The Dow Jones Industrial Average (INDEXDJX:.DJI) is sitting slightly below breakeven ahead of another busy day on Wall Street. Investors will have the chance to chew on earnings reports from a number of notables today, including Facebook Inc (NASDAQ:FB), Starbucks Corporation (NASDAQ:SBUX), and Visa Inc (NYSE:V). Meanwhile, weekly jobless claims should be in focus, after the Federal Open Market Committee (FOMC) said yesterday it will stand pat on its current stimulus program for the time being.
Elsewhere, "Given the negative reaction to the seemingly good Fed news yesterday, I believe that the S&P 500 Index (SPX) will soon test the 1,750 level," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "This area served as a battleground between bulls and bears during last week's trading. Also, the NASDAQ-100 Index (NDX) failed again on Wednesday to retake 3,400, so this is a key resistance zone to keep an eye on."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are churning about 8 points south of breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,260,066 call contracts traded on Wednesday, compared to 753,919 put contracts. The resultant single-session put/call ratio rose to 0.60, while the 21-day moving average remained at 0.59.
From the Trading Floor
"The Investors Intelligence poll that surfaced yesterday showed optimism at levels not seen since May," said Sapp. "This could be a sign that the rally is getting 'long in the tooth' and is in need of a correction. Coincidentally, the one-month period immediately following the extreme May reading was the sharpest correction we've seen so far this year."
Currencies and Commodities
Earnings and Economic Data
Hitting the Street today are weekly jobless claims and the Chicago purchasing managers index (PMI). Companies reporting earnings include Exxon Mobil (XOM), American International Group (AIG), First Solar (FSLR), MasterCard (MA), Sony (SNE), Advance Auto Parts (AAP), Alcatel Lucent (ALU), Alpha Natural Resources (ANR), AmerisourceBergen (ABC), Anheuser Busch (BUD), AstraZeneca (AZN), Avon Products (AVP), Barrick Gold (ABX), BEAM Inc (BEAM), Boyd Gaming (BYD), CIGNA Corporation (CI), ConocoPhillips (COP), hhgregg (HGG), InterDigital (IDCC), Invesco (IVZ), Kodiak Oil & Gas (KOG), Newmont Mining (NEM), New York Times Company (NYT), ON Semiconductor (ONNN), Teva Pharmaceutical Industries (TEVA), Time Warner Cable (TWC), Valeant Pharmaceuticals (VRX), and Western Refining (WNR).
9 Levels to Watch for Apple Inc.
Featured Partners: AOL DailyFinance
© 2013 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: firstname.lastname@example.org
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.