"The Dow Jones Industrial Average (INDEXDJX:.DJI) jumped higher yesterday, after the Federal Open Market Committee (FOMC) unexpectedly announced it would not begin to taper its bond-buying program at the present time," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The day's action was led by interest rate-related issues such as housing and utility names, and, after the dust settled, the DJI notched a new all-time closing high." The blue-chip barometer is looking at another fresh peak this morning, with futures on the 30-stock index up more than 36 points ahead of the bell.
"Today, technology issues will digest last night's earnings results from Oracle Corporation (NYSE:ORCL)," continued Venosa. "Additionally, a slew of economic numbers will be released, including jobless claims, leading indicators, the Philadelphia Fed Index, and existing home sales."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are sitting 36 points north of fair value.
The Chicago Board Options Exchange (CBOE) saw 1,353,970 call contracts traded on Wednesday -- the most since Aug. 13 -- compared to 720,318 put contracts. The resultant single-session put/call ratio fell to 0.53, while the 21-day moving average dropped to 0.57.
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Earnings and Economic Data
Weekly jobless claims, existing home sales, the Conference Board's index of leading economic indicators, and the Philadelphia Fed's manufacturing survey are scheduled for release today. Companies slated to report quarterly earnings include ConAgra Foods (CAG), Pier 1 Imports (PIR), Rite Aid (RAD), and Tibco Software (TIBX).
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