Morning Commentary for Friday Aug 6, 2010 – Weekly Options Webinar Today!

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E-mini S&P 500	1113.75	-9.75
EUR/USD	1.3258	+0.0083
30-Day Fed Funds	99.830	+0.010
Gold	1208.6	+9.3

Nonfarm payroll dropped more than the consensus this morning. It was still within the consensus range, so it wasn’t a complete blow out, but the market is selling off a bit on the news. Bonds are up as you’d expect if stocks are down, just like Wed. Expect the overall market to open lower but there’s not much else driving the market today so I don’t expect it to do much after the initial lower open. The dollar showed a little strength overnight but has sold back off. Looks like the Euro/USD pair is trying to push higher. If it closes above 1.3261, it should continue higher.

Don’t forget the FOMC meeting announcement is next Tuesday.
The potential exists for large and sudden moves. Consider protecting your positions before that announcement. As we’ve been discussing, add extra long calls and puts to buffer these large moves.

Dan is teaching a free webinar today about Weekly Options which are all the rage now. The title of the presentation is:

The Benefits and Dangers of Weekly Options

To sign up for this event, please visit:

http://www.sheridanmentoring.com/index/method/c.eventSignup.html

Do you have any questions Dan should go over in this class?
Please email info@sheridanmentoring.com if you have anything you’d like Dan to cover in this presentation about the Weekly Options

NOTE: We have a 200 seat limit at WebEx so only the first 200 attendees can join the meeting live. I’ll post a link to the archived session on the blog.