The Dow Jones Industrial Average (INDEXDJX:.DJI) is sitting slightly in the red this morning, as traders await the latest manufacturing data from the Institute for Supply Management (ISM). Also on tap is the final reading for November's purchasing managers index (PMI), as well as construction spending. Meanwhile, investors will continue to digest initial figures from the holiday shopping weekend, as sales numbers from both Black Friday and Cyber Monday roll in.
Elsewhere, "The 10-year bond yields continue to trade right around the 2.7% level," said Schaeffer's Senior Trading Analyst Bryan Sapp. "The break above this area back in August marked the beginning of a sell-off, with housing stocks and the bond market hit the hardest. We've seen some positive data points on the housing market of late, so it will be interesting to see how well those names hold up, should yields spike higher again."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 8 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 675,800 call contracts traded in Friday's holiday-shortened session, compared to 321,804 put contracts. The resultant single-session put/call ratio fell to 0.48, while the 21-day moving average dropped to 0.56.
From the Trading Floor
"Sentiment reports continue to show signs of excessive bullishness," continued Sapp. "Friday's National Association of Active Investment Managers (NAAIM) report showed the second highest reading ever, and many long-term bears have begun to throw in the towel. This could be a sign of a near-term top in stocks."
Currencies and Commodities
Earnings and Economic Data
Kicking off the week's lineup of economic reports is the final PMI for November, the ISM's manufacturing index, and construction spending. Krispy Kreme Doughnuts (KKD) and Thor Industries (THO) will report earnings.
Recent XIV Action May Bode Well for Bulls
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