The Dow Jones Industrial Average (INDEXDJX:.DJI) is looking to extend yesterday's upward momentum, with futures in the green ahead of the bell. "The Nasdaq Composite (COMP) led the market higher on Tuesday, gaining more than 69 points, or 1.6%," remarked Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Meanwhile, the S&P 500 Index (SPX) closed at an all-time high. The risk-on trade seems to be coming back as we begin the new quarter, as consumer discretionary and technology names saw big moves yesterday. This morning, we'll get a sneak peek at Friday's nonfarm payrolls, with the Automatic Data Processing (ADP) payroll estimate for March due out."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 8 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,140,176 call contracts traded on Tuesday, compared to 535,526 put contracts. The resultant single-session put/call ratio plunged to 0.47, while the 21-day moving average remained at 0.60.
Currencies and Commodities
Earnings and Economic Data
The ADP employment report, factory orders, and the regularly scheduled crude inventories update will be released today. Meanwhile, Monsanto (MON), Acuity Brands (AYI), and Texas Industries (TXI) will report earnings.
The Case for Big Moves in IWM and QQQ
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