November 8, 2016 Market Wrap Up

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The S&P 500 closed higher for the second straight day following a nine day losing streak. Of course, all eyes are on this evening’s US Presidential elections. From what we’ve witnessed over the past few weeks it seems like the market prefers Hillary over Donald. With the race very tight traders will be watching the futures as results start coming in.

The VIX was relatively flat given the uncertainty leading up to this evening’s elections. It closed today at 18.74.

Stocks in play today included: Hertz Global (HTZ) -22%, CVS (CVS) -11.5%, and Valeant Pharmaceuticals (VRX) -22%

Crude oil futures prices closed relatively flat on this election day.

On the options front, we saw large call buying activity in Kellogg (K), which traded 4.3 times normal option volume. In addition, we saw heavy put buying in WPX Energy (WPX), which saw 6.3 times normal options volume.

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

Key Economic Data:
8 Nov 2016- U.S. Presidential Election
9 Nov 2016- EIA Petroleum Status Report 10:300 AM ET
10 Nov 2016- Jobless Claims 8:30 AM ET

Key Earnings:
8 Nov 2016- DHI, JCI, OA, QVCA, SEAS, VRX, W, TRIP
9 Nov 2016- COTY, DISH, KITE, WEN, WWAV, NTES, SHAK, SPWR, TASR, TUBE, VRTU
10 Nov 2016- AZN, FLO, M, KSS, PRGO, PRTY, RL, WIX, BUFF, DIS, JWN, KORS, NVDA
11 Nov 2016- JCP

Key Conferences:
7 Nov 2016- Credit Suisse Healthcare Conference (runs till 11/9); Edison Electric Institute Conference (runs till 11/9)
8 Nov 2016- Baird Industrial Conference (runs till 11/10); Stephens Fall Investor Conference (runs till 11/9)
9 Nov 2016- RBC Capital Tech, Internet, Media/Telco Conference (runs till 11/10); UBS Building & Building Products Annual CEO Conference (runs till 11/9); Wells Fargo Technology, Media & Telecom Conference (11/10)

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November 1, 2016 Market Wrap Up

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The S&P 500 closed the day lower, on above average volume. The VIX surged above 20 at one point during the day as we enter what seems to be a very volatile week. With that said, we’ve got earnings going on, an FOMC meeting, along the US Presidential race coming down the stretch.

It appears that the current scandals surrounding Hillary Clinton are having an effect on the market. From what we’ve seen over the last couple of weeks, the markets are pro-Hillary. As Donald Trump gains traction, the markets tend to react negatively towards that.

Stocks in play today included: Valeant Pharmaceuticals International (VRX) +29% and Pitney Bowes (PBI) -18.4%.

Crude oil futures prices have sold off 10% over the last three trading sessions as they’re now approaching 1-month lows.

On the options front, we saw large call buying activity in Finish Line (FINL), which traded 4.7 times normal option volume. In addition, we saw heavy put buying in Univar (UNVR), which saw 166 times normal options volume.

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

Key Economic Data:
2 Nov 2016- EIA Petroleum Status Report 10:30 AM ET, FOMC Meeting Announcement 2:00 PM ET
3 Nov 2016- Jobless Claims 8:30 AM ET
4 Nov 2016- Employment Situation 8:30 AM ET; International Trade 8:30 AM ET

Key Earnings:
2 Nov 2016- ABC, ADP, AGN, BABA, BG, CRL, EL, FLOW, FUN, HST, KATE, NBL, NYT, ODP, SHOP, TWX, VMC, VOYA, VSI, ZTS, AIG, CLR, DVA, CTL, FB, FIT, FNF, FOX, G, GDDY, HOLX, HUBS, IAC, IL, LPLA, MET, MRO, PAA, QCOM, QTWO, RIG, TROX, TTWO, WFM, ZNGA
3 Nov 2016- AMAG, AMCX, APA, AVP, BLL, CHK, COMM, CS, CYBR, DDD, DNR, FIG, GOGO, H, HAR, LAMR, LDOS, LNG, LVLT, PNW, RGEN, SFM, SMG, TIME, AGO, ATVI, CBS, CSOD, FEYE, FLR, FOSL, GPRO, IMPV, INVN, KHC, LGF, LVS, MHK, MSI, NUS, OLED, SBUX, SWKS, SYMC, TIVO, TWLO, UBNT, WTW
4 Nov 2016- DUK, HUM, MSG, NRG, REGN, REV, RLGY, WLTW

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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 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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July 14, 2016 Market Wrap Up

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The S&P 500 continues to break records as we continue to see “risk on” enter the market. Not only that, but treasuries and gold have been selling off, something we weren’t seeing last week. Despite the record close in the S&P 500 and Dow Jones Industrials, volume was extremely anemic today.

