June 7, 2016 Market Wrap Up

Education, Trading , , , , , , , , , , ,

The S&P 500 closed the day on the plus side, as we inch ever closer to all-time highs. We’re now just less than 1% from matching the all-time highs. With that said, SPDR S&P 500 experienced below average volume…not exactly, a strong sign of momentum as we grind higher.

Stocks in play today: Valeant Pharmaceuticals (VRX) -14.5%, Ralph Lauren (RL) -3%, F5 Networks (FFIV) +12.8%, and Marathon Oil (MRO) +4.5%.

Despite the grind up, the VIX actually traded higher, closing above 14, at 14.05.

Crude oil futures are now trading above $50 per barrel and sitting on 6-month highs. With that said, they are now more than 90% higher from the 6-month lows.

On the options front, we saw large call buying activity in Red Hat (RHT), which traded 7 times normal volume. We also saw a ton of bearish bets being placed in JD.com (JD), which traded 3.4 times usual volume.

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

Key Economic Data:
8 June 2016- EIA Petroleum Status 10:30 AM ET
9 June 2016- Jobless Claims 8:30 AM ET

Key Earnings:
7 June 2016- MIK, VNCE, VRX, PAY, PLAY, VRNT
8 June 2016- TLRD, RH
9 June 2016- SJM, MFRM, HRB

Key Events:
7 June 2016- Stifel Tech, Internet, and Media Conference (runs till 6/8); Bank America Global Telecom & Media Conference (runs till 6/9); Goldman Healthcare Conference (runs till 6/9); Jefferies Healthcare Conference (runs till 6/10)
8 June 2016- Credit Suisse Global Energy Conference (runs till 6/9); Deutsche Bank 7th Annual Global Industrials & Basic Materials Conference (runs till 6/9)

June 5, 2016 The Week Ahead

Education, Trading , , , , , ,

The S&P 500 closed the week relatively flat, however; things got real interesting on Friday after a much weaker than expected jobs number. In fact, it was on of the worst numbers in years. With that said, many market participants now believe that the economy is too weak for the Fed to raise interest rates in June. This caused the market to sell off initially on Friday, but it managed to bounce back to modest losses.

The VIX on Friday hit a high of 14.66 only to see it sell off at the end of the day. The VIX was little changed for the week, closing at 13.47.

The OPEC meeting turned out to be a non-event. With that said, crude oil futures prices didn’t move much during the week. Currently, prices are 86% higher from their six month lows. As we stand, we’re a tad under $49.

Here is what is on tap for this upcoming week:

Key Economic Data:
8 June 2016- EIA Petroleum Status 10:30 AM ET
9 June 2016- Jobless Claims 8:30 AM ET

Key Earnings:
6 June 2016- UNFI, THO, SIGM
7 June 2016- MIK, VNCE, VRX, PAY, PLAY, VRNT
8 June 2016- TLRD, RH
9 June 2016- SJM, MFRM, HRB

Key Events:
6 June 2016- Goldman Lodging, Gaming, Restaurant and Leisure Conference (runs till 6/7); Stifel Tech, Internet, and Media Conference (runs till 6/8)
7 June 2016- Bank America Global Telecom & Media Conference (runs till 6/9); Goldman Healthcare Conference (runs till 6/9); Jefferies Healthcare Conference (runs till 6/10); JP Morgan Auto Conference (runs till 6/7)
8 June 2016- Credit Suisse Global Energy Conference (runs till 6/9); Deutsche Bank 7th Annual Global Industrials & Basic Materials Conference (runs till 6/9)

June 1, 2016 Market Wrap Up

Education, Trading , , , , , , , , , , , ,

The S&P 500 started the new month on a positive note, however; volume was well below the average. With that said, it’s not the greatest sign, when we’re moving towards all-time highs without any follow through in volume.

Stocks in play today: Nike (NKE) -.5%, Energy Transfer Equity (ETE) +8%, Ocean Power Technologies (OPTT) +285%, Hollyfrontier (HFC) +5%

Given the weak volume and lack of downward follow through pressure…the VIX didn’t do too much, closing at 14.20.

The United States Oil Fund (USO) was down less than .25% today. Crude oil futures have been wrestling trying to break $50 per barrel. Now, they’ve been able to get their intraday, but have yet to hold on to it. Tomorrow marks an OPEC meeting as well as the EIA petroleum report.

On the options front, we saw large call buying activity in Westlake Chemical Corp (WLK), which traded 16.9 times normal volume. We also saw a ton of bearish bets being placed in Nike (NKE), which traded 3.9 times usual volume.

