March 3, 2016 Market Wrap Up
For the first two months of the year, it seemed like the market was in turmoil. However, over the first three days of March, the market has been on a tear. We’ve seen the VIX practically implode, down 20% over the last three sessions.
The S&P 500 is up 3% in that short time span. Crude Oil is up about 5% as well. Interestingly, we’re also seeing a pop in gold prices, which are up 2% as well.
This sets the stage for tomorrow’s monthly jobs report. We could see continued momentum or a halt depending on how the numbers play out.
On the options front, we saw large call buying activity in Jones Lang LaSalle (JLL). In addition, we saw heavy put buying in Axalta Coating Systems (AXTA), which was 4.2 times usual options volume.
Stocks in play included: Ciena (CIEN) -17%, Pepco Holdings (POM) -1.3%, and Tumi Holdings (TUMI) +30%
Here’s what’s going on tomorrow:
Key Economic Data:
4 March 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET
Key Earnings:
4 March 2016- SPLS
Key Conferences:
Simmons Energy Conference