The Dow Jones Industrial Average (INDEXDJX:.DJI) is sitting slightly in the green, as ongoing uncertainty surrounding the government shutdown in Washington, D.C., continues to weigh on investors' appetite for risk. However, today's modest advance in futures has the blue-chip barometer poised to end the week back above the round-number 15,000 mark. The budget deadlock should garner the majority of the day's attention, as the all-important monthly payrolls report will not be released this morning due to the shutdown.
Meanwhile, "The 1,060 level on the Russell 2000 Index (RUT) is key, in my opinion," stated Schaeffer's Senior Trading Analyst Bryan Sapp. "The S&P 500 Index (SPX) actually hit its lowest intraday point since early September on Thursday, but the RUT held up relatively well. So long as we continue to see small-cap leadership, I think it's going to be tough to take the market significantly lower in the near term."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 9 points north of breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,025,559 call contracts traded on Thursday, compared to 712,575 put contracts. The resultant single-session put/call ratio moved higher to 0.69, while the 21-day moving average rose to 0.59.
From the Trading Floor
"The new National Association of Active Investment Managers (NAAIM) and American Association of Individual Investors (AAII) reports came out yesterday, and the week-to-week change in data was mostly insignificant," Sapp continued. "It seems that everyone is taking the 'wait and see' approach with all of the drama going on in Washington."
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The Labor Department's nonfarm payrolls report will not be released due to the government shutdown. There are no earnings reports of note.
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