The Dow Jones Industrial Average (DJI) is pointed modestly lower ahead of the bell, with traders taking a wait-and-see approach ahead of Alcoa Inc.'s (NYSE:AA) quarterly results. The aluminum giant is slated to step into the confessional after tonight's close, and the event is widely seen as the catalyst to corporate earnings season.
Elsewhere, "Technically, I'm watching the 1,460 and 1,475 levels on the S&P 500 Index (SPX)," said Senior Trading Analyst Bryan Sapp. "The former has acted as support since the big move higher on Jan. 2, and the latter is the high from 2011." On the sentiment front, "I noticed all of the major sentiment polls last week actually showed decreased bullishness and increased bearishness," he noted. "That seems absurd, given we're at five-year highs. Leads me to believe we'll continue higher."
Futures on the Dow Jones Industrial Average are more than eight points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 690,162 call contracts traded on Monday, compared to 469,158 put contracts. The resultant single-session put/call ratio rose to 0.68, while the 21-day moving average stayed at 0.63.
Currencies and Commodities
Earnings and Economic Data
The Federal Reserve's consumer credit report is on tap, and AA unofficially kicks of earnings season with its quarterly report. Acuity Brands (AYI), Apollo Group (APOL), Global Payments (GPN), Monsanto (MON), and WD-40 (WDFC) also make their way into the earnings spotlight.
The Case for Big Moves in IWM and QQQ
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