October 11, 2016 Market Wrap Up

The S&P 500 saw its fair share of volatility, trading roughly in a 40 point range and closing the day down more than 1.2% In addition, today was one of the rare days where volume in the SPDR S&P 500 traded above its normal average. Earnings kicked off this morning with Alcoa, by most accounts, the quarter was worse than expected. The stock price dropped more than 11% on the day.

The week should pick up in terms of volume and volatility. Tomorrow we have the release of the FOMC minutes along with more earnings, highlighted by the banks on Friday.

Stocks in play today included: Illumina (ILMN) -25%, Rent-A-Center (RCII) -29%, and Apple (AAPL) +.25%

The VIX closed higher at 15.36, up nearly 2 points (14.8%).

Crude oil futures prices dropped about 1%, but still up on the week. The OPEC meeting is still ongoing and set to conclude on Oct 13.

On the options front, we saw large call buying activity in Rayonier Advanced Materials (RYAM), which traded 7.3 times normal option volume. In addition, we saw heavy put buying in Melco Crown Entertainment (MPEL), which saw 5.3 times normal options volume.

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

Key Economic Data:
12 Oct 2016- FOMC Minutes 2:00 PM ET
13 Oct 2016- Jobless Claims 8:30 AM ET; EIA Petroleum Status Report 11:00 AM ET
14 Oct 2016- PPI 8:30 AM ET, Retail Sales 8:30 AM ET

Key Earnings:
12 Oct 2016- CSX
13 Oct 2016- DAL, LNN, MAR, PGR, AMD, KMG, FRC
14 Oct 2016- C, JPM, PNC, WFC

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