Greece, Fed Keep Dow Jones Industrial Average Futures Under Pressure

Is More Whipsaw Price Action on the Horizon?

by Josh Selway

Published on Jun 16, 2015 at 8:35 AM

Not much has changed on the Street overnight, as concerns about Greece's ability to pay back its debt are once again weighing on Dow Jones Industrial Average (DJIA) ​futures. Specifically, Greek Finance Minister Yanis Varoufakis said he has no plans to propose new reforms at a Thursday meeting of eurozone finance ministers, frustrating his peers across the currency bloc. Outside of Greece, the focus will be on the Federal Open Market Committee (FOMC), which will begin its two-day policy meeting today, with its statement on the economy due out tomorrow afternoon. Rounding out the economic calendar is the report on housing starts and building permits from May. 

 

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 35.2 points below fair value. 

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Market Statistics

The Chicago Board Options Exchange (CBOE) saw 672,729 call contracts traded on Monday, compared to 446,621 put contracts. The resultant single-session equity put/call ratio edged down to 0.66, while the 21-day moving average moved up to 0.62.

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Currencies and Commodities

  • The U.S. dollar index is up 0.2% at 95.03.
  • Crude oil has added 0.4% to trade at $60.22 per barrel.
  • Gold is off 0.2% at $1,183.40 per ounce. 

 

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Earnings and Economic Data

 

Housing starts and building permits for May will be released today. In addition, the FOMC begins its policy-setting meeting. After the closing bell sounds, Adobe Systems (NASDAQ:ADBE), Bob Evans (NASDAQ:BOBE), and La-Z-Boy (NYSE:LZB) will all release quarterly earnings. To see what else is on this week's agenda, click here.

 

Overseas Trading

 

Similar to Monday, Asian bourses moved lower across the board as worries intensified over Greece's debt situation. Chinese stocks were again the biggest losers, as the Shanghai Composite sank 3.5%, followed by the Hang Seng's 1.1% drop in Hong Kong. Even though South Korea's Kospi dropped 0.7% to end at nearly three-month lows, due to rough outings from blue chips, it pared much of its losses from earlier in the day.  Japan's Nikkei, meanwhile, saw a 0.6% decline, despite another drop from the yen. 

With Greece playing the blame game with its creditors, traders were given little relief about the debt-ridden country's financial situation, leading to another day in the red for European stocks. At midday, France's CAC 40 is leading the losers with its 0.7% fall. Germany's DAX has given back 0.5% following a bleak ZEW economic sentiment survey, and London's FTSE 100 is down 0.3%. 

 

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Unusual Put and Call Activity

 

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