"Markets continued their choppy, sideways action on Wednesday, and the Dow Jones Industrial Average (INDEXDJX:.DJI) posted a modest loss thanks to a disappointing earnings reaction to International Business Machines Corp. (NYSE:IBM)," commented Schaeffer's Senior Options Strategist Tony Venosa, CMT. The 30-stock index is positioned to extend this negative price action this morning, with futures pointed lower ahead of the bell.
Investors will have the chance to digest a round of economic data, with updates on unemployment, housing, and factory activity on tap. Additionally, "A slew of interesting earnings releases -- including McDonald's Corporation (NYSE:MCD), Netflix, Inc. (NASDAQ:NFLX), and Western Digital Corp (NASDAQ:WDC) -- could affect today's market," noted Venosa.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are sitting more than 46 points south of breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,407,929 call contracts traded on Wednesday, compared to 734,749 put contracts. The resultant single-session put/call ratio fell to 0.52, while the 21-day moving average remained at 0.53.
Currencies and Commodities
Earnings and Economic Data
Weekly jobless claims, the holiday-delayed crude inventories, existing home sales, and January's preliminary reading of the purchasing managers manufacturing index (PMI) will be released today. Companies reporting earnings include MCD, Microsoft (MSFT), Starbucks (SBUX), Compuware (CPWR), Discover Financial Services (DFS), E*TRADE (ETFC), Fifth Third Bancorp (FITB), Fairchild Semiconductor (FCS), International Game Technology (IGT), Intuitive Surgical (ISRG), Juniper Networks (JNPR), Lockheed Martin (LMT), MGIC Investment (MTG), Southwest Airlines (LUV), Union Pacific (UNP), and United Continental Holdings (UAL).
The Case for Big Moves in IWM and QQQ
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