October 6, 2016 Market Wrap Up

October 6, 2016 tvcuser Education, Trading ALNY, CRM, Crude Oil, DYN, Economic Data, GNK, S&P 500, SPY, TWTR, VIX

The S&P 500 grinded higher on less than normal volume today. As mentioned yesterday, we’re sitting close to all-time highs. This, of course, sets the stage for tomorrow’s employment situation numbers. Interestingly, the SPDR S&P 500 ETF (SPY) is only implying a .6% move for tomorrow.

Stocks in play today included: Twitter (TWTR) -20%, Salesforce.com (CRM) +4.2%, Alnylam Pharmaceuticals (ALNY) -48.4%, and Genco Shipping (GNK) +47%.

The VIX closed below 13, dropping nearly 2% and closing at 12.84.

Crude oil futures prices climbed above $50 per barrel and are now sitting around 3-month highs. Again, this sets the stage for an interesting OPEC meeting which is set for Oct 8 to Oct 13. The meeting will on the Algiers deal which was informally agreed upon recently.

On the options front, we saw large call buying activity in MasTec (MTZ), which traded 24.3 times normal option volume. In addition, we saw heavy put buying in Dynergy (DYN), which saw 7.2 times normal options volume.

Here’s what’s on tap for tomorrow and the rest of the week:

Key Economic Data:
7 Oct 2016- Employment Situation 8:30 AM ET

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