Market Overview

Marketfy Maven

Sign up to get updates and product information from this Maven

Sang Lucci

Sang Lucci has been successfully trading options for over six years. He began his career at a proprietary trading firm where he studied the techniques of other traders while managing his own account...

>> Read more from this author

Sang Lucci January 4th Pre-Market Update

Markets turned positive this morning after the jobs report hit the street coming in worse than expected but not that far off. Unemployment rate rose to 7.8% while the number of jobs added was 5K less than expected, coming in at 155K.

Large-cap stocks across several sectors are sporadic and all over the place. Financials are generally positive while the Tech sector is getting hit in the premarkets. Apple is leading the way to the downside dropping about 7 points after the jobs number came out.

Gold (GLD) is again in the spotlight after FOMC minutes came out yesterday talking about a possible end to the QE3 program by the end of 2013. She's down a solid 2 points this morning after squeezing investors in on the long side last week up to $164. A pretty disgusting drop off that hurt many Gold funds.

The underlying sentiment in this market is still quite bullish and bearish traders/short sellers continue to find themselves without many ideas for entries. Having said that, the day will come that they pull the rug, even if it's only for a couple of hours, so watch the indexes closely for signs that the bear may be near.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted in: Options Markets Trading Ideas