Futures on the Dow Jones Industrial Average (INDEXDJX:DJI) are sitting just below breakeven this morning, following Wednesday's nearly 1% pop for the 30-stock index. Investors appear to be in wait-and-see mode ahead of today's round of economic and earnings reports. On the economic side, updates on employment, factory activity, housing, and leading indicators are due. Meanwhile, on the corporate front, retailers will remain in focus, with earnings results from Best Buy Co Inc (NYSE:BBY), Dollar Tree, Inc. (NASDAQ:DLTR), and Sears Holdings Corp (NASDAQ:SHLD) all being released before the opening bell.
Looking at the charts, "The Nasdaq 100 Index (NDX) broke above its resistance level at 3,600 yesterday, so it appears that technology will drive the market higher -- and allow the S&P 500 Index (SPX) to challenge 1,900 again," observed Schaeffer's Senior Trading Analyst Bryan Sapp.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are about 5 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 851,930 call contracts traded on Wednesday, compared to 575,500 put contracts. The resultant single-session put/call ratio edged higher to 0.68, while the 21-day moving average rose to 0.65.
From the Trading Floor
"Wednesday's Investors Intelligence poll showed a substantial uptick in bullishness," said Sapp. "In fact, the current reading is the highest since February. Coupling that with a CBOE Volatility Index (VIX) that's trading around 12, you have to take notice that complacency is on the rise."
Currencies and Commodities
Earnings and Economic Data
The preliminary purchasing managers manufacturing index (PMI) for May will be announced today, as well as weekly jobless claims, last month's existing home sales, and the Conference Board's index of leading economic indicators for April. Hewlett-Packard (HPQ), Aeropostale (ARO), Aruba Networks (ARUN), BBY, Buckle (BKE), DLTR, GameStop (GME), Gap (GPS), Marvell Technology (MRVL), Ross Stores (ROST), SHLD, and TiVo (TIVO) will reveal quarterly earnings.
The Case for Big Moves in IWM and QQQ
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