Fast Money

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Fast Money

Crashing The Party?

On Friday, the stock market will be closely watching the jobs report to find out just what’s happening with the economy. With the last Fed rate cut likely behind us, it should offer clues to what’s next.

Analysts expect the Labor Department's employment report on Friday will show that 75,000 jobs were lost in April, boosting the unemployment rate a notch to 5.2 percent, explains Dylan Ratigan.

David Kelly, JPMorgan Funds Managing Director and Chief Market Strategist joins the panel for this conversation. Following is a summary of his main points.

I think it could be a cold shower for the market, says Kelly. It looks to me like we’ve lost 100,000 jobs, he says. But people forget that employment is a lagging economic indicator.

What we have to watch now are chain store sales and see how the rebate checks affect things. If sales pick up I think we could see an economic rebound even with some pretty lousy job numbers.

I think of the stimulus checks as an enormous shot of caffeine and sugar into the economy. They should really get things going.

In general we’re moving from a credit storm to an economic storm, Kelly adds. However, I expect the market will have a much easier time dealing with economic issues than the credit crisis simply because the devil you know is preferrable to the devil you don’t.

Tomorrow's Trades #2

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Trader disclosure: On May 1, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (DIS), (INTC); Adami Owns (AGU), (NUE), (BTU), (C), (GS), (INTC), (MSFT); Najarian Owns (AAPL), (TSO), (XLF), (YHOO); Najarian Owns (C) Calls, (CHK) Calls, (MSFT) Calls, (WLT) Calls, (POT) Calls; Finerman Owns (CHK), (GS), (HD); Finerman's Firm Owns (MSFT), (NYX), (SUN), (TSO), (TYC), (TEL), (VLO), (CMVT); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns (C) And (C) Leaps, Finerman Owns (C); Finerman's Firm Is Short Pounds