The Dow Jones Industrial Average (INDEXDJX:.DJI) is slightly lower ahead of the bell, as traders exercise caution ahead of tomorrow's highly anticipated nonfarm payrolls report. Speculators will likely take their cues from the Automatic Data Processing (ADP) employment stats, set for release this morning.
"Markets rallied Wednesday to close near intraday highs," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The Nasdaq Composite (COMP) led indices into the black, adding nearly 1%. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) briefly crossed the $166 level, which is the site of heavy call open interest among options expiring tomorrow. Continue to watch this key level carefully as we head into the final half of the week."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are sitting nearly 3 points below fair value.
The Chicago Board Options Exchange (CBOE) saw 988,507 call contracts traded on Wednesday, compared to 538,592 put contracts. The resultant single-session put/call ratio and the 21-day moving average remained at 0.54 and 0.59, respectively.
Currencies and Commodities
Earnings and Economic Data
On today's docket are the ADP employment report and the ISM non-manufacturing index, along with factory orders, productivity and unit labor costs, the holiday-delayed crude inventories data, and weekly jobless claims. Slated to report earnings are Ambarella (AMBA), CONN's (CONN), Cooper (COO), Finisar Corporation (FNSR), Infoblox (BLOX), Quiksilver (ZQK), Smith & Wesson (SWHC), Titan Machinery (TITN), VeriFone Systems (PAY), and Zumiez (ZUMZ).
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