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Dow Jones Industrial Average Futures Churn Higher; Economic Data Pours In

Japan's Nikkei hit a five-week peak on the back of a cooling yen

by 3/6/2014 8:13:36 AM
Stocks quoted in this article:

"Markets consolidated in a narrow range on Wednesday, and the Dow Jones Industrial Average (INDEXDJX:.DJI) finished down about 36 points," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. The DJI is looking to erase most of yesterday's loss, with futures pointed modestly higher ahead of a trio of economic reports: weekly jobless claims, factory orders, and productivity and labor costs. However, a portion of the day's chatter should revolve around tomorrow's highly anticipated monthly jobs report. Meanwhile, the Fed will also be in focus, with New York Fed President William Dudley and Philadelphia Fed President Charles Plosser slated to give speeches throughout the day.

Elsewhere, Venosa explained, "Put buying in the SPDR S&P 500 ETF (SPY) continued on Wednesday, with the weekly 3/7 185 and 187 strikes garnering the most interest. Look for these levels to act as speed bumps on any pullbacks. In addition, call buying took place at the weekly 3/7 187 strike, which has been capping rallies during the past couple of days."

Plus, our Trading Topic of the Week -- Ways to Win with Aggressive Trades: Keep holding periods brief. This is one scenario where patience isn't a virtue -- to preserve capital, act quickly to shut down underperforming trades.

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 33 points north of breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1,350,090 call contracts traded on Wednesday, compared to 614,508 put contracts. The resultant single-session put/call ratio fell to 0.46, while the 21-day moving average dipped to 0.58.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is flirting with a 0.05% loss ahead of the bell, with the currency hovering around 80.07.
  • Crude oil is poised to continue its recent retreat, with crude for April delivery down 0.6% at $100.87 per barrel.
  • Elsewhere, gold futures are on pace to erase yesterday's modest gains, with the front-month contract 0.4% lower at $1,334.40 an ounce.
Currencies and commodities

Earnings and Economic Data

Today's docket of economic reports contains weekly jobless claims, factory orders, plus productivity and labor costs. Entering the earnings confessional are Analogic (ALOG), Children's Place (PLCE), Ciena (CIEN), Costco Wholesale (COST), Finisar (FNSR), H&R Block (HRB), Kroger (KR), Neonode (NEON), Qihoo 360 Technology (QIHU), Skullcandy (SKUL), Staples (SPLS), and The Fresh Market (TFM).

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