Trading Day Recap

The S&P 500 futures snapped a 5-day losing streak today, as buyers finally stepped in. The index closed at 2025.90, up 23.29 points or 1.16%

In addition to the S&P 500 futures trading higher, we also saw a bounce in Crude Oil prices, snapping a 4-day losing streak and closing at $48.82 per barrel.

The equity market gapped up this morning, ahead of the release of the FOMC minutes and pretty much grinded higher all day.

The VIX, closed below 20 today, dropping 8.57% and closing at 19.31.

A decent amount of retail names saw huge spikes higher, ahead of the holiday sales numbers tomorrow. For example, The Children’s Place (PLCE) rose over 5%, closing at $58.53. Pier 1 Imports, Inc (PIR), rose over 6%, closing at $15.67.

Another big mover today was Dicks Sporting Goods Inc. (DKS), which closed 11.72% higher, at $55.01. The move was primarily related to a story that their in talks of taking the company private.

There were several interesting option orders that took place. We saw large bullish option flow in ITC Holdings Corp (ITC), Momenta Pharmaceuticals Inc (MNTA) and DHT Holdings Inc (DHT) to name a few. On the bearish side, we saw heavy put action in Catamaran Corporation (CTRX).

Was today just a bounce from oversold levels? Or are institutions ready to be buyers of this market?

We’ll have to see how the rest of the week plays out, for any kind of confirmation.