Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are slightly higher this morning, as traders shrug off a fresh set of concerns out of Crimea and instead await a packed domestic economic docket. Specifically, weekly jobless claims, the final reading on fourth-quarter gross domestic product (GDP), and pending home sales are due out. Additionally, speeches from Cleveland Fed President Sandra Pianalto and New York Fed President William Dudley should attract some attention. Among equities in focus, Citigroup Inc (NYSE:C) is poised to plunge, after the Federal Reserve last night put the kibosh on the financial firm's buyback and dividend plan.
On the charts, "The key support levels on the S&P 500 Index (SPX) remain intact, despite yesterday's sell-off," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "One thing that's a bit troubling for stocks is that it appears the Nasdaq-100 Index (NDX) has broken its 50-day moving average. Tech stocks led for much of the rally, and the break of this trendline could be a warning sign for the rest of the market."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are 25 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,190,334 call contracts traded on Wednesday, compared to 765,067 put contracts. The resultant single-session put/call ratio jumped to 0.64, while the 21-day moving average remained at 0.59.
From the Trading Floor
"The new Investors Intelligence poll that surfaced yesterday showed virtually no change to investor sentiment over the last week," continued Sapp. "It appears that market participants have picked their stance and are holding firm until some new catalyst emerges. Today's GDP report and the glut of economic data due out next week -- including the March jobs number -- could be the spark that gets the S&P 500 to break its recent choppy range."
Currencies and Commodities
Earnings and Economic Data
Today's docket of economic reports contains weekly jobless claims and pending home sales, as well as the final GDP reading for the fourth quarter. Companies reporting earnings include Accenture (ACN), GameStop (GME), Lululemon Athletica (LULU), RHT, Re/Max Holdings (RMAX), Restoration Hardware (RH), Signet Jewelers (SIG), and UTi Worldwide (UTIW).
The Case for Big Moves in IWM and QQQ
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