Dow Jones Industrial Average Futures Up 159 as Tsipras Blinks

Was Monday's Plunge a Major Buying Opportunity?

Jul 1, 2015 at 8:40 AM

The Dow Jones Industrial Average (DJIA) looks ready to follow its European peers sharply higher, with futures up triple digits after a letter to the European Commission from Greek Prime Minister Alexis Tsipras suggested the head of state was willing to concede to lender demands on all but a handful of points. Meanwhile, traders are gearing up for a busy day on the economic front, with several reports due out. In fact, the ADP employment report -- seen as an important precursor to tomorrow's nonfarm payrolls report -- has already hit the Street, and showed private companies hired more people than expected last month.

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

Schaeffer's Senior Quantitative Analyst Rocky White breaks down the bullish implications of Monday's sell-off.
What was the driver behind Twitter Inc's (NYSE:TWTR) massive rally? We have a few theories.
In case you missed it, here are 3 stocks for your July watchlist.

And now, on to the numbers…

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Futures on the Dow Jones Industrial Average (DJIA) are more than 159 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 639,602 call contracts traded on Tuesday, compared to 535,007 put contracts. The resultant single-session equity put/call ratio slipped to 0.84, while the 21-day moving average edged up to 0.63.

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Currencies and Commodities

The U.S. dollar index is 0.4% higher at 95.83.
Crude oil has dropped 1.5% to trade at $58.56 per barrel.
Gold has inched up 0.02% at $1,172.00 per ounce.

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Earnings and Economic Data

The ADP employment report gets the jobs data rolling today. Markit's purchasing managers index (PMI), the Institute for Supply Management's (ISM) manufacturing index, construction spending, and the regularly scheduled crude inventories report will also be released. General Mills Inc. (GIS), Constellation Brands, Inc. (STZ), Paychex, Inc. (PAYX), and Acuity Brands, Inc. (AYI) all report earnings before the bell, while Global Power Equipment Group Inc (GLPW) and Progress Software Corporation (PRGS) come into focus after the bell. To see what else is on this week's docket, click here.

Overseas Trading

For a breakdown of today's trading in Asia and Europe, including fresh losses for China, read Overseas Trading: Greek Concessions Lift European Stocks.

Unusual Put and Call Activity

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