The Dow Jones Industrial Average (DJI) is on pace to pare a portion of yesterday's triple-digit gain, with the blue-chip barometer eyeing modest losses ahead of the bell. "After last week's options expiration-related decline, markets rebounded strongly on Monday," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The major indices finished nearly 2% higher, with optimism regarding a resolution to the fiscal cliff helping to fuel the rally. We could see some light volume in the holiday-shortened week, as traders get ready for the upcoming Thanksgiving holiday. One interesting sector to keep an eye on is retail, as this Friday is the biggest shopping day of the year." Additionally, traders will await this afternoon's speech from Ben Bernanke, with the Fed Chairman expected to defend his accommodative stance on monetary policy. Bernanke is slated to take the stage at 12:15 p.m. ET.
Futures on the Dow Jones Industrial Average are roughly 43 points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,035,614 call contracts traded on Monday, compared to 576,154 put contracts. The resultant single-session put/call ratio dropped to 0.56, while the 21-day moving average fell to 0.73.
Currencies and Commodities
Earnings and Economic Data
Today's economic docket includes housing starts and building permits. Also, Fed Chairman Ben Bernanke is on deck to speak at 12:15 p.m. ET. Elsewhere, investors will have the chance to digest earnings results from Hewlett-Packard (HPQ), Salesforce.com (CRM), Best Buy (BBY), Campbell Soup (CPB), H.J. Heinz (HNZ), Chico's FAS (CHS), DSW (DSW), and Medtronic (MDT).
The Case for Big Moves in IWM and QQQ
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