Once again the market seems to be on hold, ahead of the latest jobs number.
According to estimates, Friday's jobs report is expected to show hiring rebounded last month with 170,000 new jobs added, an improvement from 120,000 in March. Private payrolls are seen rising by 175,000.
Aren't those expectations built into the market already?
Not entirely. Fast Money trader Brian Kelly explains how the market will likely react if the jobs numbers are weak, in-line or better than expected and you might be surprised by what's coming.
If the number is terribly weak, Kelly thinks the market surges. That may sound counterintuitive but, “Anything below 100,000 and I think the market says here comes more QE,” Kelly explains.
As Randall Kroszner, former Fed governor and now a professor at the university of Chicago said on Wednesday's Fast Money, with the current bond buying program ending in June, the Fed is watching this number carefully.
A very low number “will tell us whether we’re having another false dawn in the labor market," he says.