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

Jobless claims, Exxon results due

July 31, 2014

Initial jobless claims and Exxon Mobil's earnings are the main events on today's calendar. Economists forecast that 310,000 Americans sought unemployment benefits for the first time.

SPX

Stocks rally on strong GDP growth

July 30, 2014

S&P 500 futures accelerate to the upside after second-quarter economic growth and ADP's payroll report beat estimates.

SPX

GDP, Fed, job data lead calendar

July 30, 2014

ADP's private-sector payrolls report for July gets the ball rolling at 8:15 a.m. ET, followed 15 minutes later by second-quarter GDP. The Fed announces its monetary policy at 2 p.m. ET.

SPX

Stocks inch higher ahead of data

July 29, 2014

S&P 500 futures are up more than 0.1 percent, and the Nasdaq is higher by almost 0.2 percent. Europe shows gains of about 0.5 percent, similar to those in Asian markets overnight.

SPX

Home prices, consumer data on tap

July 29, 2014

The Case-Shiller index of home prices, scheduled for release at 9 a.m. ET, is expected to show an increase of 10 percent in May. Consumer confidence follows an hour later.

Premium Services

Free Webinars

Education & Strategy

Why traders hedge with sector ETFs

Many people who are not familiar with options think that they increase risk, but their first and primary purpose is...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER