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November 8, 2013  Fri 2:14 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Monthly payrolls data is the main event on today's calendar.

The Labor Department will release the numbers for October at 8:30 a.m. ET. Economists forecast a reading of 100,000, down from 148,000 the previous month. The unemployment rate is expected to tick up to 7.3 percent from 7.2 percent.

Consumer sentiment for November follows at 9:55 a.m. Economists are looking for an increase to 75.3 from 73.2 in October.

Companies including Cablevision Systems, Eldorado Gold, Harmony Gold and Telefonica report quarterly results, as well.

Next week's calendar is relatively quiet, with a few earnings scheduled for Monday: DR Horton, NRG Energy, Dish Network, Vodafone, and Yingli Green Energy.

Tuesday's only event is the Chicago Federal Reserve's regional activity index.

Wednesday brings European industrial production in the morning and Japanese gross domestic product in the evening.

Thursday's the busiest day, with European GDP news and initial jobless claims in the United States.

The schedule wraps up with the New York Fed's Empire manufacturing index and U.S. industrial production on Friday morning.
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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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