The Dow Jones Industrial Average (INDEXDJX:DJI) isn't ready to quit its trek into uncharted waters, with futures pointed modestly higher ahead of the bell. As Schaeffer's Senior Options Strategist Tony Venosa, CMT, says, "May options expiration week began on a positive note, as across-the-board buying pushed the S&P 500 Index (SPX) to a new all-time closing high, led by beaten-down technology and small-cap names." Futures on the SPX are up in pre-market trading, as well.
In today's session, "The consumer discretionary sector should be in focus, as retail sales will be released at 8:30 a.m. ET," noted Venosa. Additionally, updates on import and export prices and business inventories, as well as a speech from Richmond Fed President Jeffrey Lacker, are on the morning's docket.
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are more than 41 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,045,035 call contracts traded on Monday, compared to 552,397 put contracts. The resultant single-session put/call ratio plunged to 0.53, while the 21-day moving average dipped to 0.61.
From the Trading Floor
"Keep an eye on the 190- and 192-strike prices for the SPDR S&P 500 ETF Trust (SPY), as huge May call open interest could cap additional rallies this week," continued Venosa.
Currencies and Commodities
Earnings and Economic Data
Retail sales, import and export prices for April, and business inventories are set for release Tuesday. Meanwhile, Fossil (FOSL) and Take-Two Interactive (TTWO) will step up to the earnings plate.
The Case for Big Moves in IWM and QQQ
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