June 2, 2015 Market Wrap Up

The S&P 500 closed the day relatively lower, on a very choppy tape. Over the last two days we’ve seen a lot of whip saw type action from the market. It appears the market is waiting for what comes out of Greece. Any hints of a resolution drives the market higher; however, any news of the deal being far away, pushes market prices lower.

In addition to Greece, we’ve got an OPEC meeting and jobs numbers coming out this week.

The VIX rose steadily today, closing above 14, at 14.24.

In respect to energy, The United States Oil Fund was up nearly 2%, closing at 20.68. Looking forward, the energy names might see some increased volatility ahead of the Opec Meeting.

On the options front, we saw bullish call buying in Hewlett Packard Co (HPQ) and TransCanda Corporation (TRP).

Here’s what’s left on the schedule this week:

Key Economic Data:
3 JUNE 2015- International Trade 8:30 AM ET
4 JUNE 2015- Jobless Claims 8:30 AM ET
5 JUNE 2015- Employment Situation 8:30 AM ET

Key Earnings:
3 JUNE 2015- VRA, FIVE
4 JUNE 2015- CIEN, CYBX, JOY, SJM, LE, DMND, PAY, RALY, ZUMZ, ZOES

Key Conferences:
1 JUNE 2015 (runs till 6/3)- Bank of America Global Technology Conference
1 JUNE 2015 (runs till 6/4)- Jefferies Healthcare Conference
2 JUNE 2015 (runs till 6/3)- Deutsche Bank Global Financial Services Conference
2 JUNE 2015 (runs till 6/3)- Goldman Sachs Lodging, Gaming, Restaurant, Leisure Conference
2 JUNE 2015 (runs till 6/4)- Bank of America Global Telecom & Media Conference
3 JUNE 2015- OPEC Semi-Annual Meeting
3 JUNE 2015 (runs till 6/4)- Credit Suisse E&C Conference
3 JUNE 2015 (runs till 6/4)- Deutsche Bank Industrial & Basic Material Conference