The Dow Jones Industrial Average (INDEXDJX:.DJI) is pointed south, as concerns about economic weakness in China and political unrest in Ukraine weigh on investor sentiment. Ahead of the March 16 vote over whether Crimea will join Russia, interim Ukraine Prime Minister Arseniy Yatsenyuk will meet today with President Barack Obama and Secretary of State John Kerry in D.C.
Meanwhile, as Schaeffer's Senior Trading Analyst Bryan Sapp recapped, "Equity markets looked pretty broken yesterday, and the indexes appear to be masking some serious weakness under the surface. I'm watching 1,850 on the S&P 500 Index (SPX) and 1,180 on the Russell 2000 Index (RUT) as potential support."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are more than 36 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,190,112 call contracts traded on Tuesday, compared to 691,972 put contracts. The resultant single-session put/call ratio dropped to 0.58, while the 21-day moving average remained at 0.57.
From the Trading Floor
"Despite a pretty big move lower from yesterday's open, the CBOE Volatility Index (VIX) and associated volatility exchange-traded notes (ETNs) are seeing very muted moves higher," noted Sapp. "This could be a sign that portfolio protection has been bought over the past few weeks, when the VIX remained elevated, in spite of equities hitting fresh all-time highs."
Currencies and Commodities
Earnings and Economic Data
The regularly scheduled crude inventories report and the U.S. Treasury budget for February will be released today. Plus, Express (EXPR), Krispy Kreme Doughnuts (KKD), and Williams-Sonoma (WSM) will report earnings.
The Case for Big Moves in IWM and QQQ
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