The Dow Jones Industrial Average (INDEXDJX:.DJI) is sticking close to breakeven this morning, as traders await the Federal Reserve's Beige Book. In addition, Syria remains in focus ahead of a closely watched Group of 20 (G-20) summit on Thursday.
"Beginning-of-the-month optimism was prevalent Tuesday morning. Markets gapped higher, but quickly retreated back to the flat line on news that key Republicans are voicing their support for action in Syria," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Still, indexes were able to put in a positive close thanks to tech stocks remaining strong."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are sitting nearly 10 points below fair value.
The Chicago Board Options Exchange (CBOE) saw 947,368 call contracts traded on Tuesday, compared to 513,901 put contracts. The resultant single-session put/call ratio dropped to 0.54 -- the lowest since Aug. 19 -- while the 21-day moving average fell to 0.59.
From the Trading Floor
"The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) has large call open interest residing at the 166 strike, which expires this Friday," Venosa added. "Watch this level carefully. The $160 level is key on the downside, as peak put open interest for the September series resides here."
Currencies and Commodities
Earnings and Economic Data
Hitting the Street today are the international trade balance for July and motor vehicle sales for August, as well as the Fed's Beige Book. Ciena Corporation (CIEN), Dollar General (DG), Francesca's Holdings (FRAN), FuelCell Energy (FCEL), and SAIC (SAI) are scheduled to enter the earnings confessional.
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