"It was another up day for the Dow Jones Industrial Average (DJI) on Tuesday, bringing the round-number 14,000 level into sight," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. The blue-chip barometer's advance is poised to continue in today's session, with investors optimistic ahead of today's glut of economic and earnings data. As Venosa tells us, "This afternoon we'll hear from the Federal Reserve concerning the latest Federal Open Market Committee (FOMC) meeting. Meanwhile, Boeing (NYSE:BA) released earnings this morning, bringing the drama surrounding the 787 Dreamliner back into focus."

• Trading 101: Why being aware of implied volatility is imperative to trading options.
• How using this resource can give insight into the CBOE Market Volatility Index (VIX) term structure.
• Where option players are placing pre-earnings bets on Tractor Supply Company (NASDAQ:TSCO).

Futures on the Dow Jones Industrial Average are more than 17 points above breakeven.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 856,151 call contracts traded on Tuesday, compared to 581,147 put contracts. The resultant single-session put/call ratio fell to 0.68, while the 21-day moving average moved to 0.65.

Currencies and Commodities

• The U.S. dollar index is down 0.2% ahead of the bell, with the greenback lingering near $79.41.
• Crude oil is continuing with its upward momentum. At last check, March-dated crude was 0.3% higher at $97.90 per barrel.
• Gold futures are up 0.2% in pre-market trading, with the commodity hovering near $1,665.40 an ounce.

Earnings and Economic Data

ADP's monthly employment report hits the Street this morning, closely followed by the advance report on fourth-quarter gross domestic product (GDP). Afternoon trading will center around the FOMC's latest policy decision, scheduled for 2:15 p.m. ET. Earnings announcements are expected from BA, AvalonBay Communities (AVB), Citrix Systems (CTXS), ConocoPhillips (COP), Electronic Arts (EA), Facebook (FB), JDS Uniphase (JDSU), Phillips 66 (PSX), Qualcomm (QCOM), TSCO, and Skyworks Solutions (SWKS).