Yesterday morning I told you that I thought the Nasdaq would try to put on a short-lived bounce. It fell in the morning and then traded up into the close, causing its 60 minute stochastics to give a buy signal. This morning as I write this Nasdaq futures are up ahead of the release of the employment report. All the Nasdaq needs to do is to move above yesterday's intraday high in order to confirm the stochastics buy signal.

The job reports will be key here. All of a sudden it seems people are getting worried about the economy. A good report should bring a bounce. According to Reuters:

"Traders are betting on Thursday that U.S. employers added about 99,500 jobs in October according to the implied market forecast, in the fourth of five derivatives auctions, according to preliminary data from the firms holding the auction."

We'll see what the number is.