November 3, 2016 Market Wrap Up
The S&P 500 closed the day lower, making it 8 straight losing sessions in a row. Many believe that the uncertainty in the upcoming US Presentational election has been the catalyst for the sell-off. With that said, based on the markets reaction, they are pro-Hillary. Unfortunately, she has been dropping in the polls because of all the alleged criminal activities she has been involved in.
The VIX absolutely surged today, closing 11.4% higher, at 22.08.
Stocks in play today included: Lannett Co. (LCI) -22%, WPX Energy (WPX) +11.9%, Ishares Nasdaq Biotech ETF (IBB) -3%
Crude oil futures prices have sold off about 9% this week, and are on a four-day losing streak.
On the options front, we saw large call buying activity in Dynegy (DYN), which traded 4.6 times normal option volume. In addition, we saw heavy put buying in Tenet Healthcare Corp. (THC), which saw 166 times normal options volume.
Here’s what’s on tap for tomorrow:
Key Economic Data:
4 Nov 2016- Employment Situation 8:30 AM ET; International Trade 8:30 AM ET
Key Earnings:
4 Nov 2016- DUK, HUM, MSG, NRG, REGN, REV, RLGY, WLTW
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