Besides the jobs report Friday, there is the Fed's beige book on the economy Wednesday, and ISM manufacturing Monday and ISM nonmanufacturing Wednesday.
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"I think there's potential for whipsaw just because of the nature of the calendar. You've got both hawks and doves speaking next week but all on different days. You've got the beige book, which is the starting gun for shifting the market focus to the FOMC meeting on (Dec.) 16 and 17," said Ward McCarthy, chief financial economist at Jefferies.
McCarthy expects to see 235,000 payrolls added in November, up from October's 214,000.
"I think next week's employment numbers will be pretty solid," he said. "The Fed keeps making real headway meeting the employment objective of the dual mandate. Inflation is still a long way from meeting Fed goals. Income and consumption data was kind of mushy (Wednesday). In terms of how to look at this data, it suggests Q4 is getting off to a slower start but you're getting some momentum from Q3."
Stocks were higher in the past week, while yields moved lower. The 10-year note yield fell to 2.17 percent Friday as European yields also slumped. Stocks continued to climb even with a major routing in the energy sector. At one point Friday, 40 percent of the S&P energy sector was trading at new 52-week lows.
"The sector is 8 to 9 percent of the S&P 500 in terms of weighting, and in terms of earnings it's 11 or 12 percent. It's a decent size, but it's not like a financials or consumer discretionary," Greenhaus said. "Energy and oil itself has fallen and the market has gone modestly higher. Recent history tells you that while it is important, it is not as of yet sufficient to drag down the entire market."
West Texas Intermediate oil futures settled at $66.15 per barrel—its lowest settlement since September 2009.
"Where it goes from here, no one knows. OPEC has taken the attitude that the best cure for low prices is low prices. You have to believe E and P companies will be slashing production left and right," said Peter Boockvar, market strategist with The Lindsey Group.
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Daniel Yergin, vice chairman of IHS, said there will be an impact on production and oil prices are going to remain weak and volatile.
"Eighty percent of the production coming on stream from tight oil has an economic return between $50 and $69. At this price level, tight oil will be tested. People have committed for rigs in the short term, but every management is going to go back and review their budgets and we'll see spending reined in further," Yergin said. They'll focus on the most productive wells … spending will be concentrated in the most productive plays."
He noted that many of the quarterly reports from oil companies indicated that they were going ahead with drilling plans but that will change.
"No matter what OPEC does in the months ahead, this has changed the psychology of investing in the world oil industry," Yergin said.
The beneficiary of this in the near term will be the consumer, as gasoline prices are continuing to fall and RBOB gasoline futures were down 7 percent for the week, trading under $2 a gallon.
"I think the national average will drop to between $2.55 and $2.60 a gallon by Christmas," said Andrew Lipow, president of Lipow Oil Associates. It was at $2.79 per gallon of unleaded on Friday.
As the energy sector was down nearly 9 percent in the past week, the consumer discretionary sector was up more than 2.5 percent. Traders will also be watching for headlines on how the holiday shopping season is progressing.