The Dow Jones Industrial Average (DJI) is poised to continue with Thursday's positive price action, with futures on the blue-chip barometer eyeing modest gains ahead of the bell. "The low-volatility sideways movement we've been experiencing for the past week finally resolved itself by exploding higher yesterday, and every sector was up, except financials," informed Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Be prepared for possible erratic price movement today, with options for the January series expiring at tonight's close. Intel (NASDAQ:INTC) reported its quarterly results last night, while Morgan Stanley (NYSE:MS) and General Electric (NYSE:GE) are among the names that will be in today's earnings spotlight."

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Futures on the Dow Jones Industrial Average are nearly 15 points above breakeven.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,007,254 call contracts traded on Thursday -- the most since Jan. 3 -- compared to 611,928 put contracts. The resultant single-session put/call ratio fell to 0.61, while the 21-day moving average stayed at 0.65.

Currencies and Commodities

• The U.S. dollar index is up 0.3% ahead of the bell, with the currency trading near $79.85.
• Crude oil is pulling back from recent gains, with the front-month contract 0.2% lower at $95.76 per barrel.
• Elsewhere, gold futures are down 0.06% in pre-market trading to hover near $1,689.80 an ounce.

Earnings and Economic Data

We'll end the week with the Thomson Reuters/University of Michigan consumer sentiment index for January, while earnings results from GE, MS, State Street (STT), SunTrust Banks (STI), Progressive (PGR), and Schlumberger (SLB) will also be in focus.