The Market On Friday

Good morning and welcome to the weekend. It is 54 degrees and overcast here in Upstate NY. We are into an overcast and gray period and we really need the rain. It's been a dry spring so far. Unfortunately it looks like the garden will have to go on hold, it's hard to work in the rain. People like myself who are longstanding NY Knicks fans are in a depressed state after the Knicks lost to the Heat last night. That's three losses to the Heat in a row and the next predictable loss means they are swept out of the playoffs without so much as a whimper. The team is folding, I don't know what the deal is with that organization but they have a difficult time doing more than consistently putting a mediocre team out there year after relentless disappointing year.

At 7:30 a.m. futures are flat, the dollar is up against major world currencies, and the price of oil is down per barrel. Right now the market is set to open lower except...

At 8:30 a.m. the government will release its data on job creation in the month of April. This will be the key for how the market opens today. We've said it a million times here in all types of ways. We need more jobs and job growth has been anemic. The expected number is 160,000 new jobs, a paltry sum indeed. Don't get me started with the entire ridiculous meme that job creators need extraordinary tax breaks to create jobs, that is nonsense. Corporations are making money hand over fist, so where's the jobs? The answer to that is the jobs are mostly in China, the place where American corporations moved them to a long time ago...

CNN: Jobs watch: Investors hold their bets

Investors will be focused on one thing Friday: The latest monthly jobs report, which comes out at 8:30 a.m. ET.