The Dow Jones Industrial Average (INDEXDJX:.DJI) is poised to surge out of the gate, as investors hope today's statement from the Federal Open Market Committee (FOMC) will bring assurance that the current bond-buying program will continue into next year. Meanwhile, this morning's Automatic Data Processing (ADP) employment report fell short of estimates, while the delayed consumer price index (CPI) report showed inflationary pressures remain tame.
Elsewhere, Schaeffer's Senior Trading Analyst Bryan Sapp observed that "the price action in Apple Inc. (NASDAQ:AAPL) Tuesday was pretty lackluster, given the numbers it reported on Monday. As a result, the NASDAQ-100 Index (NDX) still hasn't taken out the 3,400 mark I mentioned yesterday. I would think that a break above this area would be the green light for technology to take over market leadership."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are nearly 41 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,429,088 call contracts traded on Tuesday, compared to 740,134 put contracts. The resultant single-session put/call ratio fell to 0.52, while the 21-day moving average dropped to 0.59.
From the Trading Floor
"CBOE Volatility Index (VIX) option volume is extremely low right now, especially when compared to the levels we were seeing ahead of the gridlock in D.C. earlier this month," continued Sapp. "Our Senior VP of Research, Todd Salamone, routed around an email yesterday that suggested this could potentially represent hedged players who are underweight the market at the moment."
Currencies and Commodities
Earnings and Economic Data
Slated for release today are the ADP employment report, the CPI and core CPI, weekly crude inventories, plus the latest interest rate decision and economic projections from the FOMC. Stepping into the earnings confessional are Visa (V), Facebook (FB), General Motors (GM), Starbucks (SBUX), Affymetrix (AFFX), Allstate (ALL), ADP, Avis Budget (CAR), BorgWarner (BWA), Boston Beer Co (SAM), Comcast (CMCSA), Corning (GLW), Crocs (CROX), Garmin (GRMN), Intrepid Potash (IPI), JDS Uniphase (JDSU), Kraft (KRFT), Level 3 Communications (LVLT), QuickLogic (QUIK), Skullcandy (SKUL), Skyworks Solutions (SWKS), SodaStream International (SODA), Southern Company (SO), Sprint (S), Suncor Energy (SU), SunPower Corporation (SPWR), TASER International (TASR), Walter Energy (WLT), and Weight Watchers International (WTW).
9 Levels to Watch for Apple Inc.
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