Here’s what’s left for tomorrow and Friday:

Key Economic Data:
2 June 2016- Jobless Claims 8:30 AM ET, EIA Petroleum Status 11:00 AM ET
3 June 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET

Key Earnings:
2 June 2016- CIEN, CONN, JOY, AMBA, AVGO, CMTL, FIVE, IDT, ZUMZ

Key Events:
KeyBanc Industrials & Auto Conference (runs till 6/2)
Bernstein 32nd Annual Strategic Decisions Conference (runs till 6/3)
Bank America Global Technology Conference (runs till 6/2)
Cowen 44th Annual Technology, Media & Telecom Conference (runs till 6/2)
DA Davidson 8th Annual Technology Forum; RBC Consumer & Retail Conference (runs till 6/2)

May 30, 2016 The Week Ahead

Education, Trading , , , , , , ,

The S&P 500 had a solid week of gains, moving more than 2% higher. Not only that, we’re just less than 2% off the all-time highs. Another healthy sign was the influx of IPOs. Last week, we had five IPOs, a very strong number given the lack of inactivity we’ve seen in the space thus far this year.

With volume drying up and a shortened week ahead, it was no surprise to see the VIX sell off as much as it did. With that said, the VIX on Friday closed at 13.12, a drop of more than 2 points from the previous Friday close.

Crude oil futures prices traded above $50 for a brief moment last week. An impressive feat considering it’s 88% higher from the six month lows. As we stand, we’re a tad under $50 ahead of the OPEC meeting this week.

Here is what is on tap for this shortened 4-day trading week:

Key Economic Data:
31 May 2016- Personal Income & Outlays 8:30 AM ET
1 June 2016- ISM Manufacturing Index 10:00 AM ET
2 June 2016- Jobless Claims 8:30 AM ET, EIA Petroleum Status 11:00 AM ET
3 June 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET

Key Earnings:
31 May 2016- ASNA, NCS, TIVO, WDAY, ZOES, MDT
1 June 2016- KORS, VRA, BOX, LE
2 June 2016- CIEN, CONN, JOY, AMBA, AVGO, CMTL, FIVE, IDT, ZUMZ

Key Events:
31 May 2016- Deutsche Bank Financial Conference (runs till 6/1); KeyBanc Industrials & Auto Conference (runs till 6/2)
1 June 2016- Bernstein 32nd Annual Strategic Decisions Conference (runs till 6/3); Bank America Global Technology Conference (runs till 6/2); Cowen 44th Annual Technology, Media & Telecom Conference (runs till 6/2); DA Davidson 8th Annual Technology Forum; RBC Consumer & Retail Conference (runs till 6/2)

Lastly, for those observing, have a happy and safe Memorial Day.

May 26, 2016 Market Wrap Up

Education, Trading , , , , , , , , , ,

The S&P 500 was relatively flat today, as volume seems to have dried up as we near all-time highs.

Stocks in play today: Gogo (GOGO) +16.3%, Lions Gate Entertainment (LGF) +7.5%, Abercrombie & Fitch (ANF) -16%, and Signet Jewelers (SIG) -10.5%

It was no surprise to see the VIX sell off as hard as it did. Many traders will be away tomorrow, as Monday is a holiday. With that said, it makes sense to see volatility come in, given not much is expected over the next few days. The VIX closed below 13.50.

The United States Oil Fund (USO) was down less than 1% today. Now, crude oil futures did hit $50 per barrel for the first time in over 6 months, but were unable to hold that level into the close.

On the options front, we saw large call buying activity in Bristol Myers Squibb (BMY), which was 3.1 times normal volume. We also saw a ton of bearish bets being placed in Eagle Pharmaceuticals (EGRX).

Here’s what’s left for tomorrow:

Key Economic Data:
27 May 2016- GDP 8:30 AM ET

May 25, 2016 Market Wrap Up

Education, Trading , , , , , , , , , , ,

The S&P 500 continued its climb back to all-time highs; we’re now a little less than 2% off that. Not to mention, 15% higher than our 6-month lows. One could argue that this is all being done on anemic volume, however; fighting the tape can be very costly during times like this.

Stocks in play today: Alibaba Group (BABA) -7.3%, Express (EXPR) -8.4%, Whiting Petroleum (WLL) +14.5%, and Sarepta Therapeutics (SRPT) +26%

It was no surprise to see the VIX sell off as hard as it did. Overall, the VIX closed below 14, finishing the day 3.6% lower.

The United States Oil Fund (USO) was up nearly 2% today. In addition, crude oil futures closed at this year’s highs. We’re now nearly 50% off the 3-month lows.

On the options front, we saw large call buying activity in Craft Brew (BREW), which was 69.2 times normal volume. We also saw a ton of bearish bets being placed in Alibaba Group (BABA). Overall, the option action in Alibaba was 5.9 times above the average.

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

Key Economic Data:
26 May 2016- Jobless Claims 8:30 AM ET, Durable Goods Orders 8:30 AM ET
27 May 2016- GDP 8:30 AM ET

Key Earnings:
26 May 2016- ANF, DG, FRED, GME, PANW, SPLK, ULTA, VEEV, VNET

Key Events:
Morgan Stanley China Conference (runs till 5/26)
UBS Global Oil & Gas Conference (runs till 5/26)

May 24, 2016 Market Wrap Up

Education, Trading , , , , , , , ,

The S&P 500 was in full panic buying mode today, as the index closed 1.37% higher. The catalyst? A better question, do we really need one anymore? All jokes aside, there was no real news that pushed the Dow, S&P 500, Russell 2000, and the Nasdaq. With that said, we’re not too far off the all-time highs.

