Will Jobs Make or Break the Bull Rally?

With the Dow pausing within a stone’s throw of a new bull market highs, Friday’s jobs number will be all the more important for traders.

What should you expect?

According to Reuters, the U.S. economy probably recorded a second straight month of solid job growth in March, proof the labor market has turned the corner after lagging the broader economic recovery.

Nonfarm payrolls are forecast to have increased 190,000 after gaining 192,000 in February. As in previous months, all the job gains in March will come from the private sector, where employers are expected to have increased their payrolls by 200,000 after adding 222,000 positions in February.

Nonfarm Payrolls	Private Payrolls
Median	+190,000	+200,000
Minimum	+150,000	+165,000
Maximum	+295,000	+315,000
Prior	+192,000	+222,000

Source: Reuters

Meanwhile, the unemployment rate, which is derived from a survey of households, is seen steady at a near two-year low of 8.9 percent.

However, some analysts think that number could start to trend higher as the improving employment picture coaxes those who have given up the search for work to re-enter the labor market.

Unemployment has dropped 0.9 of a percentage point since November and is one of the factors that could well determine the timing of the Federal Reserve's first interest rate hike since cutting overnight lending rates to near zero in December 2008.

Learn more. Check out our interview with Alan Krueger, Princeton University economics professor and former assistant secretary of the U.S. Treasury. Watch the video now!

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Trader disclosure: On March 31, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karabell Owns (AAPL); Karabell Owns (GS); Karabell Owns (MON); Karabell Owns (POT); Karabell Owns (RIMM); Finerman's Firm owns (AAPL); Finerman's Firm owns (FDO); Finerman's firm owns (JPM); Finerman's firm is long (JPM) Leaps; Finerman's firm and Finerman owns (MSFT); Finerman's Firm owns (IWM); Finerman Firm owns (SPY); Finerman's Firm owns (MDY); Finerman's Firm owns (XRT); Finerman's firm is long russell 2000 puts; Finerman's firm is long s&p 500 puts; Terranova owns ( C); Terranova owns (GS); Terranova owns (VRTS); Terranova owns (JPM); Terranova owns (UPL); Terranova owns (MS); Terranova owns (PBR); Terranova owns (BAX); Terranova owns (TEVA); Terranova owns (IBM); Terranova owns (XOM); Terranova owns (JNPR); Terranova owns (AKAM); Terranova owns (DIS); Terranova owns (CVI); Terranova owns (RSX); Terranova owns (CNQ); Terranova is long (AAPL) April 350 puts

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