Learn the trade here. Make it on tradeMONSTER

Options Trading News

April 29, 2013  Mon 7:13 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are drifting higher in light trading as commodities rebound.

S&P 500 futures are up by about one-third of a percent, matching similar moves in Europe. Chinese and Japanese markets were both closed for holidays.

Investors face a busy week of economic news, with manufacturing data in Asia, Europe and the United States, plus central bank announcements on both sides of the Atlantic. It climaxes with the pivotal non-farm payroll reports Friday morning. (See our daily calendar briefing for more.)

Equities have been churning in a range for the last month as the S&P 500 vies with previous all-time highs from 2007 and economic data weakens. This morning, the European Commission reported that confidence fell in the common-currency zone as pessimism spread to regional stalwart Germany.

Despite some negative headlines, investor sentiment has been supported by corporate earnings, which continue to flow today with companies including Eaton, Hertz, and Masco.

Commodities are the main catalyst today as metals rebound from a violent selloff earlier in the month. Silver is up 2.5 percent, gold has rallied 1.5 percent, and copper has gained 1 percent. Oil is modestly higher, and most agricultural foodstuffs are posting gains.

Foreign-exchange trading follows a similar pattern as currencies associated with commodities appreciate. The Australian dollar leads the move, followed by the Canadian dollar and euro. The Japanese yen is down against the euro and sterling, but up against the greenback, so dollar weakness is the theme.

In company specific news, birth-control maker Conceptus is up 20 percent after accepting a $1.1 billion takeover offer by Bayer. Disney is also up 1 percent after getting upgraded to "buy" from "neutral" by UBS.
Share this article with your friends


Related Stories

SPX

Cramer: Answering all the critics

October 24, 2014

Wednesday's session was infuriating. The moment this market went down big, it was a terrific opportunity to buy. But so many people offered excuses not to.

SPX

Futures pause after sharp rebound

October 24, 2014

U.S. equity futures are pointing to a lower open this morning after stocks rallied sharply yesterday, recovering losses from the previous session.

SPX

Earnings, housing data top docket

October 24, 2014

The earnings parade will continue to dominate the agenda today. New home sales at 10 a.m. ET are the only economic data scheduled for release.

SPX

Strong earnings push futures higher

October 23, 2014

Caterpillar is up more than 4 percent after blowing out estimates. General Motors, 3M, Southwest Airlines, Comcast, and Eli Lilly are higher as well.

SPX

Jobless claims, earnings top docket

October 23, 2014

Jobless claims will be reported at 8:30 a.m. ET. The pre-market earnings lineup includes General Motors, 3M, Eli Lilly, Union Pacific, Celgene, Comcast, American Airlines, and Under Armour.

Premium Services

Free Webinars

Make Money in a Volatile Market

Education & Strategy

Vexed by the VIX

Many people probably don't know that the calculation changed for the CBOE Volatility Index this week, but it's worth discussing...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER