November 10, 2016 Market Wrap Up
The S&P 500 has been on a tear the last two days after it was announced that Donald Trump will be the new President of the United States of America. With that said, we’re seeing investors shift out of certain sectors into new ones. For example, infrastructure related stocks, oil and gas, medical, and banking are some sectors that have benefited early on. However, the tech space has not been as strong.
The VIX actually rose a little, but is now trading well below 15. It was just a couple days ago where we saw the VIX trade above 20.
Stocks in play today included: 58.com (WUBA) -18%, Silver Wheaton Corp (SLW) -16%, Dryships (DRYS) +126%, and Top Ships (TOPS) +22%
Crude oil futures prices sold off a little, snapping a 3-day winning streak.
On the options front, we saw large call buying activity in Union Pacific (UNP), which traded 2.5 times normal option volume. In addition, we saw heavy put buying in Asanko Gold (AKG), which saw 31.6 times normal options volume.
Here’s what’s on tap for the rest of the week:
Key Earnings:
11 Nov 2016- JCP
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