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T3's Take 3: The First Annual Finance Festival Was a Hit!


Today's financial recap and tomorrow's financial outlook.

T3 Live's Finance Festival Was a Hit!

T3 Live's Finance Festival, produced by Todd Harrison, was held this past weekend at the Mayfair Hotel in Miami, Florida.

It was such a hit with attendees that next year's Finance Festival is already in the works.

Hundreds of investors came from around the world to get market commentary, investing ideas, and education from some of the biggest names on Wall Street, including David Kotok, Barry Ritholtz, David Zervos, and Scott Redler.

Our guests also enjoyed fine dining, an incredible entertainment package, and a spectacular Saturday night party, all of which provided valuable networking opportunities, not to mention a whole lot of fun.

Jeff Saut, Chief Investment Strategist of Raymond James wrote a summary of the event, which you can read here.

Thank you to all of our guests, speakers, staff, and our sponsors TradeStation, T3 Trading Group, ETC, TD Ameritrade, E*Trade, Lightspeed, and Hammerstone Markets.

US Market Action

The S&P 500 fell for the fourth straight day since hitting 2116.48 on November 3, with notable weakness in emerging markets, retail, and real estate stocks.

The index fell 1.0% to 2078.60. The small-cap Russell 2000 fell 1.3%

The Financial Sector SPDR ETF (XLF) fell 1.1%, giving back Friday's big post-NFP gains. The strong jobs numbers indicated the Fed is likely to raise rates in December, which would boost banks' profit margins.

The only S&P sector that finished positive today was utilities.

With the first real down day in some time, the VIX rose 13.8% to 16.30.

The VIX curve also flattened considerably from Friday, indicating that traders expect rocky market conditions to continue.

CItron Strikes Again

Following its successful assault on Valeant Pharmaceuticals (VRX), Citron Research took aim at another drug stock, Mallinckrodt Ltd. (MNK).

Citron Tweeted the following message this afternoon at 1:53 p.m. ET:

At these prices $MNK has signif more downside than $VRX-- far worse offender of the reimb sys - more to follow.  VRX can't live in a vacuum

Expecting a repeat of the Citron-induced collapse in Valeant, shares of Mallinckrodt dropped sharply intraday and the stock closed at $58.01, down 17% on the day.

And according to data from Thinkorswim, put options on Mallinkcrodt traded at 26 times normal volume today, with record implied volatility levels.

Even with the controversy, the drug space outperformed the broader markets.  

The NASDAQ Biotechnology Index (IBB) rose 0.1%, while the SPDR S&P Pharmaceuticals ETF (XPH) fell 0.3%.

Report: Apache Receives $18 Billion Takeover Offer

Energy name Apache (APA) received an $18 billion dollar takeover offer but rejected it, according to Bloomberg. Apache is said to have worked with investment bank Goldman Sachs (GS) on its defense.

While the news sent Apache up 13.2% to $53.94 today, it did not have a ripple effect across the sector.

The Energy Select SPDR ETF (XLE) fell 1.0% today as investors took profits for the fourth straight day following the $71.93 interim top on November 3.

Investors were more focused on the continued drop in crude oil futures, which fell $0.36 to $43.93 per barrel.

Traders remain concerned about an oversupply of crude oil, despite production cuts. The Baker Hughes Rig Count fell to 771 on Friday, which is below the levels seen at the 2008-2009 oil crash low. 

Tuesday Preview

In US economics tomorrow, the NFIB Small Business Optimism, Import Price Index, and Wholesale Inventories reports will be released tomorrow. 

The Reserve Bank of New Zealand will release its Financial Stability Report

In earnings, Beazer Homes (BZH), Canadian Solar (CSIQ), and DR Horton (DHI) report before the open.

Arena Pharm (ARNA), (CTRP), Exelixis (EXEL), and Juno Therapeutics (JUNO) report their numbers after the close.
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