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Oil futures are testing the mid-century mark again
The Dow Jones Industrial Average (INDEXDJX:DJI) is pointed lower ahead of the bell, after Germany threw a wet blanket on an initial bailout celebration. Specifically, it was confirmed that Greece requested an extension to its loan agreement with European creditors, but reports hit the Street that Germany wasn't impressed, rejecting the proposal. Also weighing on futures is a report from the American Petroleum Institute (API), which pointed to a bigger-than-expected spike in domestic oil stockpiles -- sending crude futures back to the $50-per-barrel marker ahead of today's holiday-delayed inventories update from the government.
And now, on to the numbers...
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are about 25 points below fair value.
Market Statistics
The Chicago Board Options Exchange (CBOE) saw 971,501 call contracts traded on Wednesday, compared to 562,922 put contracts. The resultant single-session equity put/call ratio remained at 0.58, while the 21-day moving average stayed at 0.65.
Currencies and Commodities
- The U.S. dollar index is up 0.2% at 94.34.
- Crude oil is poised to extend yesterday's drop, down 3.8% at $50.80 per barrel.
- Gold, meanwhile, is up 1.6% at $1,219 per ounce.
Earnings and Economic Data
Crude inventories, weekly jobless claims, the Markit purchasing managers manufacturing index (PMI), and the Philadelphia Fed manufacturing survey are slated for release today. Wal-Mart (WMT), Ariad Pharmaceuticals (ARIA), Brocade Communications (BRCD), Century Aluminum (CENX), Community Health Systems (CYH), DIRECTV (DTV), Eldorado Gold (EGO), Frontier Communications (FTR), Goldcorp (GG), Hormel Foods (HRL), IMAX (IMAX), InterDigital (IDCC), Intuit (INTU), Linn Energy (LINE), Marvell (MRVL), Newmont Mining (NEM), Noble Energy (NBL), Nordstrom (JWN), Pan American Silver (PAAS), Priceline (PCLN), Rocket Fuel (FUEL), Silver Standard (SSRI), and Vanda Pharmaceuticals (VNDA) will step into the earnings confessional. To see what's coming up on this week's agenda, click here.
Overseas Trading
Japan's Nikkei notched a 15-year high before settling on a 0.4% gain, as traders reacted to the Federal Open Market Committee's (FOMC) meeting minutes and encouraging export data. Markets in Hong Kong, China, and South Korea were closed for the Lunar New Year.
European markets are mixed at midday, as speculators absorb the latest headlines on Greece. While it was confirmed that the cash-strapped country requested a six-month extension to its loan agreement with eurozone creditors, reports have emerged that Germany has rejected the request, arguing it's "not a substantial proposal for a solution." At last check, London's FTSE 100 and Germany's DAX were both 0.1% lower, while France's CAC 40 was up 0.3%.
Unusual Put and Call Activity:
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