December 22, 2015 Market Wrap Up

The S&P 500 closed higher, making it two straight days now. With that said, it appears that the Santa Claus rally is back on. We’ve nearly regained all of Friday’s losses. However, don’t be surprised to see a slowdown in volumes as we approach the Christmas Holiday.

Not to mention, the VIX has seen a big sell off over the last two trading days, it’s now below 17.

Oil names caught a bounce, the United States Oil Fund (USO) was up about 1% today. However, we are still near the 52-week lows.

In after hours action, Nike (NKE) released earnings and the time of this post, the stock price is trading about 2% higher from the close. Micron also released, and the time of this post the stock price was trading 6% lower from the close.

On the options front, we saw large call buying activity in Graphic Packaging Company (GPK). We also saw massive put buyers in Encana Corporation (ECA).

Here’s what is going on for the rest of the week:

Key Economic Data:
23 December 2015- Durable Goods Orders 8:30 AM ET, Personal Income and Outlays 8:30 AM ET, New Home Sales 10:00 AM ET
24 December 2015- Jobless Claims 8:30 AM ET