November 24, 2015 Market Wrap Up
The S&P 500 closed the day relatively flat, however; that doesn’t mean we didn’t have a fair share of volatility. Before the U.S. session was open, the futures were down a decent amount, following reports that a Russian fighter jet was shot down by Turkish forces. But as the day progressed, the geopolitical fears subsided and the market got back on track.
Despite a flattish close, the VIX rose slightly, closing at 15.93.
Low float stocks have been the soup de jour this week. With volume drying up due to the holiday, traders have been feasting on stocks like Aeterna Zentaris (AEZS) -10%, Opeca Therapeutics (OPXA) +12%, Vital Therapies (VTL) +5%, Anavex Life Sciences (AVXL) -6.5%, and Sientra (SIEN) +14% … just to name a few.
The energy sector caught a bounce; the United States Oil Fund (USO) as geopolitical concerns dominated the world news.
On the options front, we saw large call buying activity in Agilent Technologies (A). In addition, we saw bearish bets being placed in American Capital (ACAS).
Here’s what’s on tap for tomorrow and the rest of the week:
Key Economic Data:
25 November 2015- Durable Goods 8:30 AM ET, Jobless Claims 8:30 AM ET, Personal Income 8:30 AM ET, New Home Sales 10:00 AM ET
Key Earnings:
25 November 2015- DE
27 November 2015- BLOX