OptionsHouse

Options Trading News

January 17, 2013  Thu 7:12 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are edging higher as the opening bell approaches.

Europe has been climbing in the last hour, lifting S&P 500 futures into positive territory. The U.S. benchmark index is now poised to open with a gain of about 0.1 percent.

The move comes as investors digest a stream of quarterly results from companies including Bank of America and Citigroup, plus key economic data on housing starts and initial jobless claims. They're also preparing for big news this evening when semiconductor giant Intel reports earnings and China releases gross domestic product.

The S&P 500 has stubbornly held its ground in the last week, with few sellers looking to exit positions near a multi-year high. Economic data continues to show global expansion, a trend confirmed by strength in risk-sensitive sectors such as transports, small caps, and emerging markets.

The market now appears to be looking toward a second phase of growth, which could be making investors hopeful of better conditions in the second half--even if companies provide conservative outlooks this earnings season.

The euro is also rallying across the board after Spain's borrowing costs fell once again at an auction today, while the Japanese yen is down sharply in continuation of its recent selloff. Both moves are positive for sentiment because the euro is usually associated with risk appetite. The opposite is true for the yen.

Commodities are painting a modestly bullish picture as well, with oil climbing about 0.5 percent and copper up 0.25 percent. Precious metals are down slightly, while agricultural products are mixed.

In company-specific news, Bank of America and Citigroup are down more than 2 percent and 3 percent respectively after reporting fourth-quarter earnings. BAC beat expectations, while C missed.

CBS is indicated higher by almost 10 percent after announcing it would convert its billboard assets into a real-estate investment trust. The news follows bullish call buying in CBS several times during the last week.

Boeing is indicated lower by almost 2 percent after several airlines grounded its 787 Dreamliners to check electrical problems. Columbia Sportswear is indicated lower by almost 8 percent after guiding its fourth quarter lower.
Share this article with your friends


Related Stories

SPX

Stocks in holding pattern near highs

February 27, 2015

S&P 500 futures are down 0.15 percent but are less than a percentage point below Wednesday's peak. Most overseas markets were little-changed, aside from India, which rallied almost 2 percent.

SPX

GDP, Chicago PMI lead calendar

February 27, 2015

The Commerce Department will announce revised gross domestic product for the fourth quarter at 8:30 a.m. ET, followed by the Chicago Purchasing Managers index follows at 9:45 a.m. ET.

SPX

Futures inch higher after key data

February 26, 2015

S&P 500 futures are up about 0.1 percent ahead of key economic reports, while European markets gained about 0.3 percent on the heels of confidence numbers. Asia was strong overnight.

SPX

Durable goods lead today's docket

February 26, 2015

The Commerce Department will announce the numbers for January at 8:30 a.m. ET. Economists expect an increase of 1.7 percent overall and 0.5 percent excluding transportation equipment.

SPX

Stocks holding in range near highs

February 25, 2015

S&P 500 futures are off 0.1 percent, and most of Europe is down slightly more. Oil and currencies associated with global growth are trying to rebound on strong Chinese manufacturing numbers.

OptionsHouse

Premium Services

Webinar Recording

Turbo Charge Your Trading Profits

Education & Strategy

The Strike-Based Greeks

The other Greeks (Gamma, Vega, and Theta) are calculated by using month and strike data, and not by individual option. These are called strike-based Greeks. Gamma, Theta, and Vega are all strike-based Greeks

View more education articles »