"The Dow Jones Industrial Average (INDEXDJX:.DJI) experienced choppy and directionless price action last week, as equities appear to be in a holding pattern," commented Schaeffer's Senior Options Strategist Tony Venosa, CMT. "It reminds me of the old saying, 'Never short a dull market.'" The blue-chip index is continuing to churn this morning, with futures hovering near breakeven. The day's docket is fairly light, with Atlanta Federal Reserve President Dennis Lockhart slated to give an early afternoon speech, and the Treasury budget due out at 2:00 p.m. ET.
However, as Venosa notes, "Earnings season kicks into full gear later this week, with many leading financial names -- including JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp (NYSE:BAC), and Citigroup Inc (NYSE:C) -- set to report."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are about two points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,608,895 call contracts traded on Friday, compared to 849,179 put contracts. Both the resultant single-session put/call ratio and the 21-day moving average arrived at 0.53.
Currencies and Commodities
Earnings and Economic Data
The Treasury budget will kick off the week's lineup of economic reports, while Wendy's (WEN) will start the week's round of earnings reports with its preliminary results for 2013.
Recent XIV Action May Bode Well for Bulls
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