The Dow Playing Wait-and-See Ahead of Greece

Futures on the Dow Jones Industrial Average (INDEXDJX:DJI) are little changed, as traders take a wait-and-see approach ahead of a meeting between Greece and Germany's finance minister. Yesterday, Germany rebuffed Greece's loan-extension proposal, and today, hopes are for the two nations to hash out an agreement before the latter runs out of cash. Back on the homefront, Markit's flash purchasing managers index (PMI) is the sole data point on the economic calendar.

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Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are about 4 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1.1 million call contracts traded on Thursday, compared to 625,633 put contracts. The resultant single-session equity put/call ratio fell to 0.55, while the 21-day moving average remained at 0.65.

Currencies and Commodities

• The U.S. dollar index is up 0.2% at 94.58.
• Crude oil is poised to snap its two-day losing streak, and was last seen 0.5% higher at $52.09 per barrel.
• Gold, meanwhile, has tacked on 0.4% to linger near $1,212.70 per ounce.

Earnings and Economic Data

Markit's PMI is slated for release today. Cabot Oil & Gas (COG), Deere & Co (DE), and Stillwater Mining (SWC) will release earnings.

Overseas Trading

Most Asian markets were shuttered today for the Lunar New Year, including those in China, Hong Kong, and South Korea. Japan's Nikkei, however, added 0.4% -- to push its way into 15-year-high territory -- amid a cooling yen.

European benchmarks are mixed at midday, as traders react to hot-and-cold economic data. Specifically, Germany's producer price index declined, while eurozone business activity rose to its loftiest level since last July, and the U.K. booked its largest monthly budget surplus since January 2008. Additionally, Greece remains in focus, as leaders of the debt-laden nation meet with Germany's finance minister in an attempt to hammer out a bailout resolution. At last check, the German DAX and London's FTSE 100 were both up 0.3%, while the French CAC 40 is off 0.3%.

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