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January 10, 2013  Thu 1:16 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Weekly jobless claims are the main event on today's economic calendar.

Economists are predicting that 364,000 Americans filed for first-time unemployment benefits last week, down from 372,000 in the previous seven-day period. A lower number has the potential to be interpreted bullishly, while a higher one could hurt sentiment. The Labor Department will release the data at 8:30 a.m. ET.

Also before the opening bell, the Bank of England and the European Central Bank will make interest-rate announcements. Those headlines could affect macro sentiment.
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As discussed last week, when using the Stock Replacement Strategy to replace a stock position to trade direction, we want to use an option that has very similar characteristics to the stock. We talked about using the deep in-the-money, 80 to 85 delta option that is similar in the Greeks and has relatively little extrinsic value which tends to work against us in stock directional trading.

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