The Market Awaits the Jobs Number

 | Jun 06, 2013 | 4:16 PM EDT
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At least we know what this market wants: It wants any number that can get interest rates down even a tad. Anything that says the decline in bond prices isn't inexorable and immediate.

Plus, there's a nice synergy developing here. Today the housing stocks led us higher, including Home Depot (HD), Whirlpool (WHR) and Wells Fargo (WFC), the latter of which is now trading as if it is a housing stock.

These were the ones that led us lower. Today the market came in to buy the real estate investment trusts and dividend stocks that had been so beaten up.

That, again, is an instantaneous reaction to a slight drop in rates.

All of that is encouraging, except but it just puts more pressure on tomorrow to keep the trend going. That's what a jobs number from 150,000 to about 160,000 would do.

That's the sweet spot judging by today's action.

That's what we need to go higher. 



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