May 30, 2016 The Week Ahead

The S&P 500 had a solid week of gains, moving more than 2% higher. Not only that, we’re just less than 2% off the all-time highs. Another healthy sign was the influx of IPOs. Last week, we had five IPOs, a very strong number given the lack of inactivity we’ve seen in the space thus far this year.

With volume drying up and a shortened week ahead, it was no surprise to see the VIX sell off as much as it did. With that said, the VIX on Friday closed at 13.12, a drop of more than 2 points from the previous Friday close.

Crude oil futures prices traded above $50 for a brief moment last week. An impressive feat considering it’s 88% higher from the six month lows. As we stand, we’re a tad under $50 ahead of the OPEC meeting this week.

Here is what is on tap for this shortened 4-day trading week:

Key Economic Data:
31 May 2016- Personal Income & Outlays 8:30 AM ET
1 June 2016- ISM Manufacturing Index 10:00 AM ET
2 June 2016- Jobless Claims 8:30 AM ET, EIA Petroleum Status 11:00 AM ET
3 June 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET

Key Earnings:
31 May 2016- ASNA, NCS, TIVO, WDAY, ZOES, MDT
1 June 2016- KORS, VRA, BOX, LE
2 June 2016- CIEN, CONN, JOY, AMBA, AVGO, CMTL, FIVE, IDT, ZUMZ

Key Events:
31 May 2016- Deutsche Bank Financial Conference (runs till 6/1); KeyBanc Industrials & Auto Conference (runs till 6/2)
1 June 2016- Bernstein 32nd Annual Strategic Decisions Conference (runs till 6/3); Bank America Global Technology Conference (runs till 6/2); Cowen 44th Annual Technology, Media & Telecom Conference (runs till 6/2); DA Davidson 8th Annual Technology Forum; RBC Consumer & Retail Conference (runs till 6/2)

Lastly, for those observing, have a happy and safe Memorial Day.