The Dow Jones Industrial Average (INDEXDJX:DJI) is pointed modestly lower this morning, as investors express caution ahead of tonight's unofficial start to second-quarter earnings season. Specifically, aluminum giant Alcoa Inc (NYSE:AA) will unveil its quarterly report after the close, with analysts calling for a profit of 12 cents per share. Ahead of this highly anticipated event, traders will have the chance to digest the latest Job Openings and Labor Turnover Survey (JOLTS), as well as speeches from a pair of Federal Reserve officials.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 16 points below fair value.
The Chicago Board Options Exchange (CBOE) saw 1.07 million call contracts traded on Monday, compared to 653,092 put contracts. The resultant single-session put/call ratio jumped to 0.61, while the 21-day moving average stayed at 0.51.
Currencies and Commodities
Earnings and Economic Data
Today's docket features the NFIB small-business optimism index, the Labor Department's JOLTS report, and the Fed's monthly update on consumer credit. Elsewhere, second-quarter earnings season unofficially kicks off with a report from AA. Also posting results are AeroVironment (AVAV) and Bob Evans (BOBE).
The Case for Big Moves in IWM and QQQ
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