March 23, 2017 Market Wrap up

It appeared that the coast was clear after seeing some heavy volatility on Tuesday. However, the markets sold off late in the day as it now appears that voting for the health bill will be delayed. With that said, every major index sold off, except for the Russell 2000 which managed to close the day up +0.59%.

The VIX continues to spike higher, as it’s now trading above 13, closing at 13.12 on the day.

ETF Performers: United States Oil Fund (USO) -0.99%, iShares 20+ Year Treasury Bond (TLT) -0.14%, SPDR Gold Shares (GLD) -0.13%.

On the options front, we saw large call buying activity in Twenty First Century Fox (FOXA), which traded 4.8 times normal option volume. In addition, we saw heavy put buying in Zillow Group Inc (Z), which traded 5.8 times normal option volume.

For the most part, earnings have died down. However, we did get results from Micron and KB Home, both positive reactions. On the other hand, Gamestop was down more than 10% in the after hours, as they announced they will be closing at least 150 stores.

Here is what is on tap for tomorrow:

Key Economic Data:
24 March 2017- Durable Goods Orders 8:30 AM ET; PMI Composite Flash 9:45 AM ET

Key Earnings:
24 March 2017- FINL

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