Non-Farm Payrolls are out at 8:30.
A mere 80,000 jobs are expected to be added due to the hurricane after 171,000 were added in the October Report, so it will be difficult for this report to disappoint. The real key is whether unemployment is back over 8% or not and we'll also be keeping an eye on Hourly Earnings – to see if we are finally getting some wage pressure (doubtful).
As you can see from our Big Chart – none of our indices are making any heroic moves as the mostly curl down to follow the declining 50 dmas, with the Nasdaq just days away from forming a very messy "death cross" that can give the bears a lot of encouragement to sell into the end of the year.
Of course, what the Nasdaq does is all up to AAPL and we got back to $550 yesterday and we'll be looking for our $555 target this morning on the same no particular news that took them down in the first place (see Wednesday's post for more AAPL commentary). On Wednesday, in Member Chat, we played the AAPL bounce by betting on the QQQ next week $64 calls at $1.50. They have, so far, gained just 10% and won't be worth risking over the weekend if we don't get a move up this morning.
A better bet was our oil play (see yesterday's post and Wednesday's Member Chat), where we picked up the USO Dec $33 puts for $1.10, for reasons I outlined yesterday, and we did get our drop that led us to take the money and run at $1.55, for a very nice 40% gain in 24 hours.
We haven't been trading much this week but we've been picking our spots very nicely, at least. 20 of those calls in our virtual $25,000 Portfolio cost $2,200 and made a quick $900 – you don't need to do too many of those to really boost your performance in a small portfolio.
The Dollar continues to climb, now 80.53 in pre-markets, and that's putting downward pressure on commodities and equities but it's also building up a nice reserve of rally fuel for when (if) they solve that fiscal cliff in some way that weakens the outlook for the Buck.