Opening View

Bulls Cheer Budget Talks; Dow Jones Industrial Average Signals Higher Start

A weakening yen boosted Japan's Nikkei to a more than eight-month high

by 12/18/2012 8:05:05 AM
Stocks quoted in this article:

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."

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average are nearly 67 points north of fair value.

Market Statistics

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.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is pointed 0.1% lower ahead of the bell to trade at $79.49.
  • Crude oil is looking to extend yesterday's gains, with the front-month contract up 0.6% at $88.20 per barrel.
  • Gold futures are eyeing the $1,700 mark, with the malleable metal tacking on 0.08% in pre-market trading to hover near $1,699.50 an ounce.
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).

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