The Dow Jones Industrial Average (DJI) is looking at a slow start to the week, with futures pointed modestly lower ahead of the bell. Traders are taking a cautious stance, after Italy's Prime Minister Mario Monti unexpectedly announced his resignation over the weekend. Meanwhile, on the home front, "This Tuesday and Wednesday, the Federal Open Market Committee (FOMC) will hold their last meeting for the year, which could have an impact on markets," said Schaeffer's Senior Options Strategist Tony Venosa. "Additionally, ongoing fiscal-cliff talks will demand some attention. Continue to keep your eye on Apple (NASDAQ:AAPL), as it has been a major factor on the direction of the Nasdaq Composite."
Futures on the Dow Jones Industrial Average are 30 points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 963,736 call contracts traded on Friday, compared to 618,237 put contracts. The resultant single-session put/call ratio dropped to 0.64, while the 21-day moving average moved to 0.67.
Currencies and Commodities
Earnings and Economic Data
There are no major economic reports scheduled for today. However, Teavana Holdings (TEA) is due to report quarterly earnings.
The Case for Big Moves in IWM and QQQ
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