September 21, 2016 Market Wrap Up
The S&P 500 raged higher today after the FOMC decided to leave rates unchanged. The S&P 500 closed the day more than 1% higher and the NASDAQ closed at all time highs. In addition, we also saw prices in treasuries and gold trade higher as well.
Stocks in play today included: Adobe (ADBE) +7%, Conns (CONN) +15.43%, and Shutterfly (SFLY) -11.9%
The destruction of the VIX was back in session as it dropped more than 12%,closing at 13.30.
Crude oil futures prices soared today, closing the day nearly 3% higher and finishing around $44 per barrel.
On the options front, we saw large call buying activity in Penn National Gaming (PENN), which traded 4.8 times normal option volume. In addition, we saw heavy put buying in Dr. Pepper Snapple (DPS), which was 3.9 times normal options volume.
Here’s what’s on tap for tomorrow and the rest of the week:
Key Earnings:
22 Sep 2016- AZO, RAD, SCHL
23 Sep 2016- FINL
Key Conferences:
Goldman Sachs Communacopia Conference (runs till 9/22)
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