March 8, 2016 Market Wrap Up
The equity markets declined for the first time in six trading days. With that said, we got some volatility back, with the S&P 500 dropping more than 1% and the VIX closing 7% higher at 18.67.
Oil has been on a tear of late, however; we did see some selling pressure today. The United States Oil Fund (USO) closed the day down more than 4%, at $9.64.
On the options front, we saw large call buying activity in Green Plains (GPRE). In addition, we saw heavy put buying in Unum Group (UNM), which was 4.1 times usual options volume.
Stocks in play included: Ep Energy (EPE) -17%, Seadrill (SDRL) -21%, and Urban Outfitters (URBN) +16%
Here’s what’s on tap for tomorrow and the rest of the week:
Key Economic Data:
9 March 2016- EIA Petroleum Status Report 10:30 AM ET
10 March 2016- Jobless Claims 8:30 AM ET
Key Earnings:
9 March 2016- COKE, SQ, VVUS, FRPT, ONCE, VRA
10 March 2016- BONT, CSIQ, BOOM, FNSR, PAY, ULTA
Key Conferences:
Raymond James Institutional Investors Conference (runs till 3/9)
Cowen & Co 36th Annual Healthcare Conference (runs till 3/9)
Deutsche Bank Media, Internet and Telecom Conference (runs till 3/9)
Piper Jaffray Technology, Media & Telecom Conference (runs till 3/9)
RBC Financial Institutions Conference (runs till 3/9)
JPMorgan Aviation, Transportation, & Industrials Conference (runs till 3/10)