The Dow Jones Industrial Average (INDEXDJX:.DJI) is set to start the week off on a sour note, after Congressional leaders failed to reach a budget agreement over the weekend. The U.S. is slated to hit its borrowing limit on Thursday. With little in the way of economic or earnings reports on the day's docket, Schaeffer's Senior Options Strategist Tony Venosa, CMT, notes that, "Politics will likely dominate the market's outlook in the short term, so stay abreast of the news out of Washington." Meanwhile, banks and bond markets are closed due to Columbus Day.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 90 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,134,755 call contracts traded on Friday, compared to 677,311 put contracts. The resultant single-session put/call ratio dropped to 0.60, while the 21-day moving average stayed at 0.62.
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Earnings and Economic Data
There are no notable economic reports scheduled for today, and banks will be closed for the Columbus Day holiday. Federal Reserve Chairman Ben Bernanke is slated to speak at the Bank of Mexico conference on Monday evening. Packaging Corp of America (PKG) and Wintrust Financial (WTFC) will lead off the week's lineup of quarterly earnings reports.
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