The Dow Jones Industrial Average (INDEXDJX:DJI) is poised to snap its five-session winning streak -- and subsequent string of record closes -- following a downwardly revised global growth outlook from the World Bank. Specifically, the international financial institution cut its 2014 global growth forecast to 2.8% from 3.2%, citing concerns over a slow weather-related start to the year and geopolitical unrest. In the wake of the revision, futures on the blue-chip barometer were sitting nearly 70 points south of breakeven.
Elsewhere, Schaeffer's Senior Options Strategist Tony Venosa, CMT, noted, "Equity markets hugged the flat line on Tuesday, and most major indexes closed within 0.1% of their respective unchanged levels. The S&P 500 Index (SPX) appears to be digesting the 4% gain it's seen during the past few weeks by grinding in a narrow, sideways range. For the remainder of the week, keep an eye on potential rallies in the SPDR S&P 500 ETF Trust (SPY) to be capped at the 195- and 196-strike areas, as heavy accumulations of call open interest for the weekly 6/13 series reside here."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 70 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,218,867 call contracts traded on Tuesday, compared to 628,130 put contracts. The resultant single-session put/call ratio rose to 0.52, while the 21-day moving average dipped to 0.58.
Currencies and Commodities
Earnings and Economic Data
Slated for release today are the regularly schedule crude inventories report and the U.S. Treasury budget for May. Elsewhere, H&R Block (HRB) will report earnings.
The Case for Big Moves in IWM and QQQ
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