Oil, Alcoa Pressure Dow Jones Industrial Average Futures

The Crucial SPY Strike Price Bulls Need to Defend

Oct 11, 2016 at 9:09 AM
facebook X logo linkedin


Dow Jones Industrial Average (DJIA) futures are trading below fair value, as stocks look ready to take their cues from oil prices once again. Specifically, November-dated crude futures are giving back some of Monday's gains, down 0.6% at $51.07 per barrel, after the International Energy Agency (IEA) questioned how quickly an output reduction among major oil producers would impact markets. Meanwhile, disappointing quarterly results from Alcoa Inc (NYSE:AA) -- signifying the unofficial start to third-quarter earnings season -- are also sapping trader sentiment, with the aluminum stock down 3.5% in electronic trading. 

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

U.S. stock futures October 11

Futures on the Dow Jones Industrial Average (DJIA) are 23 points below fair value. 

5 Things You Need to Know Today
  
  1. Global stocks are mixed amid crude oil's decline, while Samsung shares got hammered in Korean trading.
  2. The Chicago Board Options Exchange (CBOE) saw 649,928 call contracts traded on Monday, compared to 397,117 put contracts. The resultant single-session equity put/call ratio fell to 0.61, while the 21-day moving average slipped to 0.64.
  3. Apple Inc. (NASDAQ:AAPL) is set to add 2% at the opening bell, thanks to rival Samsung's ongoing issues involving its Galaxy Note 7 smartphone. Earlier today, Samsung announced a permanent halt to production and sales of the phone, its main competitor to Apple's iPhone. AAPL had already been outperforming in recent weeks, and now boasts a 10.3% year-to-date lead, after settling at $116.05 on Monday -- its best close of the year. 
  4. Fellow Dow stock Caterpillar Inc. (NYSE:CAT) is also gaining in pre-market trading, adding 1% after an upgrade to "buy" at Goldman Sachs, which also boosted its price target to $112 from $76. Of course, this positive momentum for CAT -- which is the best-performing blue chip in 2016 -- isn't entirely surprising, given the stock's bullish contrarian setup. As such, the shares could have more room to run, even after rallying roughly 30% so far this year. 
  5.  After gapping higher on Friday in response to an ambitious bull note, biotech stock Lipocine Inc (NASDAQ:LPCN) is set for another big day. Specifically, a price-target hike to $15 from $6 at Canaccord Genuity has the shares 6.3% higher in electronic trading. However, this still leaves LPCN below the $6 mark, which marked its pre-bear gap lows in June. 

buzz stocks Oct 11

Earnings and Economic Data

There are no major economic reports due out today. Barracuda Networks (CUDA) will report earnings. To see what else is coming up on this week's schedule, click here

Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI