August 30, 2016 Market Wrap Up

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The S&P 500 closed lower today, on below average volume. It’s been nearly two months of trading without seeing a +/- 1% move in the market. Eventually, something has to give in what has been a painfully slow summer in terms of volume and volatility.

Stocks in play today included: Potash Corporation (POT) +12%, Agrium (AGU) +7%, The Hershey Company (HSY) -10.8%, and Abercrombie & Fitch (ANF) -20.3%

The VIX closed the day slightly higher, closing above 13, at 13.12.

Crude oil futures bounced back a little from yesterday’s pullback, climbing more than 1% and closing above $47 per barrel.

On the options front, we saw large call buying activity in NeoPhotonics Corporation (NPTN), which traded 4.6 times normal option volume. In addition, we saw heavy put buying in Ctrip (CTRP), which was 2.6 times normal options volume. Keep in mind, they have earnings tomorrow after the close.

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

Key Economic Data:
31 Aug 2016- EIA Petroleum Status Report 10:30 AM
1 Sep 2016- Jobless Claims 8:30 AM ET, ISM Manufacturing Index 10:00 AM ET.
2 Sep 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET

Key Earnings:
31 Aug 2016- CHS, BLOX, BOBE, BOX, CRM, FIVE, SMTC
1 Sep 2016- CIEN, CPB, JOY, LULU, AMBA, AVGO, PAY, SWHC

Key Conferences:
Jefferies Semiconductor, Hardware, and Communications Conference (runs till 8/31)

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August 28, 2016 The Week Ahead

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The S&P 500 closed the week on a three day losing streak, however; volume has been below average and volatility has been virtually non-existent. With that said, we’re only about 1% off our highs. For the most part, traders have been focusing on stocks in the news versus what’s happening in the economy. At the moment, the medical space seems to be the most active. Heated arguments have been drawn up by politicians questioning their business practices. As the elections near, one could only imagine that volatility continues to pick up in the sector.

Now, the market was down about .6% on the week, however; that didn’t stop traders from buying protection. The VIX shot up during the week, closing at 13.65.

Crude oil futures prices cooled off this week, declining nearly 3%. OPEC is scheduled to meet late in September. Until then, traders will be monitoring any statements made before that meeting.

Moving on, gold futures prices fell 1.4%. In addition, T-bond futures prices fell more less than .5%.

Here is what else is on the schedule for the upcoming week:

Key Economic Data:
29 Aug 2016- Personal Income and Outlays 8:30 AM ET
31 Aug 2016- EIA Petroleum Status Report 10:30 AM
1 Sep 2016- Jobless Claims 8:30 AM ET, ISM Manufacturing Index 10:00 AM ET.
2 Sep 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET

Key Earnings:
29 Aug 2016- CTLT
30 Aug 2016- ANF, DSW, FRED, HRB, NCS, PANW, VEEV
31 Aug 2016- CHS, BLOX, BOBE, BOX, CRM, FIVE, SMTC
1 Sep 2016- CIEN, CPB, JOY, LULU, AMBA, AVGO, PAY, SWHC

Key Conferences:
30 Aug 2016- Jefferies Semiconductor, Hardware, and Communications Conference (runs till 8/31); Longbow Industrial Manufacturing & Technology Conference (runs till 8/30)

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August 25 2016 Market Wrap Up

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The S&P 500 closed relatively flat, but still down on the day. A lot of attention has been in medical stocks, as politicians are criticising their business model and even accusing them of using aggressive and unethical pricing methods on drugs. However, attention should focus back to the Jackson Hole meeting, as Fed Chairperson Yellen is set to give a speech. In addition, GDP numbers will be released before the start of the US session.

Stocks in play today include: Dollar General (DG) -17.6%, Signet Jewelers (SIG) -12.6%, St. Jude Medical (STJ) -4.96%, and Mylan (MYL) -.70%

Over the last couple of trading sessions we’ve seen a slight bid in the VIX, closing higher for the second straight day at 13.63.

Crude oil futures bounced back a little from yesterday’s pullback, climbing more than 1% and closing above $47 per barrel.

On the options front, we saw large call buying activity in Salesforce COM (CRM), which traded 2.3 times normal option volume. In addition, we saw heavy put buying in St Jude Medical (STJ) 60 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Economic Data:
26 Aug 2016- GDP 8:30 AM ET, International Trade in Goods 8:30 AM ET

Key Earnings:
26 Aug 2016- BIG

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August 23, 2016 Market Wrap Up

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The S&P 500 crept higher today on below average trading volume. Not surprising, as it’s been the theme this entire month. Realized volatility in SPY over the last month has been 5-7% depending on which estimator you’re using. To put that in perspective, these are some of the lowest levels we’ve seen over the last four years.

Stocks in play today include: Clovis Oncology (CLVS) +28%, Best Buy (BBY) +20%, Tesla Motors (TSLA) +.85%, and J.M. Smucker Company (SJM) -8%.

Despite the rise in the market, the VIX actually closed the day higher, finishing the session at 12.38.