Stocks in play today include: Valeant Pharmaceuticals (VRX) +6.29%, Williams Companies (WMB) +6%, and Cypress Semiconductors (CY) +3.5%

The VIX came in today, and is now trading below 13, at 12.82.

Crude oil futures gained more than 1.5% today, however; it’s been relatively flat this week.

On the options front, we saw large call buying activity in HollyFrontier (HFC), which traded 7.6 times normal volume. We also saw a ton of bearish bets being placed in Eagle Materials (EXP) which traded 2.5 times usual volume.

Here’s what’s on tap for tomorrow:

Key Economic Data:
15 July 2016- Consumer Price Index 8:30 AM ET, Retail Sales 8:30 ET, Industrial Production 9:15 AM ET

Key Earnings:
15 July 2016- C, WFC, USB, FBR, PNC

July 6, 2016 Market Wrap Up

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The S&P 500 has been on an absolute tear lately, and inching ever closer to the all-time highs. With that said, we’re less than 2% from those levels. Interestingly, Treasury bonds are also near yearly highs, along with gold futures prices.

It almost feels like something has to give? But the million dollar question is in what and when. The market reacted positively after the FOMC Minutes were released this afternoon. Of course, traders are still digesting the aftermath of the Brexit.

Stocks in play today include: Kohl’s (KSS) +2.78%, Carmax (KMX) +5.6%, and Valeant Pharmaceuticals (VRX) +16.9%.

The VIX was down nearly 4%, closing the day below 15, at 14.96.

Crude oil futures bounced nicely ahead of tomorrow’s DOE numbers. The United States Oil Fund (USO) was up over 2% on the day.

On the options front, we saw large call buying activity in Foot Locker (FL), which traded 4.8 times normal volume. We also saw a ton of bearish bets being placed in Chemours Company (CC) which traded 16.2 times usual volume.

Here’s what’s left for the rest of the week:

Key Economic Data:
7 July 2016- Jobless Claims 8:30 AM ET, EIA Petroleum Status Report 11:00 AM ET
8 July 2016- Employment Situation 8:30 AM ET

Key Earnings:
7 July 2016- PEP, CUDA, HELE

June 7, 2016 Market Wrap Up

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The S&P 500 closed the day on the plus side, as we inch ever closer to all-time highs. We’re now just less than 1% from matching the all-time highs. With that said, SPDR S&P 500 experienced below average volume…not exactly, a strong sign of momentum as we grind higher.

Stocks in play today: Valeant Pharmaceuticals (VRX) -14.5%, Ralph Lauren (RL) -3%, F5 Networks (FFIV) +12.8%, and Marathon Oil (MRO) +4.5%.

Despite the grind up, the VIX actually traded higher, closing above 14, at 14.05.

Crude oil futures are now trading above $50 per barrel and sitting on 6-month highs. With that said, they are now more than 90% higher from the 6-month lows.

On the options front, we saw large call buying activity in Red Hat (RHT), which traded 7 times normal volume. We also saw a ton of bearish bets being placed in JD.com (JD), which traded 3.4 times usual volume.

Here’s what’s left for the rest of the week:

Key Economic Data:
8 June 2016- EIA Petroleum Status 10:30 AM ET
9 June 2016- Jobless Claims 8:30 AM ET

Key Earnings:
7 June 2016- MIK, VNCE, VRX, PAY, PLAY, VRNT
8 June 2016- TLRD, RH
9 June 2016- SJM, MFRM, HRB

Key Events:
7 June 2016- Stifel Tech, Internet, and Media Conference (runs till 6/8); Bank America Global Telecom & Media Conference (runs till 6/9); Goldman Healthcare Conference (runs till 6/9); Jefferies Healthcare Conference (runs till 6/10)
8 June 2016- Credit Suisse Global Energy Conference (runs till 6/9); Deutsche Bank 7th Annual Global Industrials & Basic Materials Conference (runs till 6/9)

April 7, 2016 Market Wrap Up

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The market continues to have a rough week thus far. Overall, the S&P 500 was down 1.2%, the Nasdaq -1.47%, and the Dow Jones Industrials -0.98%. Whether it’s profit taking ahead of earnings, or an overbought sentiment that caused the selling today, it’s still too early to say.

The VIX saw another spike today, closing up nearly 15%, at 16.16.

Despite weakness in the equity markets, crude oil was relatively stable. The United States Oil Fund (USO) was down less than one percent, however; it’s pared almost half those losses in the after hours session.

On the options front, we saw large call buying activity in Endo International (ENDP). In addition, we saw heavy put buying in Ross Stores, Inc. (ROST), which saw 14.7 times usual options volume.

Stocks in play included: Valeant Pharmaceuticals (VRX) +3.92%, Maximus, Inc. (MMS) -8%, Relypsa, Inc. (RLYP) +68%, and Tesla Motors (TSLA) -3.1%

There are no major domestic events scheduled for tomorrow.

March 17, 2016 Market Wrap Up

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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.