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Dow Jones Industrial Average Signals a Rebound; All Eyes on GDP Data

Weekly jobless claims and pending home sales are also due out

by 5/29/2014 8:01:54 AM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:DJI) is in rebound mode, after the blue-chip barometer snapped its four-session winning streak on Wednesday. As Schaeffer's Senior Options Strategist Tony Venosa, CMT, recapped, "Equities retreated yesterday in a sleepy fashion, and a round of profit-taking was to blame. The bond market was strong, and the 10-year Treasury yield tested year-to-date lows." However, Venosa goes on to say, "This morning's economic reports could spur some volatility, with weekly jobless claims, the revised reading on first-quarter gross domestic product (GDP), and pending home sales set to be released." Ahead of a busy day of economic data, futures on the 30-stock index were last seen roughly 27 points higher.

Plus, our Trading Topic of the Week -- Tips for Buying Weekly Options: Look for a catalyst. Check the stock's fundamental, technical, and sentiment data to pinpoint possible triggers for a big move.

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 863,949 call contracts traded on Wednesday, compared to 486,654 put contracts. The resultant single-session put/call ratio rose to 0.56, while the 21-day moving average remained at 0.64.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • Ahead of today's GDP data, the U.S. dollar index is 0.2% lower to trade at 80.42.
  • Elsewhere, crude oil is on the mend, with the commodity up 0.2% at $102.88 per barrel.
  • Gold, meanwhile, is eyeing a fourth straight down day. At last check, futures for the malleable metal were sitting 0.5% below breakeven to hover near $1,253.40 an ounce.
Currencies and commodities

Earnings and Economic Data

The preliminary GDP reading for the first quarter will be released today, as will weekly jobless claims, the National Association of Realtors' pending home sales index, and the holiday-delayed crude inventories report. Entering the earnings confessional are Abercrombie & Fitch (ANF), Costco Wholesale (COST), Express (EXPR), Lions Gate Entertainment (LGF), OmniVision Technologies (OVTI), Pacific Sunwear (PSUN), ReneSola (SOL), Sanderson Farms (SAFM), and Splunk (SPLK).

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