Stocks are edging lower this morning after hitting record levels yesterday.
S&P 500 futures are down marginally, while most European indexes are falling by about half a percent. Asian markets advanced overnight after yesterday's gains in the United States.
Equities have been steadily climbing since the last day of 2012 as years of pessimism lift and money--created by central banks to address financial crisis--begins to migrate from bonds. Today's weakness comes after the S&P 500 closed at its highest level since October 2007, while the Russell 2000 small-cap index and the Dow Jones Transports Average set new all-time highs.
Investors now face the choice of putting money to work with the market already up 10 percent in the last three months, or waiting for a pullback. They're also waiting for data on housing starts and housing permits at 8:30 a.m. ET and the minutes of the last Federal Reserve meeting at 2 p.m. ET.
Foreign-exchange markets are expressing a cautious sentiment, while commodities are mixed. Currencies associated with risk appetite--the euro, the Australian dollar, and the Canadian dollar--are lower, while the safe-haven Japanese yen is gaining.
Oil and copper are posting small losses, while money continues to flow out of precious metals: Gold and silver are down by about 1 percent, while platinum has lost another 2 percent of its value. Agricultural products are mixed.
In company-specific news, Express Scripts is indicated to open higher after earnings and guidance surpassed expectations. OfficeMax and Office Depot are also rallying for a second day after the companies confirmed that they will combine in an all-stock merger. Chinese Internet company Sina is also gaining after its revenue beat expectations.
Options Trading News
Related Stories
SPX
Stocks set to begin the week higher
June 17, 2013
S&P 500 futures are up more than half a percent while European indexes are gaining more than a full percentage point. Perhaps most important was a rally of almost 3 percent in Tokyo.
SPX
Futures hover after yesterday's rally
June 14, 2013
S&P 500 futures are fractionally higher and European indexes are seesawing in a range, though mostly positive. Asia gained in the overnight session, led by a 2 percent move in Tokyo.
SPX
Futures lower on bloodbath in Japan
June 13, 2013
S&P 500 futures are down along with steeper losses in Europe. The big catalyst today is a 6 percent drop in the Tokyo stock market and a 2 percent surge in the Japanese yen.
SPX
Stocks up after holding key support
June 12, 2013
S&P 500 futures are climbing by two-thirds of a percent and have been gaining all morning, while European markets are posting more modest gains. Asian markets fell overnight.
SPX
Stocks retreat after last week's rally
June 11, 2013
S&P 500 futures are down almost 1 percent, while indexes are lower by almost 2 percent in Europe. China and Japan declined by more than a full percentage point.
Social Media
Follow optionMONSTER for news and updates
Premium Services
-
Semi-active traders looking for simple calls and spreads (5 per week).
Learn More -
Entry-to-mid level traders looking for full circle trade analysis (1 per week).
Learn More -
Tailored, one-on-one education designed and led by Jon & Pete (3 months and up)
Learn More
Education & Strategy
Why education is key to options
People get into option trading for a number of reasons, but there are three primary motivations: to increase income, to...
