November 8, 2016 Market Wrap Up

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The S&P 500 closed higher for the second straight day following a nine day losing streak. Of course, all eyes are on this evening’s US Presidential elections. From what we’ve witnessed over the past few weeks it seems like the market prefers Hillary over Donald. With the race very tight traders will be watching the futures as results start coming in.

The VIX was relatively flat given the uncertainty leading up to this evening’s elections. It closed today at 18.74.

Stocks in play today included: Hertz Global (HTZ) -22%, CVS (CVS) -11.5%, and Valeant Pharmaceuticals (VRX) -22%

Crude oil futures prices closed relatively flat on this election day.

On the options front, we saw large call buying activity in Kellogg (K), which traded 4.3 times normal option volume. In addition, we saw heavy put buying in WPX Energy (WPX), which saw 6.3 times normal options volume.

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

Key Economic Data:
8 Nov 2016- U.S. Presidential Election
9 Nov 2016- EIA Petroleum Status Report 10:300 AM ET
10 Nov 2016- Jobless Claims 8:30 AM ET

Key Earnings:
8 Nov 2016- DHI, JCI, OA, QVCA, SEAS, VRX, W, TRIP
9 Nov 2016- COTY, DISH, KITE, WEN, WWAV, NTES, SHAK, SPWR, TASR, TUBE, VRTU
10 Nov 2016- AZN, FLO, M, KSS, PRGO, PRTY, RL, WIX, BUFF, DIS, JWN, KORS, NVDA
11 Nov 2016- JCP

Key Conferences:
7 Nov 2016- Credit Suisse Healthcare Conference (runs till 11/9); Edison Electric Institute Conference (runs till 11/9)
8 Nov 2016- Baird Industrial Conference (runs till 11/10); Stephens Fall Investor Conference (runs till 11/9)
9 Nov 2016- RBC Capital Tech, Internet, Media/Telco Conference (runs till 11/10); UBS Building & Building Products Annual CEO Conference (runs till 11/9); Wells Fargo Technology, Media & Telecom Conference (11/10)

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May 17, 2016 Market Wrap Up

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The S&P 500 sold off today, about 1% ahead of tomorrow’s FOMC minutes. Not only that, but the S&P 500 is back to negative on the year. It will be interesting to see if the “minutes” add fuel to the fire or restore the markets.

It was no surprise to see the VIX spike more than 6%, closing at 15.57.

Stocks in play today included: Mgt Capital Investments (MGT) +46%, Abbvie (ABBV) -3.8%, and Hertz Global Holdings (HTZ) +13%

The United States Oil Fund (USO) was up more than 1.36% today. In addition, crude oil futures closed at 6 month highs. We’re now a whopping 61% higher off the 6-month lows.

On the options front, we saw large call buying activity in Carrizo Oil & Gas (CRZO). In addition, we saw heavy put buying in Mallinckrodt PLC, which saw 2.6 times usual options volume.

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

Key Economic Data:
18 May 2016- EIA Petroleum Status 10:30 AM ET, FOMC Minutes 2:00 PM ET
19 May 2016- Jobless Claims 8:30 AM ET, Philly Fed Business Outlook Survey 8:30 AM ET
20 May 2016- Existing Home Sales 10:00 AM ET

Key Earnings:
18 May 2016- DSX, LOW, PGR, QIWI, TGT, CRM, CSCO, EXP, FLO, RXN, LB, TTWO, URBN
19 May 2016- DKS, AAP, SSI, WMT, ADSK, AMAT, BRCD, GPS, ROST, MENT
20 May 2016- FL, DE, CPB, BKE, HIBB

Key Events:
Electrical Products Group Conference (runs till 5/18)
Goldman Sachs Leveraged Financial Conference (runs till 5/18)
Bank America/Merrill Transportation Conference (runs till 5/18)
Barclays Americas Select Conference (runs till 5/19)
Citigroup Internet, E-commerce & Digital Media Conference (runs till 5/18)
JPMorgan Global Consumer & Retail Conference (runs till 5/18)
JPMorgan Homebuilding & Building Products Conference (runs till 5/18)
Needham Emerging Tech Conference (runs till 5/19)