July 7, 2015 Market Wrap Up

The S&P 500 had a pretty wild range today, opening the day positive, selling off, only to have a rally by the close. All in all, The SPY had a range of 204.11 to 208.17, closing near its high of the day. In respect to the DOW, this was the single biggest single day reversal in over four years.

With that said, the VIX had a range of 15.93 to 19.20, closing the day slightly higher at 17.22.

The focus today was on Europe and Asia. The Asian market was weak overnight, causing a lot of early morning selling pressure on stocks like BIDU, BABA, QIHU, BITA and SINA to name a few. Many of these names rebounded nicely off the lows.

In respect to energy, The Crude Oil futures had their fourth straight down day. In fact, we’re very close to our three month lows, as the futures are down nearly $7 over the last four sessions.

The plot may thicken tomorrow, with the FOMC minutes being released and earnings season kicking off.

On the options front, we saw bullish call buying in TiVo Inc. (TIVO) and Laredo Petroleum Inc (LPI). We also saw bearish option activity in Shanda Games Limited (GAME).

Here’s what’s on tap for the rest of this week:

Key Economic Data:
8 JULY 2015- FOMC Minutes 2:00 PM ET
9 JULY 2015- Jobless Claims

Key Earnings:
8 JULY 2015- AA
9 JULY 2015- PEP, WBA