November 17, 2016 Market Wrap Up

The S&P 500 closed near its 52-week highs today as the market keeps on rolling. The FOMC hinted that they are very close to raising rates, possibly in December. It appears that market is preparing for a rate hike, and based on the price action they’re OK with it.

One of the more active names today was Dryships (DRYS), -90%, it traded in a range between 10.80 to 54.15, finally closing at $11. The stock price was trading under five bucks a couple weeks ago and as high as $100 per share this week. The sector as a whole was on fire for a couple weeks, but it seems like the party is over for the shippers.

The VIX has dropped significantly over the last two weeks, as the market is not as worried about a Trump Presidency.

Crude oil futures prices sold off a little, and have sold off on four out of the last five trading days.

On the options front, we saw large call buying activity in Restoration Hardware (RH), which traded 3.5 times normal option volume. In addition, we saw heavy put buying in G III Apparel Group (GIII), which saw 7.5 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Earnings:
18 Nov 2016- ANF, BKE, FL

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