Investors are expressing anxiety over unresolved budget negotiations, with futures on the Dow Jones Industrial Average (DJI) pointed decidedly lower ahead of the bell. With the deadline just days away, President Barack Obama is scheduled to meet with congressional leaders at 3 p.m. ET today in hopes of reaching an eleventh-hour resolution.
Elsewhere, "The S&P 500 Index (SPX) pulled back near 1,400 on Thursday, so that is a region to watch closely," observed Schaeffer's Senior Trading Analyst Bryan Sapp. "Also, the 20 level on the CBOE Market Volatility Index (VIX) is a key resistance area for the bulls to hold. We traded all around it yesterday."
Futures on the Dow Jones Industrial Average are roughly 72 points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 704,225 call contracts traded on Thursday, compared to 480,578 put contracts. The resultant single-session put/call ratio dropped to 0.68, while the 21-day moving average stayed at 0.65.
Currencies and Commodities
Earnings and Economic Data
We wrap up the week with the latest Chicago purchasing managers index (PMI) and pending home sales, as well as the holiday-delayed crude inventories report. There are no noteworthy earnings reports on the day's docket.
The Case for Big Moves in IWM and QQQ
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