OptionsHouse

Options Trading News

February 21, 2014  Fri 7:12 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Sentiment remains bullish this morning as stocks refuse to back down from near-record levels.

S&P 500 futures are up about 0.2 percent, while most European indexes are fractionally positive. Tokyo rallied almost 3 percent in the overnight session, accompanied by healthy gains in Seoul and Jakarta. Chinese indexes were mixed.

The S&P 500 closed yesterday barely half a percent below last month's record highs and is holding support above its key 50-day moving average. That suggests bullish momentum remains intact following a late-January pullback.

The Russell 2000 small-cap index and transportation stocks have also been strong in recent sessions following a period of weakness. If that continues, it may suggest another drop is less likely.

Our researchLAB market scanner has shown strength in energy, health care, utilities, and materials during the last week. Investors have also targeted gold and silver miners, car-rental stocks, Chinese Internet companies, solar-energy firms, and railroad suppliers. Financials and consumer-related names have lagged.

Existing-home sales at 10 a.m. ET, which tends to have little impact on sentiment, is the only item on today's economic . Next week's agenda is also relatively quiet. (See related story)

In company-specific news, Groupon fell 11 percent after forecasting an unexpected first-quarter loss. Hewlett-Packard rose 1 percent after beating forecasts on strong data-center demand. Emitus, a provider of senior-living facilities, is rallying 35 percent after agreeing to be purchased by Brookdale Senior Living, which in turn rose 3 percent. Dish Network is up 5 percent after profit beat estimates.

Oil is down fractionally, gold and silver are up slightly, and copper and agricultural products are little-changed. Weakness in the safe-haven Japanese yen, which tends to support risk appetite, is the main story in foreign-exchange markets.
Share this article with your friends


Related Stories

SPX

Stocks inch lower on mixed news

July 31, 2015

S&P 500 futures are off 0.1 percent, mostly tracking the moves in Europe. Asia was mostly higher, led by again of 1.5 percent in Mumbai, though Shanghai dropped 1.1 percent.

SPX

Chicago PMI, energy earnings due

July 31, 2015

Chicago PMI is expected to show a reading of 50.5 for July, up from 49.4 in the previous month. Exxon Mobil and Chevron announce results before the opening bell.

SPX

Stocks slide on weak GDP report

July 30, 2015

S&P 500 futures are down about 0.3 percent, while European indexes are higher by about 0.5 percent. Asia was mixed overnight, Tokyo up 1 percent but Shanghai down 2 percent.

SPX

Preliminary GDP leads calendar

July 30, 2015

Economists are looking for growth of 2.5 percent in the second quarter, compared with a 0.2 percent drop between January and March.

SPX

Futures keep rising before Fed

July 29, 2015

S&P 500 futures are up 0.2 percent while European markets are fractionally higher. Shanghai was the biggest mover in Asia overnight, climbing 3 percent.

Invest Like a Monster - San Antonio: October 9-10

TRADING WEEKLY OPTIONS

The fastest money in the market
View full report »

Premium Services

Archived Webinar

Education & Strategy

Options Academy: At the Break

So far, my articles have taken you through a logical progression of option theory and fundamental concepts of options. As of yet, I have not mentioned a single strategy and for a good reason! The actual application of a strategy should come AFTER you learn about the option product itself.

View more education articles »