After six straight sessions in the red, the Dow Jones Industrial Average (DJI) is looking to snap its longest losing streak since mid-May today. Ahead of the bell, the blue-chip barometer is pointed nearly 37 points higher, as Wall Street digests earnings from JPMorgan Chase & Co. (NYSE:JPM - 34.04) and breathes a collective sigh of relief over highly anticipated data from China.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 994,736 call contracts traded on Thursday, compared to 695,851 put contracts. The resultant single-session put/call ratio and the 21-day moving average both arrived at 0.70.
From the Trading Floor
"The 1,333 level on the S&P 500 Index (SPX) is still critical," according to Schaeffer's Equities Analyst Bryan Sapp. "We breached it yesterday morning, which probably flushed out a bunch of longs, though the SPX muscled back atop 1,333 by the close. Among equities, the $600 level remains extremely important for Apple, Inc. (NASDAQ:AAPL - 598.90)."
Also in focus is the gross domestic product (GDP) data from China, which was released last night. "There's speculation that the numbers were leaked early, and that's what caused yesterday's late-session rebound," said Sapp.
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Currencies and Commodities
Earnings and Economic Data
The week wraps up with the producer price index (PPI) and the Thomson Reuters/University of Michigan consumer sentiment index, while Wells Fargo (WFC) will join JPM in the earnings spotlight.
Mid-Caps Nearing a Triple of March 2009 Lows
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