How Will Jobs Number Impact Market?

Themarket is always on needles and pins ahead of the jobs report, but this time around the anxiety is almost palpable.

According to Reuters estimates, on average the Street is looking for an increase of 186,000 in nonfarm payrolls, as compared to a gain of 216,000 in March.

But the latest chatter suggested the Street may be a little too optimistic.

That’s largely because data released earlier in the week showed the number of Americans filing for jobless aid rose to an eight-month high while productivity growth slowed in the first quarter.

So, should you expect a flight to safety?

Don’t make a move until you check out our conversation with Bill O'Donnell, RBS Head of U.S. Interest Rates Strategy. Find out how traders are positioning in the bond market.

Watch the video now!

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Trader disclosure: On May 5, 2011, 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 (XOM); Terranova owns (BAX); Terranova owns (SLV); Terranova owns (TCK); Terranova owns (APA); Terranova owns (HOC); Terranova owns (OXY); Terranova owns (UPL); Terranova owns (FCX); Terranova owns (BX); Terranova owns (V); Terranova owns (VRTS); Terranova owns (JPM); Terranova is short (NFLX); Terranova is short S&P Futures; Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU); Finerman and Finerman's firm own (AAPL); Finerman and Finerman's firm own (BP); Finerman owns (C); Finreman and Finerman's firm own (CVS); Finerman's firm owns (IBM); Finerman's firm owns (JPM) and is long (JPM) leaps; Finerman owns (JPM); Finerman and Finerman's firm own (MSFT); Finerman's firm owns (TGT); Finerman owns (UNG); Finerman owns (USO); Finerman's firm is short (IWM), (SPY), (MDY); Finerman's firm owns s&p puts; Finerman's firm owns Russel 200 puts; Seymour owns (AA); Seymour owns (AAPL); Seymour owns (F); Seymour owns (POT); Seymour owns (SLW)

For Joe Terranova
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