The Dow Jones Industrial Average (DJI) is pointed modestly below breakeven this morning, as investors take a wait-and-see approach to a week dominated by quarterly reports. "Earnings season kicked into gear last week, and the S&P 500 Index (SPX) closed on the high for the week, and also notched a new five-year high," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "This morning keep an eye on the homebuilders, as existing home sales will be reported at 10:00 a.m. ET. Earnings continue to roll in, and we will hear from Verizon (NYSE:VZ) and Johnson & Johnson (NYSE:JNJ) before the bell, while Google (NASDAQ:GOOG) and IBM (NYSE:IBM) are on tap to report after the close."
Futures on the Dow Jones Industrial Average are roughly 11 points below breakeven.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,187,424 call contracts traded on Friday -- the most since May 21 -- compared to 637,024 put contracts. The resultant single-session put/call ratio dropped to 0.54, while the 21-day moving average fell to 0.64.
Currencies and Commodities
Earnings and Economic Data
Existing home sales are the lone economic report on Tuesday's docket. However, the day is chock-full of quarterly results from companies including DuPont (DD), GOOG, IBM, JNJ, Travelers (TRV), VZ, Advanced Micro Devices (AMD), Brinker International (EAT), Compuware (CPWR), Cree (CREE), CSX (CSX), Delta Air Lines (DAL), Freeport-McMoRan Copper & Gold (FCX), Intuitive Surgical (ISRG), Norfolk Southern (NSC), and Texas Instruments (TXN).
The Case for Big Moves in IWM and QQQ
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