Dow Jones Industrial Average Futures Surge as Oil Recovers

After squeezing out a win on Monday, futures on the Dow Jones Industrial Average (DJIA)​ are showing more signs of life ahead of the open. The blue-chip index is looking at a triple-digit jump out of the gate, with oil futures moving back into positive territory after sliding in early trade. Earnings season may also be providing an extra spark on Wall Street, although the schedule is rather light until Thursday. On the data front, traders will digest the Job Openings and Labor Turnover Survey (JOLTS), due out shortly after the open. 

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

• Why these put-heavy strikes could sink the SPDR S&P 500 ETF Trust (SPY).
• Are we on the brink of a volatility bubble? Schaeffer's contributor Adam Warner takes a look.
• 3 stocks that took a beating amid a bad day for biotech.
• Plus... European stocks rally, Alcoa kicks off earnings season, and LULU is primed to surge. 

Futures on the Dow Jones Industrial Average (DJIA) are 149.4 points above fair value. 

5 Things You Need to Know Today

 

1. While most Asian markets continued to struggle, equities in Europe are enjoying broad gains. 
2. The Chicago Board Options Exchange (CBOE) saw 788,011 call contracts traded on Monday, compared to 740,361 put contracts. The resultant single-session equity put/call ratio rose to 0.94, while the 21-day moving average moved up to 0.73. 
3. Alcoa Inc (NYSE:AA) shares have traded on both sides of breakeven in electronic trading, but were last seen up 0.8%. The aluminum giant last night posted better-than-expected earnings for the fourth quarter, though sales disappointed. AA was trading lower yesterday ahead of the event, with bearish expectations running high. 
4. It could be an ugly day for Lululemon Athletica inc. (NASDAQ:LULU) short sellers, as the stock is pointed 9.3% higher in pre-market action. The apparel retailer boosted its revenue outlook after posting strong holiday sales. 
5. Time Warner Inc (NYSE:TWX) is edging higher as the open approaches, even though activist investor Carl Icahn has denied reports he's building a stake in the firm. TWX has been red hot this year, gaining 7.6%. 

Earnings and Economic Data

Richmond Fed President Jeffrey Lacker will step up to the mic. On the earnings front, CSX Corp (CSX) and Progress Software (PRGS) will report. To see what's up next on this week's agenda, click here​.