Market Recap

Today we saw incredible volatility in the markets. The S&P 500 opened up at 1986.71, hit a high of 2016.89 and then saw a vicious sell off into the close, where we finished near the lows at 1972.74.
This sets up for a very important day tomorrow.

On tap

• CPI numbers at 8:30 AM ET
• Department of Energy Oil Numbers at 10:30 AM ET
• FOMC Meeting Announcement 2:00 PM ET
• FOMC Forecasts 2:00 PM ET
• Chair Press Conference 2:30 PM ET

Notable trading today

VIX 23.57 +3.15 (15.43%)
LINE 12.54 +2.71 (27.57%)

Traders will be focused on the FOMC, Oil and Russia. Earlier today, Apple announced that their online sales in Russia were currently unavailable.

On the options front

GrubHub Inc (GRUB) saw 6.2 times usual options volume. We saw one trader buy over 3500 March 35 calls for $2.50 on the offer side.

Mattel (MAT) we saw 7.4 times usual options volume. We saw one trader buy over 5500 April 30 puts for an average price of $1.88 on the offer side.

The Santa Claus rally appears to be in jeopardy, but there is enough new information entering the market tomorrow to potentially change that.