Dow Jones Industrial Average Futures Boom on Bailout Buzz

Have We Turned Complacent?

Jul 16, 2015 at 8:41 AM

DJIA

After taking a breather on Wednesday, the Dow Jones Industrial Average (DJIA) looks poised to resume its uptrend -- with futures pointed comfortably higher ahead of the bell. Helping to buoy investor sentiment is an overnight vote by Greece's parliament, which approved the country's tough financial reform plan. Additionally, solid earnings from Intel Corporation (NASDAQ:INTC) and Netflix, Inc. (NASDAQ:NFLX) are adding to the bullish buzz. Meanwhile, traders will keep one eye trained on Capitol Hill, where Fed Chair Janet Yellen will conclude her two-day testimony in front of Congress -- and keep a close watch on tonight's highly anticipated batch of corporate earnings.

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

Amazon.com, Inc.'s (NASDAQ:AMZN) Prime Day started off well enough, so how did things turn sour?
Has the market turned complacent after last week's volatility explosion? Schaeffer's contributor Adam Warner investigates.
Biotech stocks outperformed once again, and so did this Wall Street newbie bulls can't get enough of.

And now, on to the numbers…

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Futures on the Dow Jones Industrial Average (DJIA) are nearly 76 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 787,137 call contracts traded on Wednesday, compared to 534,632 put contracts. The resultant single-session equity put/call ratio jumped to 0.68, while the 21-day moving average rose to 0.68.

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Currencies and Commodities

The U.S. dollar index is up 0.6% at 97.70.
Crude oil is 0.3% higher at $51.92 per barrel.
Gold is down 0.4% at $1,142.70 per ounce.

Earnings and Economic Data

This morning starts with the release of jobless claims data and the Philadelphia Fed's business outlook survey. The NAHB housing market index will hit after the open, and Yellen will wrap up her semi-annual testimony before Congress.

Dow components Goldman Sachs (GS) and UnitedHealth Group (UNH) will announce their quarterly earnings, as will Citigroup (C), Google Inc (GOOGL), eBay Inc. (EBAY), Advanced Micro Devices (AMD), Mattel (MAT), Philip Morris International (PM), Schlumberger (SLB), and KeyCorp (KEY). In other stock news, Ollie's Bargain Outlet Holdings (OLLI) is expected to have its initial public offering (IPO). 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 another volatile session in China, read Overseas Trading: Global Markets Rise On Greek Vote.

Unusual Put and Call Activity

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