The Dow Jones Industrial Average (INDEXDJX:DJI) is on pace to snap its three-session winning streak, with futures pointed lower ahead of the bell. The day could see some volatility, as Schaeffer's Senior Options Strategist Tony Venosa, CMT, notes, "Today is options expiration, with markets closed tomorrow in observance of Good Friday. Plus, big names such as International Business Machines Corp. (NYSE:IBM), Goldman Sachs Group Inc (NYSE:GS), and Morgan Stanley (NYSE:MS) are reporting earnings, so the market will have a lot to digest before the long weekend." Elsewhere on the earnings front, tech titan Google Inc (NASDAQ:GOOGL) is lower in pre-market trading, after its first-quarter results fell short of consensus estimates.
In addition to today's raft of earnings, updates on weekly jobless claims and factory activity in the Philadelphia region are due. Across the pond, meanwhile, diplomats from the U.S., European Union, Russia, and Ukraine are meeting in Geneva to discuss rising geopolitical tensions.
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are nearly 30 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,219,255 call contracts traded on Wednesday, compared to 651,101 put contracts. The resultant single-session put/call ratio dropped to 0.53, while the 21-day moving average remained at 0.59.
From the Trading Floor
"Markets continued north on Wednesday, with most indexes closing at the highs of the day," said Venosa. "Solar and airline names were the big winners, as gold miners retreated."
Currencies and Commodities
Earnings and Economic Data
Hitting the Street today are weekly jobless claims and the Philadelphia Fed's manufacturing survey. Meanwhile, DuPont (DD), General Electric (GE), GS, UnitedHealth Group (UNH), Advanced Micro Devices (AMD), Baker Hughes (BHI), Chipotle Mexican Grill (CMG), Fifth Third Bancorp (FITB), Honeywell (HON), Mattel (MAT), MS, PepsiCo (PEP), and Sherwin-Williams (SHW) will step into the earnings confessional.
The Case for Big Moves in IWM and QQQ
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