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Hot Stock News for Options Traders

Dow Jones Industrial Average Points North; Jobs Data Takes Center Stage

Why traders should watch the $187.50 and $188 levels on the SPY

by 3/7/2014 8:05:45 AM
Stocks quoted in this article:

"After an initial upside gap yesterday, the market was mostly range-bound, with the Dow Jones Industrial Average (INDEXDJX:.DJI) closing up about 62 points," highlighted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The big economic report that everybody's been waiting for is set for release this morning -- the February employment numbers." Economists believe the U.S. added 152,000 new jobs last month, with the unemployment rate forecast to drop 0.1 percentage point to 6.5% -- the level the Federal Reserve has tied to a rise in interest rates. Ahead of the market-moving event, futures on the DJI are sitting modestly above breakeven.

Meanwhile, as Venosa explains, "Put buying on the SPDR S&P 500 ETF (SPY) was somewhat strong on Thursday, and the weekly 3/7 187.50 and 188 strikes, which expire at tonight's close, saw a lot of action. These levels could be supportive of today's trading as a result."

Plus, our Trading Topic of the Week -- Ways to Win with Aggressive Trades: Remember the F.A.R. principle. To boost your odds of scoring a big winner, look for stocks poised to make a Fast, Aggressive move in the Right direction.

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are sitting more than 22 points above breakeven.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 1,337,040 call contracts traded on Thursday, compared to 703,345 put contracts. The resultant single-session put/call ratio rose to 0.53, while the 21-day moving average remained at 0.58.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index has shed 0.3% ahead of the bell to linger near 79.46.
  • Crude oil, meanwhile, is eyeing a second consecutive day of gains, with the front-month contract up 0.4% at $101.95 per barrel.
  • Elsewhere, gold futures are sitting modestly lower in pre-market trading, with gold for April delivery down 0.2% at $1,349.80 an ounce.
Currencies and commodities

Earnings and Economic Data

The highly anticipated nonfarm payrolls report for February, as well as international trade data and consumer credit, will hit the Street today. Foot Locker (FL) and Big Lots (BIG) will announce earnings.

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