[UPDATE: Jobs number is out and the market is running hard. Payroll fell 11,000 and unemployment rate fell back to 10% flat.]

Today we get that all important jobs report. Will the unemployment rate jump up again as it did last month, or will we find it subside a bit. We will soon find out, and we can be assured that whether the news is positive or negative, will greatly impact the direction of today’s market. With that said, US Futures are showing a little bit of strength heading into the jobs report and the market open with the Dow up 19 points, the Nasdaq up 1 point and the S&P up 1.5 points. Overseas, Asian markets were mixed and flat, and in the European markets, they are looking at about 0.5% losses on average.

We’ll also be getting a Factory Orders report at 10am but its impact will be great overshadowed by that jobs report. So hang in there folks – it’s Friday and you got a couple of days off before you have to hit the markets once again come Monday.

You’ll see a lot of bearish setups below, which is largely due to the big intraday reversal that we had yesterday causing a lot more setups than usual to pop up in my screens.

Here are Today’s Trade Setups…

Bullish Candle Setups: None

Bearish Candle Setups: FDX, EV, SWHC, MAA, AFL, FLEX, IWD, SJM, WPP, XLB, IWB, PRU (I like this short play a lot), CMA (same here), IWS, MET, DLR, KBE, DEI, HLS, FDX

Stocks Ready to Bounce: KONG, KNXA, OI

Stocks Ready to Pullback: ONXX, MOO, CNSL, FCFS, ACN, GES, PNW, ASLK (very nice setup), GOL, MDU, SNH

Breakout Stocks: TSCO

Breakdown Stocks: ESI, PFG, MNRO, ESV, APEI, WU