November 23, 2016 Market Wrap Up
The S&P 500, Dow, and Russell 2000 closed on record highs today. Of course, volume was light ahead of Thanksgiving. The big economic news was the release of the FOMC minutes. At the moment, the market is pricing in a rate hike for the December meeting. In addition, the dollar index saw its highest close in over a decade.
The VIX was relatively unchanged as it closed at 12.43.
Crude oil futures were relatively unchanged, all eyes will be on next week’s OPEC meeting. Overall, crude oil futures are up on the week in hopes that the meeting results in some type of production cut.
On the options front, we saw large call buying activity in ON Semiconductor (ON), which traded 13.8 times normal option volume. In addition, we saw heavy put buying in Waste Connections (WCN), which saw 9.9 times normal options volume.
The markets are closed tomorrow for the Thanksgiving holiday and will be open till 1 PM ET on Friday. With that said, have a happy and safe Thanksgiving!
Here’s what’s on tap for the rest of the week:
Key Economic Data:
25 Nov 2016- International Trade In Goods 8:30 AM ET
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