The Dow Jones Industrial Average (INDEXDJX:.DJI) is higher this morning, as investors look toward today's weekly jobless claims number for clues on the strength of the economy. Additionally, Kansas City Fed President Esther George is slated to give a speech later this afternoon. Meanwhile, fourth-quarter earnings season unofficially begins after the close, when Alcoa Inc (NYSE:AA) unveils its results.
Elsewhere, Schaeffer's Senior Options Strategist Tony Venosa, CMT, says to "Keep an eye on the S&P 500 Index (SPX), which appears to be forming a bull flag from its late-December peak. This may imply an anticipated move higher soon."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are more than 64 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,414,755 call contracts traded on Wednesday, compared to 710,741 put contracts. The resultant single-session put/call ratio rose to 0.50, while the 21-day moving average fell to 0.53.
Currencies and Commodities
Earnings and Economic Data
Weekly jobless claims are slated for today. Among the companies reporting earnings are SUPERVALU (SVU) and PriceSmart (PSMT). Additionally, fourth-quarter earnings season unofficially kicks off when AA steps into the confessional after the close.
The Case for Big Moves in IWM and QQQ
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