Art Cashin, UBS director of floor operations at the NYSE, said October's jobs report was a little disappointing.
"Some of the whisper numbers were significantly higher," he added.
Although 214,000 jobs were added last month, the number was below economists' expectations of 233,000 new payrolls. Jobs growth only expanded modestly in October, but the Labor Department upwardly revised September and August data, showing the economy added more than 200,000 jobs for nine straight months. That is the strongest such streak in nearly two decades.
The problem? Hiring is only happening at a steady pace, and we need to see it rapidly accelerating, Cashin said.
"The Russia-Ukraine rumors are around again," he said. "They don't appear to be affecting equities. They have, however, provided the commodity market to have an oversold bounce, particularly gold and oil."
Commodities are solidly in the green Friday after touching multi-year lows Thursday. Gold miners, oil drillers and steel stocks are significantly higher.
With stocks at record highs, there are not many bargains out there. Gold stocks, however, offer one glimmer, and traders have been taking advantage of it the past two days. The Market Vectors Gold Miners ETF (GDX) is up double digits since closing Wednesday at a six-year low.
The ETF shed 35 percent during September and October, failing to join the broader stock market in a recovery beginning mid-October.