The Dow Jones Industrial Average (INDEXDJX:.DJI) is pointed lower ahead of the bell, as Wall Street awaits the latest Federal Open Market Committee (FOMC) meeting minutes. In addition, traders will soon digest the latest batch of housing and producer price data, while Tesla Motors Inc (NASDAQ:TSLA) will garner attention ahead of its earnings release tonight.
"The Nasdaq Composite (COMP) and the small-caps advanced on Tuesday, while the rest of the indexes took a breather, as homebuilder sentiment seemed to drag on some of the larger-cap stocks," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The SPDR S&P 500 ETF (SPY) closed just above the 184 level, which is the site of peak call open interest for Friday's expiration. This could be a major line in the sand to keep an eye on for the next few days."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are about 40 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,231,461 call contracts traded on Tuesday, compared to 749,959 put contracts. The resultant single-session put/call ratio and the 21-day moving average both edged higher to 0.61.
Currencies and Commodities
Earnings and Economic Data
Reports on housing starts and building permits, as well as the producer price index (PPI) and core PPI, are scheduled for today. Plus, the minutes from the latest FOMC meeting will be released. TSLA, Avis Budget (CAR), Crocs (CROX), Devon Energy (DVN), Garmin (GRMN), Goodrich Petroleum (GDP), Hecla Mining (HL), Jack in the Box (JACK), Marriott International (MAR), MGM Resorts International (MGM), Safeway (SWY), Six Flags Entertainment (SIX), Spirit Airlines (SAVE), SunEdison (SUNE), and Veeco Instruments (VECO) are scheduled to report earnings.
The Case for Big Moves in IWM and QQQ
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