"The venerable Dow Jones Industrial Average (INDEXDJX:DJI) moved into positive territory on a year-to-date (YTD) basis for the first time this year during yesterday's session, but closed just shy of the 16,576.66 mark," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Basic materials and industrials were the leading sectors of the day, as Caterpillar Inc. (NYSE:CAT) closed nearly 3% higher, after hitting a new 52-week peak in intraday trading." The DJI's YTD level will once again be in focus, with futures pointed modestly higher ahead of the bell.
Traders will have a lot of economic data points to digest in today's session, including international trade data and the Institute for Supply Management's (ISM) non-manufacturing index. Additionally, ahead of tomorrow's nonfarm payrolls report, weekly jobless claims are due. On the charts, Venosa says to "Keep an eye on the SPDR S&P 500 ETF Trust (SPY) $190 level, as peak call open interest here could act as a magnet in the near term."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are 16 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,034,225 call contracts traded on Wednesday, compared to 532,460 put contracts. The resultant single-session put/call ratio rose to 0.51, while the 21-day moving average stayed at 0.60.
Currencies and Commodities
Earnings and Economic Data
Economic reports slated for today include international trade data, weekly jobless claims, and the ISM non-manufacturing index. Micron Technology (MU), Perry Ellis International (PERY), and Schnitzer Steel (SCHN) will step into the earnings confessional.
The Case for Big Moves in IWM and QQQ
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