"The Dow Jones Industrial Average (INDEXDJX:.DJI) was mostly range-bound on Monday, after a strong morning gap lifted the index," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Today kicks off the final Federal Open Market Committee (FOMC) meeting of the year, with a statement slated for release tomorrow. There has been a lot of chatter recently about a December tapering, so the next two days could be quite volatile." Ahead of the scheduled event, futures are modestly higher, as the DJI looks to notch a third straight daily win. Meanwhile, on today's economic calendar, investors will be digesting the latest consumer price index (CPI) and core CPI, as well as the National Association of Home Builders (NAHB) housing market index.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 26 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 967,608 call contracts traded on Monday, compared to 481,954 put contracts. The resultant single-session put/call ratio plunged to 0.50, while the 21-day moving average stayed at 0.57.
From the Trading Floor
"Keep an eye on the 180 strike for the SPDR S&P 500 ETF Trust (SPY), as enormous call open interest resides here in the December series," continued Venosa. "These contracts expire at Friday's close, and could prove to be a near-term roadblock for the shares."
Currencies and Commodities
Earnings and Economic Data
On today's docket are the CPI, core CPI, and the NAHB housing market index. The FOMC also kicks off its final scheduled meeting of the year. Jabil Circuit (JBL) and VeriFone Systems (PAY) will announce quarterly earnings.
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