After two straight triple-digit drops, the Dow Jones Industrial Average (INDEXDJX:DJI) is teetering around breakeven this morning, as traders digest an upbeat forecast from Intel Corporation (NASDAQ:INTC) and threats of American military action against radical militants en route to Baghdad. "Markets saw increased volatility on Thursday, as the major indexes all closed in the red," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Airlines took a hit, as crude oil prices rose amid escalating tensions in Iraq." On today's agenda, "the producer price index (PPI) and consumer sentiment data will hit the Street, and we'll be watching the $194 level on the SPDR S&P 500 ETF Trust (SPY), as calls at this expiring strike were very active yesterday."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are about 10 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,277,212 call contracts traded on Thursday, compared to 650,399 put contracts -- the most since May 16. The resultant single-session put/call ratio ticked higher to 0.51, while the 21-day moving average edged lower to 0.56.
Currencies and Commodities
Earnings and Economic Data
The PPI and core PPI, as well as the preliminary reading of the Thomson Reuters/University of Michigan consumer sentiment index for June, will close out the week's docket of economic reports. There are no noteworthy earnings reports scheduled for today.
The Case for Big Moves in IWM and QQQ
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