Learn the trade here. Make it on tradeMONSTER

Options Trading News

March 28, 2013  Thu 7:10 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are indicated to open slightly higher today as the S&P 500 refuses to back down from multiyear highs.

Index futures rose less than one-tenth of one percent, while the gains have been accelerating in Europe over the last hour. Asia fell in the overnight session, punctuated by a drop of more than 1 percent Tokyo and a 3 percent decline in Shanghai.

The catalyst for today's gains appears to be little more than the ongoing bullish momentum in equities, plus a lack of crisis in Europe. Cyprus reopened banks with limits on the size of withdrawal to prevent bank runs. Meanwhile, German retail sales and Italian business confidence were both better than economists had forecast.

Few sellers have been willing to push the S&P 500 as is consolidates in a range barely 1 percent below its previous all-time high from 2007. It's made steadily higher lows for the last week and refused to close below its 10-day moving average for more than one session at a time, which may suggest it's preparing for an attempted breakout. Other key indexes, including the Dow Jones Transportation Average, the Dow Jones Industrial Average and the Russell 2000 are already in record territory.

Today's event calendar included weekly jobless claims and the revision to fourth-quarter gross domestic product numbers at 8:30 a.m. The Chicago purchasing managers index follows at 9:45 a.m. and natural-gas inventories will be announced at 10:30 a.m.

Foreign-exchange and commodity trading are relatively muted, but consistent with a strong equity market. The euro is up slightly, trying to bounce after declining to a 4-1/2 month low against the U.S. dollar. The safe-haven Japanese yen is also weaker across the board. Oil and copper are modestly higher, along with agricultural products, while precious metals are down fractionally.

In company-specific news, BlackBerry is down less than 1 percent after its earnings beat expectations but revenue missed. Fertilizer company Mosaic is up marginally after reporting its numbers.
Share this article with your friends


Related Stories

SPX

Stocks drift higher into long weekend

August 29, 2014

S&P 500 futures are up about 0.25 percent and back near their highs from earlier in the week. European markets are fractionally higher, and Asia was mostly positive overnight.

SPX

Chicago PMI on tap before holiday

August 29, 2014

Today's agenda brings a handful of reports, but trading will probably be light ahead of the Labor Day weekend. Data on personal income and consumer sentiment will accompany the Chicago reading.

SPX

Stocks pull back on Ukraine worries

August 28, 2014

The decline follows news late yesterday that Russian armored troops had entered Ukraine and were fighting in support of pro-Moscow rebels.

SPX

Revised GDP dominates calendar

August 28, 2014

The Commerce Department will report the second-quarter data at 8:30 a.m. ET. Economists forecast a GDP increase of 4 percent, equal to the preliminary estimate at the end of July.

SPX

Stocks take breather at record highs

August 27, 2014

Index futures are up less than 0.1 percent, and Europe is little-changed as investors anticipate monetary stimulus from the European Central Bank. Asian markets closed fractionally higher overnight.

TRADING WEEKLY OPTIONS

The fastest money in the market
View full report »

Premium Services

Education & Strategy

It's all skewed up

Most new option traders know little about implied volatility, and learn the hard way. Today we want to help you...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER