October 13, 2016 Market Wrap Up
The S&P 500 continues to see it’s fair share of intraday volatility. Today we traded in nearly a 25 point range, settling .3% lower. Overall, the S&P 500 is down about 1% on the week. With that said, tomorrow should be an interesting day as many of the larger banks report earnings.
Stocks in play today included: Ulta Salon Cosmetics (ULTA) +11%, Tenet Healthcare (THC) +8.8%, and Cabot Oil & Gas (COG) -4.6%
The VIX continues to surge this week, despite the move lower in the market it actually dropped 2.5%, closing at 16.69.
Crude oil futures prices are up more than 1% on the week and trading above $50 per barrel.
On the options front, we saw large call buying activity in Iamgold Corporation (IAG), which traded 25.7 times normal option volume. In addition, we saw heavy put buying in AO Smith Corp (AOS), which saw 3.2 times normal options volume.
Here’s what’s on tap for tomorrow:
Key Economic Data:
14 Oct 2016- PPI 8:30 AM ET, Retail Sales 8:30 AM ET
Key Earnings:
14 Oct 2016- C, JPM, PNC, WFC
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