The Dow Jones Industrial Average (INDEXDJX:.DJI) is looking to extend its recent run higher, with futures in the green ahead of the bell. On the economic front, investors will have the chance to mull over the latest update in weekly jobless claims. Among equities in focus, Amazon.com, Inc. (NASDAQ:AMZN) and United Parcel Service, Inc. (NYSE:UPS) should garner their fair share of attention, after failing to deliver packages to customers in time for the holiday.
Elsewhere, "The markets continue to make new highs, so the important support levels that I'm watching are: 1,150 for the Russell 2000 (RUT), 1,810 for the S&P 500 Index (SPX) and 4,100 for the NASDAQ Composite (COMP)," noted Schaeffer's Senior Trading Analyst Bryan Sapp.
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are modestly above breakeven. The fair-value number for the DJI was unavailable this morning; we apologize for the inconveneince.
The Chicago Board Options Exchange (CBOE) saw 617,199 call contracts traded on Tuesday, compared to 286,322 put contracts. The resultant single-session put/call ratio fell to 0.46, while the 21-day moving average remained at 0.55.
From the Trading Floor
"Bullish sentiment continues to grow, and for good reason," continued Sapp. "Bears are fighting the 'Santa Claus' rally, end-of-year mark-ups by funds, and increasing short interest among stocks (over the past few months) -- which is fuel to the fire on this rally. It's going to be very tough to get much done on the bear side until at least 2014, when we could possibly see some tax-deferred selling."
Currencies and Commodities
Earnings and Economic Data
The regularly scheduled jobless claims and holiday-delayed crude inventories are on today's economic docket. Meanwhile, there are no notable earnings reports scheduled for today.
Recent XIV Action May Bode Well for Bulls
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