Early indications point to steady trading ahead of economic data. About forty-five minutes before the opening bell on Wall Street, stock index futures indicate that the Dow Jones Industrial Average might gain 15 or 20 points in early market action.

Home prices, manufacturing, and consumer confidence data are likely to set the tone for morning trading. The S&P Case Shiller Home Price Index is due out at 9:00 a.m. eastern time. Economists expect a decline of 18.6 percent in April, which would match the 18.7 percent drop the month before.

The Chicago Purchasing Manager’s Index [PMI] is due out at 9:45 and probably packs the most market moving punch. Economists expect the gauge or regional manufacturing activity to improve to 39 in June, up from 34.9 the month before.

A report on consumer confidence for June is scheduled for 10:00. Economists expect an increase to 55.3, up from 54.9 the month before.

Bonds are steady ahead of the news. The benchmark ten-year Treasury is down 2/32nd and yields 3.485 percent.

Trading is quiet elsewhere. The dollar slipped to 95.96 on the yen. The euro recaptured the 1.41 level on the buck. Crude oil is up 11 cents to $71.60. Gold is off $1 to $939.70 an ounce.

Among the stocks to watch, H&R Block (HRB) is up 5 percent after reporting a quarterly profit of $2.09 per share, which beat Street estimates by 4 cents. Apollo Group (APOL) also gained ground after posting $1.26 per share, which topped expectations by 14 cents. Some of the stem cell names (STEM, ASTM) are higher after Geron (GERN) and GE Healthcare announced an agreement to commercialize stem cell drug discovery technologies.

Watch the “ag” stocks, as the Agriculture Department releases today its latest report on acreage devoted to growing corn, wheat and soybeans.

Finally, window dressing is likely to be a factor, as portfolio managers square equity positions during the final day of the second quarter.

Bullish traders are betting on medical device maker Boston Scientific (BSX) Monday. Shares up 3 cents to $10.38 and the focus is in the short-term contracts. More than 10,500 July 10 calls traded. One player bought 4000 on the AMEX for 70 cents, according to contact on the exchagne floor. A block of 2,400 traded on the ISE for 65 cents, which was an opening customer buyer, according to sentiment data. Looks like bullish trading and bets that BSX will make a run higher before the July options expiration (18 days).

Calls on Interactive Brokers (IBKR) are more active than usual. 3,700 traded so far, which represents 9X the expected. Buyers of Dec and July 15 calls lead the flow. Shares are up 21 cents to $15.45 and there is no obvious news to explain the interest. Implied vols little changed at 33.

Raser Technologies (RZ), a Provo, UT electrical equipment company, is down 30 cents to $3.75 and options volume is runnnig 6X the usual. The top trade of the day is 2,400 Oct 5 calls for 55 cents on PHLX. Bid-ask spread was 35 to 50 cents at the time. So, looks like an opening buyer. 2900 traded total, compared to open interest of 3,482. Implied volatility is little changed near 99. No news today. Company announced Friday, “entered into a term sheet with the Southern California Public Power Authority to sell 110 megawatts of renewable geothermal power to certain SCPPA member municipalities in a pre-paid arrangement.” (Link to press release.)

Traders are tagging Taser (TASR) calls Monday. Shares are down a nickel to $4.68 and options volume is running 5X usual, with 2165 calls and 136 puts traded. The top trade is 405 July 5 calls bid-side for 15 cents on CBOE. Most of the other trades have been in lots of 155 and fewer contracts, with ISE sentiment data pointing to 68 percent opening customer call buyers. The increasing interest in options premiums has implied volatility moving up to 68, from about 59 late last week.

At one time, TASR popped up on our scans quite often, as it had become a popular play among some options traders. Not any more (chart). Today’s action is a departure from the recent pattern and seems to reflect a very bullish short-term view on the stock.

Pepsico (PEP) is up 30 cents to $55 and the July 55 – 57.5 call spread trades 5000X for 80 cents. It was sold, probably a closing trade, as significant open interest exist in both contracts. Stock was upgraded to Buy today at Stifel. Earnings due out July 22 (after the expiration). Implied volatility is low, at 23, and little changed on the day.

Ford (F) shares are rolling higher and investors are showing interest in call options in the automaker. Ford was recently up 15 cents to $5.76 and 18,000 calls traded on the day, compared to 2,100 call options. Investors are showing interest in July 6 and 7 calls and seem to be buying premium in anticipation of a move higher in Ford shares before the July expiration (which, due to the holiday Friday is a short 14 trading days away).

The bullish trading in Ford comes ahead of two important events for the auto industry this week. GM will be in the spotlight tomorrow when it appears before a bankruptcy judge and requests permission to sell assets. Then, Wednesday, Detroit’s Big Three announce monthly auto and truck sales for June.

Early indications point to steady open Monday, as investors return from the weekend to find little new information to guide the market one way or the other. About forty-five minutes before the opening bell on Wall Street, stock index futures indicate that the Dow Jones Industrial Average might gain 20 or 30 points in early market action.

The holiday-shortened week starts off on a quiet note, but includes key economic data in the days ahead. Investors look forward to key monthly jobs data on Thursday, a day earlier than usual due to the 4th of July holiday (markets are closed July 3rd in observance of Independence Day.)

With no earnings of broad market significance and no economic numbers scheduled for today, some of the focus is on higher commodity prices. Crude oil gained 58 cents to $69.74 an ounce and gold is up $1.80 to $942.80 an ounce.

Some of the energy-related names might see early gains on higher crude oil. Total (TOT), Royal Dutch (RDS.A) and Petrosbras (PBR) are showing relative strength in overseas trading.

Wendy’s (WEN) is set to gap higher after being mentioned favorably in Barron’s. Elan (ELN) will be watched after Reuters reported Novartis might make a bid for the company. H&R Block (HRB) might see action ahead of earnings, due out after the closing bell.

The dollar is up .10 to 95.35 on the Japanese Yen. The euro moved up .0005 to 1.4068 on the buck.

Meanwhile, bonds are higher after China officials reassured investors they are still buyers of Treasurys. The benchmark ten-year Treasury bond is up 11/32nd and yields 3.49 percent.

With little news to digest, the financial media will probably be focused on the Bernard Madoff trial as well. The financier is due in court for sentencing today.

Finally, window dressing might also be a factor, as portfolio managers square positions during the final two days of the second quarter today and tomorrow.

Look for economic data and possible earnings pre-announcements to drive trading in the week ahead. Read More.

Stocks finish mixed. VIX closes below 26 for the first time since September 12, 2008. Read More.