EARN25

Potential Greek Default Slams Dow Futures

Dow Set to Plunge as Greek Bank Closures Spark Panic

Jun 29, 2015 at 8:47 AM
facebook X logo linkedin


Dow Jones Industrial Average (DJIA) futures are taking a cue from their overseas peers this morning, selling off sharply on news that talks between Greece and its international creditors broke down over the weekend. As such, the country will likely default on an International Monetary Fund (IMF) loan repayment due tomorrow, while Prime Minister Alexis Tsipras has called a referendum for Sunday, July 5, allowing citizens to vote on whether to accept a bailout package -- which would require Greece to implement austerity measures. As the country's fate in the eurozone hangs in the balance, banks across the country are closed today, with capital controls being put in place to dodge a bank run. While Greece is the primary focus, traders stateside will also digest the latest pending home sales index and the Dallas Fed manufacturing survey later this morning.

 

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

 

 And now, on to the numbers…

150629ov1

Futures on the Dow Jones Industrial Average (DJIA) are nearly 156 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 782,894 call contracts traded on Friday, compared to 580,590 put contracts. The resultant single-session equity put/call ratio jumped to 0.74, while the 21-day moving average remained at 0.60.

150629ov3

150629ov2 

Currencies and Commodities 

  • The U.S. dollar index is up 0.2% at 95.63.
  • Crude oil has given back 2.3% to trade at $58.24 per barrel.
  • Gold has tacked on 0.4% at $1,178 per ounce.

 

150629ov4

 

Earnings and Economic Data

 

The pending home sales index for May will be released this morning, as will the Dallas Fed's manufacturing survey. Earnings announcement after the closing bell include Apollo Education Group, Inc. (APOL) and CHC Group (HELI). 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 a surprise move by the People's Bank of China, read Overseas Trading: Global Stocks Sell Off on Greece.

 

 

Unusual Put and Call Activity

 

150629ov5

150629ov6


 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here