January 5, 2016 Market Wrap Up
The S&P 500 had its first up day of the new year, however; it’s still down more than 1% from yesterday’s sell off. A really shaky start, which makes tomorrow’s FOMC minutes a potential market changer.
In addition, the Consumer Electronics Show continues tomorrow. Companies are presenting their new products to this huge public forum. A good showing can boost stock prices higher. On the other hand, a poor showing can really drive stock prices lower, as witnessed with FitBit (FIT) today.
The VIX sold off slightly, closing the day slightly below 20.
Crude oil futures prices have not faired better, they’re down about 3% over the first two trading days of the year.
Stocks in play today included: Apple (AAPL) -2.5%, Fitbit -18.4%, and ManKind (MNKD) -48.4%
On the options front, we saw large call buying activity in Microchip Technology (MCHP). We also saw aggressive put buying in Cirrus Logic (CRUS) .
Key Economic Data:
6 January 2016- International Trade 8:30 AM ET, FOMC Minutes 2:00 PM ET
7 January 2016- Jobless Claims 8:30 AM ET
Key Earnings:
6 January 2016- MON
7 January 2016- FINL, KBH, STZ, WBA, BBBY, HELE, SNX, TCS
Conferences:
6 January 2016- Citigroup Internet, Media & Telecom Conference (runs till 1/7)
6 January 2016- Consumer Electronics Show (runs till 1/9), Goldman Sachs Energy Conference (runs till 1/7)