The Dow Jones Industrial Average (DJI) is pointed modestly lower ahead of the bell, as traders tread cautiously ahead of a glut of earnings and economic data due out this week. In today's session, Schaeffer's Senior Options Strategist Tony Venosa, CMT, informs us that, "Ford Motor (NYSE:F), AK Steel Holding (NYSE:AKS), and United States Steel (NYSE:X) are among the many names reporting earnings. Additionally, the Federal Open Market Committee (FOMC) kicks off its two-day meeting, with a release of the policy statement slated for 2:15 p.m. ET on Wednesday." Meanwhile, investors will also have the chance to digest the latest consumer confidence index this morning, which is scheduled for release at 10:00 a.m. ET.
Futures on the Dow Jones Industrial Average are roughly 14 points south of breakeven.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 852,221 call contracts traded on Monday, compared to 644,295 put contracts. The resultant single-session put/call ratio jumped to 0.76, while the 21-day moving average stayed at 0.64.
Currencies and Commodities
Earnings and Economic Data
Today's economic calendar features the latest consumer confidence index, as well as the S&P/Case-Shiller home price index. On the earnings front, we'll hear from AMZN, EMC, F, AKS, Boston Scientific (BSX), BRCM, DR Horton (DHI), Eli Lilly (LLY), Harley-Davidson (HOG), Hutchinson Technology (HTCH), International Paper (IP), JetBlue Airways (JBLU), Pfizer (PFE), Ryland Group (RYL), Tyco (TYC), X, Valero Energy (VLO), and Vertex Pharmaceuticals (VRTX).
The Case for Big Moves in IWM and QQQ
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