Dow Jones Industrial Average Looks North Ahead of Yellen

The Dow Jones Industrial Average (DJIA) finished another push-and-pull session to the upside yesterday, and appears ready to maintain this momentum in today's session. All eyes will be on a 1 p.m. ET speech from Fed Chair Janet Yellen, as traders look for some clarity from Wednesday's cryptic Fed minutes. Elsewhere, the S&P 500 Index (SPX) is poised to take aim at another notable milestone, while the Nasdaq Composite (COMP) is higher, as well.

 

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

 

• Why these 3 stocks could see short-term upside.
• Weekly option traders appear to be the exception to the rule when it comes to Netflix, Inc. (NASDAQ:NFLX).
• This drugmaker was named a "top global pick" at Jefferies, while this storage stock sunk to new lows amid a round of post-earnings backlash.

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are more than 15 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 788,524 call contracts traded on Thursday, compared to 559,851 put contracts. The resultant single-session equity put/call ratio jumped to 0.71, while the 21-day moving average edged up to 0.64.

 

Currencies and Commodities

• The U.S. dollar index is off 0.2% at 95.08.
• Crude oil is down 0.9% at $60.16 per barrel.
• Gold is up 0.6% at $1,211.20 per ounce.

 

Earnings and Economic Data

 

Closing out the week is the consumer price index (CPI) and Markit's flash purchasing managers manufacturing index (PMI). ANN Inc (ANN), Campbell Soup (CPB), Deere & Company (DE), and Foot Locker (FL) will release earnings. To see what's on next week's agenda, click here.
 

Overseas Trading

 

Asian benchmarks ripped higher today, with the Shanghai Composite's 2.8% pop outpacing its peers amid a rally in brokers, insurers, and banking names. Elsewhere, Hong Kong's Hang Seng added 1.7%, South Korea's Kospi tacked on 1.1%, and Japan's Nikkei rose 0.3% after the Bank of Japan stood pat on its current monetary policy and said the economy "continues to recover moderately."

 

European markets are mixed, as traders digest comments from European Central Bank President Mario Draghi, who gave an upbeat outlook for the eurozone economy. Additionally, speculators are awaiting the outcome of a European Union summit, where a reform deal for Greece's debt crisis is being discussed. At last check, the German DAX is down 0.5% following a slight drop in business confidence, and the French CAC 40 is off 0.2%. London's FTSE 100, meanwhile, is up 0.5%.
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Unusual Put and Call Activity
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