The Dow Jones Industrial Average (INDEXDJX:.DJI) is on pace to erase Wednesday's losses, with futures on the blue-chip index sitting solidly in the green this morning. "Global equities sold off yesterday, amid suggestions that the People's Bank of China may tighten its policy," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. However, a positive manufacturing report out of Beijing today has boosted investor sentiment. On the domestic docket, weekly jobless claims and the flash manufacturing purchasing managers index (PMI) are slated for release at 8:30 a.m. and 9:00 a.m., respectively.*
Meanwhile, "Continue to watch the SPDR S&P 500 ETF's (SPY) 175 level," maintained Venosa. "This is the site of peak call open interest in the front-month series. On Tuesday, we were able to finish above this mark, but by Wednesday's close, we were back south of it."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are nearly 71 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,323,496 call contracts traded on Wednesday, compared to 772,000 put contracts. The resultant single-session put/call ratio jumped to 0.58, while the 21-day moving average rose to 0.61.
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Earnings and Economic Data
Slated for release today are weekly jobless claims and the flash manufacturing PMI. On the earnings lineup are 3M (MMM), Microsoft (MSFT), AMZN, Dunkin Brands Group (DNKN), Ford Motor (F), Cliffs Natural Resources (CLF), Coca-Cola Enterprises (CCE), Colgate-Palmolive (CL), Compuware (CPWR), Deckers Outdoor (DECK), Hershey (HSY), IMAX (IMAX), Potash Corp./Saskatchewan (POT), PulteGroup (PHM), Raytheon (RTN), Royal Caribbean Cruises (RCL), Sirius XM Radio (SIRI), Southwest Airlines (LUV), Under Armour (UA), United Continental (UAL), VeriSign (VRSN), Xerox (XRX), Western Digital (WDC), and Zynga (ZNGA).
*Editorial note: Data on new home sales will not be released today as previously noted, and is delayed until Dec. 4, per the most recent information.
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