The Dow Jones Industrial Average (DJI) is poised to extend Wednesday's moderate advance, with futures on the blue-chip barometer pointed modestly above breakeven. Positive economic data from around the globe has brought out the bulls, with China reporting stronger-than-anticipated trade data, and a successful bond auction in Spain pulling borrowing costs to multi-month lows. On the homefront, Schaeffer's Senior Trading Analyst Bryan Sapp will be watching as financial earnings begin to roll in, including "Wells Fargo (NYSE:WFC), which releases its quarterly results on Friday. The other big banks are set to report next week, and, in my opinion, this has major market implications going forward."
Futures on the Dow Jones Industrial Average are more than 34 points above fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 847,872 call contracts traded on Wednesday, compared to 520,752 put contracts. The resultant single-session put/call ratio fell to 0.61, while the 21-day moving average remained at 0.64.
Currencies and Commodities
Earnings and Economic Data
Today brings weekly jobless claims and wholesale inventories, as well as quarterly results for SUPERVALU (SVU) and Xyratex (XRTX).
The Case for Big Moves in IWM and QQQ
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