Futures on the Dow Jones Industrial Average (DJI) are headed south this morning, as Wall Street casts a wary eye on Washington. Federal Reserve Chairman Ben Bernanke took to the stage after last night's close, encouraging U.S. lawmakers to raise the borrowing limit, which is expected to be reached in mid-February or early March.

Meanwhile, Schaeffer's Senior Options Strategist Tony Venosa, CMT, tells us to "Keep an eye on the consumer discretionary index today, with retail sales and the producer price index (PPI) for December on Wall Street's radar. Also, earnings season kicks into high gear this week, and we'll hear from a number of companies in the financial sector." Additionally, Facebook (NASDAQ:FB) should be in focus today, as traders anxiously await the revelations of this afternoon's "mystery" event.

• Trading 101: What options expiration week means for you and your trading.
• How earnings could affect options trading on these three companies that are stepping into the confessional this week.
• Option players are staying optimistic toward Sprint Nextel (NYSE:S) ahead of the company's early February earnings release.

Futures on the Dow Jones Industrial Average are pointed 54 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 939,954 call contracts traded on Monday, compared to 486,423 put contracts. The resultant single-session put/call ratio dropped to 0.52, while the 21-day moving average fell to 0.64.

Currencies and Commodities

• The U.S. dollar index is edging higher this morning, with the currency up 0.2% at $79.62.
• Meanwhile, crude oil is on pace to pare a portion of Monday's gains, with February-dated crude 0.07% lower at $94.52 per barrel.
• Gold futures are eyeing gains ahead of the bell. At last check, the front-month contract had tacked on 0.5% to hover near $1,678 an ounce.

Earnings and Economic Data

Tuesday's economic calendar features the latest PPI and core PPI, retail sales for December, and the Empire State Manufacturing Index. On the earnings front, Forest Laboratories (FRX) and Lennar (LEN) will take their respective turns in the confessional.