May 23, 2017 Market Wrap up

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The stock market closed the day higher, extending its streak to 4 straight winning days. That said, trading volumes have been below average as we await some key economic data this week — FOMC minutes tomorrow and GDP on Friday.

After trading above 16 last week, the VIX is now back below 11 as it closed at 10.72.

One sector that should be active over the next few days is the oil complex. OPEC is set to come together in two days for its 172nd meeting. Many are speculating that the oil ministers will issue out more production cuts.

ETF movers: United States Oil Fund (USO) +0.95%, iShares 20+ Year Treasury Bond (TLT) -0.67%. SPDR Gold Shares (GLD) -0.63%.
On the options front, we saw large call buying activity in ConAgra Brands Inc. (CAG), which traded 5.2 times normal option volume. In addition, we saw heavy put buying in Dollar General Corporation (DG), which traded 4.2 times normal option volume.

Key Economic Data:
24 May 2017- PMI Composite Flash 10:30 AM ET; Existing Home Sales 10:00 AM ET; EIA Petroleum Status Report 10:30 AM ET; FOMC Minutes 2:00 PM
25 May 2017- International Trade in Goods 8:30 AM ET; Jobless Claims 8:30 AM ET
26 May 2017- Durable Goods Orders 8:30 AM ET; GDP 8:30 AM

Key Earnings:
24 May 2017- AAP, LOW, TGI, TIF, GES, HPQ, NTAP, PSTG, PVH, UHAL, WSM
25 May 2017- ANF, BBY, BURL, DLTR, SIG, BRCD, COST, GME, MRVL, PDCO, SPLK, VEEV, VNET, ZOES

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August 25 2016 Market Wrap Up

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The S&P 500 closed relatively flat, but still down on the day. A lot of attention has been in medical stocks, as politicians are criticising their business model and even accusing them of using aggressive and unethical pricing methods on drugs. However, attention should focus back to the Jackson Hole meeting, as Fed Chairperson Yellen is set to give a speech. In addition, GDP numbers will be released before the start of the US session.

Stocks in play today include: Dollar General (DG) -17.6%, Signet Jewelers (SIG) -12.6%, St. Jude Medical (STJ) -4.96%, and Mylan (MYL) -.70%

Over the last couple of trading sessions we’ve seen a slight bid in the VIX, closing higher for the second straight day at 13.63.

Crude oil futures bounced back a little from yesterday’s pullback, climbing more than 1% and closing above $47 per barrel.

On the options front, we saw large call buying activity in Salesforce COM (CRM), which traded 2.3 times normal option volume. In addition, we saw heavy put buying in St Jude Medical (STJ) 60 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Economic Data:
26 Aug 2016- GDP 8:30 AM ET, International Trade in Goods 8:30 AM ET

Key Earnings:
26 Aug 2016- BIG

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