May 25, 2017 Market Wrap Up

The stock market closed higher, as both the Nasdaq and S&P 500 hit all-time record highs. On the other hand, trading volumes have been below average, not exactly a bullish sign. However, we are entering the Memorial Day weekend and summer months.

After trading above 16 last week, the VIX is now back below 10 as it closed at 9.99.

In other news, OPEC met today and decided to cut production. That said, the energy sector has been rallying for two weeks ahead of this announcement. A classic sell the news scenario, as oil sold off as more than 5%

ETF movers: United States Oil Fund (USO) -5.28%, iShares 20+ Year Treasury Bond (TLT) +0.03%, SPDR Gold Shares (GLD) -0.11%.

On the options front, we saw large call buying activity in Bill Barrett Corporation (BBG), which traded 4.6 times normal option volume. In addition, we saw heavy put buying in Visteon Corporation (VC), which traded 7.6 times normal option volume.

Key Economic Data:
26 May 2017- Durable Goods Orders 8:30 AM ET; GDP 8:30 AM

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