OptionsHouse

Options Trading News

November 6, 2012  Tue 7:10 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
U.S. stocks are following Europe higher this morning as investors brace for the presidential election and commodities gain.

The S&P 500 is higher by more than one-quarter of a percent, compared with gains of more than half a percent in Germany, France and the U.K. This morning's strength also comes after the S&P 500 continued to hold above its 100-day moving average and the key 1400 level. That suggests the longer-term uptrend remains in effect despite weakness in the last month.

The economic backdrop is also supporting equities, with growing evidence that growth is accelerating on the Chinese mainland. Industries such as steel and coal have been recovering in the last month, and overnight Australia's central bank unexpectedly refused to lower interest rates again because of a stabilizing economy.

Commodities are reflecting that increased confidence as well. Oil, gold, and silver are all higher by more than half a percent, while copper gained by more than one-third of a percent. All the agricultural foodstuffs are broadly higher.

Foreign-exchange markets are mixed, with the U.S. dollar lower against most other currencies while the Japanese yen is stronger across the board. The real story, however, is the rally in the Australian dollar after those bullish comments by the country's central bank.

Despite gains in the broader market, most companies moving on their own news are lower. Express Scripts fell 13 percent after warning investors that analysts are too optimistic about its performance. Real-estate company Zillow also plunged 18 percent on weak revenue guidance.
Share this article with your friends


Related Stories

SPX

Stocks drifting at bottom of range

March 27, 2015

S&P 500 futures are off 0.1 percent, while European markets are mostly higher. Asia was mixed overnight. Oil and metals are under pressure as the euro surrenders some of its recent gains.

SPX

Revised GDP, Yellen lead calendar

March 27, 2015

The final reading of fourth-quarter gross domestic product is due at 8:30 a.m. ET, and Federal Reserve Chair Janet Yellen is slated to deliver a speech at 3:45 p.m. ET.

SPX

Stocks fall amid Yemen airstrikes

March 26, 2015

S&P 500 futures are down 0.7 percent, while the Nasdaq remained weaker with a drop of 1 percent. European indexes slid 1-2 percent, and Asia was broadly lower overnight. Oil and the yen are surging.

SPX

Jobless claims lead quiet calendar

March 26, 2015

The report at 8:30 a.m. ET is expected to show that 290,000 Americans sought unemployment benefits for the first time, down slightly from 291,000 the previous week.

SPX

Stocks edge lower, drifting in range

March 25, 2015

S&P 500 futures are down 0.1 percent as investors wait for the next catalyst. European stocks are lower as well, while Asia was little-changed overnight.

OptionsHouse

TRADING WEEKLY OPTIONS

The fastest money in the market
View full report »

Premium Services

Archived Webinar

Education & Strategy

Short Gamma

Last week, we talked about long Gamma. We said that long gamma is acquired by purchasing options and when you...

View more education articles »