Dow Jones Industrial Average Eyes a Big Bounce

In Japan, Prime Minister Shinzo Abe was the victor in this weekend's snap election

Dec 15, 2014 at 8:18 AM
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After notching its worst weekly loss in three years last week, the Dow Jones Industrial Average (INDEXDJX:DJI) is ready to rally out of the gate. Traders appear to be taking a glass-half-full approach in the lead-up to the Federal Open Market Committee's (FOMC) latest policy decision, set for release on Wednesday afternoon. Ahead of this highly anticipated event, though, a pair of reports on factory activity, as well as pending home sales data, is due out today. Additionally, Wall Street will keep one eye trained on Australia, where hostages are being held in a Sydney cafe.

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 more than 95 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1.09 million call contracts traded on Friday, compared to 855,211 put contracts. The resultant single-session equity put/call ratio rose to 0.79, while the 21-day moving average edged up to 0.62.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is up 0.2% at 88.51.
  • Crude oil is down 0.1% at $58.01 per barrel.
  • Gold has plunged 0.8% to $1,212.20 per ounce.
Currencies and commodities

Earnings and Economic Data

The week starts off with a bang, with the Empire State manufacturing index, industrial production and capacity utilization, the National Association of Realtors' pending home sales index, and Treasury International Capital (TIC) all slated for release. FuelCell Energy (FCEL) and VeriFone (PAY) will report earnings.

Overseas Trading

Most Asian markets finished lower today, as disappointing data from Japan and a hostage crisis in Sydney weighed on investor sentiment. Specifically, a worse-than-expected reading on business sentiment in Japan overshadowed a snap-election victory for Prime Minister Shinzo Abe, sending the Nikkei to a 1.6% loss. Elsewhere, Hong Kong's Hang Seng settled down 1%, while South Korea's Kospi gave back 0.1%. China's Shanghai Composite managed to buck the regional bearish bias, tacking on 0.5%.

European bourses are modestly higher at midday, amid a rebound in energy stocks. At last check, the French CAC 40 is up 0.5%, London's FTSE 100 is flirting with a 0.4% lead, and the German DAX is 0.3% higher.

Overseas markets

Unusual Put and Call Activity:

For an explanation of how to use this information, check out our Education Center topics on Option Volume and Open Interest Configurations.

Unusual options activity - puts

Unusual options activity - calls

 

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