OPTIONSMART MORNING UPDATE: Bounced on broad-based buying
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November 6th, 2009 at 5:22 am
OPTIONSMART MORNING UPDATE: Bounced on broad-based buying
1. OUTLOOK: A strong quarterly report from Cisco and a couple of economic reports helped stocks net strong gains ahead of today's potentially pivotal nonfarm payrolls report. Cisco shares gained 2.8%. Strength among large-cap tech issues helped hand the Nasdaq its best single-session percentage advance since July. On the Nasdaq, advancers topped decliners by over three to one. QQQQ's implied volatility plunged 12% as investors dumped protective puts. Unusually high trading activity in 43 and 44 calls indicates strong bullish sentiment. Large traders bet on the uptrend. U.S.futures point to a higher open, a investors await the release of the monthly employment report.
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2. TRADING OPPORTUNITY: n/a
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