The Dow Jones Industrial Average (DJI) is on pace to end its recent run higher, with futures on the blue-chip barometer pointed modestly lower ahead of the bell. Meanwhile, "There are a ton of big earnings reports this week, including steel names and other industrials, like Caterpillar (NYSE:CAT)," said Schaeffer's Senior Trading Analyst Bryan Sapp. "The companies will provide guidance going forward, and I'll be paying special attention to what they say. The projections have major implications for global macro-growth down the road, especially in China."
Futures on the Dow Jones Industrial Average are eight points below breakeven.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 995,873 call contracts traded on Friday, compared to 637,911 put contracts. The resultant single-session put/call ratio dropped to 0.64, while the 21-day moving average remained at 0.64.
From the Trading Floor
"I'm continuing to keep my eye on the 1,474 and 1,500 levels on the S&P 500 Index (SPX), as well as the round-number 900 mark on the Russell 2000 Index (RUT)," continued Sapp. "Meanwhile, AAPL is getting interesting. There's a big gap between $425 and $440 that will likely be a battleground."
Currencies and Commodities
Earnings and Economic Data
Durable goods orders, as well as the pending home sales index, lead the economic data docket. Among the companies reporting earnings are Biogen Idec (BIIB), CAT, Seagate Technology (STX), Steel Dynamics (STLD), and Yahoo! (YHOO).
The Case for Big Moves in IWM and QQQ
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