The Dow Jones Industrial Average (DJI) is headed higher this morning, with better-than-expected quarterly results from Cisco Systems (NASDAQ:CSCO) paving the way to a positive start. The blue chip posted a fiscal first-quarter adjusted profit of 48 cents per share, beating analysts' estimates of 46 cents per share. However, as Schaeffer's Senior Trading Analyst Bryan Sapp points out, "It's hard to look at any one indicator right now. The markets seem incredibly confused, and there is conflicting data all over the place. For the time being, the best thing to follow is simply price action."

• One options strategy that could help you profit in this range-bound market.
• This pesky indicator continues to flash caution in the short term.
• How are traders are playing Apple's (NASDAQ:AAPL) recent pullback.

Futures on the Dow Jones Industrial Average are roughly 51 points above fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 893,310 call contracts traded on Tuesday, compared to 640,897 put contracts. The resultant single-session put/call ratio rose to 0.72, while the 21-day moving average moved to 0.73.

From the Trading Floor

"On the S&P 500 Index (SPX), we're watching 1,370 to the downside and 1,390 to the upside," continued Sapp. "We came close to the upper end of this range yesterday morning, but the rally stalled. We should get a catalyst over the next couple days to help us break free from the chop."

Currencies and Commodities

• The U.S. dollar index is down 0.06% ahead of the bell to trade at $81.04.
• Crude oil is on the mend, with the front-month contract 0.3% higher at $86.08 per barrel.
• Gold futures, meanwhile, are looking to extend Tuesday's losses, with December-dated gold down 0.1% at $1,722.50 an ounce.

Earnings and Economic Data

The producer price index (PPI), retail sales, and business inventories are slated for today. Plus, the Federal Open Market Committee (FOMC) will release the minutes from its October meeting. Wall Street will also contemplate earnings results from Abercrombie & Fitch (ANF), Hot Topic (HOTT), Limited Brands (LTD), NetApp (NTAP), PetSmart (PETM), Staples (SPLS), Tyco International (TYC), and Williams-Sonoma (WSM).