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The Dow Jones Industrial Average (INDEXDJX:DJI) is poised to pare most of Friday's losses, after blue chip Pfizer Inc. (NYSE:PFE) confirmed reports of a renewed bid -- worth roughly $100 billion -- for AstraZeneca plc (ADR) (NYSE:AZN). Against this backdrop, PFE is pointed 1.8% higher ahead of the bell. On the economic front, meanwhile, speculators are awaiting data on pending home sales and Dallas-area manufacturing activity.

"The bears once again took control of the market on Friday, as small-caps and tech were the relative laggards," said Schaeffer's Senior Trading Analyst Bryan Sapp. "The Russell 2000 Index (RUT) failed to retake the 1,160 level, and the Nasdaq 100 Index (NDX) failed at 3,600. Going forward, bulls will want to see the indexes' 200-day moving averages hold at roughly 1,110 and 3,400, respectively."

Plus, our Trading Topic of the Week -- Tips to Trade Like the Pros: Trade on data, not emotions. How do you avoid getting chewed up by the panic/euphoria machine? By suppressing your fight-or-flight reflex and trading on facts and figures instead.

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 nearly 90 points above breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1,205,943 call contracts traded on Friday, compared to 861,370 put contracts -- the most since April 4. The resultant single-session put/call ratio soared to 0.71, while the 21-day moving average edged higher to 0.59.

NYSE and Nasdaq summary

Volatility indices

From the Trading Floor

"Bearish sentiment was on the rise on Friday, as volume on the SPDR S&P 500 ETF Trust (SPY) weekly 5/2 puts was massive," Sapp added. "Most of this trading looked bought to open and speculative in nature."

Currencies and Commodities

  • The U.S. dollar index is flirting with a 0.2% drop ahead of the bell, with the currency lingering near 79.59.
  • Elsewhere, crude oil is looking to bounce back from Friday's dip, with the commodity up 0.5% at $101.14 per barrel.
  • Gold, on the other hand, is on pace to snap its three-session winning streak, with the malleable metal fractionally lower at $1,300.10 an ounce.
Currencies and commodities

Earnings and Economic Data

Reports hitting the Street today include the National Association of Realtors' pending home sales index and the Dallas Fed's manufacturing survey. Plus, Herbalife (HLF), Buffalo Wild Wings (BWLD), Corning (GLW), Hartford Financial (HIG), Loews (L), NetSuite (N), Questcor Pharmaceuticals (QCOR), Sohu.com (SOHU), and Suncor Energy (SU) will release quarterly earnings.

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