March 21, 2017 Market Wrap up

The markets saw their first taste of downside volatility today, mainly due to some political headlines that hit the tape. As of now, it appears that the new Trump healthcare bill might not pass. When traders realized that there was going to be greater uncertainty, their initial instinct was to sell. That being said, we see selling pressure across the board. The Dow Jones Industrials were down 1.14%, S&P 500 -1.24%, Nasdaq -1.82%, Russell 2000 -2.72%

The VIX shot up nearly 10% today, closing at 12.47.

ETF Performers: United States Oil Fund (USO) -0.17%, iShares 20+ Year Treasury Bond (TLT) +0.83%, SPDR Gold Shares (GLD) +0.83%.

On the options front, we saw large call buying activity in Fortive Corporation (FTV), which traded 15.7 times normal option volume. In addition, we saw heavy put buying in Quanta Services Inc (PWR), which traded 11.8 times normal option volume.

Earnings have more or less died down. However, Nike reported today with some disappointing numbers. The stock was trading down four percent in the after hours when this was written.

Here is what is on tap for the rest of the week:

Key Economic Data:
22 March 2017- Existing Home Sales 10:00 AM ET, EIA Petroleum Status Report 10:30 AM ET
23 March 2017- Jobless Claims 8:30 AM ET; New Home Sales 10:00 AM ET;
24 March 2017- Durable Goods Orders 8:30 AM ET; PMI Composite Flash 9:45 AM ET

Key Earnings:
22 March 2017- FIVE
23 March 2017- GME, KBH, MU, OXM
24 March 2017- FINL

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