August 3, 2015 Market Wrap Up

The S&P 500 closed negatively today, causing the index to drop below its 50 and 100 day moving averages. As mentioned yesterday, traders have been focused on China’s market and economic data.

With that said, we saw weaker manufacturing data from them, which caused commodity prices to tumble.

Crude oil futures are now at 3 month lows after dropping nearly 3%. In addition, gold futures are near 12-month lows.

Despite the negative tone, the VIX was only up around 4%, closing at 12.56. Interestingly, Apple saw a pretty sharp sell off, down over 2% and trading below its 200-day moving average for the first time since 2013.

On the options front, we saw bullish call buying in Sarepta Therapeutics (SRPT). We also saw bearish option activity in Urban Outfitters (URBN).

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

Key Economic Data:
5 August 2015- International Trade 8:30 AM ET
6 August 2015- Jobless Claims 8:30 AM ET
7 August 2015- Employment Situation 8:30 AM ET

Key Earnings:
4 August 2015- ADM, AET, BZH, CHTR, COH, CVS, K, KBR, MGM, MNK, MOS, ODP, REGN, ZTS, ATVI, AWAY, CERN, DIS, DWA, ELNK, G, TX, Y, ZEN
5 August 2015- GDP, HCA, ICE, LL, PCLN, RL, TWX, WEN, CBS, GDDY, GMCR, HLF, PRU, ZU, TSLA
6 August 2015- AGN, DDD, EAT, GOGO, KORS, RGEN, RIO, SEAS, TAP, VIAB, ANET, GRPN, MRO, ZNGA
7 August 2015- CVC