Dow Jones Industrial Average Futures Up as Yellen Heads to the Hill

What Happens After an S&P Win Streak Ends?

Josh Selway

Jul 15, 2015 at 8:36 AM

DJIA

Futures on the Dow Jones Industrial Average (DJIA) are pointing toward a solid start, carrying over positive momentum from yesterday. Fed Chair Janet Yellen will be in the spotlight, as she begins her two-day testimony in front of Congress. Traders will also be awaiting the results of Greece's parliament vote, where policymakers will weigh in on the recent bailout agreement.

Elsewhere, today will mark the busiest day of earnings season yet, with Intel Corporation (NASDAQ:INTC), Bank of America Corp (NYSE:BAC), and Netflix, Inc. (NASDAQ:NFLX) revealing numbers, among others. Meanwhile, today is the big "sales showdown" between Wal-Mart Stores, Inc. (NYSE:WMT) and Amazon.com, Inc. (NASDAQ:AMZN).

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

What happens when a quarterly win streak ends? Schaeffer's Senior Quantitative Analyst Rocky White investigates.
What the results of last night's MLB All-Star Game could mean for the market going forward.
These 2 stocks have been bombarded by weekly option traders, while pre-earnings Google Inc (NASDAQ:GOOGL) speculators have shown a preference for front-month calls.

And now, on to the numbers…

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Futures on the Dow Jones Industrial Average (DJIA) are 7.4 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 786,771 call contracts traded on Tuesday, compared to 497,364 put contracts. The resultant single-session equity put/call ratio moved up to 0.63, while the 21-day moving average edged down to 0.67.

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Currencies and Commodities

The U.S. dollar index is up 0.1% at 96.74.
Crude oil is off 0.8% at $53.06 per barrel.
Gold is up just 0.02% at $1,153.70 per ounce.

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Earnings and Economic Data

The June producer price index (PPI) and industrial production figures will be released today, along with the regularly scheduled crude inventories report and the Fed's Beige Book. Chicago Fed President Loretta Mester and San Francisco Fed President John Williams will give speeches, but all eyes will be on Yellen as she begins her semi-annual testimony on Capitol Hill.

Turning to earnings, INTC, BAC, NFLX, PNC Financial Services Group (PNC), Las Vegas Sands Corp (LVS), and Delta Air Lines, Inc. (DAL) will report. General Mills (GIS) will hold its investor day. 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 China's GDP figures and Alexis Tsipras' latest speech, read Overseas Trading: China Falls Again; Greek Vote on Tap.

Unusual Put and Call Activity

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