The Dow Jones Industrial Average (INDEXDJX:.DJI) is poised to pare a portion of Monday's triple-digit drop, with futures pointed higher ahead of the bell. Investors will have a lot to digest in today's session, including retail sales, import and export prices, and business inventories, as well as speeches from a pair of Federal Reserve officials. Additionally, this morning's earnings results from financial firms JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) should garner their fair share of attention.
Meanwhile, "The 1,810 level on the S&P 500 Index (SPX) is now of particular interest," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "This is the area that acted as resistance for much of November and December, and could now provide some support after yesterday's sharp sell-off."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are more than 55 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,440,922 call contracts traded on Monday, compared to 878,355 put contracts. The resultant single-session put/call ratio jumped to 0.61, while the 21-day moving average remained at 0.53.
From the Trading Floor
"So far in 2014, I find the relationship between stocks, gold, and bonds to be of particular interest," continued Sapp. "Metals and bonds underperformed most of the past few years, while stocks outperformed, and the fact that the former laggards are now showing leadership could be indicative of a near-term asset rotation. Going forward, it will be interesting to see if stocks and alternative assets can rally in tandem."
Currencies and Commodities
Earnings and Economic Data
Slated for release today are the National Federation of Independent Business (NFIB) small-business optimism index, retail sales figures, import and export prices, and business inventories. JPM and WFC will announce quarterly earnings.
The Case for Big Moves in IWM and QQQ
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