The Dow Jones Industrial Average (INDEXDJX:.DJI) is poised for a second straight day in the red, as a negative earnings reaction to blue-chip component Cisco Systems, Inc. (NASDAQ:CSCO) weighs on the 30-stock index. Elsewhere, Fed Chief Janet Yellen's scheduled testimony in front of the Senate Banking Committee -- an anticipated market-moving event -- has been postponed due to a winter storm that hit the D.C. area overnight. The new date has yet to be announced. However, investors will have a trio of economic reports to digest in today's session, including retail sales figures for January, weekly jobless claims, and business inventories.
As for the S&P 500 Index (SPX), "We continue to watch the 1,770 and 1,800 levels on the downside, and the 1,850 level -- site of the all-time highs rejected in January -- on the upside," noted Schaeffer's Senior Trading Analyst Bryan Sapp.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are about 52 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,091,205 call contracts traded on Wednesday, compared to 698,278 put contracts. The resultant single-session put/call ratio jumped to 0.64, while the 21-day moving average edged higher to 0.60.
From the Trading Floor
"The new Investors Intelligence (II) poll surfaced yesterday, and the data is showing yet another drop in bulls," Sapp added. "While there is a lag to the report (the data was recorded on Feb. 7), we continue to see growing skepticism toward stocks right now."
Currencies and Commodities
Earnings and Economic Data
Weekly jobless claims, retail sales figures, and business inventories are on today's docket. Stepping up to the earnings plate are Avon Products (AVP), Barrick Gold (ABX), Brocade Communications (BRCD), Burger King Worldwide (BKW), Cliffs Natural Resources (CLF), GNC Holdings (GNC), Goldcorp (GG), Goodyear Tire & Rubber (GT), Kraft Foods (KRFT), Molson Coors Brewing (TAP), Melco Crown Entertainment (MPEL), Orbitz Worldwide (OWW), PepsiCo (PEP), and Weight Watchers (WTW).
Recent XIV Action May Bode Well for Bulls
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