The Dow Jones Industrial Average (INDEXDJX:.DJI) is on pace to snap its four-session losing streak -- the longest of the year -- with futures pointed modestly higher ahead of the bell. "There are no economic reports set to be released this morning; however, plenty of discussion should revolve around tomorrow's release of the latest Federal Open Market Committee meeting minutes," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Elsewhere, peak put open interest for the SPDR S&P 500 ETF Trust (SPY) in the front-month series rests at the 165 strike. This level broke late in the day yesterday, so continue to watch this area on any possible rebound attempts."
Among equities in focus, a number of retailers took to the earnings confessional this morning, including The Home Depot, Inc. (NYSE:HD), Best Buy Co., Inc. (NYSE:BBY), and J.C. Penney Company, Inc. (NYSE:JCP). All three are eyeing big moves in pre-market trading, following their respective results.
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are roughly 43 points above of fair value.
The Chicago Board Options Exchange (CBOE) saw 1,102,624 call contracts traded on Monday, compared to 595,360 put contracts. The resultant single-session put/call ratio dropped to 0.54, while the 21-day moving average stayed at 0.59.
From the Trading Floor
"Yesterday saw a slow-motion-downwards move, with the markets closing on the lows of the day," reminded Venosa. "Meanwhile, long-term interest rates continued to rise, as fear over when the Fed will begin tapering bond purchases persisted."
Currencies and Commodities
Earnings and Economic Data
Today's slate is void of any notable economic reports. The earnings calendar continues with HD, JCP, Barnes & Noble (BKS), BBY, Dicks Sporting Goods (DKS), Trina Solar (TSL), 21Vianet Group (VNET), Analog Devices (ADI), Bottomline Technologies (EPAY), Intuit (INTU), La-Z-Boy (LZB), Medtronic (MDT), TJX Companies (TJX), and Velti (VELT).
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