Futures on the Dow Jones Industrial Average are pointed modestly higher in pre-market trading, with Wall Street taking a cautious stance ahead of today's deluge of domestic economic data. "The next five trading days should be a whirlwind," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "We're essentially in a holding pattern here, and waiting on big economic reports over the next two days. Specifically, the ADP employment report, ISM manufacturing data, and vehicle sales will be released today. Plus, the monthly jobs number is due out on Friday, and next week brings us the U.S. Presidential election. I'm not sure anything will happen until early next week, but if and when it does, the move should be big. Hopefully, we can break this range and get a trend in place."
Futures on the Dow Jones Industrial Average are almost five points above fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 857,370 call contracts traded on Wednesday, compared to 580,275 put contracts. The resultant single-session put/call ratio declined to 0.68, while the 21-day moving average rose to 0.71.
From the Trading Floor
"I'm keeping my eye on Apple (NASDAQ:AAPL) at the $600 level," continued Sapp. "Also, the 200-day moving averages for AAPL and the Nasdaq Composite (COMP) are both in play right now. On the S&P 500 Index (SPX), I'm still watching the 1,400 mark."
Currencies and Commodities
Earnings and Economic Data
Today's round-up will include weekly jobless claims, productivity and labor costs data, the ISM manufacturing index, construction spending data. The Conference Board's latest consumer confidence report, the ADP employment report, and the weekly crude inventories data are also on tap, which were all delayed due to Hurricane Sandy. Wall Street can expect earnings reports from Exxon Mobil (XOM), Pfizer (PFE), Sirius XM Radio (SIRI), Automatic Data Processing (ADP), Yelp (YELP), Kellogg (K), Marathon Petroleum (MPC), Avon Products (AVP), Exelon (EXC), Vertex Pharmaceuticals (VRTX), CBOE Holdings (CBOE), Newmont Mining (NEM), Teva Pharmaceutical Industries (TEVA), Plains Exploration & Production (PXP), Royal Gold (RGLD), R.R. Donnelley & Sons (RRD), Vanguard Natural Resources (VNR), Cablevision Systems (CVC), Hillshire Brands (HSH), TripAdvisor (TRIP), and Estee Lauder (EL).
The Case for Big Moves in IWM and QQQ
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