Robert Albertson, analyst at Sandler O'Neill, estimates that a nonfarm payroll report of 180,000 or so for the next five months could bring the Fed to a target 6.5 percent unemployment rate by December of this year.
Elsewhere:
1) Small IPO today Textura, a provider of on-demand project management software for the construction industry, priced 5 million shares at $15, high end of range $13-$15.
The tough market conditions appear to have derailed at least one IPO this week: that of Colony American Homes, a REIT that buys single family homes. The trust was supposed to price this week, but never made it to a market roiled by Fed tapering expectations.
The big IPO next week is Coty, well known cosmetics and fragrance manufacturer, whose brands include Calvin Klein, Chloe, Adidas, Marc Jacobs, and Sally Hansen.
2) No Great Rotation, but still outflows: according to Lipper, bond funds reported outflows of $9.08 billion, with $4.63 billion of that in outflows from high yield funds. Stock funds, meanwhile, reported modest inflows. Yesterday, several speakers at the Sandler O'Neill Global Exchange Conference — including TD Ameritrade CEO Fred Tomczyk — that there was no signs of a the Great Rotation. At least not yet.
3) GM is in the midst of another big day. Back into the S&P 500 at the close yesterday, the government priced 30 million shares of General Motors Co at $34.41 each. The U.S. government probably owns about 14 percent now. They may even complete a liquidation of their stake by the end of 2013 if this keeps up.
In addition, the UAW Retiree Medical Benefits trust (VEBA) also sold shares...their stake is probably down to about 9 percent as well.
Next: how about an upgrade to investment credit rating?
—By CNBC's Bob Pisani