March 12, 2015 Market Wrap Up

The market snapped back from a two day losing streak, with the S&P 500 closing at 2065.95 today. The move was attributed to the Fed’s “stress test” results. With most of the financials and banks passing with flying colors. The Financial Select Sector SPDR ETF (XLF), was up over 2%, closing at $24.49 per share.

In addition, some of the air was let out of the balloon in the VIX, which was down over 8%, closing at 15.42.

The United States Oil Fund LP (ETF), (USO), sold off nearly 2%, closing at 17.44. It’s now down nearly 7% over the last week. Ironically, weak oil prices was used as an excuse to justify the sell off we saw in the equity markets on Tuesday. Apparently, weaker oil prices was a non-factor today.

It was not all fun in the sun for some names today. For example, Intel (INTC), issued a warning on their revenue for the first quarter. With that said, Intel (INTC), Microsoft (MSFT), and Cisco Systems (CSCO) were some names in the NASDAQ that did not participate in the rally.

Some notable bearish option activity, included, Entegirs Inc (ENTG), EQT Corporation (EQT), and NetApp Inc (NTAP). We saw some bullish option flow in ON Semiconductor (ONNN), Globe Specialty Metals Inc (GSM), and Hudson City Bancorp Inc (HCBK).

Friday’s Schedule:

Key Economic Numbers for Friday:

13 March 2015- PPI 8:30 AM ET

Key Earnings Left for Friday:

13 March 2015- ANN