Futures on the Dow Jones Industrial Average (DJI) are on pace to pare a portion of Wednesday's modest rise, with the blue-chip barometer hovering just below breakeven. "Homebuilders were the big winners yesterday, following the morning's better-than-expected September housing starts data," said Schaeffer's Senior Options Strategist Tony Venosa. "International Business Machines Corp. (NYSE:IBM) and Intel Corporation (NASDAQ:INTC) dragged on the DJI, but the index managed to eke out a slight five-point gain. However, the financial sector continued its strength, closing up nearly 1.3% on the day. We'll have another busy morning with a number of economic and earnings reports on tap."
Futures on the Dow Jones Industrial Average are sitting four points south of fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,225,922 call contracts traded on Wednesday, compared to 725,446 put contracts. The resultant single-session put/call ratio fell to 0.60, while the 21-day moving average dipped to 0.66.
Currencies and Commodities
Earnings and Economic Data
Today's economic notables include weekly jobless claims, the Philadelphia Fed's manufacturing index, and the Conference Board's index of leading economic indicators. Google (GOOG), Microsoft (MSFT), The Travelers Companies (TRV), Verizon Communications (VZ), Advanced Micro Devices (AMD), Alliance Data Systems (ADS), BB&T (BBT), The Blackstone Group (BX), Boston Scientific (BSX), Capital One Financial (COF), Chipotle Mexican Grill (CMG), Cypress Semiconductor (CY), E*TRADE Financial (ETFC), Fairchild Semiconductor (FCS), Fifth Third Bancorp (FITB), Huntington Bancshares (HBAN), KeyCorp (KEY), Morgan Stanley (MS), Philip Morris International (PM), SanDisk (SNDK), Southwest Airlines (LUV), SUPERVALU (SVU), and Union Pacific (UNP) will unveil their respective earnings reports.
The Case for Big Moves in IWM and QQQ
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