The Dow Jones Industrial Average (DJI) is looking to extend Wednesday's fiscal-cliff driven gains, with futures pointed solidly above breakeven. On today's budget-negotiation slate is Treasury Secretary Timothy Geithner, who heads to the Hill to talk spending cuts with Congressional leaders.

Meanwhile, "The S&P 500 Index (SPX) bounced at 1,385 yesterday, which is near the site of its 200-day moving average," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "We were able to retake 1,400, so the 1,385-1,410 range should be watched going forward."

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Futures on the Dow Jones Industrial Average are nearly 72 points above fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 888,643 call contracts traded on Wednesday, compared to 536,283 put contracts. The resultant single-session put/call ratio rose to 0.60, while the 21-day moving average stayed at 0.69.

Currencies and Commodities

• The U.S. dollar index is down 0.2% in pre-market trading, with the currency hovering near $80.15.
• Crude oil is on the mend, with the front-month contract soaring 1.3% ahead of the bell to trade at $87.58 per barrel.
• Gold futures are also pointed higher, with the malleable metal up 0.4% at $1,726 an ounce.

Earnings and Economic Data

Today's economic calendar features weekly jobless claims, the National Association of Realtors' pending home sales index, and the latest estimates on third-quarter gross domestic product (GDP). Meanwhile, Barnes & Noble (BKS), Cracker Barrel Old Country Store (CBRL), Kroger (KR), La-Z-Boy (LZB), OmniVision Technologies (OVTI), Tiffany & Co. (TIF), Ulta Salon (ULTA), and Zumiez (ZUMZ) will step into the earnings arena.