May 26, 2016 Market Wrap Up

The S&P 500 was relatively flat today, as volume seems to have dried up as we near all-time highs.

Stocks in play today: Gogo (GOGO) +16.3%, Lions Gate Entertainment (LGF) +7.5%, Abercrombie & Fitch (ANF) -16%, and Signet Jewelers (SIG) -10.5%

It was no surprise to see the VIX sell off as hard as it did. Many traders will be away tomorrow, as Monday is a holiday. With that said, it makes sense to see volatility come in, given not much is expected over the next few days. The VIX closed below 13.50.

The United States Oil Fund (USO) was down less than 1% today. Now, crude oil futures did hit $50 per barrel for the first time in over 6 months, but were unable to hold that level into the close.

On the options front, we saw large call buying activity in Bristol Myers Squibb (BMY), which was 3.1 times normal volume. We also saw a ton of bearish bets being placed in Eagle Pharmaceuticals (EGRX).

Here’s what’s left for tomorrow:

Key Economic Data:
27 May 2016- GDP 8:30 AM ET