Option Millionaires

[uranium-pinto-beans]

U.S. stock futures were significantly lower as global equity markets braced for August non-farm payrolls, and the likely impact on Federal Reserve policy. Absent any fireworks from China, stocks were lower across the globe starting with a 2% decline in the Nikkei that spilled into European bourses before reaching the U.S.
The defensive tone is amplified by early morning comments from Richmond Fed President Jeffrey Lacker (voting, hawkish) who said that it's time to align monetary policy with the significant progress we have made (read: time to raise rates). Lacker believes that the August payroll report is unlikely to alter monetary policy suggesting the Fed has already made the decision to hike rates this month.
Wall Street is expecting a consensus gain of 223,000 in August payrolls with a range of 173,000 to 257,000. Additionally, the jobless rate should fall to 5.2% which would be the lowest unemployment rate since April 2008. Average hourly earnings is estimated to show another modest gain of 0.2% while private payrolls are expected to increase 211,000.
Dow futures were 167 points before fair value.
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