I did want to touch on the projected trend for Friday for those short term traders that utilize this data.
The pattern calls for a choppy, but higher morning session with the days high being made in the 1pm est. time frame.
From this high, there should be a very extensive decline that will catch many unaware as they participate in what they deem to be a follow through day of Thursday.
So, for those who did not get short near the close today, use any strength we may see in the morning as an opportunity to establish a position. This will be especially true if we see a run up in prices because of a good Jobs Report number which is due out at 8:30am est. Lately, this has been an excellent point to take advantage of either emotional buying or emotional selling as the market has had a very strong tendency to move counter to the morning move for the rest of the day.
So, you have a double barrel to look for here.
1. Strength into 1pm - Buy Puts
2. Strength off the Jobs Report - Buy Puts