The Dow Jones Industrial Average (DJI) is on pace to pare a significant portion of yesterday's gains, as concern over a looming domestic economic issue swells. "Enthusiasm hit the markets on Election Day, as buyers stepped in to push the Dow to a 133-point win," said Schaeffer's Senior Options Strategist Tony Venosa. "Energy stocks were once again the best performing sector. While there are no major economic reports today, the markets will have plenty to digest, including the upcoming 'fiscal cliff,' as well as the election results."
Futures on the Dow Jones Industrial Average are nearly 72 points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 817,015 call contracts traded on Tuesday, compared to 517,545 put contracts. The resultant single-session put/call ratio rose to 0.63, while the 21-day moving average fell to 0.70.
Currencies and Commodities
Earnings and Economic Data
Today's weekly crude inventories report will likely take a backseat to the results of Tuesday's U.S. presidential election. The day's earnings docket is chock-full, with Activision Blizzard (ATVI), Ariad Pharmaceuticals (ARIA), CBS (CBS), Chiquita Brands International (CQB), Cognizant Technology Solutions (CTSH), Devon Energy (DVN), James River Coal (JRCC), Kraft Foods Group (KRFT), Leap Wireless International (LEAP), Macy's (M), MAKO Surgical, MEMC Electronic Materials (WFR), Molson Coors Brewing (TAP), Orbitz Worldwide (OWW), QUALCOMM (QCOM), Randgold Resources (GOLD), Sodastream International (SODA), Time Warner (TWX), Universal Display (PANL), U.S. Cellular (USM), WellPoint (WLP), and Whole Foods Market (WFM) all slated to unveil their quarterly results.
The Case for Big Moves in IWM and QQQ
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