June 4, 2015 Market Wrap Up

The S&P 500 closed the day relatively weak. It appears the market is still waiting to see what kind of resolution will be coming out of Greece. Any hints of a resolution would probably drive the market higher; however, any news of the deal falling apart would probably push market prices lower.

In addition to Greece, we’ve got the results of an OPEC meeting tomorrow.

The VIX rose steadily today, closing above 14, at 14.71. However, we hit a high of 15.49 on the VIX earlier in the session.

In respect to energy, The United States Oil Fund was down nearly 3%, closing at 19.58. Looking forward, the energy names might see some increased volatility ahead of the Opec Meeting. Right now, the at-the-money straddle in USO is implying a 3.3% move for tomorrow.

On the options front, we saw bullish call buying in Juniper Networks Inc (JNPR), NetApp Inc (NTAP), and Cavium Inc (CAVM). We also saw bearish option activity in Cummins Inc (CMI).

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

Key Economic Data:
5 JUNE 2015- Employment Situation 8:30 AM ET

Key Conferences:
5 JUNE 2015- OPEC Semi-Annual Meeting