Stocks have the Worst Week since 2012

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Stocks plummet this week as major indices put in their worst week of performance since 2011. E-mini S&P 500 Futures closed the session down 42.75 points and Dow futures closed lower by more than 340 points. Markets continued to slide into the close as sellers continued to pound the index. Spot VIX prices also saw a huge move, rallying over 31% on the day, as fear continued to grip the market. While moves in equities were extreme we did not see similar moves in gold markets that could have been expected if this was truly a panic sell off. Next week is full of economic data with new home sales being released on Monday to kick off the week. Obviously the FOMC meeting announcement on Wednesday will be in focus but releases of the most recent GDP numbers on Thursday and Chicago PMI on Friday will also be closely watched. While we did not get short the market today we did trim a lot of our long exposure as the close indicates there could be more follow through early next week. Looking forward we will continue to look for opportunities based on unusual options activity as this strategy has continued to provide good opportunity even through the sell-off of the past 2 days.

Andrew Keene

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