Traders are keeping a close eye on employment figures out Friday at 8:30am worried that weaker than expected data could give the bears the catalyst they’ve been itching for -- to take the market down.
Economists believe the economy shed between 275,000 and 325,000 jobs in July, a big improvement from the 467,000 that the economy lost in June. If the number comes in on the low end, it would be the fewest jobs lost since August 2008.
But will “less bad” be enough to keep the rally in tact?
The Fast Money desk agrees, on a good number sell the rally, if in fact the market puts forth a rally. And the surprise could be a number to the downside, adds Joe Terranova. If the number is terribly weak, look out below.
That may be because the jobless rate is expected to tick up to 9.6% from 9.5% in June, the highest rate since 1983.
The unemployment rate concerns me, adds Guy Adami. If it ticks higher I worry that people will stop spending just out of fear.
In fact, the economy has erased 6.5 million jobs since the recession began in December 2007, the most of any economic slump since the end of World War II.
But no matter what happens count on Fast Money to be all over the action.
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Trader disclosure: On Aug 6th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (AA) Call Spread: Najarian Owns (BUCY) And Is Short (BUCY) Calls; Najarian Owns (CSCO) And Is Short (CSCO) Calls; Najarian Owns (HIG) Calls; Najarian Owns (INTC) And Is Short (INTC) Calls; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (YHOO) Call Spread; Terranova Owns (MSFT), (RIMM), (MCD), (AMZN); Terranova Is Short (F), (WYNN);Seygem Asset Management Is Short (PBR); Seymour Owns (AAPL), (AA), (BAC), (C), (TM)
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