"The Dow Jones Industrial Average (INDEXDJX:.DJI) shrugged off a disappointing payrolls number on Friday, and rallied over 1%," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Elsewhere, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) finished 3.4% higher from its weekly low set on Wednesday. Shares have retraced over 50% of the January peak to the February low." Futures on both are pointed lower ahead of the bell.
With today's economic calendar bare, focus should be trained on Federal Reserve Chair Janet Yellen, who heads to the Hill tomorrow to testify in front of the House Financial Services Committee. Traders will look to her first appearance before Congress for clues as to whether the Fed will continue its recent tapering of asset purchases, given last week's lackluster economic data. Additionally, Venosa notes that, "Although earnings season is winding down, this week we'll hear quarterly results from Deere & Company (NYSE:DE), Cisco Systems, Inc. (NASDAQ:CSCO), and Applied Materials, Inc. (NASDAQ:AMAT)."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are about 25 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,385,288 call contracts traded on Friday, compared to 939,405 put contracts. The resultant single-session put/call ratio rose to 0.68, while the 21-day moving average ticked higher to 0.59.
Currencies and Commodities
Earnings and Economic Data
There are no notable economic reports scheduled for Monday. This week's round of earnings reports will start with Hasbro (HAS), Loews Corporation (L), Rackspace Hosting (RAX), and Sohu.com (SOHU).
The Case for Big Moves in IWM and QQQ
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