Stocks are set to open steady after global equity markets stabilized following volatile trading late last week. Thirty minutes before the start of trading in New York, stock index futures indicate that the Dow Jones Industrial Average and the NASDAQ will open little changed.

Markets moved mostly higher across Asia on diminishing concerns about Dubai World’s debt default. Japan’s Nikkei rose 2.9 percent and Hong Kong’s Hang Seng rallied 3.3 percent after the United Arab Emirates central bank pledged to support entities exposed to the debt.

However, markets remain in the red across Europe, where investors have the most exposure to the debt.

In the US, the focus is on the holiday shopping season where early numbers are encouraging. Online sales Thursday and Friday rose 11 percent according to Internet research firm ComScore. ShopperTrak, which keeps numbers on 50,000 outlets, said Black Friday sales rose .5 percent.

Beyond that, the economic and earnings calender are light. The Chicago PMI, a gauge of regional manufacturing activity, is due at 10:00 a.m. eastern time. Economists expect a drop to 53.3 in October, down from 54.2 the month before.


Bonds are showing losses ahead of the news. The benchmark ten-year Treasury is down 9/32nd and yields 3.24 percent.

The dollar is down .17 to $86.48 against the yen. The euro edged up .0004 to 1.5013 against the buck.

Crude oil edged down .20 to 75.85 and gold lost $6.50 to $1169 an ounce.

US Steel (X) is up 3.5 percent after Goldman Sachs added the stock to its Conviction Buy List.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Some less actively traded names seeing bullish order flow: Newfield Exploration (NFX), Lihir Gold (LIHR), Siga Tech (SIGA). Bearish order flow: Duke Realty (DRE), Valley National Bank (VLY), Western Union (WU). Post Earnings Activity: None. Pre-Earnings Activity: None. Ex-Div Activity: Kellogg’s (K), CenturyTel (CTL), Washington Mutual (WM), Avery Dennison (AVY).

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

After hitting a low of $11.30 per share, Activision Blizzard (ATVI) has battled back and is unchanged at $11.56. In the options, trading is active, with 5110 calls annd 110 puts traded so far. The call volume represents twice the expectd for the first hour and is focused on Jan10 calls at the 10, 11, and 12.5 strikes. Dec 12 and Feb 23 calls are seeing action as well. Looks like buyers are dominating the action (sentiment is 48 percent neutral and 50 percent bullish) after Activision said today that its Call of Duty franchise has surpassed $3 billion worldwide.

SPYders (SPY) Dec 100 put option is the most actively traded contract, in an otherwise light volume morning of trading. 23K contracts traded. The iShares Small Cap Fund (IWM) Jan 55 put is the second most actives. Some investors are buying out of the mony puts on the ETFs, as risk aversion picks up after Dubai World asked for a 6 month stay to repay $60 billion in debts.

Stocks are indicated sharply lower Friday after worries about Dubai’s credit problems sent global equity markets reeling for a second day. Thirty minutes before the opening bell on Wall Street, stock index futures indicate that the Dow Jones Industrial Average might lose more than 200 points at the open.

Global equity markets sold-off Thursday, while the US was closed for holiday, after Dubai World asked creditors asked for a six-month stay to repay $60 million in debt. Fear that problems in the credit markets might begin to resurface and spread triggered a notable uptick in risk aversion in the financial markets.

Equity markets in Asia suffered steep losses for a second day. Japan’s Nikkei lost 3.2 percent and Hong Kong’s Hang Seng tumbled 4.8 percent.

While benchmarks in Europe have battled back and are trading modestly higher midday Friday, crude oil plummeted $4.32 to $73.64 and gold sank $36.20 to $1152.40 an ounce.

With no economic data to guide the action, bonds are up due to the save haven bid. The benchmark ten-year Treasury is up 15/32nd and its yield has fallen to 3.214 percent.

The dollar rebounded. The buck gained .23 to 86.77 on the yen. The euro slid .0139 to 1.4882 against the buck.

There are no earnings of importance scheduled for today and the trading day is a shortened one. Retailers will get some attention as investors await early results from Black Friday, the busiest shopping day of the year.

Some less actively traded names seeing bullish order flow: Tenaris (TS), Helmerich & Payne (HP), Northern Dynasty Minerals (NAK). Bearish order flow: Landstar (LSTR), FMC Corp. (FMC), Post Earnings Activity: Bank of Montreal (BMO), TIVO, Tiffany (TIF), J Crew (JCG). Pre-Earnings Activity: None. Ex-Div Activity: McDonald’s (MCD), Coca Cola (KO), Lorillard (LO), Lockheed Martin (LMT).