May 26, 2015 Market Wrap Up

The S&P 500 closed significantly lower, on increased volatility. Some market pundits attributed the move to a strengthening U.S. Dollar and greater uncertainty coming out of Greece.

The VIX shot up nearly 2 points, closing above 14.

In respect to energy, The United States Oil Fund was down 3%, closing at 19.68. In addition, option volatility spiked in USO options, rising nearly 4 points and closing at 33% IV (for the 30-day at-the-money options).

On the options front, we saw bullish call buying in Merck and Co Inc (MRK) and Cameco Corporation (CCJ). In addition, we saw bearish put buying in Trinity Industries Inc (TRN).

Here’s what’s on tap for the rest of the week:

Key Economic Data:
28 MAY 2015- Jobless Claims 8:30 AM ET
29 MAY 2015- GDP 8:30 AM ET

Key Earnings:
27 MAY 2015- PANW, DSW, KORS, TOL, TIF, VALE, COST
28 MAY 2015- ANF, EXPR, SIG, DECK, GME, OVTI, PSUN, SPLK, ULTA, AVGO, SAFM

Key Conferences:
27 MAY 2015 (runs till 5/29)- KeyBanc Industrial, Auto, Transportation Conference
27 MAY 2015 (runs till 5/28)- Re/Code’s Code Conference
27 MAY 2015 (runs till 5/29)- Bernstein Strategic Decisions Conference
27 MAY 2015 (runs till 5/28)- Citigroup Global Consumer Conference
27 MAY 2015 (runs till 5/28)- Cowen Technology, Media, Telecom Conference