The Dow Jones Industrial Average (INDEXDJX:.DJI) is looking to snap its five-session losing streak, with futures pointed solidly higher. There are a handful of data points for investors to digest today, including updates on durable goods, home prices, and consumer confidence. Additionally, the Federal Open Market Committee (FOMC) will begin its two-day policy-setting meeting -- the last with Ben Bernanke at the helm. On the earnings front, blue chips Pfizer Inc. (NYSE:PFE) and DuPont (NYSE:DD) are in the green following their respective reports. However, disappointing holiday iPhone sales and a tepid revenue forecast have Apple Inc. (NASDAQ:AAPL) lower ahead of the bell, with the broader Nasdaq Composite (COMP) following suit.
Meanwhile, "Yesterday's low of 1,772 on the S&P 500 Index (SPX) is now very important, as the broad-market barometer saw a dramatic intraday reversal in the wake of some ugly morning action," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "This level coincides with the lows we saw in mid-December, and could provide some support going forward."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 73 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,496,685 call contracts traded on Monday, compared to 793,579 put contracts. The resultant single-session put/call ratio dropped to 0.53, while the 21-day moving average stayed at 0.54.
From the Trading Floor
"I think the three-day move higher that we saw in the CBOE Volatility Index (INDEXCBOE:VIX) was a good indication of short-term panic in the market," continued Sapp. "We saw a move from 13 to 19 in a matter of a few days, but the index finished yesterday in the red. Parabolic moves like this have been good buying opportunities for equities in recent years."
Currencies and Commodities
Earnings and Economic Data
The FOMC begins its two-day policy-setting meeting today. Set for release are durable goods orders for December, the S&P/Case-Shiller home price index, and the Conference Board's consumer confidence index. Announcing quarterly earnings are AT&T (T), DD, PFE, Ford Motor (F), Yahoo! (YHOO), AK Steel (AKS), American Airlines (AAL), Amgen (AMGN), Boston Properties (BXP), Cirrus Logic (CRUS), Comcast (CMCSA), Corning (GLW), D.R. Horton (DHI), Electronic Arts (EA), Illumina (ILMN), T. Rowe Price (TROW), and VMW.
The Case for Big Moves in IWM and QQQ
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