Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are signaling a higher start, following Friday's record close. The day's earnings and economic calendars are light, but the retail sector should be in focus, with a number of big names reporting earnings this week. Additionally, investors will be looking ahead to Thursday, when Federal Reserve Vice Chair Janet Yellen begins her confirmation hearing before the Senate Banking Committee. Meanwhile, the U.S. bond market is closed today due to Veterans Day.
Elsewhere, "The 1,750 area on the S&P 500 Index (SPX) supported Thursday's selloff, so bulls will want to see that level hold going forward," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "Overhead are the all-time highs at about 1,775. Meanwhile, the Nasdaq Composite (COMP) continues to struggle with 3,400. Should technology take the reins and move above here, that will likely be the catalyst that leads the SPX to new all-time highs."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 15 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,412,367 call contracts traded on Friday, compared to 716,262 put contracts. The resultant single-session put/call ratio fell to 0.51, while the 21-day moving average dropped to 0.56.
From the Trading Floor
"Bullish sentiment continues to be very elevated," continued Sapp. "In fact, in the American Association of Individual Investors (AAII) survey, the percent bulls has been above 40% for the past five weeks. The last time this survey saw such bullishness was in February, which preceded a small correction. A pullback in markets at this point would likely be healthy, as it would get the rampant bullishness to subside a bit."
Currencies and Commodities
Earnings and Economic Data
There are no economic reports scheduled for today. The week kicks off with earnings reports from Hologic (HOLX), InterOil (IOC), Rackspace Hosting (RAX), Silver Wheaton (SLW), Sotheby's (BID), and Spreadtrum Communications (SPRD).
The Case for Big Moves in IWM and QQQ
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