July 12, 2016 Market Wrap Up
The S&P 500 is now at record levels, as earnings season is freshly upon us. Not only that, but the Russell 2000 is up around 10% over the last ten days, as we’re seeing investors gain a stronger appetite for risk.
Stocks in play today include: American Airlines Group (AAL) +11.26%, Amazon (AMZN) -.89%, Stone Energy (SGY) +23.45%, and Netsuite (N) +10.7%.
Despite all major indices advancing, the VIX actually didn’t move much…closing the day at 13.55.
Crude oil futures gained more than 4% today closing slightly below $47 per barrel. With that said, crude oil is about 9% off its year to date hights.
On the options front, we saw large call buying activity in Etsy (ETSY), which traded 63.2 times normal volume. We also saw a ton of bearish bets being placed in Cracker Barrel (CBRL), which traded 5.8 times usual volume.
Here’s what’s on tap for tomorrow and the rest of the week:
Key Economic Data:
13 July 2016- EIA Petroleum Status Report 10:30 AM ET
14 July 2016- Jobless Claims 8:30 AM ET, PPI-FD 8:30 AM ET
15 July 2016- Consumer Price Index 8:30 AM ET, Retail Sales 8:30 ET, Industrial Production 9:15 AM ET
Key Earnings:
13 July 2016- CSX, YUM
14 July 2016- BLK, JPM, PGR, AMD
15 July 2016- C, WFC, USB, FBR, PNC