"Markets on Thursday shrugged off the Fed's hints at a possible rate hike, and the Dow Jones Industrial Average (INDEXDJX:.DJI) closed up 109 points," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "In spite of this, the DJI has yet to reach its year-to-date breakeven mark and remains the laggard among the other major indices. Today is options expiration, so there is the possibility of some volatility as positions are unwound." Ahead of this, futures on the DJI are higher, as the 30-stock index looks to extend its weekly gains.
Meanwhile, amid a bare economic calendar, financial firms could be in focus after the Federal Reserve released its latest stress test results last night. The outcome of the annual test showed that 29 out of 30 of the largest U.S. banks could withstand an unexpected economic disaster.
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are nearly 49 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,313,327 call contracts traded on Thursday, compared to 718,867 put contracts. The resultant single-session put/call ratio rose to 0.55, while the 21-day moving average dropped to 0.58.
Currencies and Commodities
Earnings and Economic Data
Today's economic calendar is empty; however, the earnings docket includes Darden Restaurants (DRI) and Tiffany & Co (TIF).
The Case for Big Moves in IWM and QQQ
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