November 12, 2015 Market Wrap Up
The S&P 500 saw some heavy selling pressure, closing the day down nearly 1.5%. Keep in mind, we had a very strong October, almost leading us back to the highs.
Will we break the highs, or did the market rally too fast too soon? These are questions traders are asking. In addition, eyes and ears are on Fed officials. We had six speak today on the economy and possible Fed actions.
Many believe there is a 50-50 chance that we will see a rate hike in December. However, it almost appears that opinions change almost every day.
Stocks in play today, included Fitbit (FIT) -7.3%, Sunedison (SUNE) -6.3%, and Allergran (AGN) -3%.
It should come to no surprise that the VIX surged; however, it was a pretty big move, up more than 2 points and closing at 18.37.
The energy sector was weak; the United States Oil Fund (USO) was down nearly .3% today.
On the options front, we saw large call buying activity in MPLX LP (MPLX). In addition, we saw bearish bets being placed in Shake Shack (SHAK).
Here’s what’s on tap tomorrow:
Key Economic Data:
13 November 2015- Retail Sales 8:30 AM ET, PPI 8:30 AM ET
Key Earnings:
12 November 2015- DSX, VIAB, AMAT, CSCO, IGT, KSS