Opening View

Dow Jones Industrial Average Looks to Extend 'Santa Claus' Rally

Japan's Nikkei closed at another six-year peak on upbeat inflation data

by 12/27/2013 8:19:22 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) is poised to notch another record peak -- and a weekly win -- with futures pointed modestly higher ahead of the bell. While both the earnings and economic calendar are bare on what's expected to be a light-volume session, a number of notable equities will be in focus, including Apple Inc. (NASDAQ:AAPL). The iPhone purveyor announced it is once again looking to block Samsung Electronics from selling some of its products in the U.S.

Elsewhere, "I'm keeping a close eye on the CBOE Volatility Index (INDEXCBOE:VIX) as it lingers near 12," said Schaeffer's Senior Trading Analyst Bryan Sapp. "This area has been a key floor for most of the year -- with some small gyrations around it -- and could be a sign that this rally is a bit long in the tooth at the moment."

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 23 points above breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 841,970 call contracts traded on Thursday, compared to 496,660 put contracts. The resultant single-session put/call ratio jumped to 0.59, while the 21-day moving average stayed at 0.55.

NYSE and Nasdaq summary

Volatility indices

From the Trading Floor

"The American Association of Individual Investors (AAII) poll that surfaced yesterday showed the percentage of bulls at a three-year high," noted Sapp. "This may be a sign that the markets could potentially use a correction to shake out a few longs."

Currencies and Commodities

  • The U.S dollar index has shed 0.8% in pre-market trading, with the currency hovering near 79.86.
  • Crude oil, meanwhile, is flirting with a 0.1% gain ahead of the bell, with the February-dated contract last seen at $99.64 per barrel.
  • Elsewhere, gold futures are on pace to pare a portion of Thursday's modest advance, with the front-month contract down 0.1% at $1,210.70 an ounce.
Currencies and commodities

Earnings and Economic Data

Today's slate is void of any notable economic or earnings reports.

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