The Dow Jones Industrial Average (INDEXDJX:.DJI) is signaling an upbeat start to the week, with futures higher ahead of the bell. Factory orders are the sole economic report on the day's docket. However, investors will have a pair of central bank speeches from Fed Governor Jerome Powell and Boston Fed President Eric Rosengren to digest ahead of Friday's jobs number.
Meanwhile, "The Russell 2000 Index (RUT) broke the 1,100 mark on Friday, and continues to lag other indexes," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "Until that can be retaken, it will be tough for stocks to mount any sustainable rally."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are sitting more than 45 points north of breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,166,171 call contracts traded on Friday, compared to 708,134 put contracts. The resultant single-session put/call ratio rose to 0.61, while the 21-day moving average remained at 0.59.
From the Trading Floor
"The dollar saw a very sharp spike last week, largely as a result of some decent economic data," continued Sapp. "Most of the rally over the past few years has resulted from an 'easy money' policy with quantitative easing -- and thus, a weaker dollar. It will be interesting to see the sustainability of this upward momentum in equities should the dollar continue to move higher."
Currencies and Commodities
Earnings and Economic Data
Leading off the week's lineup of economic reports are factory orders. Also hitting the Street are earnings reports from CME Group (CME), DryShips (DRYS), Forest Oil (FST), Goodrich Petroleum (GDP), Hertz Global (HTZ), Kellogg (K), MannKind (MNKD), Marathon Oil (MRO), Spectra Energy (SE), SYSCO (SYY), Tesco (TESO), Tenet Healthcare (THC), and Weatherford International (WFT).
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