Futures on the Dow Jones Industrial Average (DJI) are lower in pre-market trading, with investors taking some profits off the table following yesterday's round of weaker-than-expected quarterly showings. "Indices were mostly positive Thursday morning, until a premature earnings release by Google (NASDAQ:GOOG) sent its shares, and the rest of the market, off earlier highs," said Schaeffer's Senior Options Strategist Tony Venosa. "After the dust settled, the markets found themselves slightly in the red on the day. Meanwhile, the strength we've seen this week in the homebuilding sector will be tested again this morning from the existing home sales report for September."
Futures on the Dow Jones Industrial Average are nearly 23 points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,284,758 call contracts traded on Thursday, compared to 837,975 put contracts. The resultant single-session put/call ratio rose to 0.65, while the 21-day moving average stayed at 0.66.
Currencies and Commodities
Earnings and Economic Data
We'll round out the week's glut of domestic economic reports with the release of existing home sales. Additionally, General Electric (GE), McDonald's (MCD), Baker Hughes (BHI), Edwards Lifesciences (EW), Honeywell International (HON), Ingersoll-Rand (IR), McMoRan Exploration (MMR), and Schlumberger (SLB) are scheduled to release their quarterly reports.
Recent XIV Action May Bode Well for Bulls
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