After yesterday's second consecutive triple-digit advance, the Dow Jones Industrial Average (INDEXDJX:.DJI) is sitting modestly lower in pre-market trading. There's a little something for everyone on today's docket, including reports on inflation, employment, manufacturing, and housing. Additionally, financial heavyweights Goldman Sachs Group Inc (NYSE:GS) and Citigroup Inc (NYSE:C) both unveiled their earnings reports ahead of the bell, while results from tech titan Intel Corporation (NASDAQ:INTC) are due out after the close. Finally, Ben Bernanke will take the stage around 11 a.m. ET in one of his last public addresses as head of the Federal Reserve.
On the charts, Schaeffer's Senior Trading Analyst Bryan Sapp notes that, "The S&P 500 Index (SPX) is pressing up against the 1,850 level that I mentioned yesterday, and appears likely to break higher from here. Meanwhile, the 1,810 area remains key support below."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 29 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,845,563 call contracts traded on Wednesday -- the most since Oct. 18 -- compared to 891,302 put contracts. The resultant single-session put/call ratio dropped to 0.48, while the 21-day moving average fell to 0.52.
From the Trading Floor
"The new Investors Intelligence poll that surfaced yesterday showed a sizeable decrease in optimism, which could have bullish contrarian implications going forward," continued Sapp. "In fact, this number is currently at the lowest levels seen since mid-November."
Currencies and Commodities
Earnings and Economic Data
On today's economic schedule are November's Treasury International Capital (TIC) data, the consumer price index (CPI) and core CPI, weekly jobless claims, the Philadelphia Fed's manufacturing survey, and the National Association of Home Builders (NAHB) housing market index for January. Meanwhile, GS, INTC, UnitedHealth Group (UNH), C, Huntington Bancshares (HBAN), PNC Financial Services (PNC), PPG Industries (PPG), and Skyworks Solutions (SWKS) will step up to the earnings plate.
Recent XIV Action May Bode Well for Bulls
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