Dow Jones Industrial Average Ready to Rally; Greek Debt Deal Close?

Inside the Big Bearish Bet on BlackBerry

by Alex Eppstein

Published on Jun 11, 2015 at 8:35 AM

The Dow Jones Industrial Average (DJIA) looks poised to build on yesterday's bullish momentum, with futures pointed higher ahead of the bell. Traders will have plenty of data to digest today, highlighted by the latest retail sales numbers. Meanwhile, stocks in Europe are higher as Greek Prime Minister Alexis Tsipras appears to be nearing a cash-for-reform deal with international creditors, and German Chancellor Angela Merkel expresses "hope that the necessary progress can now be made."

 

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 52 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 956,113 call contracts traded on Wednesday, compared to 437,968 put contracts. The resultant single-session equity put/call ratio plunged to 0.46, while the 21-day moving average edged down to 0.61.

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Currencies and Commodities

  • The U.S. dollar index is up 0.5% at 95.09.
  • Crude oil has dropped 1.3% to trade at $61.04 per barrel.
  • Gold is off 0.6% at $1,179.60 per ounce.

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Earnings and Economic Data

 

Today's docket is packed with reports, including weekly jobless claims, retail sales, import and export prices, and business inventories. Bojangles (BOJA) will take its inaugural turn in the earnings confessional. To see what else is on this week's agenda, click here.

 

Overseas Trading

 

Stocks in Asia finished higher, following the lead of their U.S. counterparts amid a raft of mixed data. China's Shanghai Composite muscled 0.3% higher, as retail sales and industrial production met estimates -- overshadowing disappointing fixed-asset investment growth. Japan's Nikkei soared 1.7% thanks to a weaker yen, South Korea's Kospi added 0.3% after the Bank of Korea cut its benchmark rate to a record low of 1.5%, and Hong Kong's Hang Seng popped 0.8%.

 

European bourses are rallying on rumblings of a breakthrough between Greece and its international lenders on a reform plan, with talks continuing today. At last check, London's FTSE 100 is up 0.3%, the French CAC 40 has tacked on 0.5%, and Germany's DAX is 0.9% higher.

 

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Unusual Put and Call Activity

 

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