September 29, 2015 Market Wrap Up

The S&P 500 finished the day slightly higher, however; we gave up most of our gains and even went negative for a decent portion of the day. In fact, we hit lows that we have not seen since August 24.

The biotech sector is still reeling off the comments made by politicians, regarding the cost of drug prices and more regulation. The iShares Nasdaq Biotechnology Index Fund (IBB) is down over 10% in the last week.

The VIX was actually down, closing at 26.83. 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 less than 1%.

On the options front, we saw bullish call buying in Burlington Stores Inc (BURL). Options that saw bearish put buying were in Lululemon Athletica Inc (LULU).

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

Key Economic Data:
1 October 2015- Jobless Claims 8:30 AM ET, ISM Manufacturing Index 10 AM ET
2 October 2015- Employment Situation 8:30 AM ET

Key Earnings:
29 September 2015- COST
1 October 2015- MU

Key Events:
29 September 2015 (runs till 10/1)- American Gaming Association Global Gaming Expo
29 September 2015 (runs till 9/30)- Wolfe Research Power & Gas Leaders Conference