It was no surprise to see the VIX sell off as hard as it did. Overall, the VIX closed at 14.42, closing the day 8.9% lower.

The United States Oil Fund (USO) was up more than 1.37% today. In addition, crude oil futures closed at 6 month highs. We’re now more than 80% higher off the 6-month lows.

On the options front, we saw large call buying activity in Xilinx (XLNX), which was 5.2 times normal volume.

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

Key Economic Data:
25 May 2016- International Trade in Goods 8:30 AM ET, EIA Petroleum Status 10:30 AM ET
26 May 2016- Jobless Claims 8:30 AM ET, Durable Goods Orders 8:30 AM ET
27 May 2016- GDP 8:30 AM ET

Key Earnings:
25 May 2016- BMO, TIF, COST, HPQ, LGF, NTAP
26 May 2016- ANF, DG, FRED, GME, PANW, SPLK, ULTA, VEEV, VNET

Key Events:
JP Morgan Technology Media & Telecom Conference (runs till 5/25); SunTrust Financial Services Conference (runs till 5/25); UBS Global Healthcare Conference (runs till 5/25)
Morgan Stanley China Conference (runs till 5/26); UBS Global Oil & Gas Conference (runs till 5/26); Wolfe Global Transportation (runs till 5/25)

May 22, 2016 The Week Ahead

Education, Trading , , , , ,

The S&P 500 snapped its three week losing streak on Friday, however; the same could not be said for the Dow, which currently suffered its fourth straight down week. The FOMC minutes which were released earlier in the week point toward a potential rate hike in June. Since then, the market reaction has been very mixed.

Despite this heightened level of uncertainty, the VIX was relatively unchanged for the week, closing at 15.20.

Crude oil futures prices are at yearly-highs, inching ever closer to the $50 per barrel market. On Friday, they closed above $48.40. That’s more than 50% higher than the 3-month lows. With that said, energy is the best performing sector thus far, with financials and healthcare lagging.

Here is what is on tap for the rest of the week:

Key Economic Data:
24 May 2016- New Home Sales 10:00 AM ET
25 May 2016- International Trade in Goods 8:30 AM ET, EIA Petroleum Status 10:30 AM ET
26 May 2016- Jobless Claims 8:30 AM ET, Durable Goods Orders 8:30 AM ET
27 May 2016- GDP 8:30 AM ET

Key Earnings:
24 May 2016- AZO, BBY, TOL, HPE, INTU, NMBL
25 May 2016- BMO, TIF, COST, HPQ, LGF, NTAP
26 May 2016- ANF, DG, FRED, GME, PANW, SPLK, ULTA, VEEV, VNET

Key Events:
23 May 2016- JP Morgan Technology Media & Telecom Conference (runs till 5/25); SunTrust Financial Services Conference (runs till 5/25); UBS Global Healthcare Conference (runs till 5/25)
24 May 2016: Morgan Stanley China Conference (runs till 5/26); UBS Global Oil & Gas Conference (runs till 5/26); Wolfe Global Transportation (runs till 5/25)

May 17, 2016 Market Wrap Up

Education, Trading , , , , , , , , , ,

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)

May 15, 2016 The Week Ahead

Education, Trading , , , , ,

The S&P 500 finished lower for the third straight week, and is currently riding a 3-trading day losing streak. The NASDAQ has been down 14 out of the last 18 sessions, as is more than 5% off its year-to-date highs.

Overall, it feels like the market has lost some steam. However; we haven’t seen much selling pressure come in yet. Well, at least anything that has had some legs. This can easily be observed by the VIX. Despite the market being down again, the VIX was relatively unchanged, closing at 15.04.

Crude oil futures prices bounced back, closing the week nearly 4% higher. With that said, we’re almost back to the year-to-date highs.

This coming week we’ve got a decent amount of earnings from companies related to the retail space. This sector has been taking it on the chin over the last week or so, we’ll have to see if that bearish sentiment continues. In addition, we’ve got the FOMC Minutes along with a number of industry related conferences.

Key Economic Data:
17 May 2016- Consumer Price Index 8:30 AM ET, Housing Starts 8:30 AM ET, Industrial Production 9:15 AM ET

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:
16 May 2016- VRTU, A, AKRX, VOXX

17 May 2016- HD, PLCE, TJX

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:
16 May 2016- Electrical Products Group Conference (runs till 5/18); Goldman Sachs Leveraged Financial Conference (runs till 5/18)

17 May 2016- 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)

18 May 2016- Needham Emerging Tech Conference (runs till 5/19)