Next Week's Big Hurdle: Jobs Report

The Street is getting nervous about next week’s monthly jobs report. And if the recent weekly jobless claims data is any indication, they have good reason.

Over the past two weeks, jobless claims have edged up slightly breaking a downtrend and maybe setting up for a nasty nasty jobs report next week.

E. William Stone, chief investment strategist for PNC Wealth Management, told the New York Timesthose numbers “muddied the waters” about unemployment.

The jobless rate was 9.7 percent for January, and many analysts believe the market can’t do anything more than trade sideways until hiring picks up.

What must you know?

I’d be short the S&P 500 ahead of the report, counsels Brian Kelly. Since last March the jobs report and the S&P have been correlated one to one.


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Trader disclosure: On February 26, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Kaminsky Owns (EPV); Kaminsky Owns (LULU) Puts; Najarian Owns (AKAM) Call Spread; Najarian Owns (BAC) Call Spread; Najarian Owns (CMC) Call Spread; Najarian Owns (JDSU) Calls; Najarian Owns (MYL); Najarian Owns (TEVA), (TEVA) Puts; Najarian Owns (HK) Call Spread; Najarian Owns (HOLX) Calls; Najarian Owns (TEVA), (TEVA) Puts; Najarian Owns (MYL); Najarian Owns (JOYG); Najarian Owns (PFE); Najarian Owns (CELG); Najarian Owns (CEPH) Call Spread; Kelly Owns (AMZN) Calls; Kelly Owns (ELX) Calls; Kelly Owns (HOV) Calls; Terranova Owns (JPM), (AAPL), (EMC), (QCOM), (GOOG), (MSFT), (DELL), (IBM), (MSFT); Terranova Owns (GLD) March Puts; Terranova Is Long April, December Oil Futures; Terranova Is Long Oil Futures (April 2010, December 2010); Grasso Owns (AAPL)
Grasso Owns (BAC); Seymour Owns (AAPL), (BAC), (F), (INTC), (PBR), (TSL)

For Tim Seymour:
Seygem Asset Management Owns (POT)

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (SKT)

For Steve Grasso
Stuart Frankel And Its Partners Own (ABX)
Stuart Frankel And Its Partners Own (BAC)
Stuart Frankel And Its Partners Own Gold
Stuart Frankel And Its Partners Own (SDS)
Stuart Frankel And Its Partners Own (TOL)
Stuart Frankel And Its Partners Are Short (QQQQ)

For Whitney Tilson
Funds Managed By Whitney Tilson Owned (BRK.A), (BRK.B) On 2/25/10

Tilson Owned (BRK.A), (BRK.B) On 2/25/10

For Dennis Garwtman
Funds Managed By Gartman Are Short S&P 500
Funds Managed By Gartman Are Short Euro
Funds Managed By Gartman Are Short Yen
Funds Managed By Gartman Are Short Steel
Funds Managed By Gartman Are Long Gold
Funds Managed By Gartman Are Long Natural Gas
Funds Managed By Dennis Gartman Are Short Yen, Are Long Canadian Dollar, Are Long Australian Dollar
Funds Managed By Dennis Gartman Are Short (NUE)
Funds Managed By Dennis Gartman Are Short (SPY)
Funds Managed By Dennis Gartman Are Short S&P 500
Funds Managed By Dennis Gartman Are Long Gold
Funds Managed By Dennis Gartman Are Short British Pound
Funds Managed By Dennis Gartman Are Long Australian Dollar
Funds Managed By Dennis Gartman Are Long Canadian Dollar
Funds Managed By Dennis Gartman Are Short Euro

For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (SPY)

For Brian Kelly
Kanundrum Capital Owns (DB)
Kanundrum Capital Owns (CS)
Kanundrum Capital Owns (C)
Kanundrum Capital Owns (JPM)
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (GDXJ)
Kanundrum Capital Owns (BRCM)
Kanundrum Capital Owns (QCOM)
Kanundrum Capital Owns (VMW)
Kanundrum Capital Owns (ELX)
Kanundrum Capital Owns (QLGC)
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Short (GS)
Kanundrum Capital Is Short (JWN)
Kanundrum Capital Is Short Euro
Kanundrum Capital Is Short Japanese Yen
Kanundrum Capital Is Short Swiss Franc
Kanundrum Capital Is Short Singapore Dollar

Other Relevant Disclosures:
Terranova Owned (QCOM) On 2/1/10
Najarian Owned (PFE) On 2/2/10


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