"It was another listless session on Thursday, as the Dow Jones Industrial Average (DJI) continued to hover just below the 14,000 mark -- a level that has not been toppled since 2007," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. The blue-chip barometer is pulling within reach of the psychologically significant round number, with futures pointed higher, despite a slimmer-than-expected rise in payrolls for January. By the numbers, 157,000 jobs were created last month, compared to the gain of 166,000 forecast by analysts. Meanwhile, the unemployment rate unexpectedly rose to 7.9%. In addition to today's jobs number, "There is a ton of economic data for Wall Street to digest, including construction spending, consumer sentiment, and the Institute for Supply Management's (ISM) manufacturing survey," continued Venosa.
Futures on the Dow Jones Industrial Average are more than 68 points above fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 785,568 call contracts traded on Thursday, compared to 571,152 put contracts. The resultant single-session put/call ratio jumped to 0.73, while the 21-day moving average rose to 0.66.
Currencies and Commodities
Earnings and Economic Data
The week's fast pace continues, with the day's calendar featuring nonfarm payrolls for January, the ISM's manufacturing index, construction spending, auto sales, and the Thomson Reuters/University of Michigan consumer sentiment index. The weekly slate of earnings wraps up with reports from Chevron (CVX), XOM, Merck & Co. (MRK), Mattel (MAT), and Tyson Foods (TSN).
The Case for Big Moves in IWM and QQQ
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