"The Dow Jones Industrial Average (INDEXDJX:DJI) consolidated on Thursday -- albeit slightly -- as investors awaited today's nonfarm payrolls report for March, slated for release at 8:30 a.m. ET," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Elsewhere, technology issues remained volatile, as the Nasdaq Composite (COMP) lost nearly 1% on the day, while the energy sector gained 0.8%." Ahead of today's all-important data point, futures on the DJI are sitting modestly above breakeven. According to Dow Jones Newswires, Wall Street's whisper number is for a monthly gain of 200,000 jobs, and a slight dip in the unemployment rate to 6.6%.
Meanwhile, Venosa says to "Continue to watch the SPDR S&P 500 ETF Trust (SPY) $190 level today, as a positive reaction to the jobs report could lead shares toward this strike price, where peak call open interest for the April and weekly series resides."
Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are more than 36 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,036,264 call contracts traded on Thursday, compared to 616,291 put contracts. The resultant single-session put/call ratio jumped to 0.59, while the 21-day moving average remained at 0.60.
Currencies and Commodities
Earnings and Economic Data
The week closes out with the Labor Department's nonfarm payrolls report for March. CarMax (KMX) will report earnings.
The Case for Big Moves in IWM and QQQ
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