Expect Schizophrenic Reaction to Jobs Report: Gartman
As the attention of global markets turns from central banks to the U.S. nonfarm payrolls data, Dennis Gartman, the founder of The Gartman Letter, told CNBC that the market response to the data would be "egregiously erratic."
(Read More: Job Growth Posts Large Gain in June; Rate Holds)
"The schizophrenic manner in which the markets respond to the nonfarm payrolls data is extraordinary," he said.
"I'm an old pit trader and you could have traders look at that number and one side of the pit could be limit bid and the other side limit offered - and both sides could be right."
(Read More: Good Jobs Report Can Be Bad for Stocks)
The U.S. economy created 195,000 new non-farm payroll jobs in June, the Labor Department reported, beating estimates.
The data will help shape market expectations for when the Federal Reserve will begin tapering off its $85 billion monthly bond-buying stimulus program.
The Fed has previously said it could scale back its purchases before the end of the year, if the economy shows improvement, and it expects to end the purchases by the middle of 2014.
Gartman added that he expected trading moves to be more pronounced on Friday as a result of thin trading following the July 4 Independence Day holiday.
(Read More: Gartman on Jobs Number: 'Yawn and Move On')