The Dow Jones Industrial Average (INDEXDJX:.DJI) is looking to build on last week's 1.6% gain, with futures pointed modestly higher ahead of the bell. In today's session, traders will have the chance to digest pending home sales and the Dallas Fed's manufacturing index, slated for release at 10 a.m. and 10:30 a.m. ET, respectively. Among equities in focus, Crocs, Inc. (NASDAQ:CROX) is soaring in pre-market trading after announcing a management shake-up, as well as a funding boost from The Blackstone Group L.P. (NYSE:BX).
Meanwhile, "On Thursday and Friday, the CBOE Volatility Index (INDEXCBOE:VIX) took a nice bounce off the 12 level I previously mentioned, so I would continue to keep watch of this area," said Schaeffer's Senior Trading Analyst Bryan Sapp. "A move back above 13.50 or so -- which is the site of the VIX's 50-day moving average -- could be a warning sign that a correction has started."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 24 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,060,337 call contracts traded on Friday, compared to 567,824 put contracts. The resultant single-session put/call ratio fell to 0.54, while the 21-day moving average remained at 0.55.
From the Trading Floor
"Bullish sentiment continues to be very high," continued Sapp. "The new National Association of Active Investment Managers (NAAIM) number that came out on Friday saw an increase of nearly 5% from the previous week's already elevated reading. The next two weeks should be very telling as to the staying power of this rally, as many market participants are looking for deferred-tax selling in early 2014."
Currencies and Commodities
Earnings and Economic Data
The week kicks off with pending home sales and the Dallas Fed's manufacturing survey. Cal-Maine Foods (CALM) is on deck to report earnings.
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