The Dow Jones Industrial Average (DJI) is on pace for its third straight loss, as traders await President Obama's afternoon speech on the economy and efforts to dodge the looming "fiscal cliff." "Continued selling rocked the markets again yesterday, as most indices finished lower by more than 1%," said Schaeffer's Senior Options Strategist Tony Venosa. "The S&P 500 Index (SPX) closed below its widely watched 200-day moving average for the first time since early June. However, gold miners and airlines were the standouts, both closing higher on the day."

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Futures on the Dow Jones Industrial Average are roughly 41 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 936,286 call contracts traded on Thursday, compared to 745,666 put contracts. The resultant single-session put/call ratio rose to 0.80 -- the highest since Oct. 23 -- while the 21-day moving average remained at 0.71.

From the Trading Floor

"This morning we'll be watching import prices for October, as well as consumer sentiment data," continued Venosa.

Currencies and Commodities

• The U.S. dollar index is extending its rebound, up 0.2% at 80.98.
• On the other hand, crude oil has shed most of yesterday's gains. At last check, the commodity has given back 0.7% to trade at $84.50 per barrel.
• Meanwhile, gold futures continue to capitalize on their "safe haven" status, with December-dated gold up 0.3% to trade at $1,730.90 an ounce.

Earnings and Economic Data

Import and export prices are due out today, along with the Thomson Reuters/University of Michigan consumer sentiment index and wholesale inventories data. Furthermore, President Obama is slated to address the economy and fiscal cliff this afternoon, shortly after House Speaker John Boehner offers his two cents on the situation. Covidien (COV), Energizer Holdings (ENR), and J.C. Penney (JCP) are among the companies on tap to report earnings.