Although futures on the Dow Jones Industrial Average are trading lower once again this morning, the U.S. equities market will close at 9:15 a.m. ET, as Wall Street assesses the damage done to the East Coast by Hurricane Sandy. "I wrote a blog yesterday about how the storm could present a buying opportunity among a number of sectors, namely insurance, airlines, and oil refiners," said Schaeffer's Equities Analyst Bryan Sapp. "Since the news of the hurricane began to surface at the beginning of last week, it seems much of this information has already been priced in."
Futures on the Dow Jones Industrial Average are roughly 14 points below fair value.
Option activity on the Chicago Board Options Exchange (CBOE) was closed on Monday.
From the Trading Floor
"This is the first time since 1888 we've had two consecutive days of weather-related closings on the New York Stock Exchange (NYSE)," continued Sapp. "What's going to be interesting, although unlikely, is if there will be any sort of adjustment to option premiums, especially weekly options. It will be interesting to see how it all plays out."
Currencies and Commodities
Earnings and Economic Data
Tuesday features the S&P/Case-Shiller home price index. The Conference Board's latest consumer confidence report has been delayed until Thursday. Elsewhere, investors will have the chance to digest earnings results from Ford Motor (F), BP (BP), United States Steel (X), Valero Energy (VLO), Archer Daniels Midland (ADM), Cardinal Health (CAH), Deutsche Bank (DB), MetroPCS Communications (PCS), Electronic Arts (EA), JDS Uniphase (JDSU), Seagate Technology (STX), Shutterfly (SFLY), Take-Two Interactive Software (TTWO), Dreamworks Animation Skg (DWA), QuickLogic (QUIK), Equinix (EQIX), TD Ameritrade (AMTD), Avis Budget Group (CAR), and Ashland (ASH). Be sure to check with each company's respective website, as a number of reports have been delayed due to Hurricane Sandy.
Recent XIV Action May Bode Well for Bulls
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