The Dow Jones Industrial Average (DJI) is pointed higher this morning, as Americans head to the polls to vote in a heated presidential race. The pre-election optimism began seeping in yesterday, with "Markets deciding to break the downside momentum we experienced on Friday and early Monday morning," said Schaeffer's Senior Options Strategist Tony Venosa. "By mid-afternoon yesterday, the market was back above its morning high with help from the energy and basic materials sectors. Meanwhile, earnings season continues this week, but is tapering off. There are no economic reports today, as the election will obviously be the major event."
Futures on the Dow Jones Industrial Average are sitting 33 points above fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 758,930 call contracts traded on Monday, compared to 463,390 put contracts. The resultant single-session put/call ratio dropped to 0.61, while the 21-day moving average stayed at 0.71.
Currencies and Commodities
Earnings and Economic Data
There are no economic reports of note today; however, it is Election Day in the U.S. AOL (AOL), Carrizo Oil & Gas (CRZO), Coeur d'Alene Mines (CDE), CVS Caremark (CVS), DIRECTV (DTV), Discovery Communications (DISCA), DISH Network (DISH), Fossil (FOSL), Frontier Communications (FTR), Hecla Mining (HL), Marathon Oil (MRO), Martin Marietta Materials (MLM), News Corp (NWSA), Office Depot (ODP), OfficeMax (OMX), and Rackspace Hosting (RAX) will take their respective turns in the earnings confessional.
Recent XIV Action May Bode Well for Bulls
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