October 8, 2015 Market Wrap Up

The S&P 500 has been on an absolute tear lately. Today it finished up, making it 7 out of the last 8 days. We are now just 5% off the 52-wk highs.

We went from an extremely oversold condition to very bullish in a very short period. Many believe that the Fed will not touch rates this year. With that said, the VIX was down, closing at 17.42, the third closing price below 20 this week.

The energy sector was strong; the United States Oil Fund (USO) was up nearly 3%. Now, up nearly 10% for the week.

On the options front, we saw bullish call buying in Maxim Integrated Products (MXIM). Options that saw bearish put buying were in Zimmer Biomet Holdings (ZBH).

Earnings kicked off with Alcoa (AA), at the time of this writing, the stock is down more than 4%.

Here’s what’s on tap for tomorrow:

Key Economic Data:
8 October 2015- Jobless Claims 8:30 AM ET, FOMC Minutes 2 PM ET