All signs point to a big day on the Street, with futures on the Dow Jones Industrial Average (DJI) staring at a triple-digit pop right out of the gate. "The latest from the American Association of Individual Investors (AAII) survey shows the 13th straight week where the percent bearish is greater than the percent bullish," said Schaeffer's Senior Options Strategist Tony Venosa. "The 10-week moving average of bullish sentiment continues to be at its lowest level since the March 2009 bottom. I find this quite remarkable, with the DJIA just shy of the 13K level, and the multi-year high set this past spring."

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Futures on the Dow Jones Industrial Average have jumped 109 points above fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,171,459 call contracts traded on Thursday, compared to 908,202 put contracts. The resultant single-session put/call ratio jumped to 0.78, while the 21-day moving average stayed at 0.70.

From the Trading Floor

"European Central Bank (ECB) President Mario Draghi's comments fell short of expectations, and disappointed the markets. As a result, Thursday marked a fourth straight losing session," notes Venosa. "This morning plays host to the third major event in as many days, with the July employment report on deck."

Check out Schaeffer's Trader TV feed for the latest thoughts from the trading floor.

Currencies and Commodities

• The U.S. dollar index is down 0.7% ahead of the bell, with the currency hovering near $82.80.
• Crude oil is on the mend, with the front-month contract up 1.2% at $88.19 per barrel.
• Gold futures are higher, as well, with the malleable metal tacking on 0.5% ahead of the bell, to trade at $1,598.60 an ounce.

Earnings and Economic Data

The economic calendar wraps up with a bang, as traders will hone in on the Labor Department's highly anticipated nonfarm payrolls report and unemployment figures for July, as well as the ISM services index. On the earnings front, we'll hear from Procter & Gamble (PG), Agrium (AGU), Beazer Homes (BZH), and NYSE Euronext (NYX).