The Dow Jones Industrial Average (INDEXDJX:.DJI) is pointed modestly lower ahead of the bell, as investors await a deluge of economic and earnings reports due out this week. On the economic front, today's data will include existing home sales, as well as the weekly crude inventories update, which was delayed from Oct. 17 due to the government shutdown. Also in focus will be the September nonfarm payrolls report that will be unveiled tomorrow, after being postponed from its original Oct. 4 release date. Meanwhile, quarterly reports are on tap this morning from such notables as McDonald's Corporation (NYSE:MCD) and Halliburton Company (NYSE:HAL).
Elsewhere, "The round-number 1,750 level on the S&P 500 Index (SPX) is where we could see a speed bump," noted Schaeffer's Senior Equity Analyst Bryan Sapp. "The former highs of 1,730 should now act as support."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 11 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 2,062,165 call contracts traded on Friday -- the most since Jan. 19, 2012 -- compared to 944,934 put contracts. The resultant single-session put/call ratio fell to 0.46, while the 21-day moving average dropped to 0.61.
From the Trading Floor
"Anecdotally, I'm seeing the word 'bubble' being thrown around a lot," continued Sapp. "While some of the moves in high-beta tech names have been borderline silly, it's rare for a bubble to occur when many market participants are openly calling for it. I think this is more of an example of shorts getting trapped and panicking out of their bets at the same time, and is a sign of continued disbelief toward the rally."
Currencies and Commodities
Earnings and Economic Data
Kicking off the week's docket of economic reports is existing home sales data, as well as the crude inventories report delayed from Oct. 17. Earnings reports for today include MCD, Check Point Software (CHKP), Discover Financial Services (DFS), Gannett Co. (GCI), HAL, Hasbro (HAS), Illumina (ILMN), Netflix (NFLX), Petmed Express (PETS), Texas Instruments (TXN), and VMware (VMW).
9 Levels to Watch for Apple Inc.
Featured Partners: AOL DailyFinance
© 2013 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: firstname.lastname@example.org
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.