We coasted into the weekend with another all-time high in the S&P 500, SPY closing at 694.07 and the VIX at 14.49. That’s cheap option pricing paired with a market that isn’t moving much, which creates an interesting setup for option traders. Jobs data helped push stocks higher, with unemployment improving even though payrolls came in lighter, easing concerns around further Fed tightening.
Under the surface, sector movement told the real story. Energy and utilities moved higher on renewed Venezuela headlines, while tech and semiconductors stayed strong. Housing also caught a bid after comments about supporting mortgage buying through Fannie Mae and Freddie Mac, which could help keep borrowing costs lower. Into the weekend, this is a good time to review sector strength and come prepared for opportunities Monday morning.
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