March 5, 2015 Market Recap

The S&P 500 closed at 2101; on a rather low volume day.

The focus today was on the biotech sector, sparked by AbbVie’s (ABBV) $21B purchase of Pharmacyclics (PCYC). This lifted the SPDR S&P Biotech (ETF), (XBI), and the iShares Nasdaq Biotechnology Index (ETF), (IBB), to 52-week highs.

The VIX slightly sold off, closing at 14.04, down 1.3% on the day.

The United States Oil Fund LP (ETF), (USO), sold off nearly 2%, closing at 18.71. Overall, oil has seemed to have found a temporary floor for now.

Even with a lax trading day, there were still some big moves in the options market. For example, we saw 26.1 times options volume in Linear Technology Corp, (LLTC), we saw bullish option flow on the April 50 call line and the March 49 call line. The stock closed at $48.37 per share, up 1.72% on the day.

Clearly, that is a name to keep an eye out on.

Moving on.

Key Economic Numbers Tomorrow:

5 March 2015- Jobless Claims 8:30 AM ET
6 March 2015- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET

Key Earnings Tomorrow Morning:

6 March 2015- FL, SPLS

Key Conferences:

4 March 2015- Simmons & Co Energy Conference
4 March 2015- Bank of America/Merrill Lynch Refining Conference