"The Dow Jones Industrial Average (INDEXDJX:.DJI) rebounded sharply on Thursday, as hopes for an upbeat January employment report set in," mentioned Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The data is set for release at 8:30 a.m. ET this morning." Economists are expecting the report to show the economy added 189,000 jobs last month. Ahead of the highly anticipated event, futures on the DJI are pointed modestly higher.
Elsewhere, "The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) saw a possible put unwind yesterday, as a massive amount of open interest at the 175 strike may have been a factor. SPY shares rallied into last week's low, which had acted as support, but may serve as resistance in the near term."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 24 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,258,650 call contracts traded on Thursday, compared to 765,132 put contracts. The resultant single-session put/call ratio dipped to 0.61, while the 21-day moving average remained at 0.58.
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Earnings and Economic Data
The highly anticipated nonfarm payrolls report for January will hit the Street on Friday. Closing out the week's earnings lineup are Apollo Global Management (APO), CBOE Holdings (CBOE), CIGNA (CI), and Wyndham Worldwide (WYN).
The Case for Big Moves in IWM and QQQ
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