Dow Jones Industrial Average Poised to Pop

The "Very Bullish" Indicator We're Watching This Week

by Josh Selway

Published on May 13, 2015 at 8:28 AM

The Dow Jones Industrial Average (DJIA) is looking to put its losing ways in the rearview, with futures signaling a higher open as bond yields cool. The economic calendar picks up today, with an early report on retail sales leading the way. Also, a few notable companies will announce earnings -- namely, blue chip Cisco Systems, Inc. (NASDAQ:CSCO), plus retailers J C Penney Company Inc (NYSE:JCP) and Macy's, Inc. (NYSE:M)

 

Continue reading for more on today's market, including:

And now, on to the numbers…

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Futures on the Dow Jones Industrial Average (DJIA) are nearly 49 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 695,793 call contracts traded on Tuesday, compared to 445,738 put contracts. The resultant single-session equity put/call ratio rose to 0.64, while the 21-day moving average remained at 0.64.

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Currencies and Commodities

  • The U.S. dollar index is down 0.1% at 94.40.
  • Crude oil has added 0.9% at $62.29 per barrel.
  • Gold is up 0.4% at $1,197.30.

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Earnings and Economic Data

 

Retail sales, import and export prices, business inventories, and the regularly scheduled crude inventories report will be released today. Cisco Systems (CSCO), Aramark (ARMK), Diana Shipping (DSX), Digital Ally (DGLY), J.C. Penney (JCP), Ralph Lauren (RL), Macy's (M), and Shake Shack (SHAK) will take their turn in the earnings spotlight.  To see what else is on this week's agenda, click here.

 

Overseas Trading

 

Disappointing economic data brought mixed results from Asian stocks. China's Shanghai Composite and Hong Kong's Hang Seng lost 0.6% apiece, pressured by softer-than-forecast reports on mainland industrial output and retail sales. On the other hand, South Korea's Kospi and Japan's Nikkei managed 0.8% and 0.7% gains, respectively.  

European stocks showed strength, shrugging off a gross domestic product reading from the eurozone that missed expectations. At last check, France's CAC 40 had added 0.9%, while Germany's DAX picked up 0.4%, and London's FTSE 100 was 0.3% higher. 

 

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Unusual Put and Call Activity

 

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