The Dow Jones Industrial Average (INDEXDJX:DJI) is pointed solidly higher this morning, thanks to a round of strong earnings results from Apple Inc. (NASDAQ:AAPL) and Facebook Inc (NASDAQ:FB). However, as Schaeffer's Senior Trading Analyst Bryan Sapp notes, "With all of the big tech earnings last night -- AAPL, FB, QUALCOMM, Inc. (NASDAQ:QCOM), Texas Instruments Incorporated (NASDAQ:TXN) -- the Nasdaq will be the index to watch today and tomorrow. The 3,600 mark on the Nasdaq-100 Index (NDX) is the site where the last rally failed, so bulls will want to see that level retaken. On the downside, 3,450 has acted as support three times since late January. Another retest of this level could get dicey." In pre-market trading, the NDX is eyeing a 57-point pop.
On the economic front, investors will turn their attention to the weekly jobless claims and the latest report on durable goods. Both updates are slated for release at 8:30 a.m. ET.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 64 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,052,651 call contracts traded on Wednesday, compared to 728,528 put contracts. The resultant single-session put/call ratio jumped to 0.69, while the 21-day moving average stayed at 0.58.
From the Trading Floor
"Despite the recent rally, sentiment remains in the gutter," said Sapp. "The new Investors Intelligence poll that came out yesterday showed the number of bearish advisors at a high for the year (21.7%)."
Currencies and Commodities
Earnings and Economic Data
Today economic docket contains weekly jobless claims and the latest report on durable goods. 3M (MMM), Caterpillar (CAT), MSFT, Verizon Communications (VZ), Visa (V), AMZN, General Motors (GM), Pandora Media (P), Sirius XM Holdings (SIRI), Starbucks (SBUX), Aetna (AET), Baidu (BIDU), Broadcom (BRCM), Cirrus Logic (CRUS), D.R. Horton (DHI), Dunkin' Brands (DNKN), Edwards Lifesciences (EW), Eli Lilly (LLY), Freeport-McMoRan Copper & Gold (FCX), JetBlue Airways (JBLU), Las Vegas Sands (LVS), Lorillard (LO), NASDAQ OMX Group (NDAQ), Peabody Energy (BTU), Potash Corp./Saskatchewan (POT), PulteGroup (PHM), Southwest Airlines (LUV), SunPower (SPWR), Time Warner Cable (TWC), Under Armour (UA), United Parcel Service (UPS), and VeriSign (VRSN) will enter the earnings confessional.
The Case for Big Moves in IWM and QQQ
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