The Dow Jones Industrial Average (INDEXDJX:DJI) is looking to extend its trek higher, with futures sitting modestly above breakeven ahead of the bell. However, as Schaeffer's Senior Options Strategist Tony Venosa, CMT, notes, "With the peak of earnings season finished -- and the holiday-shortened week announcing the start of summer -- we could see volume decrease even more. Keep an eye on the tech sector, though, as they could play catch up to Dow-type stocks that are lingering near their respective highs."
Meanwhile, although there are no economic reports for traders to digest, there is plenty of news on the corporate front. Among specific names are Valeant Pharmaceuticals Intl Inc (NYSE:VRX) -- which upped its bid for Allergan, Inc. (NYSE:AGN) -- as well as Michael Kors Holdings Ltd (NYSE:KORS) and Toll Brothers Inc (NYSE:TOL), which both released their quarterly results.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 23 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,090,183 call contracts traded on Tuesday, compared to 580,342 put contracts. The resultant single-session put/call ratio fell to 0.53, while the 21-day moving average stayed at 0.64.
From the Trading Floor
"Better-than-expected durable goods orders for April helped to extend last week's rally, and the S&P 500 Index (SPX) closed at another all-time high," continued Venosa. "Small-caps and technology issues were strong leaders on the day, as gold mining stocks were hit hard."
Currencies and Commodities
Earnings and Economic Data
There are no significant economic reports scheduled for today. Reporting earnings are Chico's FAS (CHS), Cracker Barrel (CBRL), DSW (DSW), KORS, Seadrill (SDRL), and TOL.
The Case for Big Moves in IWM and QQQ
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