September 10, 2015 Market Wrap Up

The S&P 500 finished the day higher after experiencing a great deal of volatility. We went from positive to negative and then back positive. The market actually gapped up overnight, however; it lost a lot of steam. Especially, when rockstar hedge fund manager David Tepper got on CNBC and made some rather bearish comments about the market.

For now, it seems like the weight of what happens in the Asian markets have had less of an influence. Possibly because we’ve got an FOMC meeting next week. It appears that the market is waiting to hear what their next move will be.

The VIX closed at 24.37, down nearly two points on the day.

The energy sector caught a nice bounce, as the United States Oil Fund (USO) closed nearly 3% higher.

On the options front, we saw bullish call buying in Avon Products (AVP). Options that saw bearish put buying were in Ball Corporation (BLL).

Here’s what’s going on for tomorrow:

Key Economic Data:
11 September 2015- PPI 8:30 AM ET

Key Earnings:
11 September 2015- KR, MFRM

Key Events:
Morgan Stanley Industrial CEO Unplugged Conference
Bank of America Annual Canada Mining Conference