June 9, 2016 Market Wrap Up
The S&P 500 closed slightly lower on below average trading volume. It appears the market is on vacation this week as we await heavy economic data next week. Most importantly, the FOMC meeting that is scheduled for June 15.
Stocks in play today include: The Hershey Company (HSY) +3.5%, H&R Block Financial (HRB) +8.8%, and Tesla Motors (TSLA) -3.83%.
Despite the anemic volume, the VIX actually grinded up, closing at 14.64.
Crude oil futures closed above $50 per barrel for the 3rd straight trading day. We’ve made 23 new highs over the last 6-months to just give you an idea of the run we’ve had.
On the options front, we saw large call buying activity in the Hershey Company (HSY), which traded 36.7 times normal volume. We also saw a ton of bearish bets being placed in Urban Outfitters Inc, which traded 2.7 times usual volume.
Here’s what’s left for the rest of the week:
Key Economic Data:
9 June 2016- Jobless Claims 8:30 AM ET
Key Earnings:
9 June 2016- SJM, MFRM, HRB
Key Events:
Bank America Global Telecom & Media Conference (runs till 6/9)
Goldman Healthcare Conference (runs till 6/9)
Jefferies Healthcare Conference (runs till 6/10)
Credit Suisse Global Energy Conference (runs till 6/9)
Deutsche Bank 7th Annual Global Industrials & Basic Materials Conference (runs till 6/9)