Futures on the Dow Jones Industrial Average (DJI) are on the mend ahead of the bell, with Wall Street set to digest the latest batch of blue-chip and tech-sector earnings. "The technology sector's recent underperformance and poor earnings results from the likes of Google (NASDAQ:GOOG) and International Business Machines (NYSE:IBM) can be blamed for Friday's downdraft," said Schaeffer's Senior Options Strategist Tony Venosa. "The S&P 500 Index (SPX) was on track for a solid weekly gain, but only managed to add a slight 0.3%. This week, earnings will remain on the radar, as well as the last Federal Open Market Committee (FOMC) meeting before the Presidential election."
Futures on the Dow Jones Industrial Average are about 6.5 points above fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,251,216 call contracts traded on Friday, compared to 998,182 put contracts. The resultant single-session put/call ratio soared to 0.80 -- the highest since Aug. 30 -- while the 21-day moving average rose to 0.67.
Currencies and Commodities
Earnings and Economic Data
The economic calendar is rather quiet to open the week, but Wall Street will be busy with quarterly reports from Caterpillar (CAT), Freeport-McMoRan Copper & Gold (FCX), Hasbro (HAS), Health Management Associates (HMA), Peabody Energy (BTU), PetMeds Express (PETS), Rent-A-Center (RCII), SunTrust Banks (STI), Swift Transportation (SWFT), Texas Instruments (TXN), Veeco Instruments (VECO), VF Corp (VFC), Western Digital (WDC), Yahoo! (YHOO), and Zions Bancorp (ZION).
The Case for Big Moves in IWM and QQQ
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