"The headline news on Friday was that the Dow Jones Industrial Average (DJI) closed above the 14,000 mark for the first time since Oct. 12, 2007, notching its fifth consecutive week of gains," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. This psychologically significant level will be put to the test in today's session, with futures on the blue-chip barometer pointed lower ahead of the bell. As Venosa informs, "Continue to watch this round number, as there could be an increase in volatility as the mainstream public becomes aware. Meanwhile, earnings season begins to wind down, with Baidu (NASDAQ:BIDU) and Yum! Brands (NYSE:YUM) set to report after tonight's close."

• Bernie Schaeffer breaks down three major asset classes -- stocks, bonds, and gold.
• Where option traders are placing pre-earnings bets on Cisco Systems (NASDAQ:CSCO).
• How this tool can help you size up the pricing cycle of the CBOE Market Volatility Index (VIX).

Futures on the Dow Jones Industrial Average are sitting nearly 59 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,020,229 call contracts traded on Friday, compared to 586,459 put contracts. The resultant single-session put/call ratio fell to 0.57, while the 21-day moving average stayed at 0.66.

Currencies and Commodities

• The U.S. dollar index is up 0.5% in pre-market trading, with the currency last seen near $79.49.
• Crude oil is pulling back from last week's gains, with the front-month contract 1% lower to trade at $96.80 per barrel.
• Gold futures are pointed south as well, with April-dated gold down 0.4% at $1,663.50 an ounce.

Earnings and Economic Data

The week begins on the economic front with the Census Bureau's latest data on factory orders. Elsewhere, Acme Packet (APKT), Anadarko Petroleum (APC), BIDU, Changyou.com (CYOU), Clorox (CLX), Edwards Lifesciences (EW), Gannett Co. (GCI), Gilead Sciences (GILD), Hologic (HOLX), Leggett & Platt (LEG), Simon Property Group (SPG), Sohu.com (SOHU), Hartford Financial Services Group (HIG), and YUM will all take to the earnings stage.