The Dow Jones Industrial Average (DJI) is sitting just below breakeven ahead of the bell, as traders get ready to digest the latest quarterly results from the nation's biggest banks. Wells Fargo & Company (NYSE:WFC) will kick things off this morning, with the other major financial institutions slated to step into the confessional next week. Today's economic calendar is fairly light, although Wall Street will have import and export prices, as well as the Treasury Department's December budget, to mull over.

Elsewhere, "The S&P 500 Index (SPX) pulled back near 1,460 on Thursday and bounced," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "This is likely an indication of support going forward. I'm still eyeing 1,475 above that, then 1,500." Additionally, Sapp pointed out that, "Call volume on the CBOE Market Volatility Index (VIX) yesterday was big, outpacing puts by a margin of more than 3-to-1. We are seeing continued bets on higher volatility, even as it's imploding. This shows persistent disbelief toward the market."

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Futures on the Dow Jones Industrial Average are seven points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 937,748 call contracts traded on Thursday, compared to 621,614 put contracts. The resultant single-session put/call ratio jumped to 0.66, while the 21-day moving average stayed at 0.64.

From the Trading Floor

Be sure to tune into FOX Business News after the closing bell, as Schaeffer's Senior Equity Analyst Joe Bell makes his first foray into live television. The broadcast begins at 4:00 p.m. ET.

Currencies and Commodities

• The U.S. dollar index has edged 0.1% higher ahead of the bell, and was last seen trading at $79.82.
• Crude oil has pulled back, with the front-month contract down 0.8% at $93.56 per barrel.
• Gold futures are lower, as well, with the commodity shedding 0.5% in pre-market trading to hover near $1,669.40 an ounce.

Earnings and Economic Data

The week wraps up with import and export prices, the Commerce Department's report on international trade, December's Treasury Budget, and an earnings report from WFC.