Thank Jobs It’s Friday!

Do I know what the jobs data will be at 8:30?  Nope . Then why would I title a post " Thank Jobs It’s Friday! " - what if the report sucks and we go down?  Well, at this point, even if that does happen, I think that will be the end of it.  We’ve been building up to this "terrible" jobs number all week and we got a rotten ADP Report and a rotten Unemployment Report so everyone is expecting a rotten Non-Farm Payroll report.  When everyone expects the same thing, we like to bet against it.  Sometimes we’re wrong and sometimes we’re right but you make some amazing money when you are right.  The magnitude of the short squeeze that would follow a significantly BTE NFP Report could send up up 300 points or more on the day, likely with a big finish this afternoon and some follow-through on Tuesday as the rest of the world plays catch-up . A bad report, on the other hand, is already baked into the cake and we have yet to test S&P 1,000 so we can expect support there.  It wouldn’t be pleasant, but we should be able to scramble and protect ourselves if we head lower so the smart move is to play for the mega-move higher, and that’s where we are.  Of course, it’s also a balance issue.  In our last Weekly Wrap-Up , we had the following open trade ideas going into June 21st (we had gotten bearish at the end of the previous week): APOL July $40 puts spread at .46, now .60 - up 30% BBY Jan $37 puts sold for $4, now $3 - up 25% BP July $30/32 bull call spread at $1, now .70 - down 30%  YRCW at .21, now .15 - down 28% BP Oct $33/July $33 ratio backspread (3:5) at net $225, now $524 - up 132% TZA July $7 calls .08 (net of spread), now $1.50 - up 1,775% SIRI 2012 $1 puts sold at .33, still .33 - even USO July $33 puts at .51, now $1.08 - up 131 % GLL July $37 puts, sold for $1.30, now .35 - up 70% TBT July $38 puts sold for $1, now $2.05 - down 105% OIH June $104.10 puts at $2.02, now $8.70 - up 330% TZA July $6/8 bull call spread for .55, now $1.48 - up 169% TZA July $6 puts sold for .50, now .04 - up 92%  (pair trade)  USO July $33 puts at .50, now $1.08 - up…