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Dow Jones Industrial Average Takes a Breather; Jobs Data in Focus

European stocks are lower, despite upbeat economic data

by 3/5/2014 8:13:25 AM
Stocks quoted in this article:

"The Dow Jones Industrial Average (INDEXDJX:.DJI) rebounded strongly on Tuesday, after concerns over Ukraine and Russia were temporarily alleviated," commented Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The S&P 500 Index (SPX) put in its best performance of the year, up over 1.5%, while the Russell 2000 Index (RUT) added 2.7%." In today's session, the blue-chip barometer is sticking close to the flat line, as investors await direction from a round of domestic economic data. Specifically, the latest Automatic Data Processing (ADP) employment report -- often seen as a precursor to Friday's jobs number -- the Institute for Supply Management's (ISM) non-manufacturing index, and the Fed's Beige Book are all on tap.

Additionally, Venosa says, "Watch for potential pullbacks to be supported at the $187 level on the SPDR S&P 500 ETF (SPY), as a number of put options that expire this Friday were purchased yesterday."

Plus, our Trading Topic of the Week -- Ways to Win with Aggressive Trades: Stay open to both bullish and bearish setups. Thanks to the flexibility of options, you can reap leveraged profits even when the market is in sell-off mode.

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 about 16 points above breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1,293,919 call contracts traded on Tuesday, compared to 617,979 put contracts. The resultant single-session put/call ratio plunged to 0.48, while the 21-day moving average dropped to 0.59.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is little moved this morning, with the greenback last seen lingering near 80.18.
  • Crude oil is on pace to extend yesterday's retreat, with futures on the front-month contract down 0.4% at $102.96 per barrel.
  • Gold futures are lower as well, with gold for April delivery shedding 0.2% ahead of the bell to trade at $1,335.80 an ounce.
Currencies and commodities

Earnings and Economic Data

The ADP employment report, ISM non-manufacturing index, and the Fed's Beige Book will be released today, as well as the regularly scheduled crude inventories report. Boyd Gaming (BYD), Canadian Solar (CSIQ), Hovnanian Enterprises (HOV), and PetSmart (PETM) will report earnings.

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