January 12, 2016 Market Wrap Up
It was another tremendous day of volatility in the markets. The S&P 500 traded between 1914 and 1947, ultimately closing the day .8% higher. Believe it or not, this marks the second straight up day on the week. But as mentioned earlier, the markets have been all over the place, swinging from positive to negative territory at rapid speeds.
The VIX sold off nearly 8%, closing above 22, at 22.47.
Crude oil futures prices went below $30 per barrel during the trading session. However, they were able to close above that level. It seems like for the last two years, traders have been trying to pick a bottom in crude oil with not a whole lot of success.
With that said, several oil and commodity related names were in play today: Freeport-Mcmoran (FCX) -5.4%, Sunedison (SUNE) -9.6%, Williams Companies (WMB) -12%
On the options front, we saw large call buying activity in Jazz Pharmaceuticals (JAZZ). We also saw aggressive put buying in Tandem Diabetes Care Inc (TNDM).
Here’s what’s up for the rest of the week:
Key Economic Data:
14 January 2016- Jobless Claims 8:30 AM ET
15 January 2016- PPI 8:30 AM ET, Retail Sales 8:30 AM ET
Key Earnings:
13 January 2016- SVU
14 January 2016- JPM, INTC
15 January 2016- BLK, C, FAST, RF, USB, WFC
Conferences:
11 January 2016- JPMorgan Healthcare Conference (runs till 1/15), UBS Greater China Conference (runs till 1/15)
12 January 2016- Deutsche Bank Global Auto Industry Conf (runs till 1/13), Needham Growth Conference (runs till 1/14)