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Employment Concerns

ADP data contradicted what the Obama Administration is expecting as it showed a loss of 39k jobs in the private sector today.  Furthermore segments of the tech industry were downgraded driving the Nasdaq down leading the Bears on the day. 

Other headlines noted the IMF's concern about a $4 trillion dollar debt that has to be rolled over in the next 24 months, thus the expectation is that taxpayers will foot the move.  Also, China has told the EU and US to back off demands of allowing the Yuan's value to move higher, citing a global crisis if it strengthens too fast.  Goldman Sachs suggested that the next 6 - 9 months would see the US economy in a "fairly bad" or "very bad" state and even suggested a potential return to a recession.

Volatility is definitely the operative action in the markets and it is likely to settle anytime soon.  Initial Claims data tomorrow will be watched closely, but Friday's labor numbers will certainly have the investment community's attention. 

IBM's value continues to push higher on what seems to be positive sentiment regarding recent buisness alliances, but Put/Call ratios for October suggests that caution as Put activity exceeds the Call activity.  Overall, however, IBM seems to have more Call action then Put action.

CRM had a big down day today and ended at around 105 per share, about 5 dollars of the their lows.  Volume was heavy so consider that 105 may not hold as support.

Disclosure: Iron Condor on IBM with resistance at 135 and a Bull put on CRM with 105 as support