The Dow Jones Industrial Average (INDEXDJX:.DJI) is on pace to pare a portion of yesterday's triple-digit drubbing, with futures pointed north ahead of the bell. Earnings will be a main focus today, with blue-chips 3M Co (NYSE:MMM) and Visa Inc (NYSE:V) both sitting in the green following the early morning release of their results. Meanwhile, the tech sector should get a solid boost from Facebook Inc (NASDAQ:FB), which was last seen nearly 18% higher in the wake of last night's quarterly report. On the economic front, investors will get an initial reading on fourth-quarter gross domestic product (GDP), as well as updates on jobless claims and pending home sales.
Elsewhere, "The lower end of the S&P 500 Index (SPX) range that I previously mentioned -- 1,770, to be specific -- held as support yesterday," said Schaeffer's Senior Trading Analyst Bryan Sapp. "Going forward, I think you could buy here and key against this level as a stop-out point."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are more than 76 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,202,254 call contracts traded on Wednesday, compared to 746,970 put contracts. The resultant single-session put/call ratio jumped to 0.62, while the 21-day moving average edged higher to 0.55.
From the Trading Floor
"After the recent pullback, we've finally seen some drops in bullishness in the market sentiment polls that we follow," continued Sapp. "In particular, the Investors Intelligence poll is showing that enthusiasm toward markets is at a three-month low. I think this is a good sign for bulls, and indicates that much of the optimism has subsided for the time being."
Currencies and Commodities
Earnings and Economic Data
The Labor Department's advance reading on fourth-quarter GDP, weekly jobless claims, and the pending home sales index are on today's docket. Stepping up to the earnings plate are MMM, Exxon Mobil (XOM), V, AMZN, Google (GOOG), Beazer Homes (BZH), Broadcom (BRCM), Celgene (CELG), Chipotle Mexican Grill (CMG), Chubb (CB), Colgate-Palmolive (CL), ConocoPhillips (COP), Eli Lilly (LLY), Harley-Davidson (HOG), Hershey (HSY), HHGregg (HGG), JDS Uniphase (JDSU), Peabody Energy (BTU), Potash (POT), PulteGroup (PHM), Raytheon (RTN), Riverbed Technology (RVBD), Ryland (RYL), Sherwin-Williams (SHW), Time Warner Cable (TWC), Under Armour (UA), and UPS (UPS).
The Case for Big Moves in IWM and QQQ
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