The Dow Jones Industrial Average (DJI) is pointed lower this morning, with growing fears over the fate of Greece -- and fiscal indecision on the home front -- casting a dark shadow on the day.

Meanwhile, Schaeffer's Senior Trading Analyst Bryan Sapp finds it interesting that, "Markets keep grinding lower for the most part, yet so does the CBOE Market Volatility Index (VIX). The correlation between the VIX and the S&P 500 Index (SPX) over the past four days is nuts; SPX is down almost 4%, but VIX is down about 3% over that same time frame. It leads me to believe that fear was overblown heading into the election last week, and we should be setting up for a relief rally. The major concern for bulls is the move in bonds over the past few days -- obviously suggesting a flight to safety."

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

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 775,681 call contracts traded on Monday, compared to 503,247 put contracts. The resultant single-session put/call ratio dropped to 0.65, while the 21-day moving average stayed at 0.72.

From the Trading Floor

"We're watching a few levels on the SPX," continued Sapp. "For starters, the 1,380 area is of note, as it's home to the index's 200-day moving average. Below that, the 1,360 level could emerge as support. Overhead, we're eyeing the 1,391 and round-number 1,400 levels."

Currencies and Commodities

• The U.S. dollar index is hovering just south of breakeven to trade at $81.01.
• Crude oil is also lower, with the front-month contract down 0.2% at $85.93 per barrel.
• Gold futures are eyeing a slow start, as well, with the malleable metal shedding 0.06% in pre-market trading to churn near $1,729.90 an ounce.

Earnings and Economic Data

October's Treasury budget will be unveiled today, while Cisco Systems (CSCO), Dick's Sporting Goods (DKS), Home Depot (HD), Michael Kors Holdings (KORS), Renren (RENN), Saks (SKS), and TJX Companies (TJX) detail their quarterly reports.