Market Recap

The S&P 500 has been on a tear the last two days. The market is up nearly 3% since Monday’s open. Even more impressive has been the move in crude oil. Crude oil futures are up nearly 20% from their low’s five days ago.

In addition, VIX got smoked today, down nearly 11%, closing at 17.33.

One stock that has enjoyed the ride has been Cameron International Corporation (CAM), the stock is up 14% since Friday’s open. Not only that, but options action has been heavy in the name. Today, we saw 19.4 times the usual options volume, including a 25,000 lot of Feb 50 calls bought for around $0.95, when the stock was trading around $48.08 per share.

After the close, we saw earnings results from Disney (DIS) and Chipotle (CMG). CMG is down over 7% in the after hours, they missed their EPS estimate by 5 cents. They also announced that they’ll be raising their prices on steak and beef.

Tomorrow before the open we have earnings from: LVLT, MRK, RL, BSX, CLX, GM

After the close we have earnings from: NE, FOXA, YUM, GMCR, IRBT, UA and GSK to name a few.

On the options front, we saw bullish flow in TTS.

No major economic data is set to be released tomorrow.

At the moment, the market is starting to build some upward momentum on hopes that Greece has a favorable financial resolution. Of course, this could potentially change and the momentum can be sucked out rather quickly. With that said, it pays to continue to stay nimble.