Opening View

Bulls Take a Breather; Dow Jones Industrial Average Pointed Lower

Japan's Nikkei soared, as the yen retreated to an eight-month low

by 12/13/2012 8:15:52 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (DJI) is eyeing modest losses in pre-market trading, as Wall Street waits to digest a glut of domestic economic data. On today's docket are the latest retail sales figures, as well as weekly jobless claims and the Labor Department's producer price index (PPI).

Elsewhere, "The new Investors Intelligence (II) sentiment survey came out yesterday, and the percentage of bulls versus bears is at its highest reading since September," said Schaeffer's Senior Trading Analyst Bryan Sapp. "Meanwhile, the S&P 500 Index (SPX) spiked near the 1,440 resistance level I've been watching. Going forward, 1,425 should be support. If this is broken, we're watching 1,400 on the downside."

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average are 13 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 849,253 call contracts traded on Wednesday, compared to 519,336 put contracts. The resultant single-session put/call ratio rose to 0.61, while the 21-day moving average dipped to 0.65.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is up 0.1% in pre-market trading to churn near $79.92.
  • Crude oil is set to pare some of its recent gains, with the commodity down 0.5% to trade at $86.90 per barrel.
  • Gold futures are lower, as well. At last check, the front-month contract had shed 1.3% to hover near $1,696.20 an ounce.
Currencies and commodities

Earnings and Economic Data

Today's round-up will include weekly jobless claims, retail sales, the Labor Department's PPI and core PPI, and business inventories. Wall Street can expect earnings reports from Verifone Systems (PAY), Ciena (CIEN), Adobe Systems (ADBE), Hovnanian (HOV), and Pier 1 Imports (PIR).

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