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Hot Stock News for Options Traders

Dow Jones Industrial Average Up Ahead of Fed Minutes; Alcoa Profit Beats

Japan's Nikkei bucked the bullish Asian trend amid a strengthening yen

by 4/9/2014 8:20:47 AM
Stocks quoted in this article:

Futures on the Dow Jones Industrial Average (INDEXDJX:DJI) have edged slightly higher this morning, after Alcoa Inc (NYSE:AA) kicked off first-quarter earnings season with a bottom-line win. Now, investors are awaiting wholesale inventories data -- due at 10 a.m. ET -- as well as the minutes from the latest Federal Open Market Committee (FOMC) meeting, slated for release at 2 p.m. ET. Furthermore, traders can look forward to a pair of afternoon speeches from Chicago Fed President Charles Evans and Fed Governor Daniel Tarullo.

"The S&P 500 Index (SPX) broke below Monday's lows and its 50-day moving average yesterday, but buyers quickly stepped in, and bid up the market from those levels," mentioned Schaeffer's Senior Trading Analyst Bryan Sapp. "Going forward, Tuesday's low near 1,837 will be a key area for bulls to hold."

Plus, our Trading Topic of the Week -- Tips for Trading Stock Trends: Don't be afraid to buy plenty of time. When you're playing trends, go ahead and spring for that longer-term option. You'll be buying valuable time for the expected stock move to play out in full.

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 nearly 27 points above breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 992,829 call contracts traded on Tuesday, compared to 558,607 put contracts. The resultant single-session put/call ratio fell to 0.56, while the 21-day moving average dipped to 0.59.

NYSE and Nasdaq summary

Volatility indices

From the Trading Floor

"Despite the S&P 500's sharp rally off the low, the CBOE Volatility Index (VIX) remains in the middle of Monday's range," continued Sapp. "This muted retreat is a sign of continued fear among market participants."

Currencies and Commodities

  • The U.S. dollar index is sitting 0.06% above the flat line this morning, with the currency last seen at 79.80.
  • Elsewhere, crude oil is on pace to add to yesterday's gains, with the May-dated contract up 0.2% at $102.78 per barrel.
  • Gold futures, meanwhile, are 0.3% lower, with the most active contract lingering near $1,304.70 an ounce.
Currencies and commodities

Earnings and Economic Data

The regularly scheduled crude inventories report will be released today, along with wholesale inventories data and the minutes from the latest FOMC meeting. Among the companies reporting earnings are Bed Bath & Beyond (BBBY), Constellation Brands (STZ), PriceSmart (PSMT), and Ruby Tuesday (RT).

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