Following its best-ever first-day-of-the-year rally, the Dow Jones Industrial Average (DJI) appears poised for a round of profit-taking. At last check, futures on the blue-chip barometer were pointed modestly lower in pre-market trading. As Schaeffer's Senior Options Strategist Tony Venosa noted, "The broad-based rally from Monday carried into Wednesday, with most of the major indices closing near the highs of the day. The Nasdaq Composite led the way, moving up over 3%." Venosa continued, "Today and tomorrow should be quite busy, with numerous economic reports on the docket. The abbreviated week will be capped off with the December employment report, set to be released on Friday at 8:30 a.m. ET."
Futures on the Dow Jones Industrial Average are more than 38 points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,031,381 call contracts traded on Wednesday -- the most since Dec. 18 -- compared to 567,180 put contracts. The resultant single-session put/call ratio dropped to 0.55, while the 21-day moving average fell to 0.63.
Currencies and Commodities
Earnings and Economic Data
Today's round-up will include weekly jobless claims, the monthly ADP employment report, and the holiday-delayed crude inventories data. Wall Street can expect earnings reports from AngioDynamics (ANGO), Family Dollar Stores (FDO), and Sonic (SONC).
The Case for Big Moves in IWM and QQQ
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