September 24, 2015 Market Wrap Up

The S&P 500 finished the day lower, down over 0.5%, however; we got a big bounce off the lows, a range of about 30 points. The market got very weak after Caterpillar Inc (CAT) dropped their sales outlook and referenced that it could cut over 10,000 jobs. Of course, this is one of those companies that market participants use as a gauge of economic strength. Naturally, disappointing statements would be reflected in the overall market.

The VIX was up over 6%, closing at 23.457. For now, it appears that 20 might be a new base level.

The energy sector was up today; the United States Oil Fund (USO) was up about 1%. In addition, gold was very strong, the SPDR Gold Shares (GLD) was up over 2%.

On the options front, we saw bullish call buying in Cirrus Logic Inc (CRUS). Options that saw bearish put buying were in Williams Companies Inc (WMB).

Nike (NKE) reported earnings after the close, at the time of this writing, the stock is up 7%. Also, Fed Chairman, Janet Yellen is giving a speech on inflation.

Here’s what’s on tap for tomorrow:

Key Economic Data:
25 September 2015- GDP 8:30 AM ET

Key Earnings:
25 September 2015- FINL