March 29, 2016 Market Wrap Up
The market was on an absolute tear following comments out of Fed Chair Yellen this afternoon. More or less, she gave off the impression that there will be no upcoming rate hike at the April meeting. Of course, this was the signal for lift off. The SPY finished the day 1% higher, IWM closed nearly 3% higher, and the QQQ closed 1.5% higher.
The appetite for risk is back on, as witnessed in the VIX. The VIX closed down nearly 10%, below 14 at 13.82.
One sector which did not participate in the rally was Crude Oil. It was down more than 2%. This now makes for five straight losing days.
On the options front, we saw large call buying activity in TiVo (TIVO). In addition, we saw heavy put buying in Arctic Cat (ACAT), which was 14.2 times usual options volume.
Stocks in play included: Himax Technologies (HIMX) +16.3%, Conns (CONN) -24.6%, and Puma Biotechnology (PBYI) -20.8%
Here’s what’s on tap for the rest of the week:
Key Economic Data:
30 March 2016- EIA Petroleum Report 10:30 AM ET
31 March 2016- Jobless Claims 8:30 AM ET
1 April 2016- Employment Situation 8:30 AM ET, ISM Manufacturing Index 10:00 AM ET
Key Earnings:
30 March 2016- MU, PAYX
31 March 2016- SONS
1 April 2016- BBRY