Trading Day Breakdown

Market Volatility

We had an interesting day of market volatility today. The S&P 500 opened at 2056.55, hit a low in the morning of 2034.17 and rallied back in the afternoon to close positive on the day, at 2059.82.

Many of the hi-beta stocks also saw major reversals. Tesla went from a low of $204.27 and closed near the high of the day to $216.89. Apple rallied from a low of $109.35 to close up on the day, at $114.12.

VIX closed near the low of the day after hitting a high of 16.68, to 14.89. Overall, it was a very impressive market comeback…setting us up to what looks like the inevitable Santa Claus rally.

Tomorrow

Heading into tomorrow, The biggest reports are the EIA Petroleum numbers at 10:30 am and the Treasury Budget at 2 pm.

Options

On the options front, AAR Corp saw 24.5 times options volume. 92% of the call options traded were on the offer side. There was news earlier this morning that PE firms might be interested in their cargo business.