Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are in the red, after International Business Machines Corp.'s
(NYSE:IBM) top-line miss and tepid forecast have the shares pointed lower this morning. With a bare economic calendar, quarterly reports will be the focus of conversation today. In addition to IBM, fellow blue chip United Technologies Corporation (NYSE:UTX) unveiled its fourth-quarter results ahead of the bell.
Meanwhile, "A snowstorm moving across the Midwest into the East Coast may have been responsible for lower-than-average volume on Tuesday, which may have increased the intraday volatility we witnessed," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Going forward, keep an eye on the SPDR S&P 500 ETF Trust's (NYSEARCA:SPY) 184 and 185 levels. Peak call open interest for the February series resides at these strikes, and may act as headwinds for any further advancement in shares."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are about 22 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,492,797 call contracts traded on Tuesday, compared to 857,055 put contracts. The resultant single-session put/call ratio jumped to 0.57, while the 21-day moving average rose to 0.53.
Currencies and Commodities
Earnings and Economic Data
There are no economic reports scheduled for today. UTX, Netflix (NFLX), Abbott Laboratories (ABT), ADTRAN (ADTN), Coach (COH), eBay (EBAY), F5 Networks (FFIV), Freeport-McMoRan Copper & Gold (FCX), Fusion-IO (FIO), General Dynamics (GD), Norfolk Southern (NSC), Northern Trust (NTRS), Parker-Hannifin (PH), Progressive (PGR), SanDisk (SNDK), St. Jude Medical (STJ), U.S. Bancorp (USB), and Western Digital (WDC) are slated to report earnings.
The Case for Big Moves in IWM and QQQ
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