I have a couple of questions about how the upcoming jobs report (and other major economic news) affects the markets and how options can be used with it. Now, the first thing is volatility. From what I read, and what common sense also verifies, is that implied volatility for various equities and ETFs that could be affected by the economic news should be vary high. Of course, if this is the case, I would want to be selling options and using strategies that utilize a high volatility. But when I use the Quotes, Volatility and Calculator tool on ISE, it shows that QQQ's IV is fairly low. It has been steady decreasing since May. Now, I could be reading the chart wrong, or perhaps QQQ isn't affected by the jobs report as much as I thought it would be, but even checking the price of QQQ's one week options, which expire tomorrow, there is a lot of intrinsic value, implying that there is actually a lot of IV built into the price. And when I check an equity that should be affected by the job report, like BAC, there seems to be very little intrinsic value for the one week options, implying that there is little IV for these. What do you guys think? And how are you guys handling tomorrow's Job Report?