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

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.

Invest Like a Monster - San Antonio: October 9-10

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 »