The Dow Jones Industrial Average (INDEXDJX:DJI) is lingering modestly below the flat line this morning, with futures on the blue-chip barometer off about 21 points at last check. As Schaeffer's Senior Options Strategist Tony Venosa, CMT, notes, "This coming week is light on economic and earnings reports as we enter a new five-week expiration cycle for June options. Expectations could be for more of the same, as we continue to chop around -- aggravating both bulls and bears alike."
In today's session, traders will have the chance to digest M&A updates from a pair of blue chips that were announced over the weekend. Specifically, AT&T Inc. (NYSE:T) agreed to buy DIRECTV (NASDAQ:DTV) in a cash-and-stock deal worth roughly $67.1 billion. Elsewhere, AstraZeneca plc (ADR) (NYSE:AZN) rejected Pfizer Inc.'s (NYSE:PFE) $118 billion bid. Meanwhile, an early afternoon speech from Dallas Fed President Richard Fisher could also garner some attention from investors.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are 21 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,149,404 call contracts traded on Friday, compared to 783,528 put contracts. The resultant single-session put/call ratio dipped to 0.68, while the 21-day moving average rose to 0.64.
From the Trading Floor
"Friday's price action was subdued for the better part of the day, but by late afternoon, buyers stepped in and drove indexes higher," said Venosa. "Retail and semiconductor stocks led the charge, while solar and gold miner names severely lagged."
Currencies and Commodities
Earnings and Economic Data
There are no significant economic reports scheduled for today. Entering the earnings confessional are Campbell Soup (CPB) and Urban Outfitters (URBN).
The Case for Big Moves in IWM and QQQ
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