The Dow Jones Industrial Average (DJI) is looking to extend its lead atop the round-number 13,000 mark, with futures on the blue-chip barometer up modestly ahead of the bell. "One thing I'm still watching is the amount of corporate revenue misses," says Schaeffer's Equities Analyst Bryan Sapp. "I saw data suggesting that two-thirds of the firms that have already reported missed their revenue targets, but most of them still hit their per-share earnings numbers. This trend points to potentially weakening demand/macro-economics, but improving efficiency within companies." Plus, he adds, "It's interesting that the market doesn't seem to care, or has already priced in the information. Many companies that have badly missed revenue estimates are still seeing shares trade much higher on the actual earnings report, assuming they hit their per-share earnings targets."
Futures on the Dow Jones Industrial Average are up more than 41 points above fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,054,662 call contracts traded on Monday, compared to 662,855 put contracts. The resultant single-session put/call ratio rose to 0.63, while the 21-day moving average fell to 0.69.
From the Trading Floor
Meanwhile, Sapp notes, "The S&P 500 Index (SPX) is right at 1,400 -- a psychologically critical level. Above that we have the 1,420 level, which represent the highs since '08, and below is the supportive 1,360 level." Likewise, he says, "The Nasdaq Composite (COMP) is trading near the round-number 3,000 level, which will also remain on our radar today."
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Currencies and Commodities
Earnings and Economic Data
Today's calendar features the latest consumer credit report, while Fed President Ben Bernanke is on deck to speak at a town hall meeting at 2:30 p.m. ET. Companies stepping into the earnings spotlight include Priceline.com (PCLN), Office Depot (ODP), Rackspace Hosting (RAX), CVS Caremark (CVS), Express Scripts Holding Company (ESRX), Sirius XM Radio (SIRI), Fossil (FOSL), Hecla Mining (HL), Cree (CREE), MGM Resorts International (MGM), Walt Disney (DIS), Molson Coors Brewing (TAP), NII Holdings (NIHD), Cablevision Systems (CVC), Ebix (EBIX), Endo Health Solutions (ENDP), Chiquita Brands International (CQB), Live Nation Entertainment (LYV), STEC (STEC), and Targacept (TRGT).
Mid-Caps Nearing a Triple of March 2009 Lows
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