After closing at a fresh record peak on Wednesday, the Dow Jones Industrial Average (INDEXDJX:DJI) is sitting slightly below breakeven this morning. "As expected, the Federal Reserve announced its policy statement yesterday afternoon, cutting back its monthly asset purchases by another $10 billion to $45 billion," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The markets responded favorably, as most of the indexes closed near their respective highs." The central bank will remain in focus today, with Fed Chair Janet Yellen slated to speak at 8:30 a.m. ET. Additionally, traders will have their hands full with a number of economic reports -- including weekly jobless claims, which come ahead of tomorrow's all-important nonfarm payrolls report.
Elsewhere, "With the S&P 500 Index (SPX) in striking distance of its all-time highs, watch the SPDR S&P 500 ETF Trust (SPY) $189 level," directs Venosa. "Four times as many calls than puts reside here in the weekly series of options, which expires tomorrow. This could represent a major roadblock in the near term."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are about 7 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,125,769 call contracts traded on Wednesday, compared to 608,590 put contracts. The resultant single-session put/call ratio fell to 0.54, while the 21-day moving average remained at 0.60.
Currencies and Commodities
Earnings and Economic Data
Scheduled for today are motor vehicle sales for April, weekly jobless claims, personal income and expenses, the purchasing managers manufacturing index (PMI), the ISM manufacturing index, and construction spending. Entering the earnings confessional are Exxon Mobil (XOM), Akamai Technologies (AKAM), Alpha Natural Resources (ANR), Avon Products (AVP), BJ's Restaurants (BJRI), Beazer Homes (BZH), Clorox (CLX), CME Group (CME), ConocoPhillips (COP), Expedia (EXPE), Goldcorp (GG), Kellogg (K), Kraft Foods (KRFT), L-3 Communications (LLL), LinkedIn (LNKD), MasterCard (MA), Motorola Solutions (MSI), NutriSystem (NTRI), OpenTable (OPEN), Steven Madden (SHOO), T-Mobile US (TMUS), Teva Pharmaceuticals (TEVA), Viacom (VIAB), Walter Energy (WLT), Western Union (WU), and World Wrestling Entertainment (WWE).
The Case for Big Moves in IWM and QQQ
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