The Dow Jones Industrial Average (DJI) is on track to continue with yesterday's muted price action, with futures on the blue-chip barometer sitting just below breakeven. "Markets took a breather on Tuesday, and prices closed near the flat line on major indices," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Homebuilders were the strongest industry, closing up more than 2% on the heels of a better-than-expected October housing starts number. Today is the last full trading day of the week as we approach the Thanksgiving holiday, but the market has a slew of economic reports to digest this morning. These include jobless claims, consumer sentiment, as well as leading indicators for November."
Futures on the Dow Jones Industrial Average are roughly one point below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 761,575 call contracts traded on Tuesday, compared to 513,648 put contracts. The resultant single-session put/call ratio rose to 0.67, while the 21-day moving average dropped to 0.72.
Currencies and Commodities
Earnings and Economic Data
Weekly jobless claims, the Conference Board's index of leading economic indicators, and the final reading of the Thomson Reuters/University of Michigan consumer sentiment index for November will hit the Street today, along with the regularly scheduled crude inventories report. Deere & Company (DE) will be stepping up to the earnings plate. Meanwhile, U.S. markets will be closed tomorrow in observance of Thanksgiving.
The Case for Big Moves in IWM and QQQ
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