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Dow Jones Industrial Average: Ready to Rally

The DJI is firmly higher ahead of the bell, with earnings still in focus

by 7/24/2014 8:19:42 AM
Stocks quoted in this article:

On a day chock-full of earnings and economic data, the Dow Jones Industrial Average (INDEXDJX:DJI) is on pace for a positive start. Upbeat manufacturing data from around the globe is fostering a bullish bias, with the latest stats out of China and the eurozone topping expectations. Here in the U.S., big names like Ford Motor Company (NYSE:F), Bristol-Myers Squibb Co (NYSE:BMY), and Facebook Inc (NASDAQ:FB) are all trading higher ahead of the bell following their respective earnings results. Meanwhile, traders are staying tuned for employment and housing reports due out later this morning.

Plus, our Trading Topic of the Week -- Tips for Buying Weekly Options: Focus on liquid names with narrow bid/ask spreads. There are two major benefits here -- ease of entry and exit, and lower risk of slippage.

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 more than 27 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1.45 million call contracts traded on Wednesday, compared to 853,875 put contracts. The resultant single-session equity put/call ratio stayed at 0.59, while the 21-day moving average edged up to 0.58.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is fractionally lower this morning, down 0.06% at 80.78.
  • Crude oil is also in negative territory, off 0.2% at $102.89 per barrel.
  • Likewise, gold has slipped 0.3% to trade at $1,302 per ounce.
Currencies and commodities

Earnings and Economic Data

Weekly jobless claims, Markit's flash purchasing managers manufacturing index (PMI), and new home sales are all due out today. Entering the earnings spotlight will be 3M (MMM), Caterpillar (CAT), Visa (V), (AMZN), Baidu (BIDU), General Motors (GM), Potash Corp./Saskatchewan (POT), Starbucks (SBUX), Alaska Air Group (ALK), American Airlines (AAL), Boston Scientific (BSX), Cliffs Natural Resources (CLF), Dunkin Brands (DNKN), Eli Lilly (LLY), Hershey (HSY), JetBlue Airways (JBLU), Noble Energy (NBL), Pandora Media (P), PulteGroup (PHM), QLogic (QLGC), Southwest Airlines (LUV), Under Armour (UA), and United Continental (UAL).

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