The S&P 500 closed the week 1.2% higher. The markets reacted positively to the FOMC decision, with only two more meetings left, the chances of the Fed not increasing rates at all this year has gotten higher. With fear of a rate hike decreased, we’ve seen a sell off in VIX and risk-on attitude.

Of course, there are some interesting events coming up this week. For example, the first US Presidential Debate, and the big informal Opec Meeting, which is sure to drive volatility in the oil markets.

The VIX has gone from 17.50 back down to 12.29 over the last two weeks.

Crude oil futures prices surged about 3.5% higher on the week. It’s worth mentioning there is an informal OPEC meeting on the 26th to the 28th of this month. This, of course, this should heighten volatility in the crude futures market.

Moving on, gold futures prices had five straight positive days as it closed 2% higher. In addition, T-bond futures prices gained more than 1% on the week, and had five straight positive days.

Here is what else is on the schedule for the upcoming week:

Key Economic Data:
26 Sep 2016- New Home Sales 10:00 AM ET
28 Sep 2016- Durable Goods Orders 8:30 AM ET; EIA Petroleum Status Report 10:30 AM ET
29 Sep 2016- GDP 8:30 AM ET; International Trade in Goods 8:30 AM ET; Jobless Claims 8:30 AM ET
30 Sep 2016- Personal Income and Outlays 8:30 AM ET

Key Earnings:
26 Sep 2016- CCL, CALM, SNX, THO, MTN
27 Sep 2016- FDS, NKE
28 Sep 2016- PAYX, PIR, ATU, IDT
29 Sep 2016- CAG, PEP, CAMP, COST

Key Conferences:
26 Sep 2016- Bank Leveraged Finance Conference (runs till 9/28)
27 Sep 2016- Dougherty Institutional Investor Conference (runs till 9/28)

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The S&P 500 closed the week more than 0.5% higher from last Friday. We recently snapped a two month period of no +/- 1% moves, which occurred last week. Well, this week alone we had 3 such moves. With that said, we’re sitting not too far off from our all-time highs with an FOMC meeting just around the corner. Many are expecting the Fed to sit tight and not make any changes to the key interest rate. However, heavy attention will be placed on Chairman Yellen’s press conference after the decision is made public.

Last week the VIX closed at 17.50, since then we have seen it cool off of late. The VIX on Friday closed at 15.37.

Crude oil futures prices cooled off on Friday, closing down nearly 2%, and giving up all of last’s week’s gains. Overall, crude oil futures prices closed the week more than 6% lower.

Moving on, gold futures prices lost a slight edge from the previous week, closing nearly 1.5% lower. In addition, T-bond futures prices fell about 0.70% on the week.

Here is what else is on the schedule for the upcoming week:

Key Economic Data:
20 Sep 2016- Housing Starts 8:30 AM ET
21 Sep 2016- EIA Petroleum Status Report 10:30 AM ET; FOMC Meeting Announcement 2:00 PM ET; FOMC Forecasts 2:00 PM ET; Fed Chair Press Conference 2:30 PM ET
22 Sep 2016- Jobless Claims 8:30 ET; Existing Home Sales 10:00 AM ET

Key Earnings:
19 Sep 2016- ASNA
20 Sep 2016- LEN, PTN, ADBE, FDX, KBH
21 Sep 2016- KMX, GIS, JBL, RHT, SCS
22 Sep 2016- AZO, RAD, SCHL
23 Sep 2016- FINL

Key Conferences:
19 Sep 2016- Denver Gold Forum (runs till 9/21)
20 Sep 2016- Deutsche Bank Energy Summit (runs till 9/21); Goldman Sachs Communacopia Conference (runs till 9/22)

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The S&P 500 closed the week slightly higher and sitting very close to all-time highs. With that said, we’ve got a short week ahead of us due to the Labor Day Holiday. There isn’t much on the schedule in terms of economic reports and earnings. However, September should heat up, we’ve got the first presidential debate, an OPEC meeting, and FOMC meeting to look forward too this month.

Based on the VIX close on Friday, there isn’t a whole lot of fear going into the week. The VIX dropped 11% and closed at 11.98.

Crude oil futures prices continued to cool off, dropping more than 5% on the week. Of course, all eyes and ears will be on the OPEC member comments as their meeting approaches.

Moving on, gold futures prices gained a slight edge from the previous week. In addition, T-bond futures prices fell about 1% on the week.

Here is what else is on the schedule for the upcoming week:

Key Economic Data:
8 Sep 2016- Jobless Claims 8:30 AM ET, EIA Petroleum Status Report 11:00 AM ET

Key Earnings:
6 Sep 2016- PLAY
7 Sep 2016- FRAN, HPE, TLRD, FCEL, GWRE
8 Sep 2016- BKS, CONN, NAV, FNSR, VMEM, VNCE
9 Sep 2016- EROS, KR

Key Conferences:
6 Sep 2016- Barclay’s CEO Energy-Power Conference (runs till 9/8); Barclay’s Global Consumer Staples Conference (runs till 9/8); Citigroup 2016 Global Technology Conference (runs till 9/8); Deutsche Bank Aircraft Finance & Leasing Conference (runs till 9/7).
7 Sep 2016- Apple Event Conference; Baird Global Healthcare Conference (runs til 9/8); Cowen Global Transportation Conference (runs till 9/8); Goldman Sachs Retail Conference (runs til 9/8); KBW Insurance Conference (runs till 9/8); RBC Capital Global Industrials Conference (runs till 9/8); Wells Fargo Healthcare Conference (runs till 9/8).

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The S&P 500 closed the week on a three day losing streak, however; volume has been below average and volatility has been virtually non-existent. With that said, we’re only about 1% off our highs. For the most part, traders have been focusing on stocks in the news versus what’s happening in the economy. At the moment, the medical space seems to be the most active. Heated arguments have been drawn up by politicians questioning their business practices. As the elections near, one could only imagine that volatility continues to pick up in the sector.

Now, the market was down about .6% on the week, however; that didn’t stop traders from buying protection. The VIX shot up during the week, closing at 13.65.

Crude oil futures prices cooled off this week, declining nearly 3%. OPEC is scheduled to meet late in September. Until then, traders will be monitoring any statements made before that meeting.

Moving on, gold futures prices fell 1.4%. In addition, T-bond futures prices fell more less than .5%.

Here is what else is on the schedule for the upcoming week:

Key Economic Data:
29 Aug 2016- Personal Income and Outlays 8:30 AM ET
31 Aug 2016- EIA Petroleum Status Report 10:30 AM
1 Sep 2016- Jobless Claims 8:30 AM ET, ISM Manufacturing Index 10:00 AM ET.
2 Sep 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET

Key Earnings:
29 Aug 2016- CTLT
30 Aug 2016- ANF, DSW, FRED, HRB, NCS, PANW, VEEV
31 Aug 2016- CHS, BLOX, BOBE, BOX, CRM, FIVE, SMTC
1 Sep 2016- CIEN, CPB, JOY, LULU, AMBA, AVGO, PAY, SWHC

Key Conferences:
30 Aug 2016- Jefferies Semiconductor, Hardware, and Communications Conference (runs till 8/31); Longbow Industrial Manufacturing & Technology Conference (runs till 8/30)

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