The Dow Jones Industrial Average (INDEXDJX:.DJI) is in the green ahead of the bell, as the blue-chip barometer looks to add to last week's modest advance. "Friday was a news-driven day, with volatility rising and indexes gapping higher on unemployment data that suggested the Fed may not taper in September," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Shortly after the open, a strong reversal pushed indexes to their intraday lows, as traders responded to President Barack Obama's address from St. Petersburg. Still, at the end of the day, markets closed near breakeven." This week is setting up to be a busy one for headlines, as Obama is slated to take to the airwaves in his push to get approval from Congress for a military strike against Syria.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 27 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1,125,139 call contracts traded on Friday, compared to 563,541 put contracts. The resultant single-session put/call ratio dropped to 0.50, and the 21-day moving average remained at 0.58.
From the Trading Floor
"The S&P 500 Index (SPX) remains in a short-term downtrend, in place since Aug. 2, but is still in a longer-term uptrend," Venosa added. "Watch the 1,670 level on the SPX for a possible reversal of the near-term trend."
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Earnings and Economic Data
Consumer credit figures will be released today. Plus, The Pep Boys (PBY), Hovnanian Enterprises (HOV), and Palo Alto Networks (PANW) will report earnings.
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