The Dow Jones Industrial Average (INDEXDJX:DJI) is in rebound mode, after the blue-chip barometer snapped its four-session winning streak on Wednesday. As Schaeffer's Senior Options Strategist Tony Venosa, CMT, recapped, "Equities retreated yesterday in a sleepy fashion, and a round of profit-taking was to blame. The bond market was strong, and the 10-year Treasury yield tested year-to-date lows." However, Venosa goes on to say, "This morning's economic reports could spur some volatility, with weekly jobless claims, the revised reading on first-quarter gross domestic product (GDP), and pending home sales set to be released." Ahead of a busy day of economic data, futures on the 30-stock index were last seen roughly 27 points higher.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 27 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 863,949 call contracts traded on Wednesday, compared to 486,654 put contracts. The resultant single-session put/call ratio rose to 0.56, while the 21-day moving average remained at 0.64.
Currencies and Commodities
Earnings and Economic Data
The preliminary GDP reading for the first quarter will be released today, as will weekly jobless claims, the National Association of Realtors' pending home sales index, and the holiday-delayed crude inventories report. Entering the earnings confessional are Abercrombie & Fitch (ANF), Costco Wholesale (COST), Express (EXPR), Lions Gate Entertainment (LGF), OmniVision Technologies (OVTI), Pacific Sunwear (PSUN), ReneSola (SOL), Sanderson Farms (SAFM), and Splunk (SPLK).
The Case for Big Moves in IWM and QQQ
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