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Will The Jobs Report Save Us?

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A nervous market anxiously awaits Friday’s jobs report. What does the data mean for stocks?

CNBC senior economics reporter, Steve Liesman, joins the panel for this conversation. Following are excerpts.

Liesman reveals the current consensus is that jobs will likely grow between 80,000 – 120,000. But when it comes to trading the data he doesn’t know what to say.

Pete Najarian tells the panel he doesn’t think the jobs number will be terribly significant to trading.

Jeff Macke feels differently. He thinks the number matters because if consumers have jobs – they will shop. And if they don’t have jobs – they won’t!

On a related noted, Liesman doesn’t feel the Fed is out of the picture all together. He says, “They just cut the umbilical cord when it comes to the credit crunch!” But, says Liesman, “I think there are other economic numbers that could bring the Fed back into the game.”

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Trader disclosure: On Nov. 1, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (YHOO), (INTC); Najarian Owns (BHI) Options, (C) Options, (GOOG) Options, (GS) Options, (HAL) Options, (YHOO) Options, (BHP) Options; Finerman's Firm Owns (TSO),(WMT), (YHOO), (NMX), (BEAS), (GS), (NVT); Finerman's Firm And Finerman Own (KFT), (FLS); Finerman's Firm Owns (C) Options, (MSFT) Options, (NVT) Options, (CROX) Options; Finerman's Firm Is Short (IWM), (SPY), (MDY), (BIG); Finerman's Firm Is Short (MER) And Own (MER) Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts