The Dow Jones Industrial Average (INDEXDJX:.DJI) is on pace to erase Thursday's modest losses, with futures pointed higher ahead of the bell. What's more, the blue-chip barometer is poised to notch its second consecutive weekly win -- a feat not accomplished since early August. The economic calendar is jam-packed on the final trading session of the week, with retail sales and the latest consumer sentiment index among a number of reports slated for release. Meanwhile, a portion of the day's chatter should revolve around Twitter, after the social networking site announced it has filed papers for its initial public offering.
Elsewhere, given yesterday's muted price action on the S&P 500 Index (SPX), Schaeffer's Senior Trading Analyst Bryan Sapp is "continuing to watch 1,700 to the upside, while also eyeing 1,670 and 1,650 to the downside."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are sitting 53 points north of fair value.
The Chicago Board Options Exchange (CBOE) saw 985,262 call contracts traded on Thursday, compared to 624,424 put contracts. The resultant single-session put/call ratio rose to 0.63, while the 21-day moving average remained at 0.58.
From the Trading Floor
"Similar to the low CBOE equity put/call ratios we've seen this week, a couple of the sentiment polls are starting to show signs of near-term optimism," noted Sapp. "The American Association of Individual Investors (AAII) poll, for example, is seeing its highest percentage of traders with a bullish view and its lowest percentage of those with a bearish outlook since late July. Meanwhile, the National Association of Active Investment Managers (NAAIM) sentiment number jumped significantly this week. These growing signs of optimism amid an environment with the lingering potential of headline risk from Syria and next week's Fed meeting make me more defensive for the time being."
Currencies and Commodities
Earnings and Economic Data
Winding up this week's round of economic data are retail sales and business inventories, along with the producer price index (PPI) and core PPI, and the preliminary reading of the Thomson Reuters/University of Michigan consumer sentiment index for September. There are no notable earnings reports scheduled for today.
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