Jobless Claims Fly In The Rally’s Ointment?

So far September has tracked as the best month for economic data since August 2009, according to Goldman Sachs.

Will the latest jobless claims data confirm the bullish trend? Or will it derail everything.

That’s the question du jour – especially after last week's report showed new claims jumped unexpectedly to 465,000.

In fact, this Thursday’s jobless claims could wield a great deal of influence over the session considering employment is widely considered to be the most pressing issue right now as the recovery struggles for a foothold.

On the bullish side of things -- new applications for unemployment have tumbled 8% since spiking in July.

And on the bearish side -- claims are still at historically elevated levels at this stage of an economic recovery.

What should you expect?

I think the jobless claims number will be around 460,000, says Joe LaVorgna of Deutsche. That's more or less unchanged.

It will probably come in right around where it’s been. And that suggests to me we see private job creation of about 100,000 when we get the jobs number next Friday.

On a related note, Guy Adami is anticipating selling on Thursday.

I’m hearing that we’re going to see a huge rebalance on Thursday due to the month’s end and the quarter’s end, he reveals. As much as $15-20 billion.

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Trader disclosure: On Sept. 29, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (IBM), (HES), (JOYG), (XBI), (FTO), (OXY), (ORCL), (PEP), (POT), (RSH), (SU), (RIG), (UPL), (VRTS); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST)

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