Dow Jones Industrial Average Futures Shake Off Greece Woes

The Social Media Juggernaut Signaling a Breakout

Jun 18, 2015 at 8:41 AM
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Futures on the Dow Jones Industrial Average (DJIA) are sitting in the black this morning, as traders continue to digest Wednesday's Federal Open Market Committee (FOMC) statement. For today, traders will be watching for the consumer price index (CPI), on top of weekly jobless claims and the Philadelphia Fed manufacturing survey.

While domestic stocks appear to be gaining strength as the week goes on, the same can't be said for international equities. Specifically, European stocks can't escape the grips of Greece's financial fiasco. Though eurozone finance ministers are meeting today to discuss solutions for the debt-burdened country, it appears that Greece simply doesn't have the money to cover the approximately $1.7 billion due by June 30 if a reform deal isn't reached. 

 

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 more than 31 points above fair value. 

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Market Statistics

The Chicago Board Options Exchange (CBOE) saw 816,228 call contracts traded on Wednesday, compared to 449,783 put contracts. The resultant single-session equity put/call ratio dropped to 0.55, while the 21-day moving average edged down to 0.61.

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Currencies and Commodities

  • The U.S. dollar index is off 0.6% at 93.75.
  • Crude oil has added 0.9% to hit $60.84 per barrel. 
  • Gold is also gaining, last seen 1.8% higher at $1,197.60 per ounce. 

 

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Earnings and Economic Data

 

Today kicks off with the CPI, core CPI, and weekly jobless claims, followed by the Philadelphia Fed business outlook survey. Kroger (NYSE:KR) and Rite Aid (NYSE:RAD) will report quarterly earnings before the opening bell, while Red Hat (NYSE:RHT) and Smith & Wesson (NASDAQ:SWHC) will step into the spotlight after the closing bell rings. To see what else is on this week's agenda, click here.

 

Overseas Trading

 

It was a generally dismal day for Asian bourses. The heaviest losses occurred in China, where the Shanghai Composite plummeted 3.7% as traders prepare for Friday's slew of initial public offerings, while increasing talk of bubble conditions spurred fear. Hong Kong's Hang Seng fell just 0.2%, as an electoral reform plan was rejected. In Japan, the Nikkei closed at nearly its lowest point in a month, giving back 1.1% as automakers and banking stocks traded lower. One outlier was South Korea's Kospi, which managed a slim 0.3% lead thanks to strong showings from tech and retail securities.

The dissolving talks on Greece's financial situation continue to drag down stocks in Europe, as traders await news from today's meeting of eurozone finance ministers. In the meantime, France's CAC 40 is down 0.7%, Germany's DAX is off 0.6%, and London's FTSE 100 is trading 0.1% below breakeven. 

 

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Unusual Put and Call Activity

 

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