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Dow Jones Industrial Average Futures Up as Bulls Maintain Grip

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by 5/28/2014 8:09:30 AM
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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.

Plus, our Trading Topic of the Week -- Tips for Buying Weekly Options: Wait for the right setup. Weekly options offer plenty of advantages, but they aren't necessarily all-purpose trading vehicles.

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 23 points above breakeven.

Market Statistics

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.

NYSE and Nasdaq summary

Volatility indices

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

  • The U.S. dollar index is flirting with a 0.2% gain ahead of the bell, with the currency lingering near 80.48.
  • Elsewhere, crude oil is on pace to pare a portion of Tuesday's losses, with black gold up 0.2% to trade at $104.30 per barrel.
  • Gold futures, meanwhile, are little changed following yesterday's steep sell-off, with the commodity up a slight 0.03% at $1,266.10 an ounce.
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.

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