Opening View

Dow Jones Industrial Average Signals a Strong Start; Factory Data, Fed in Focus

European stocks are higher, thanks to upbeat economic data

by 12/16/2013 8:12:35 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) is pointing to a higher start this morning, with futures sitting solidly in the green. Factory data will be in focus today, with both the Empire State manufacturing survey and the flash purchasing managers index (PMI) slated for release. However, the fate of the Federal Reserve's asset-buying program will likely dominate headlines, as the central bank prepares to begin its two-day policy-setting meeting tomorrow.

Meanwhile, "The S&P 500 Index (SPX) continues to trade in the 1,770-1,780 range," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "A break of this region could potentially signal the next move. The other levels of interest are 1,750 to the downside and 1,800 to the upside. Meanwhile, the Russell 2000 Index (RUT) is maintaining its hold on the 1,100 area, and this is positive for bulls."

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 96 points above breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 964,168 call contracts traded on Friday, compared to 643,938 put contracts. The resultant single-session put/call ratio jumped to 0.67, while the 21-day moving average remained at 0.57.

NYSE and Nasdaq summary

Volatility indices

From the Trading Floor

"The American Association of Individual Investors (AAII) report that surfaced on Thursday showed a decrease in overall bullishness, but also bearishness," continued Sapp. "Market players seem to have a sense of general disinterest into a time of the year that is historically very quiet. That said, seasonality resides with the bulls, as the period from Dec. 15 into the new year is generally strong, and is commonly referred to as the 'Santa Claus rally.'"

Currencies and Commodities

  • The U.S dollar index has shed 0.3% in pre-market trading, with the greenback lingering near 79.99.
  • Crude oil is poised to pare a portion of last week's losses, with the front-month contract up 0.6% to trade at $97.46 per barrel.
  • Elsewhere, gold futures are down 0.4% ahead of the bell, with gold for February delivery last seen at $1,229.40 an ounce.
Currencies and commodities

Earnings and Economic Data

The Empire State manufacturing survey, productivity and unit labor costs, the flash PMI, October's Treasury International Capital (TIC) data, and industrial production and capacity utilization will be released today. Meanwhile, FuelCell Energy (FCEL) is on deck to reveal earnings.

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