Dow Futures Add Triple Digits on Greece Optimism

3 Keys to Successful Contrarian Trading

Karee Venema

Jun 22, 2015 at 8:39 AM

The Dow Jones Industrial Average (DJIA) is on pace to erase all of Friday's triple-digit loss, on hopes that Greece will come to an agreement with its creditors at today's emergency summit. Over the weekend, the fiscally strapped nation sent a new list of proposals to eurozone finance ministers, a move that is being hailed as positive by a number of top officials. Additionally, the European Central Bank (ECB) once again increased the limit on emergency funding for Greek banks -- the third time it's done so in a week. Back on the homefront, existing home sales will be released at 10 a.m. ET.

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

Want to trade like us? Here are the 3 elements of contrarian trading.
The struggling social media stock jumping into the e-commerce game.
Rumors were swirling that Google Inc (NASDAQ:GOOGL) and Facebook Inc (NASDAQ:FB) were interested in buying this Internet name.

And now, on to the numbers…

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Futures on the Dow Jones Industrial Average (DJIA) are 112 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 998,061 call contracts traded on Friday, compared to 625,415 put contracts. The resultant single-session equity put/call ratio dropped to 0.63, while the 21-day moving average fell to 0.61.

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Currencies and Commodities

The U.S. dollar index is up 0.2% at 94.27.
Crude oil is 0.7% higher at $60.41 per barrel.
Gold is down 0.7% at $1,193.00 per ounce.

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Earnings and Economic Data

Traders will be watching a special summit of eurozone finance ministers, who are meeting to discuss Greece's debt situation. On the home front, investors will digest the existing home sales report for May. After the close, fast-food firm Sonic (NASDAQ:SONC) will report earnings. To see what else is on this week's agenda, click here.

Overseas Trading

For a breakdown of today's trading in Asia and Europe, including the latest update on Greece, read Overseas Trading: Tsipras Makes a Last-Ditch Effort.

Unusual Put and Call Activity

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