More reversals of reversals keep both bears and bulls at bay as a disappointing jobs report tussles with a more optimistic corporate side. As of 10:55 ET the SP-500 (SPY) is off 0.20% in profit-taking and bargain hunting proclivities, while the Jones' and others "sell-e-brate" around "Dow 10K."

"Oh my!" Unemployment for October which surprised an optimistic Street with 10.2% of the country out of work, the weakest labor market since 1983, was enough to allow the unceremonious "Opening Hell" take investors for a ride out-the-gate. Intraday, bulls and bears have moved on to their common cycles of bargain hunting and hibernation, respectively.

"GE, we bring good things to life?" Gains of nearly 6.50% in General Electric (GE) certainly do for more than a few investors in the market. But, the real thanks go out to broker Bernstein for its sponsorship booster of "Outperform" for the titan of industry. The firm cited likely asset sales or divestitures as motivation for the upgrade.

A second similar upgrade from said analysts for internet goliath Amazon (AMZN) has made an impact of 4.50% on shareholders within a high level weekly base being carved out above its all-time-highs. The company also raised its price target to $160 on the expectation of revenue acceleration through 2010 and "sustainable gross and operating margins improvements" according to Reuters and our friends at GE subsidiary CNBC, who are breathing a bit easier today.

In those sometimes intertwined markets of notice, the tawdry US Dollar Index (UUP) is seeing slight profit-taking following manipulative basket orchestrations in Thursday's session. The more seasoned and true EUR/USD is slightly lower as well, -.003 at 1.484, but different in its meaning. As a currency pair, it works its bearish magic on stateside equity folk, if the profit-taking gets a bit more feisty.

Inextricably linked but seemingly of its own mind today, Black Gold (USO) is finding some rather heavy profit-taking of 3.30%. The price action has shares of the listed proxy challenging lateral support within a tight three-week long basing pattern that's been established on top of prior monthly resistance. Buzz surrounding Friday's leading market laggardship points at the still laboring jobs market and obvious demand concerns which appear less a problem for bulls in the broader indices.

In that sometimes accurate heat-seeking option action, grocer Safeway (SWY) has made the Put/Call leader board with its heavy volume ratio of 8.00-to-1.00 on nearly 12,000 contracts. The action is the result of 10,000 ATM January 22.50 puts trading this morning.

Priced at $1.00 mid market and open interest of just 628, the purchasing party could be hedging an existing long stock position as shares work their way through a nicely-formed flat base three weeks in length. This strategist sees that as a "safe way" to enjoy a sometimes turbulent market ride; which given today's further confirmation of that fact-seems to make all the more sense and "cents."

Chris Tyler
Senior Staff Writer & Options Strategist
Optionetics.com ~ Your Options Education Site
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The information offered here is based upon Christopher Tyler's observations and strictly intended for educational purposes only, the use of which is the responsibility of the individual.