With a triple-witching expiration, traders are watching to see if the Dow can crack 20,000.
But they're also watching the aftermath of the Fed's meeting this week, which resulted in a surging dollar and rising Treasury yields. Stock futures were higher Friday, after the market recovered Thursday from Wednesday's rout. The Dow finished Thursday up 59 points at 19,852, off its high but within shouting distance of the 20,000 marker.
The dollar pulled back Friday, after the dollar index reached a 14-year high Thursday, after two days of gains. The dollar and yields jumped after the Fed hiked interest rates a quarter point and upped its forecast for three interest rate hikes next year, instead of two.
A rapid increase in rates or the dollar would be a concern for stock traders.
"For the first time, they're beginning to take that seriously. We can't keep whistling by that strong dollar," said Art Hogan, chief market strategist at Wunderlich Securities. He said some multinationals, like GE, weakened as the dollar rose on Thursday.
Stock traders have also been looking over their shoulder at bond yields, fearing bond vigilantes will run rates up so much that stock market gains will be choked off. The 10-year yield jumped to 2.64 percent in early trading Thursday, but it backed off and was at 2.59 percent Friday morning. The 10-year has moved up from 1.80 percent before the election.