Futures were showing a positive open throughout the night as we were doing our homework and updating our current positions. We weren’t too worried if Nonfarm Payrolls came in north or south of triple-digits (100,000) as any number would be blamed on the weather, good or bad. A good number could have been better while anything in double-digits would be blamed on Mother Nature.
To Wall Street’s surprise Nonfarm Payrolls came in much higher than expected as 175,000 were created in February. Expectations were for 150,000 jobs added bit whisper numbers were in the double-digits.
Futures spiked on the news and lead to a higher market but the buzz has faded as we head into the second half of trading.
One stock on the move today is FootLocker (FL, $45.81, up $3.08) as shares are up 7% and have reached a peak of $46.80 on the open. The company topped analysts expectations after reporting a profit of $0.82 a share on revenue of $1.79 billion. The suit-and-ties were looking for $0.76 a share on sales of $1.76 billion.
We blamed the weather for keeping us out of a sweet call option trade that would have made us a fat triple-digit profit in less than 24 hours.
If you recall, we profiled the March 43 calls (FL140319C00043000, $2.75, up $1.55) in our Weekly Wrap and again yesterday. The options were at a buck ($1) and are up 129% but they have traded to a high of $3.63 for over a 250% gain.
Although we missed this trade, we had a slew of happy subscribers as some of our veteran traders braved the waters.
We do have another earnings trade we are currently in that has returned us 256% but it would have been nice if we could’ve bagged this elephant ahead of the weekend.
The euphoria at the open has waned as the market is mixed as we make the turn. The Dow is up 19 points to 16,440 while the S&P 500 is slipping a point to 1,876. The Nasdaq is down a double-deuce (22 points) to 4,330 and the Russell 2000 is lower by 2 points to 1,202.
We could have additional updates ahead of today’s close but if you don’t hear from us, we will be back Sunday night with the Weekly Wrap and Monday morning with the Daily. Until then, have a great weekend everyone!