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After Jobs Report, Pros Look to Japan

With a positive U.S. employment report, the "Fast Money" traders said Friday that they were looking to other factors for a tell on the stock market.

"I think the volatility in Japan matters," StockMonster's Guy Adami said on CNBC, adding that the reversal in the Japanese yen was important.

Adami addedthat he thought investors would try to short against the May 22 reversal.

(Read More: Is Today's Jobs Number Too Good?)

Look for an S&P 500 level of 1,687, he said.

Tim Seymour of EmergingMoney.com also said that Japan was key.

"You buy Japan here," he added.

Dan Nathan of RiskReversal.com also looked to volatility outside the United States, saying that investors are factoring the market's decoupling from emerging markets.

But he argued that it would not remain separate forever.

"It will come home to roost here," he said.

Trader disclosure: On June 7, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long MSFT; Tim Seymour is long YUM ; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long MSFT; Steve Grasso is funds long HPQ; Steve Grasso is funds long NEM; Steve Grasso is funds long ZNGA; Dan Nathan is short XLU June 38/36; Dan Nathan is long XLE June 80/77, put spread; Dan Nathan is long FB June/July 25 call spread; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; WIFE, LINDA SNOW, WORKS AT MERCK.

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