The Dow Jones Industrial Average (INDEXDJX:.DJI) is poised to continue last week's rally today, although trading is expected to be light ahead of the Christmas holiday. In equity news, Apple Inc. (NASDAQ:AAPL) is indicated higher after finalizing a long-awaited partnership with China Mobile Ltd. (ADR) (NYSE:CHL).
"The Santa Claus rally arrived just in time last week, as the S&P 500 Index (SPX) closed with a week-over-week gain of 2.4% on Friday," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Markets will be reacting to personal income and spending data early this morning, as well as December's final Thomson Reuters/University of Michigan consumer sentiment reading. This is a holiday-shortened week -- the market closes at 1 p.m. ET on Tuesday, and remains closed through Wednesday."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 80 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,674,286 call contracts traded on Friday, compared to 831,986 put contracts. The resultant single-session put/call ratio edged lower to 0.50, while the 21-day moving average remained at 0.56.
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Earnings and Economic Data
The latest personal income and spending data, plus the final Thomson Reuters/University of Michigan consumer sentiment reading for December will hit the Street today. Also, slated to report earnings today is CalAmp (CAMP).
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