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The markets outlook: Looking for a number

Lots of important economic indicators are scheduled to come out next week, including the jobs report for January. Mark Luschini, Janney Montgomery Scott chief investment strategist, told CNBC's "Street Signs" on Friday that he's looking for a number north of 200,000 that should build on the momentum of 2014.

"But more importantly within the number to see either a reverse in the down tick in wage growth that we had in December and/or to see the underemployment rate continue to work lower," he said.

The Federal Reserve will be monitoring wage growth as an indicator for when to start raising interest rates, Luschini added.

Read MoreHere's what happens when the jobs report surprises

John Manley, chief equity strategist for Wells Fargo Funds Management, will be focusing on earnings expectations, as they have been lowering over the last couple of months.

"I think the basic things that drove American profits higher are still there, but you've got to deal with it and I think before you're through dealing with it we may be a little more worried than we are right now."

He also warned about "the kiss of deflation" akin to the last scare for inflation back in 1984.

Despite what could be a negative month for the market, some analysts are projecting a tailwind for domestic and international markets by the end of 2015.

Paul Christopher, head of international strategy at Wells Fargo, told CNBC's "Power Lunch" Friday that volatility in the first half of the year will give way to benefits from lower oil prices and additional liquidity from central banks to be felt later.

"We think that will make the improvements in the economies more perceptible, more tangible for investors starting from the middle of the year and heading into the end," he said.

On the international side, Erik Ristuben, Russell Investments chief investment strategist, is looking towards Europe for its relatively good economic data and higher consumer confidence levels.

"You have an incredibly accommodative monetary policy from the ECB, and we think that's likely to continue. And you got a weak euro. We think all those things provide a tailwind for Europe."

Read MoreGerman consumer confidence at 13-year high