Friday morning expect the Street to be on pins and needles ahead of the all important jobs report, due to be released at 8:30am ET.
"There is so much trepidation going into this report, “ explains Zachary Oxman, managing director with TrendMax Futures in a Reuters interview.
That’s because the 3 things that matter most to this market are jobs, jobs and jobs! Without jobs, it’s widely believed that the stock market can’t rally a lot more.
In other words, the results of this report could well dictate the next big move in the market.
And from the economic data out earlier in the week, the bulls could be in for some trouble. As you may remember, the ISM number slipped to its lowest level since September 2009, while the latest results from ADP showed private employers added scant few jobs. Also, same store sales figures were mixed at best.
What should you expect?
According to Reuters, on average the Street expects to hear that payrolls increased by 150,000 in May as compared to 244,000 new jobs created in April.
What else must you know?
Find out why Mike Darda of MKM says “we’ve hit a bit of an air pocket but we’re not falling off a cliff. Some of the weakness is a result of temporary forces that will let up.”
Get all the details. Watch the video now!