As of 8:04 AM, the premarket has opened low, as we expected, and has been moving up, but again, we won't see a real reaction to the jobs numbers due out at 8:30 until about a half hour into the regular session, or about 10 AM. Because of Irene, the numbers may be low, but the ISM number yesterday and the large increase in auto sales reported yesterday should both offset this number once it is all digested. 
The calls will open well below their stops, which is why I am holding without a stop. If necessary, we will reverse the position, but probably not until after about 10 AM, when all the numbers from today and yesterday are digested. Selling before then might very well be selling into a bottom. 
One position we may take early, however is a buy of FAZ, because of Justice's intention to sue several of the largest banks for, essentially, securities fraud, in relation to the mortgage crisis. Because banks are a large part of the S&P, this will also put unexpected pressure on our calls and may influence our decision to hold or reverse that position.