July 14, 2016 Market Wrap Up
The S&P 500 continues to break records as we continue to see “risk on” enter the market. Not only that, but treasuries and gold have been selling off, something we weren’t seeing last week. Despite the record close in the S&P 500 and Dow Jones Industrials, volume was extremely anemic today.
Stocks in play today include: Valeant Pharmaceuticals (VRX) +6.29%, Williams Companies (WMB) +6%, and Cypress Semiconductors (CY) +3.5%
The VIX came in today, and is now trading below 13, at 12.82.
Crude oil futures gained more than 1.5% today, however; it’s been relatively flat this week.
On the options front, we saw large call buying activity in HollyFrontier (HFC), which traded 7.6 times normal volume. We also saw a ton of bearish bets being placed in Eagle Materials (EXP) which traded 2.5 times usual volume.
Here’s what’s on tap for tomorrow:
Key Economic Data:
15 July 2016- Consumer Price Index 8:30 AM ET, Retail Sales 8:30 ET, Industrial Production 9:15 AM ET
Key Earnings:
15 July 2016- C, WFC, USB, FBR, PNC