The Dow Jones Industrial Average (INDEXDJX:DJI) is positioned modestly higher this morning, as the blue-chip barometer looks to extend its record-setting run. All eyes will be on the Labor Department's nonfarm payrolls report -- slated for release at 8:30 a.m. ET -- which comes on the heels of Wednesday's worse-than-expected reading on private-sector job growth from ADP. For today's report, economists polled by Dow Jones Newswires are calling for payrolls to rise by 210,000, while the unemployment rate is expected to tick higher to 6.4%.
Looking at the charts, "The Russell 2000 Index (RUT) struggled against the 1,150 level yesterday, but managed a close just north of it at 1,153," commented Schaeffer's Senior Trading Analyst Bryan Sapp. "A sustained move above here would likely bring 1,200 back into play, while support still remains at its 200-day moving average, currently located around 1,120."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are nearly 23 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,073,466 call contracts traded on Thursday, compared to 535,021 put contracts. The resultant single-session put/call ratio rose to 0.50, while the 21-day moving average dipped to 0.60.
From the Trading Floor
"Bullish sentiment continues to grow -- and at a rapid pace," said Sapp. "Yesterday, the new American Association of Individual Investors (AAII) numbers were released, and the 'percent bulls' is at a 10-week high, while the 'percent bears' is at a 14-week low. On top of this, the National Association of Active Investment Managers (NAAIM) exposure index saw the second largest week-over-week increase since February. These two polls provide some evidence that markets have likely reached a point where some consolidation and/or a near-term correction may be needed for conditions to remain healthy."
Currencies and Commodities
Earnings and Economic Data
Finally, the latest U.S. nonfarm payrolls report and April's consumer credit report will hit the Street today. There are no notable companies reporting earnings.
The Case for Big Moves in IWM and QQQ
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