March 17, 2016 Market Wrap Up
The phenomenal run in the stock market continued again today, as the S&P 500 flirted with going positive on the year. With that said, we’re now more than 12.5% higher than our year-to-date lows. It’s also worth noting that this run up has been done on below average volume.
Not to be overshadowed, crude oil is up more than 10% over the last two trading days. We’re now trading above $40 per barrel. That’s a move of more than 35% higher than our monthly lows.
The VIX closed 14.44, the lowest level we’ve seen in 2016.
On the options front, we saw large call buying activity in Sensata Technologies (ST). In addition, we saw heavy put buying in Nevro Corporation (NVRO), which was 3.2 times usual options volume.
Stocks in play included: Mallinckrodt (MNK) -4%, Valeant Pharmaceuticals (VRX) -11.4%, and FedEX (FDX) +11.8%
There are no major economic announcements or key events tomorrow, outside of some rebalances that will happen at the close.