The Dow Jones Industrial Average (INDEXDJX:DJI) is poised to extend Friday's losses, with futures modestly lower ahead of the bell. "The nonfarm payrolls number came in around the consensus forecast on Friday," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "In response, markets gapped higher initially, but quickly sold off all the way into the close, as weakness in tech and small-cap issues finally spread to the broader market." The tech sector is signaling continued struggles, with the Nasdaq Composite (COMP) sitting roughly 20 points below breakeven ahead of the bell.
In today's session, the economic calendar is light, with the Federal Reserve's consumer credit report the sole data point on the docket. Meanwhile, St. Louis Fed President James Bullard is slated to speak later this morning. More importantly, Venosa says that "This week will mark the beginning of earnings season, with Alcoa Inc (NYSE:AA) kicking things off tomorrow evening."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 26 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,353,316 call contracts traded on Friday, compared to 881,123 put contracts. The resultant single-session put/call ratio rose to 0.65, while the 21-day moving average stayed at 0.60.
From the Trading Floor
"Last Friday, the SPDR S&P 500 ETF Trust (SPY) hit a high of $189.70," continued Venosa. "This is just a few cents away from huge peak call open interest at the 190 strike that expired at the close, and capped the early morning rally."
Currencies and Commodities
Earnings and Economic Data
The Federal Reserve's consumer credit report for February will hit the Street today. There are no notable earnings reports slated for release.
The Case for Big Moves in IWM and QQQ
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