Crude oil futures bounced back a little from yesterday’s pullback, climbing more than 1% and closing near $48 per barrel. Talks are heating up on what OPEC nations will be doing in the future, thus adding additional volatility to the energy complex.

On the options front, we saw large call buying activity in Mellanox Technologies (MLNX), which traded 9.3 times normal option volume. In addition, we saw heavy put buying in Concurrent Computer Corporation (CCUR) 52.1 times normal options volume.

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

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

Key Earnings:
24 Aug 2016- EXPR, GES, HPQ, PVH, WSM, WDAY
25 Aug 2016- FLS, EPAY, BURL, BRCD, DG, DLTR, GME, GLNG, JKS, MDT, SAFM, SHLD, SFUN, SDRL, SPLK, ZAYO, ULTA, TIF
26 Aug 2016- BIG

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August 21, 2016 The Week Ahead

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The S&P 500 closed the week flat, holding on to near record high levels. With that said, a lot of the most anticipated earnings have now past and the market is grinding on below average volume.

When will the volatility pick up?

One could imagine as the presidential elections near, we’ll start to see some fear and uncertainty creep in. The VIX didn’t really change much from the previous Friday’s close, still trading below 12 at 11.34.

Crude oil futures prices gained nearly 9% on the week. OPEC is set to meet next month, as crude oil futures are about 5% off their 52-week highs.

Moving on, gold futures prices were relatively unchanged, up less than .5%. In addition, T-bond futures prices fell more than 1%, and are now about 3.5% off their 52-week highs.

Here is what else is on the schedule for the upcoming week:

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

Key Earnings:
22 Aug 2016- CTRP, QUNR, NQ, ZOES
23 Aug 2016- BBY, DY, INTU, SJM, LZB, NMBL, RGS, TOL
24 Aug 2016- EXPR, GES, HPQ, PVH, WSM, WDAY
25 Aug 2016- FLS, EPAY, BURL, BRCD, DG, DLTR, GME, GLNG, JKS, MDT, SAFM, SHLD, SFUN, SDRL, SPLK, ZAYO, ULTA, TIF
26 Aug 2016- BIG

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August 18, 2016 Market Wrap Up

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The S&P 500 crept higher for the second straight session, pushing to us to nearly flat on the week now. Earlier in the day, earnings out of Wal-Mart Stores (WMT) was taken well as the stock closed at 74.30, touching 52-week highs.

Stocks in play today include: Corrections Corp of America (CXW) -35%, The Geo Group (GEO) -40%, Harley-Davidson (HOG) -1.7%, and Valeant Pharmaceuticals (VRX) -2.7%

The VIX closed lower, and now trading below 11.50, closing at 11.43.

Crude oil futures continue to ascend higher, now up over 8% on the week, and not incredibly far from the 52-wk highs, closing above $48 per barrel.

On the options front, we saw large call buying activity in Amphenol Corp (APH), which traded 4 times normal option volume. In addition, we saw heavy put buying in Chicos Fas (CHS) at 2.8 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Earnings:
19 Aug 2016- DE, EL, FL, MSG

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August 16, 2016 Market Wrap Up

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The S&P 500 sold off from 52-week highs today on below average trading volume.

Stocks in play today include: The Hain Celestial Group (HAIN) -26%, Meetme (MEET) -16.7%, Stemcells (STEM) +598%, and Resolute Energy (REN) +3%

The VIX closed higher, up over 7% on the day at 12.64.

Crude oil futures continue to ascend higher, now up over 9% over the last three trading sessions. With that said, crude oil futures are are still more than 10% off their 52-week highs.

On the options front, we saw large call buying activity in Reynolds American (RAI) at 4 times normal option volume. In addition, we saw heavy put buying in 8×8 Inc (EGHT) at 23.3 times normal options volume.

This evening we got earnings out of Cree (CREE) -7% and Urban Outfitters (URBN) +8.8%

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

Key Earnings:
17 Aug 2016- AEO, LOW, SPLS, TGT, A, CSCO, NTAP
18 Aug 2016- BONT, WMT, AMAT, GPS, ROST, DV
19 Aug 2016- DE, EL, FL, MSG

Key Conferences:
Enercom Energy Conference (runs till 8/18)

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August 14, 2016 The Week Ahead

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The S&P 500 closed the week nearly unchanged, holding on to record high levels. Earnings have been fairly decent across the board as we head into next week. Despite the market being near all-time highs, it hasn’t really been met with too much excitement as witnessed by the below average trading volume.

The VIX didn’t really change much from the previous Friday’s close, still trading below 12 at 11.55.

Crude oil futures prices gained more than 6% on the week. OPEC is set to meet next month, earlier in the week, the Saudi Oil Minister made comments that they’d be willing to work with other OPEC nations to stabilize prices.

Moving on, gold futures prices were relatively unchanged. In addition, T-bond futures prices gained nearly 1%, and are now about 2.5% off their 52-week highs.

Earnings season is slowing down, but we’ll be hearing from big retailers like Dick’s Sporting Goods (DKS), Home Depot (HD), Lowe’s (LOW), Target (TGT), and WalMart (WMT) just to name a few.

