"Markets were quiet yesterday, finishing slightly higher on low volume," said Schaeffer's Senior Options Strategist Tony Venosa. "Of course, today is the day everybody has been waiting on, with the Federal Reserve releasing its latest monetary policy decision at 12:30 p.m. ET. Additionally, Fed Chairman Ben Bernanke will hold a press briefing following the announcement, with expectations for some sort of new quantitative easing program. The question ... is how will the market react? Not to sound trite, but a 'buy the rumor, sell the news' situation seems probable." Wall Street is seemingly skittish heading into today's session, with futures on the Dow Jones Industrial Average (DJI) pointed modestly lower in pre-market trading.
Futures on the Dow Jones Industrial Average are nine points above fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,184,537 call contracts traded on Wednesday, compared to 674,570 put contracts. The resultant single-session put/call ratio rose to 0.57, while the 21-day moving average stayed at 0.66.
Currencies and Commodities
Earnings and Economic Data
Weekly jobless claims, the producer price index (PPI), August's Treasury Budget, and a decision from the Federal Open Market Committee (FOMC) regarding interest-rate policy are on today's slate. Also, just after 2 p.m. ET, Bernanke will step into the limelight. K12 Inc (LRN) and Pier 1 Imports (PIR) are scheduled to report earnings.
Mid-Caps Nearing a Triple of March 2009 Lows
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