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.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 60 points below breakeven.
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.
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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