After two straight days of triple-digit gains, futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) have pulled back slightly this morning. Investors are taking a cautious approach after President Barack Obama last night delayed a vote by Congress over launching a military strike against Syria. Among equities, Verizon Communications Inc. (NYSE:VZ) should garner its fair share of attention, with the telecom concern expected to announce the value of its bond deal later today. The amount is rumored to be the biggest ever recorded on the books.
Elsewhere, Schaeffer's Senior Trading Analyst Bryan Sapp will be "keeping a close eye on the S&P 500 Index's (SPX) Aug. 15 gap lower. The lows from Aug. 14 are right around 1,685, so that's a key resistance area for the bulls to overtake now. Below that, there's support at 1,670 and 1,650."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are sitting 7 points below fair value.
The Chicago Board Options Exchange (CBOE) saw 1,178,951 call contracts traded on Tuesday, compared to 566,417 put contracts. The resultant single-session put/call ratio rose to 0.48, and the 21-day moving average remained at 0.57.
From the Trading Floor
"One thing that has me a little concerned about this recent rally is the extremely low CBOE equity put/call ratio," said Sapp. "On Monday, it was running below 0.5, implying that there were over two calls bought for every put. This could be a sign of near-term euphoria, which could mean the market may be in need of a correction."
Currencies and Commodities
Earnings and Economic Data
Wholesale inventories data is slated for release today, as well as the regularly scheduled weekly crude inventories report. Meanwhile, The Men's Wearhouse (MW) and Vera Bradley (VRA) will step up to the earnings plate.
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