Futures on the Dow Jones Industrial Average (INDEXDJX:DJI) are little changed this morning, following a three-day sell-off that saw the 30-stock index surrender roughly 2%. Traders are taking a wait-and-see approach ahead of first-quarter earnings season, which unofficially kicks off after tonight's closing bell when aluminum giant Alcoa Inc (NYSE:AA) unveils its quarterly results. In today's session, the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report is due at 10 a.m. ET. Additionally, a trio of Federal Reserve officials is slated to speak this afternoon. Ahead of these events, the DJI is lingering just below breakeven.
Elsewhere, "The put/call ratio for the SPDR S&P 500 ETF Trust (SPY) finished yesterday's session at 2.4, which is near an extreme-high level for 2014," commented Schaeffer's Senior Trading Analyst Bryan Sapp. "This is a good quantification of near-extreme fear, and previous readings around these levels have marked short-term bottoms for the S&P 500 Index (SPX)."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 5 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,191,687 call contracts traded on Monday, compared to 735,204 put contracts. The resultant single-session put/call ratio dropped to 0.62, while the 21-day moving average remained at 0.60.
From the Trading Floor
"The S&P 500 bottomed near 1,840 yesterday, which is the site of its 50-day moving average, as well as two key lows from March," continued Sapp. "What's more, this level coincides with former resistance from December and January. Going forward, the bulls will want to see this area hold."
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Earnings and Economic Data
The Labor Department's JOLTS report is scheduled for today. Meanwhile, first-quarter earnings season unofficially gets underway after the close, when AA steps into the earnings confessional. WD-40 Company (WDFC) will also unveil its quarterly results.
The Case for Big Moves in IWM and QQQ
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