Here is what else is on the schedule for the upcoming week:

Key Economic Data:
16 Aug 2016- Consumer Price Index 8:30 AM ET, Housing Starts 8:30 AM ET, Industrial Production 9:15 AM ET
17 Aug 2016- EIA Petroleum Status Report 10:30 AM ET, FOMC Minutes 2:00 PM ET
18 Aug 2016- Jobless Claims 8:30 AM ET, Philly Fed Survey 8:30 AM ET

Key Earnings:
15 Aug 2016- SYY
16 Aug 2016- AAP, COTY, DKS, HD, TJX, CREE, URBN
17 Aug 2016- AEO, LOW, SPLS, TGT, A, CSCO, NTAP
18 Aug 2016- BONT, WMT, AMAT, GPS, ROST, DV
19 Aug 2016- DE, EL, FL, MSG

Key Conferences:
15 Aug 2016- Enercom Energy Conference (runs till 8/18)

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August 9, 2016 Market Wrap Up

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The S&P 500 traded slightly higher today on below average volume, a theme over the last couple of weeks. The SPDR S&P 500 traded about 50 million shares, whereas on average it’s been trading around 76 million shares per day.

Stocks in play today include: Valeant Pharmaceuticals (VRX) +26%, Rackspace (RAX) + 6.7%, and Wayfair (W) -19.7%.

The VIX closed higher, still trading below 12 at 11.66.

Crude oil futures closed mildly lower, closing under $43 per barrel. Gold and Treasury bonds both caught a bid today, both gaining about .5%.

On the options front, we saw large call buying activity in Splunk (SPLK) at 2.5 times normal option volume. In addition, we saw heavy put buying in Phillips 66 at 2.2 times normal options volume.

This evening we got earnings out of Disney (DIS) -.5%, Yelp (YELP) +13.8%, Sunpower (SPWR) -22.7%, and Fossil (FOSL) +3.7%.

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

Key Economic Data:
10 Aug 2016- EIA Petroleum Status Report 10:30 AM ET
11 Aug 2016- Jobless Claims 8:30 AM ET
12 Aug 2016- Retail Sales 8:30 AM ET, PPI 8:30 AM ET

Key Earnings:
10 Aug 2016- JD, KORS, PRGO, RL, WEN, BUFF, SHAK
11 Aug 2016- BABA, EAT, FLO, CSAL, KSS, M, JWN, NVDA, RT
12 Aug 2016- JCP

Key Conferences:
Credit Suisse Transports Conference (runs till 8/10); Jefferies Industrials Conference (runs till 8/11); JPMorgan Auto Conference (runs till 8/10); Oppenheimer Tech, Internet, and Communications Conference (runs till 8/10); UBS Financial Services Conference (runs till 8/10)

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August 7, 2016 The Week Ahead

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The S&P 500 closed the week higher, holding on to record high levels. Earnings have been rolling out pretty smoothly and on Friday we received a really strong employment number. Sure, a lot of these gains in the market have been on extremely low volume, however; that hasn’t been raised as a concern yet. The economic schedule is light but there are more earnings to look forward too.

The VIX continued to decline during the week, closing on Friday below 12, at 11.39.

Crude oil futures prices gained almost 1% on the week, however; we’re nearly 12% off our one month highs.

Moving on, gold futures prices dropped more than 1% on the week, turning a weekly gain into a loss after Friday’s employment numbers. In addition, T-bond futures prices dropped more than 1.5%, as they fell back from yearly high levels.

As mentioned earlier, earnings season continues to roll. We’ll be hearing from Michael Kors (KORS), Valeant Pharmaceuticals (VRX), Alibaba (BABA), Yelp (YELP), and Disney (DIS) just to name a few.

Here is what is on tap for this upcoming week:

Key Economic Data:
10 Aug 2016- EIA Petroleum Status Report 10:30 AM ET
11 Aug 2016- Jobless Claims 8:30 AM ET
12 Aug 2016- Retail Sales 8:30 AM ET, PPI 8:30 AM ET

Key Earnings:
8 Aug 2016- AGN, DF, HZNP, TSN, ENDP, MCHP, NUAN, ONDK, NWSA, RAX, TWLO, WBMD
9 Aug 2016- CHTR, COH, INCY, LAMR, LNG, MYL, SNI, VRX, W, WWAV, ZBRA, CYBR, DIS, FOSL, JAZZ, MDVN, SCTY, SPWR, YELP
10 Aug 2016- JD, KORS, PRGO, RL, WEN, BUFF, SHAK
11 Aug 2016- BABA, EAT, FLO, CSAL, KSS, M, JWN, NVDA, RT
12 Aug 2016- JCP

Key Conferences:
8 Aug 2016- Credit Suisse Homebuilding & Building Products Conference (runs till 8/9)
9 Aug 2016- Credit Suisse Transports Conference (runs till 8/10); Jefferies Industrials Conference (runs till 8/11); JPMorgan Auto Conference (runs till 8/10); Oppenheimer Tech, Internet, and Communications Conference (runs till 8/10); UBS Financial Services Conference (runs till 8/10)

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