The Dow Jones Industrial Average (DJI) is eyeing a fourth straight day in the red. Wall Street remains wary ahead of today's inaugural fiscal cliff negotiations between President Barack Obama and congressional leaders, slated to begin around 10:15 a.m. ET.
Elsewhere, "Apple (NASDAQ:AAPL) led the S&P 500 Index (SPX) all day yesterday," pointed out Schaeffer's Senior Trading Analyst Bryan Sapp. "It briefly dipped near the lows of $522.18, tagged on May 18. That level is what's called the 'swing low,' and judging by whipsaw price action surrounding it, it's obvious that everyone is watching it and attempting to game that price. I'd watch Thursday's lows as support, and the $530 area as resistance, for a cue to the next move."
Futures on the Dow Jones Industrial Average are roughly eight points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 909,228 call contracts traded on Thursday, compared to 757,323 put contracts. The resultant single-session put/call ratio rose to 0.83, while the 21-day moving average remained at 0.73.
From the Trading Floor
"The new American Association of Individual Investors (AAII) report came out yesterday, and there was a big jump in bears, and a big decline in bulls," continued Sapp. "Given what everyone is now thinking, I'd like to see some sort of 'shock' in the market to cause some panic. This could form a good bottom."
Currencies and Commodities
Earnings and Economic Data
The week comes to an end with the latest industrial production data and quarterly statements from Foot Locker (FL) and J.M. Smucker (SJM).
Mid-Caps Nearing a Triple of March 2009 Lows
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