OptionsHouse

Options Trading News

December 4, 2012  Tue 7:13 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are inching higher in the pre-market on optimism that public finance problems will be solved in the United States and Europe.

S&P 500 futures are up by almost two-tenths of a percent and have been climbing in the last hour. Indexes across the Atlantic are gaining about half a percent, while Asian indexes were mixed overnight.

The SPX has snapped back sharply from an early-November selloff and is now pausing around the same level that was support in late October. It also pulled back yesterday after trading above its 50-day moving average, which may suggest that traders wish to take profits rather than initiate new longs for the time being.

European markets advanced after Greece proceeded with plans to buy back its sovereign debt, a key step in it receiving international aid. Investors continue to wait for signs of progress regarding the so-called fiscal cliff in the United States, where worries of increased taxes caused manufacturing data to miss expectations yesterday.

The economic calendar is quiet today but will become more active tomorrow as monthly employment data approaches is released.

Commodity prices are mixed to lower. Oil and gold were down by more than a percentage point earlier but are now rebounding. Copper is also recovering, and most agricultural foodstuffs are positive. Silver fell about 1.5 percent.

Currencies paint a modestly bullish picture, with the euro higher. The Australian dollar is also up by half a percent against the greenback despite policymakers cutting interest rates in Sydney. The Japanese yen is climbing however, a potential sign of risk aversion.

In company-specific news, Vail Resorts is down by almost 8 percent after first-quarter earnings and revenue missed expectations. Big Lots rose more than 8 percent after results beat consensus and management raised guidance.
Share this article with your friends


Related Stories

SPX

Stocks inch lower before key data

March 4, 2015

S&P 500 futures declined about 0.3 percent and are attempting to hold support at their mid-February highs. Europe is little-changed, and Asia was mostly lower overnight.

SPX

ADP labor report tops busy calendar

March 4, 2015

The employment number at 8:15 a.m. ET and is expected to show that 220,000 jobs were added in February. That would compare with growth of 213,000 in December.

SPX

Stocks hovering near record levels

March 3, 2015

S&P 500 futures are down about 0.1 percent, matching the small declines in Europe. Asia was mostly lower overnight as profit-takers knocked China down 2 percent. Oil is higher.

SPX

Earnings, autos lead quiet session

March 3, 2015

Today is the quietest session of the week, with nothing but earnings and monthly auto sales on the economic calendar.

SPX

Stocks edge lower before key data

March 2, 2015

S&P 500 futures are down 0.1 percent, while most of Europe is off about 0.5 percent. Asia was mostly higher overnight, bolstered by an interest-rate cut and Chinese manufacturing numbers.

Invest Like a Monster - Las Vegas: March 13-14

TRADING WEEKLY OPTIONS

The fastest money in the market
View full report »

Premium Services

Webinar Recording

Turbo Charge Your Trading Profits

Education & Strategy

Gamma

As we continue to discuss the Greeks, we come to the first of the strike based Greeks called Gamma. Gamma is known as the second derivative, while delta is the first.

View more education articles »