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Dow Jones Industrial Average Pulls Back as Wall Street Waits for Big Ben

Euro-zone finance ministers meet today to discuss the fiscal fate of Greece

by 11/20/2012 8:23:28 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (DJI) is on pace to pare a portion of yesterday's triple-digit gain, with the blue-chip barometer eyeing modest losses ahead of the bell. "After last week's options expiration-related decline, markets rebounded strongly on Monday," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The major indices finished nearly 2% higher, with optimism regarding a resolution to the fiscal cliff helping to fuel the rally. We could see some light volume in the holiday-shortened week, as traders get ready for the upcoming Thanksgiving holiday. One interesting sector to keep an eye on is retail, as this Friday is the biggest shopping day of the year." Additionally, traders will await this afternoon's speech from Ben Bernanke, with the Fed Chairman expected to defend his accommodative stance on monetary policy. Bernanke is slated to take the stage at 12:15 p.m. ET.

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average are roughly 43 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,035,614 call contracts traded on Monday, compared to 576,154 put contracts. The resultant single-session put/call ratio dropped to 0.56, while the 21-day moving average fell to 0.73.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is churning just below breakeven, with the currency last seen trading at $80.87.
  • Crude oil is set to pare recent gains, with January-dated crude down 0.2% at $89.12 per barrel.
  • Gold futures are lower, as well, with the front-month contract giving back 0.06% in pre-market trading to hover near $1,733.30 an ounce.
Currencies and commodities

Earnings and Economic Data

Today's economic docket includes housing starts and building permits. Also, Fed Chairman Ben Bernanke is on deck to speak at 12:15 p.m. ET. Elsewhere, investors will have the chance to digest earnings results from Hewlett-Packard (HPQ), (CRM), Best Buy (BBY), Campbell Soup (CPB), H.J. Heinz (HNZ), Chico's FAS (CHS), DSW (DSW), and Medtronic (MDT).

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