All is quiet on the futures front, with the Dow Jones Industrial Average (DJI) sticking close to the flatline ahead of today's flood of domestic economic data. Housing starts and wholesale prices are on this morning's docket, while the Federal Open Market Committee (FOMC) will be on tap this afternoon to release the minutes from its January meeting.
Elsewhere, "We took out the 1,525 level on the S&P 500 Index (SPX) yesterday, so I'm watching the 1,550 level overhead, and the 1,525, 1,514, and 1,500 levels below," said Schaeffer's Senior Trading Analyst Bryan Sapp. Among equities, "Apple Inc. (NASDAQ:AAPL) breached the key $460 level, but the stock has since rebounded to trade right there."
Futures on the Dow Jones Industrial Average are sitting roughly three points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 944,166 call contracts traded on Tuesday, compared to 545,231 put contracts. The resultant single-session put/call ratio dipped to 0.58, while the 21-day moving average remained at 0.64.
From the Trading Floor
"While markets continue grinding higher, it seems that bullish sentiment has pulled back over the past few weeks," Sapp remarked. "The National Association of Active Investment Managers (NAAIM) and American Association of Individual Investors (AAII) surveys that came out last Thursday both showed pullbacks on a one- and two-week basis. In my opinion, this leaves more upside in the markets, given many are missing out on this last leg -- and many have flipped short."
Currencies and Commodities
Earnings and Economic Data
Housing starts, building permits, and the producer price index (PPI) will hit the Street this morning, followed by the afternoon release of the minutes from the latest FOMC meeting. On the earnings front, we'll hear from Clean Harbors (CLH), Crocs (CROX), DISH Network (DISH), EchoStar (SATS), Garmin (GRMN), InterDigital (IDCC), MGM Resorts (MGM), Tesla Motors (TSLA), and Toll Brothers (TOL).
The Case for Big Moves in IWM and QQQ
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