Tomorrow is “Quadruple Witching” – Here’s what you need to know…

Stocks got off to a nice start this morning after U.S. Retail Sales came in better than expected. The report showed that November retail sales were up 0.8% vs. a 0.3% forecast.

Markets popped at the open. But the rally was short-lived. The DOW hit a new record high then reversed, snapping a 5-day win streak.

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Here’s where the major indices ended the day:

• The S&P finished 0.4% lower. Down 11 points, the S&P ended at 2,652.
• The DOW ended with a 0.3% loss. Dropping 77 points, the DOW closed at 24,509.
• The NASDAQ was up 0.2%. With a 13 point gain, the NASDAQ finished at 6,876.

Crude Oil (CL) bounced back, erasing most of yesterday’s losses. After a lower open, CL quickly moved higher. Crude Oil finished with a 0.7% gain at $56.58 a barrel.

Traders had a lot of news to digest today…Marco Rubio is reportedly voting ‘No’ on the tax bill unless the tax credit for the working poor is expanded. And there were rumors that Paul Ryan is looking to retire in mid-2018 (although he shot down these claims). The FCC also repealed net neutrality today with a 3-2 vote.

Twitter (TWTR) caught traders by surprise today, bucking the overall market trend with a 4.3% gain. And Teva Pharmaceuticals (TEVA) flew higher after its CEO announced plans to layoff 25% of jobs in efforts to resurrect the ailing drug maker.

Looking at the economic calendar things are pretty quiet with Empire Manufacturing at  8:30am ET and< Industrial Production at 9:15am ET.

But tomorrow is also a “quadruple witching” day where stock index futures, stock index options, stock options, and single stock futures all expire on the same day. This happens 4 times a year and usually brings some additional volatility with trades closing and rolling positions.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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