We traded today, Bull SPY with short leg at $157 and it got filled about 91% for the credit of 1%. We are being super conservative this week to stay out of trouble. Stock futures were higher this morning but after the release of weekly jobless claims which showed a drop in initial filing, the stocks erased the gains and opened near flat line. It traded near flat line initially and then went down sharply during mid-day before bouncing off from the lows near strong support level for major indexes and ended the day sharply higher with thin volume ahead of big Jobs report tomorrow. SPY closed at $162.73 leaving us a cushion of $5.73 with last day of trading left for the week tomorrow.
We'll have Non-Farm Payroll data out tomorrow morning, it would be a volatile Friday. Overseas we'll have leading economic index data from Japan, Trade Balance data from Germany, France & UK and Industrial Production data out of Germany.
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