The Dow Jones Industrial Average (DJI) is flirting with its first win of the week, with futures on the blue-chip barometer pointed modestly higher ahead of the bell. The week's flood of domestic economic data continues to roll in this morning. "The Institute for Supply Management's (ISM) non-manufacturing survey for November will be released at 10:00 a.m. ET," noted Schaeffer's Senior Options Strategist Tony Venosa. "Markets will most likely react, considering Monday's manufacturing index dropped below the 50 mark, the demarcation line that signals contraction." Additionally, today's ADP employment report should give Wall Street a sneak peek as to what to expect from Friday's all-important payrolls report.
Futures on the Dow Jones Industrial Average are roughly 48 points above fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 737,881 call contracts traded on Tuesday, compared to 595,184 put contracts. The resultant single-session put/call ratio surged to 0.81, while the 21-day moving average moved to 0.69.
From the Trading Floor
"All in all, it was a flat trading session on Tuesday, with markets staying in a narrow range for most of the day," continued Venosa. "Consumer discretionary shares were lower after Darden Restaurants (NYSE:DRI) and Yum! Brands (NYSE:YUM) offered up weak guidance just a few days apart."
Currencies and Commodities
Earnings and Economic Data
Today's jam-packed docket features the ADP employment report, third-quarter productivity and labor costs, the MBA mortgage index, factory orders, the ISM non-manufacturing index, and the weekly crude inventories report. Meanwhile, Finisar (FNSR), Men's Wearhouse (MW), and Vera Bradley (VRA) will take to the earnings stage.
The Case for Big Moves in IWM and QQQ
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