U.S. stock futures are bouncing around breakeven heading into the open this morning, as Wall Street weighs its options ahead of today’s December non-farm payrolls report. Yesterday’s employment data provided little for traders to go on, while the Federal Open Market Committee (FOMC) minutes spooked more than a few investors by pointing out several risks that could undermine the Fed’s plan for three rate hikes this year.

Against this backdrop, futures on the Dow Jones Industrial Average are off 0.07% and S&P 500 futures have slipped 0.03%, while Nasdaq-100 futures have edged 0.03% higher.

On the options front, volume was brisk and well above average for the past three months.  Overall, about 16.7 million calls and 13.7 million puts crossed the tape on Thursday. Over on the CBOE, the single-session equity put/call volume ratio rebounded to a reading of 0.69, while the 10-day moving average held at 0.67 for the fourth straight session.

Turning to Thursday’s volume leaders, Apple Inc. (NASDAQ:AAPL) continued to see heavy call volume following a Guggenheim initiated at “buy” on Wednesday. Apple also getting some negative feedback from its plans to expand production into India.

Meanwhile, J C Penney Company Inc (NYSE:JCP) was smacked lower after rivals Macy’s Inc. (NYSE:M) and Kohl’s Corporation (NYSE:KSS) posted poor holiday sales figures — and it’s set to drop even more on its own disappointing season — and Netflix, Inc. (NASDAQ:NFLX) received a pre-earnings bump from bullish comments by media mogul Barry Diller.

Apple Inc. (AAPL)

While many analysts believe that Apple has lost its innovative edge, analysts at Guggenheim beg to differ. The brokerage firm initiated AAPL stock with a “buy” rating and a $180 price target on Wednesday stating that Apple’s rapid innovation and low valuation gives investors “optionality for free.”

But all has not been roses for Apple this week, as India is pushing back on the company’s demand for tax incentives to manufacture iPhones there. In fact, India’s trade minister said the country may not make an exception for Apple, or, if it does, it will be for all smartphone manufacturers.

Options traders remained bullish despite the news out of India, as calls accounted for 62% of the 640,000 contracts traded on AAPL stock yesterday.  In the January 2017 series, the $120 strike has quickly taken the lead in terms of popularity, with more than 172,000 contracts residing at this out-of-the-money strike. That said, the $117 call strike (27,000 contracts in OI) could be a bigger hurdle for Apple to overcome due to technical resistance.

J C Penney Company Inc (JCP)

The retail sector was hammered yesterday, as poor holiday sales from both Macy’s and Kohls confirmed investors’ fears that Amazon.com, Inc. (NASDAQ:AMZN) is eating heavily into foot traffic.

Options traders didn’t appear too optimistic about a rebound for the stock last night, and they had good reason — JCP’s same-store sales for November and December, released this morning, dropped 0.8%. In response, JCP stock is off about 4% in Friday’s premarket trade.

Puts made up 55% yesterday’s more than 333,000 contracts traded on JCP stock. What’s more, the 13 Jan put/call open interest ratio — i.e., the one likely most affected by JCP’s same-store sales report — has ballooned to a reading of 1.73, with puts nearly doubling calls for the weekly series.

That said, at least one trader is betting on a rally from JCP stock. Trade-Alert.com data points out that a block of 13,853 Feb $8 calls were bought for an ask price of 70 cents, or $70 per contract, yesterday. JCP stock is currently trading about 6% below this strike in pre-market activity.

Netflix, Inc. (NFLX)

With less than two weeks until the company’s quarterly earnings report, Netflix options traders are already gearing up.  The company is expected to post a profit of 13 cents per share on revenue of $2.46 billion, though EarningsWhispers.com places the whisper number three cents higher at 16 cents per share.

Providing a bullish boost for NFLX stock, media mogul Barry Diller said on Thursday at the Consumer Electronics Show (CES) in Las Vegas that the best content of 2017 will appear on online, commercial-free streaming services like Netflix. What’s more, those that can’t afford those services will continue to watch broadcast TV, meaning that if you are advertising on those stations, “You’re going to be advertising to people who can’t afford your goods.”

Options traders, who have historically been put heavy on NFLX stock, are beginning to turn toward call options heading into earnings. Volume topped 236,000 contracts for Netflix yesterday, with calls snapping up 56% of the day’s take.

Looking at January 2017 options, NFLX stock is already trading north of peak call OI of 23,000 contracts at $130, with the next significant accumulation totaling 9,800 contracts at $140.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.