August 27, 2015 Market Wrap Up

The S&P 500 showed some nice bounce today after yesterday’s big spike higher. The market jumped after solid GDP numbers; and it’s now up more than 6%, about 150 points away from the yearly highs.

Of course, all eyes will be on China to see how their markets open.

The VIX closed at 26.10, down 13.9%. That’s well off our recent high of 42 and change.

The energy sector saw a huge bounce today. The United States Oil Fund (USO) was up nearly 10%. Is this a dead cat bounce or is the near term bottom in? Only time will tell.

On the options front, we saw bullish call buying in Whiting Petroleum (WLL). We also saw bearish option activity in Wells Fargo Bank (WFC).

In after hours action, activist investor, Carl Icahn disclosed a stake in Freeport-McMoRan Inc (FCX). The stock is up over 50% in extended hours trading.

Here’s what else is going on:

Key Economic Data:
28 August 2015- Personal Income 8:30 AM ET

Key Earnings:
28 August 2015- BIG