May 11, 2017 Market Wrap Up

The stock market saw its first taste of volatility; however, selling pressure subsided and stocks closed modestly lower. The VIX traded as high as 11.23 but closed at 10.60 on the day. Earlier this week, the VIX had its lowest reading since 1993.

Some of the more well known retailers released some poor earnings: Nordstrom -11%, Macy’s -16.8%, and Kohls -7.5%

Now, here is how some of the other closely followed ETFs did: United States Oil Fund (USO) +0.81%, iShares 20+ Year Treasury Bond (TLT) unch. SPDR Gold Shares (GLD) +0.40%.
On the options front, we saw large call buying activity in Babcock and Wilcox Enterprises (BW), which traded 5.6 times normal option volume. In addition, we saw heavy put buying in Telefonica (TEF), which traded 8.1 times normal option volume.

Here is what is left on the schedule:

Key Economic Data
12 May 2017- Consumer Price Index 8:30 AM ET; Retail Sales 8:30 AM ET

Key Earnings
12 May 2017- GOLF, JCP

Be sure to check out our Active Trading Masters Program | Online Courses