The market's focus will be on the January jobs report, due out tomorrow morning before the opening bell. After the stronger than expected ADP employment report on Wednesday, which showed a gain of +187,000 jobs in January, expectations for the government's report could be running high. Right now economists are expecting about +150,000 new jobs created in January but whisper numbers could be higher. Are we setting up for a disappointment? Or will a strong number spark the next wave higher for stocks?
I am suggesting we wait and see how the market reacts to the data before initiating new positions. No new plays tonight.