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Ahead of ADP Update, Dow Jones Industrial Average Ticks Higher

The ADP payroll estimate for March is due out this morning

by 4/2/2014 8:08:06 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) is looking to extend yesterday's upward momentum, with futures in the green ahead of the bell. "The Nasdaq Composite (COMP) led the market higher on Tuesday, gaining more than 69 points, or 1.6%," remarked Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Meanwhile, the S&P 500 Index (SPX) closed at an all-time high. The risk-on trade seems to be coming back as we begin the new quarter, as consumer discretionary and technology names saw big moves yesterday. This morning, we'll get a sneak peek at Friday's nonfarm payrolls, with the Automatic Data Processing (ADP) payroll estimate for March due out."

Plus, our Trading Topic of the Week -- Trading Low-Priced Options: DO buy higher-delta options. The closer an option's delta is to 1.00 (for a call, or negative 1.00 for a put), the likelier it is that the option will retain some intrinsic value at expiration. This offers you some "insurance" against the possibility of a total loss.

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 8 points above breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1,140,176 call contracts traded on Tuesday, compared to 535,526 put contracts. The resultant single-session put/call ratio plunged to 0.47, while the 21-day moving average remained at 0.60.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is hovering just south of the flat line this morning, with the currency last seen at 80.08.
  • Ahead of today's weekly inventories update, crude oil is down 0.5%, with the front-month contract lingering near $99.22 per barrel.
  • Gold, meanwhile, is on pace to break its recent losing streak, with futures on the June-dated contract up 0.3% at $1,284 an ounce.
Currencies and commodities

Earnings and Economic Data

The ADP employment report, factory orders, and the regularly scheduled crude inventories update will be released today. Meanwhile, Monsanto (MON), Acuity Brands (AYI), and Texas Industries (TXI) will report earnings.

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