OptionsHouse

Options Trading News

August 29, 2013  Thu 7:09 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are higher this morning, trying to rebound from a selloff earlier in the week.

S&P 500 futures are at their highs of the session, up about one-third of a percent, following gains of a similar magnitude in Europe. Asia was mostly positive in the overnight session as a weaker Japanese yen lifted the Nikkei almost 1 percent. India's Sensex rallied more than 2 percent after the country's central bank announced measures to halt the rupee's recent slide.

The S&P 500 has been pulling back during August as investors take profits after an eight-month rally drove the index to new record highs. It seesawed in a range yesterday, attempting to hold its ground after concerns about conflict with Syria triggered a 1.4 percent drop on Tuesday.

There are few major reports on the economic calendar before the long Labor Day weekend. The Commerce Department is expected to revise its second-quarter gross domestic product estimate higher and the Labor Department will report weekly jobless claims. Both headlines come at 8:30 a.m. ET. Next week's calendar is much more active, with manufacturing data from the China, the United States and Europe, plus key employment numbers.

Energy has been the strongest sector over the last week as investors focus on the Syrian news and an improving global economy. Utilities have also benefited while financials have lagged.

Commodities are mostly lower today, led by declines of almost 1 percent in the price of oil. Precious metals are down by more than half a percent, while copper is posting a smaller drop.

Dollar strength is a theme again in foreign-exchange markets as the greenback advances against both the euro and the Japanese yen.

In company-specific news, apparel stock Guess is sharply higher after earnings and sales beat expectations. Telecom giants Verizon Communications and Vodafone are also up by more than 5 percent amid news the British company may agree to sell its 45 percent stake in Verizon Wireless.
Share this article with your friends


Related Stories

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.

SPX

European, spending data on tap

August 28, 2015

European indexes covering the industrial, business, and consumer sectors are due early in the session and could have some impact on trading.

SPX

Strong GDP boosts stocks further

August 27, 2015

S&P 500 futures rose 1 percent, resuming their rebound after economic growth and jobless claims beat estimates. Europe gained more than 2 percent, and Shanghai surged 5 percent.

SPX

Revised GDP takes center stage

August 27, 2015

The Commerce Department is expected to report that the economy expanded 3.1 percent between April and June, up considerably from its early 2.3 percent growth estimate.

SPX

Stocks try to rally again after selloff

August 26, 2015

S&P 500 futures are up 2.4 percent, adding to gains after durable-goods orders beat estimates. Europe also recovered. Asia was mixed, with Shanghai down again but Tokyo rallying about 3 percent.

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

Premium Services

Archived Webinar

Education & Strategy

Options Academy: Ron's Risk Calculation--A Real Life Example

It is rare that I get a chance to give a real-life, real-time example in my articles that the readers were not only following but were actually involved in at the time the event is happening. Well, that is where we are right now in our QQQ trade from last week. Let's recap the trade itself.

View more education articles »