Opening View

Dow Jones Industrial Average Poised to Surrender Perch Atop 16,000

Japan's Nikkei closed at a six-year high on encouraging BOJ comments

by 12/3/2013 8:12:19 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) is on pace to lose its perch atop the 16,000 mark, with futures pointed lower ahead of the bell. The index has not closed south of this psychologically significant level since Nov. 20. "The first day of December trading turned out to be a real dud, as equities succumbed to a round of profit-taking and weaker-than-expected retail sales from the Thanksgiving weekend," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. Additionally, upbeat manufacturing data stoked investors' fear that the Federal Reserve will begin tapering its asset-buying efforts sooner rather than later.

However, as Venosa notes, "December seasonality is very strong, according to our Senior Quantitative Analyst Rocky White. During the past 30 years, December is the best performing month, posting, on average, a 1.93% return." In today's session, automakers will be in focus, with monthly sales numbers set for release.

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 nearly 60 points below breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1,022,657 call contracts traded on Monday, compared to 526,172 put contracts. The resultant single-session put/call ratio rose to 0.51, while the 21-day moving average remained at 0.56.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S dollar index is down 0.3% ahead of the bell, with the greenback last seen at 80.69.
  • Elsewhere, crude oil is poised to extend Monday's advance, with the front-month contract up 0.3% at $94.13 per barrel.
  • Gold futures, meanwhile, are flat in pre-market trading, with the malleable metal lingering near $1,221.90 an ounce.
Currencies and commodities

Earnings and Economic Data

Auto sales will be released today. Announcing quarterly earnings are Bob Evans Farms (BOBE), OmniVision Technologies (OVTI), and United Natural Foods (UNFI).

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