May 12, 2016 Market Wrap Up

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The S&P 500 sold off today, however; we closed well above the lows of the day to get near unchanged levels. The Nasdaq sold off nearly 1% as many tech names were under pressure. For example, Apple (AAPL) broke the $90 level during the day, closing down more than 2%.

We also saw continued selling in retail names for the second straight day. Not to mention, another strong day in Amazon (AMZN) +0.5%, closing above $716 per share. We had earnings out of Nordstrom this evening, shares have dropped more than 16% in the after hours… again, following similar companies who have already posted earnings results.

The United States Oil Fund (USO) was up more than 0.88% today, shaking off earlier losses in the day.

The VIX dropped nearly 2%, closing the day at 14.69.

On the options front, we saw large call buying activity in Endo International PLC (ENDP). In addition, we saw heavy put buying in Bristow Group Inc (BRS), which saw 11.4 times usual options volume.

Here’s what’s left for the rest of the week:

Key Economic Data:
13 May 2016- Retail Sales 8:30 AM ET, PPR-FD 8:30 AM ET

Key Earnings:
13 May 2016- JCP

May 5, 2016 Market Wrap Up

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The S&P 500 sold off for the third consecutive day, although; we closed nearly unchanged. For the most part, earnings related companies dominated the action today.

With that said, we got positive earnings out of Alibaba (BABA) this morning (+3.3%). In the after hours we got results out of Gopro (GPRO) -11.5%, Endo International (ENDP) -28.4%, and Herbalife (HLF) +14%.

The VIX sold off a little, closing the day at 15.91, a drop of nearly 1%

Crude Oil bounced back a little, snapping a 3-day losing streak and closing the day below $45 per barrel. It gave up a lot of gains in the afternoon, but still managed to end the day positive.

On the options front, we saw large call buying activity in Weatherford International (WFT). In addition, we saw heavy put buying in YY Inc (YY), which saw 10.8 times usual options volume.

Here’s what’s left for tomorrow:

Key Economic Data:
6 May 2016- Employment Situation 8:30 AM ET

Key Earnings:
6 May 2016- AGN, WLTW, WY, EXC

April 7, 2016 Market Wrap Up

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The market continues to have a rough week thus far. Overall, the S&P 500 was down 1.2%, the Nasdaq -1.47%, and the Dow Jones Industrials -0.98%. Whether it’s profit taking ahead of earnings, or an overbought sentiment that caused the selling today, it’s still too early to say.

The VIX saw another spike today, closing up nearly 15%, at 16.16.

Despite weakness in the equity markets, crude oil was relatively stable. The United States Oil Fund (USO) was down less than one percent, however; it’s pared almost half those losses in the after hours session.

On the options front, we saw large call buying activity in Endo International (ENDP). In addition, we saw heavy put buying in Ross Stores, Inc. (ROST), which saw 14.7 times usual options volume.

Stocks in play included: Valeant Pharmaceuticals (VRX) +3.92%, Maximus, Inc. (MMS) -8%, Relypsa, Inc. (RLYP) +68%, and Tesla Motors (TSLA) -3.1%

There are no major domestic events scheduled for tomorrow.