November 15, 2016 Market Wrap Up

The S&P 500 was up today on lower than average volume, however; the move was large enough to erase the previous two losing sessions. The Nasdaq had a nice bounce today, over the last week or so, the FANG stocks have not performed well relative to the market.

One of the more active names today was Dryships (DRYS), +66%, it traded in a range between 45.40 to 102, finally closing at $73. Many attribute the move to the low float, and an extremely high short interest ratio. The sector in general, has been on a tear after it was announced that Donald Trump would become the 45th President of the United States of America.

The VIX got crushed today, dropping nearly 8% and closing below 13.50, at 13.37.

Crude oil futures prices caught a bid today, rising nearly 6% and snapping a 3-day losing streak. Keep in mind, that API numbers are this evening, and DOE numbers are tomorrow.

On the options front, we saw large call buying activity in US Bancorp (USB), which traded 2.6 times normal option volume. In addition, we saw heavy put buying in Resource Capital Corporation (RSO), which saw 6.7 times normal options volume.

Here’s what’s on tap for the rest of the week:

Key Economic Data:
16 Nov 2016- PPI 8:30 AM ET, Industrial Production 9:15 AM ET, EIA Petroleum Status Report 10:300 AM ET
17 Nov 2016- Consumer Price Index 8:30 AM ET, Housing Starts 8:30 AM ET, Jobless Claims 8:30 AM ET, Philadelphia Fed Business Outlook Survey 8:30 AM ET

Key Earnings:
16 Nov 2016- TGT, LOW, CSCO, NTAP, LB
17 Nov 2016- BBY, HP, SPLS, WMT, AMAT, CRM, GPS, INTU, MRVL, NUAN, POST, ROST
18 Nov 2016- ANF, BKE, FL

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