Retailers hired too many workers for physical stores, she said, when they should have beefed up online operations.
Meanwhile, traders were handicapping how volatile markets could trade around the jobs number, which is an important metric watched by the Federal Reserve as it makes policy decisions.
A very weak number will likely spark speculation the Fed could slow it pullback from the bond- buying program.
Bespoke studied the last 15 times the S&P 500 was up more than 75 basis points before a jobs report. It found that following those days, the market was higher two-thirds of the time and the jobs report was better than expected just half of the time (eight times). The average move for the S&P was a gain of 0.2 percent, but it was up 0.5 percent when the jobs report beat.
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In the bond market, CRT Capital conducted its monthly survey of bond participants' view on trading the jobs report. Forty-nine percent of respondents expect higher rates as the next move, suggesting that the view is for a possibly stronger report.
But bond strategists also point out that there was no strong bias about the report.
John Briggs, head of cross-asset strategy at RBS, said the market was watching the surge in equities and the calmer behavior of emerging markets.
"When the [European Central Bank] did nothing, you started to see some of these EM currencies weaken," he said. "That was very brief, and ever since that small dip they've been strengthening. ... We're no longer leading. We're following. We're seeing a little bit of a release of flight to quality."
(Read more: Cashin: Why jobs number doesn't scare us)
If the jobs number is good, Briggs added, the first stop for the 10-year yield is 2.85 percent. If the report is weak, rates would move lower.
He said risk markets are now treating good data as a positive and bad data as negative, instead of just keying off what it means for Fed policy.
In addition, he said, market expectations are staying around consensus because traders don't know what to make of the weather impact for January or December.
They are interested in the unemployment rate because, even though the Fed says it's not a trigger, the market treats it like one, he said. The Fed has pointed to a 6.5 percent unemployment rate as the threshold where it might consider raising short-term rates, but officials have stressed that level is not a trigger.
(Read more: Trading volatility in a down market)
"Over the next couple of months, the weather is going to justify and sustain the bear crowd," said Chris Hyzy, CIO of U.S. Trust. "It's going to distort consumer spending. It will distort another month of jobs data. Even though the jobs number tomorrow might be in line or close to consensus, it will be the push of jobs from December into January."
Steve Massocca of Wedbush Securities said the market would take a weak number hard.
"If it's bad the market is going to go down. … We don't know that it's just that the weather is really bad, or is there something more than the weather going on. ... We won't know more until spring on that," he said.
If the number roughs up the markets too much, Massocca expects Fed Chair Janet Yellen to attempt to soothe them in her first testimony before Congress next week.
"I think 150,000 would be good," he said. "I think people are bracing for below 100,000."
—By CNBC's Patti Domm. Follow her on Twitter @pattidomm.