March 9, 2016 Market Wrap Up
The equity markets bounced back from yesterday’s sell-off. However, it was a rather uneventful trading day to say the least. The SPDR S&P 500 had less than a point and a half range compared to the 2.6 ATR we’ve recently been used too.
Oil was able to regain all of yesterday’s losses. The United States Oil Fund (USO) closed the day more than 5% higher, at 10.15.
The VIX is hanging out above 18, it closed the day slightly lower at 18.34.
On the options front, we saw large call buying activity in CONN’s Inc. (CONN). In addition, we saw heavy put buying in Cabot Oil and Gas Corp (COG), which was 8.8 times usual options volume.
Stocks in play included: Unisys Corporation (UIS) -27.7%, Air Transport Services (ATSG) +18%, and Peabody (BTU) +28%
Here’s what’s on tap for tomorrow and the rest of the week:
Key Economic Data:
10 March 2016- Jobless Claims 8:30 AM ET
Key Earnings:
10 March 2016- BONT, CSIQ, BOOM, FNSR, PAY, ULTA
Key Conferences:
JPMorgan Aviation, Transportation, & Industrials Conference