The Dow Jones Industrial Average (DJI) is climbing in pre-market trading, with futures on the blue-chip barometer pointed solidly above breakeven. The push-and-pull between President Barack Obama and House Speaker John Boehner, R-Ohio, over budget negotiations continues to dominate the headlines; however, it seems both sides have begun to make concessions.
Meanwhile, "Monday kicked off the final expiration week of 2012 with all around solid gains," noted Schaeffer's Senior Options Strategist Tony Venosa. "Financials led the market higher, as the banking sector was red hot -- up nearly 2.5%. Keep an eye on the homebuilding sector over the next three days, as a number of housing-related economic reports are slated for release."
Futures on the Dow Jones Industrial Average are nearly 67 points north of fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 813,761 call contracts traded on Monday, compared to 486,331 put contracts. The resultant single-session put/call ratio fell to 0.60, while the 21-day moving average rose to 0.64.
Currencies and Commodities
Earnings and Economic Data
Today's economic calendar features the latest National Association of Home Builders (NAHB) housing market index and the third-quarter account balance for international trade. On the earnings front, we'll hear from Apogee Enterprises (APOG), Jefferies Group (JEF), Oracle (ORCL), and Sanderson Farms (SAFM).
Recent XIV Action May Bode Well for Bulls
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