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January 4, 2013  Fri 1:16 AM CT

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Non-farm payrolls will dominate today's economic calendar.

The Labor Department will release the employment numbers for December at 8:30 a.m. ET. Economists expect an increase of 150,000, up from 146,000 a month earlier. The nation's jobless rate is expected to hold steady at 7.7 percent.

A higher payroll number might be interpreted bullishly because it would suggest that more jobs have been created. The opposite would be true for the unemployment rate because lower figures generally reflect economic strength.

At 10 a.m. ET, the Institute for Supply Management will release is index of non-manufacturing activity. Economists anticipate a reading of 53.5, down from 54.7 in November.

Purchasing manager reports will be released in Europe overnight, with Germany, France, and the Eurozone each issuing data between 2 a.m. ET and 4 a.m. ET.
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Real vs. Synthetic

We now know that there are two ways of creating a call position, a put position, and a stock position. We can simply use the actual real security or we can recreate it synthetically. We can create these positions in both long and short forms and this ability sets up an interesting scenario--an arbitrage!

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