The Dow Jones Industrial Average (DJI) is pointed modestly higher ahead of the bell, though Apple Inc.'s (NASDAQ:AAPL) disappointing turn in the earnings confessional is dragging on the tech-rich Nasdaq Composite (COMP). "Apple earnings will surely have an impact on the markets today," noted Schaeffer's Senior Trading Analyst Bryan Sapp. Elsewhere, "We're bumping into 1,500 on the S&P 500 Index (SPX), and also 900 on the Russell 2000 Index (RUT)," Sapp continued. "These are two key psychological levels to overcome."

• See why Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, is saying fundamentals "matter less and less."
• Check out how option players are setting up pre-earnings bets on Juniper Networks (NYSE:JNPR) ahead of tonight's quarterly announcement.
• Schaeffer's contributor Adam Warner takes a rather poetic look at two volatility exchange-traded notes (ETNs).

Futures on the Dow Jones Industrial Average are nearly 18 points above breakeven.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 816,558 call contracts traded on Wednesday, compared to 566,364 put contracts. The resultant single-session put/call ratio jumped to 0.69, while the 21-day moving average remained at 0.64.

Currencies and Commodities

• The U.S. dollar index is up 0.1% to trade at 80.03.
• Crude oil is looking to pare Wednesday's losses, with the front-month contract up 0.4% at $95.56 per barrel.
• Gold futures, meanwhile, are extending their retreat, with the malleable metal pointed 0.5% lower at $1,677.90 an ounce.

Earnings and Economic Data

Today's economic calendar features weekly jobless claims, the holiday delayed crude inventories data, and the flash purchasing managers manufacturing index (PMI) for January. On the earnings front, Microsoft (MSFT), Nokia (NOK), 3M (MMM), AT&T (T), Starbucks (SBUX), Alaska Air Group (ALK), Bristol-Myers Squibb (BMY), Celgene (CELG), Cirrus Logic (CRUS), Cypress Semiconductor (CY), E*TRADE Financial (ETFC), Fairchild Semiconductor (FCS), Informatica (INFA), ITT Educational Services (ESI), J.B. Hunt Transport Services (JBHT), JNPR, KeyCorp (KEY), Knight Capital Group (KCG), Lockheed Martin (LMT), Maxim Integrated Products (MXIM), Raytheon (RTN), Southwest Airlines (LUV), Stanley Black & Decker (SWK), Synaptics (SYNA), Tempur-Pedic (TPX), Union Pacific (UNP), VeriSign (VRSN), and Xerox (XRX) will unveil their latest quarterly reports.