The Dow Jones Industrial Average (INDEXDJX:DJI) is pointed higher ahead of the bell, as traders eye solid earnings from blue chip Merck & Co., Inc. (NYSE:MRK) and await the latest round of housing and consumer confidence data. "Markets were all over the place on Monday, with the Dow exploring a 188-point range," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "However, we finally finished on a strong note amid rumors that Russia may pull troops out of Ukraine, so it was a good start to the week." Looking ahead, "Earnings season continues in earnest this week, and Wall Street is already gearing up for Friday's nonfarm payrolls report."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 65 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,258,431 call contracts traded on Monday, compared to 865,253 put contracts. The resultant single-session put/call ratio fell to 0.69, while the 21-day moving average remained at 0.59.
Currencies and Commodities
Earnings and Economic Data
The Federal Open Market Committee (FOMC) begins its two-day policy-setting meeting today. Also due out are the S&P/Case-Shiller home price index and the Conference Board's consumer confidence index. Stepping up to the earnings plate are MRK, Nokia Corporation (NOK), Twitter (TWTR), 3D Systems (DDD), AFLAC (AFL), Boston Scientific (BSX), BP plc (BP), Bristol-Myers Squibb (BMY), Coach (COH), Cummins (CMI), Domino's Pizza (DPZ), DreamWorks Animation (DWA), eBay (EBAY), Genworth Financial (GNW), Goodyear Tire & Rubber (GT), Marriott International (MAR), MGM Resorts International (MGM), Panera Bread (PNRA), Riverbed Technology (RVBD), Seagate Technology (STX), Sprint Nextel (S), Trulia (TRLA), U.S. Steel (X), Valero Energy (VLO), and Yamana Gold (AUY).
The Case for Big Moves in IWM and QQQ
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