% on hopes that an agreement has been reached amongst OPEC members to cut production down. Keep in mind, OPEC will be meeting in November, some market participants are not fully believing that OPEC will be able to follow through on this agreement and are questioning where the production will come from.

On the options front, we saw large call buying activity in Western Gas Partners (WES), which traded 54.6 times normal option volume. In addition, we saw heavy put buying in Dave and Busters Entertainment Inc (PLAY), which saw 4.3 times normal options volume.

Here’s what’s on tap for tomorrow and the rest of the week:

Key Economic Data:
29 Sep 2016- GDP 8:30 AM ET; International Trade in Goods 8:30 AM ET; Jobless Claims 8:30 AM ET
30 Sep 2016- Personal Income and Outlays 8:30 AM ET

Key Earnings:
29 Sep 2016- CAG, PEP, CAMP, COST

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