November 5, 2015 Market Wrap Up
The S&P 500 closed the day relatively flat and near all-time highs. In fact, both the SPY and QQQ are near their highs on the year.
This sets the stage for an interesting Jobs number tomorrow. Will the market have a blow off top or will the numbers be used as an excuse to sell? We shall see tomorrow morning.
Of course, traders continue to monitor what FED speakers are saying ahead of their December meeting.
Interestingly, the VIX got hit a little, dropping about 3%, and closing at 15.05.
The energy sector was weak; the United States Oil Fund (USO) was down nearly 2.5% today. USO is still nearly 50% off its yearly highs.
On the options front, we saw large blocks of BAC weekly straddles traded. Someone believes that the banks, more specifically, Bank Of America will move big tomorrow but are unsure in which direction it will be.
Here’s what’s on tap tomorrow:
Key Economic Data:
6 November 2015- Employment Situation 8:30 AM ET
Key Earnings:
6 November 2015- HUM, HZNP