November 15, 2015 The Week Ahead
The SPDR S&P 500 (SPY) has been on a 3-day sell off, closing the week 3.5% lower. It’s hard to point to exactly what caused the sell of, but per usual, there are a number of theories ranging from profit taking to weak retail sales numbers. What looked like a sure December rate hike, now appears less uncertain.
As mentioned retailers took a hit. Nordstrom (JWN) -19%, Macy’s (M) -17%, Target (TGT) -8%, Abercrombie & Fitch (ANF) -12% … just to name a few. Could this be the catalyst to put a rate hike on hold? We shall see. One thing though, we’ll be getting the FOMC Minutes transcript on 11/18, which should shed some light on the matter.
The VIX shot off like a rocket, and is now trading above 20.
The United States Oil Fund (USO) had a rough week, dropping more than 8% on the week.
There are a decent number of events to follow, below is the schedule.
Key Economic Data:
17 November 2015- Consumer Price Index 8:30 AM ET, Industrial Production 9:15 AM ET
18 November 2015- Housing Starts 8:30 AM ET, FOMC Minutes 2:00 PM
19 November 2015- Jobless Claims 8:30 AM ET, Philly Fed Survey 8:30 AM ET
Key Earnings:
16 November 2015- JD, TSN, A, NUAN, URBN
17 November 2015- HD, JASO, TJX, WMT
18 November 2015- LOW, SPLS, TGT, CRM, GMCR, JACK, NTAP
19 November 2015- BBY, ADSK, GPS, ROST, NMBL, ZOES, SPLK
20 November 2015- ANF, FL
Key Events:
16 November 2015- Robin Hood Investors Conference (runs till 11/17), G20 Leader’s Summit, JPMorgan Global Tech, Media and Telecom Conference (runs till 11/17), UBS Global Technology Conference (runs till 10/19)
17 November 2015- Bank America Banking and Financial Services conference (runs till 11/18), Morgan Stanley Global Consumer & Retail Conference (runs till 11/18), Stifel Healthcare Conference (runs till 11/18)
18 November 2015- Barclays Global Auto Conference (runs till 11/19)