August 11, 2015 Market Wrap Up

The S&P 500 was down more than 1% today. Mainly a reaction to last night’s announcement out of China. They decided to devalue their currency, which put a ton of pressure on companies that export to China. For example, shares of Apple were down nearly 5%.

We saw weakness in Gopro -9%, Apple -5%, Sunedision -13%, to name a few.

With that said, it was no surprise to see the VIX jump over 12%, closing the day at 13.71. Now, a 13.71 VIX reading is not exactly screaming panic, with that said; we would need to see further selling pressure in order to see it move higher.

On the options front, we saw bullish call buying in Fiat Chrysler Automobiles (FCAU). We also saw bearish option activity in Ally Financial (ALLY).

The energy complex was extremely weak, the United States Oil Fund (USO), was down more than 3%. For the most part, we’ve generally seen airlines perform well on this weakness.

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

Key Economic Data:
13 August 2015- Jobless Claims 8:30 AM ET, Retail Sales 8:30 AM ET
14 August 2015- PPI 8:30 AM ET, Industrial Production 9:15 AM ET

Key Earnings:
12 August 2015- BABA, M, W, CSCO, NTES, NWSA
13 August 2015- COTY, FLO, KSS, AMAT, JWN KING, PRTY

Key Conferences:
10 August 2015 (runs till the 13th)- Jefferies Industrial Conference
11 August 2015 (runs till the 12th)- Oppenheimer 18th Annual Tech, Internet and Communications Conference
11 August 2015 (runs till the 12th)- Cowen Communications Infrastructure Summit
11 August 2015 (runs till the 12th)- Credit Suisse Transportation Conferencence
11 August 2015 (runs till the 12th)- JPMorgan Auto Conference