Futures on the Dow Jones Industrial Average (DJI) are flirting with breakeven this morning, as Wall Street awaits a bevy of speeches. Among Federal Reserve members, Esther George will speak around midday, Atlanta's Dennis Lockhart will take the podium this afternoon, while both Charles Plosser and Jeffrey Lacker will offer their two cents this evening. Most notably, though, President Obama will deliver the first State of the Union address of his second term at 9 p.m. Eastern.

Elsewhere, "With no major economic or earnings events, the S&P 500 Index (SPX) finished a lackluster Monday slightly lower," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "While there are no major reports this Fat Tuesday, keep an eye on the Dow, as we closed just beneath the much-talked-about 14,000 level."

• JPMorgan Chase's (NYSE:JPM) quest for new highs hasn't spooked the option bears.
• Likewise, option traders are gambling on some short-term speed bumps for fellow financial concern Bank of America Corp (NYSE:BAC).
• Expecting a post-earnings bounce for Buffalo Wild Wings (NASDAQ:BWLD)? Chew on these two option plays from Schaeffer's contributor Adam Warner.

Futures on the Dow Jones Industrial Average are 2.2 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 824,905 call contracts traded on Monday, compared to 465,420 put contracts. The resultant single-session put/call ratio fell to 0.56, while the 21-day moving average stayed at 0.65.

From the Trading Floor

"A strong move higher could spark another round of short-covering, as most people are expecting a pullback in the near term," suggests Venosa.

Currencies and Commodities

• The U.S. dollar index is hovering about 0.1% south of breakeven this morning, with the greenback last seen near 80.25.
• Crude oil is pointed 0.3% higher, with the front-month contract lingering near $97.27 per barrel.
• Gold futures, meanwhile, are trading fractionally higher, with the April-dated contract at $1,649.30 an ounce.

Earnings and Economic Data

Today's round-up includes the Treasury Department budget and the National Federation of Independent Business (NFIB) Small Business Optimism Index. Meanwhile, investors will have the chance to digest earnings results from Coca-Cola (KO), Michael Kors (KORS), Blue Nile (NILE), Clearwire (CLWR), Rackspace Hosting (RAX), Level 3 Communications (LVLT), Reynolds American (RAI), Fossil (FOSL), Buffalo Wild Wings (BWLD), Avon Products (AVP), McGraw-Hill (MHP), Seattle Genetics (SGEN), Goodyear Tire (GT), Western Union (WU), and Valspar (VAL).