After three consecutive days of triple-digit gains, the Dow Jones Industrial Average (INDEXDJX:.DJI) is signaling a quiet start this morning. On the economic front, the latest weekly jobs report hits the Street today. Investors will be keeping a close eye on this number, as unemployment is closely tied to when the Federal Reserve will begin tapering its bond-buying program. Among equities, Lululemon Athletica inc. (NASDAQ:LULU) is sitting solidly in the red ahead of the bell, following the yoga apparel maker's disappointing turn in the earnings confessional.
Meanwhile, "The S&P 500 Index (SPX) has retaken the gap I mentioned yesterday, and appears to be heading back toward 1,700 -- the next level of resistance," pointed out Schaeffer's Senior Trading Analyst Bryan Sapp. "Below that, 1,650 and 1,670 should provide support."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 11 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1,066,539 call contracts traded on Wednesday, compared to 651,879 put contracts. The resultant single-session put/call ratio jumped to 0.61, and the 21-day moving average moved to 0.58.
From the Trading Floor
"The CBOE equity put/call ratio I referenced yesterday continues to run near bullish extremes, so that could be a risk here," noted Sapp. "Markets seem to have given the 'all clear' on Syria, and next week's 'taper or no taper' Fed meeting, as well."
Currencies and Commodities
Earnings and Economic Data
Today's economic docket includes weekly jobless claims, export and import prices, and the Treasury budget for August. Also hitting the Street will be earnings reports from Kroger (KR), LULU, Ulta Salon, Cosmetics & Fragrance (ULTA), and United Natural Foods (UNFI).
The Case for Big Moves in IWM and QQQ
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