The Dow Jones Industrial Average (INDEXDJX:DJI) is positioned modestly higher this morning, following Friday's record-setting close for the blue-chip barometer. Although last week's action was more of a slow-churn north, Schaeffer's Senior Options Strategist Tony Venosa, CMT, says, "I imagine this week's trading could see more volatility, as a slew of economic reports will be released, most notably, Friday's May employment report." In today's session, though, manufacturing data will be in focus, with Markit's purchasing managers manufacturing index (PMI) and the Institute for Supply Management's (ISM) manufacturing index due. This pair of reports follows data released over the weekend, which showed factory activity in China soared to a five-month peak.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are about 14 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,145,218 call contracts traded on Friday, compared to 638,659 put contracts. The resultant single-session put/call ratio rose to 0.56, while the 21-day moving average remained at 0.63.
From the Trading Floor
"The holiday-shortened week helped propel the S&P 500 Index (SPX) to a monthly gain of 2%," continued Venosa. "The 'Sell in May and Go Away' mantra did not prove trustworthy this year."
Currencies and Commodities
Earnings and Economic Data
The final reading for last month's PMI and the ISM's manufacturing index are scheduled for today, along with construction spending data for April. Reporting earnings are CONN's (CONN), Guidewire Software (GWRE), Krispy Kreme Doughnuts (KKD), and Quicksilver (ZQK).
The Case for Big Moves in IWM and QQQ
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