OptionsHouse

Options Trading News

October 31, 2013  Thu 7:12 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are indicated slightly lower this morning after pulling back from record highs yesterday.

S&P 500 futures are down less than 0.2 percent. Europe is mixed but has been working its way higher in the last hour, led by high-beta countries such as Italy and Spain. Asian markets fell in the overnight session as Tokyo and Shanghai shed about 1 percent.

The S&P 500 fell half a percent yesterday, marking only its third decline in the last 16 sessions. The drop came after the Federal Reserve left monetary stimulus in place but sounded less concerned about economic weakness. That caused investors to speculate that policy makers are getting ready to let interest rates go higher.

Today's calendar returns focus to corporate earnings, with major companies such as Exxon Mobil, ConocoPhillips, Cigna, and MasterCard scheduled to report this morning. American International Group follows in the afternoon. Companies that have seen bullish option paper recently such as Kodiak Oil & Gas and Mohawk Industries also report after the closing bell.

Facebook will likely be active today after announcing better-than-expected profit and revenue yesterday afternoon. It initially surged about 10 percent in extended hours but then surrendered gains after saying it didn't plan to push advertising more aggressively. Expedia and Intersil also rallied on strong results.

Alcatel-Lucent climbed 13 percent after continuing to signs of a successful turnaround. Visa, however, is down more than 3 percent after missing estimates.

Initial jobless claims at 8:30 a.m. ET and the Chicago Purchasing Managers Index at 9:45 a.m. ET are the only two economic releases on the agenda. Attention will turn to the global macro economy tomorrow, with the Institute for Supply Management's pivotal manufacturing index coming out in the morning, followed by European and Chinese manufacturing data on Monday. The first estimate of U.S. third-quarter economic growth will be released next Thursday, Nov. 7.

Commodities are modestly bearish, with oil and copper falling less than 1 percent. Gold and silver are down 1 percent and 3 percent respectively after the Fed's statement. Foreign-exchange markets reflect a similar tone as the euro falls and the safe-haven Japanese yen rallies across the board.
Share this article with your friends


Related Stories

SPX

Momentum sellers hammer market

September 1, 2015

S&P 500 futures have plunged 1.8 percent but have been trying to rebound in the last two hours. Europe is down 2 percent while Tokyo cratered almost 4 percent overnight.

SPX

ISM manufacturing leads agenda

September 1, 2015

The Institute for Supply Management's manufacturing index at 10 a.m. ET is the main item. Economists forecast a reading of 52.6, down from 52.7 in July.

SPX

Stocks lower following big bounce

August 31, 2015

S&P 500 futures are down 0.6 percent but have cut their losses in half. Most of Europe has fallen about half a percent. Asia was mixed, with Tokyo and Singapore down about 1 percent.

SPX

Chicago PMI kicks off busy week

August 31, 2015

Today's main event is the Chicago Purchasing Managers Index at 9:45 a.m. ET. The Dallas branch of the Federal Reserve follows with its regional index at 10:30 a.m. ET.

SPX

Stocks retreat following big surge

August 28, 2015

S&P 500 futures are down 0.7 percent, matching the declines in Europe. Asian markets were positive overnight, with Shanghai rallying 5 percent and Tokyo up 3 percent.

OptionsHouse

TRADING WEEKLY OPTIONS

The fastest money in the market
View full report »

Premium Services

Archived Webinar

Education & Strategy

Options Academy: On Options Strategies in General

Before we hop into the different option strategies, I have a few thoughts for you to remember concerning the strategies and our use of them.

View more education articles »