"Equities began the new year on a negative note, as the Dow Jones Industrial Average (INDEXDJX:.DJI) fell more than 135 points, a drop that was mostly blamed on broad-based profit-taking," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. The blue-chip barometer is poised to regain a portion of these losses in today's session, with futures modestly higher ahead of the bell. On the economic front, vehicle sales for December are slated for release. However, the majority of attention should revolve around the Federal Reserve, with a number of officials -- including Fed Chairman Ben Bernanke -- slated to take the stage throughout the session.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 39 points north of breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,095,587 call contracts traded on Thursday, compared to 616,347 put contracts. The resultant single-session put/call ratio rose to 0.56, while the 21-day moving average remained at 0.54.
From the Trading Floor
"The most recent American Association of Individual Investors (AAII) sentiment survey was released yesterday," continued Venosa. "The latest data showed the largest weekly increase in bearish sentiment -- a 58% rise -- since April 11."
Currencies and Commodities
Earnings and Economic Data
Motor vehicle sales will close out the week's schedule of economic reports. Lindsay Corp. (LNN) is expected to announce earnings.
The Case for Big Moves in IWM and QQQ
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