Friday Watch

Earnings Announcements
Company/Estimates
NTE/.26
SILI/.40
VECO/.02
VSH/.09

Economic Data
Unemployment estimated at 5.7% vs. 5.7% last month.
Change in Non-farm payrolls estimated at 175,000 vs. 1,000 last month.
Change in Manufacturing payrolls estimated at -5,000 vs. -26,000 last month.

Late-night News
Moscow Metro train was just hit by an explosion while underground. There are casualties. OPEC will likely maintain oil-production quotas next week and leave cuts for later. PIMCO's McCulley said the Fed shouldn't raise rates just to stem the dollars fall. Greenspan's testimony next Wed. may telegraph timing of rate hike. Business Week....ECLG may rise to $30 within the year according to Trace Urdan of ThinkEquity Partners. Bloomberg article says that the last 4 times the Fed made the first move in a sustained series of rate increases, the market averaged healthy gains over the ensuing 6 months. The NASDAQ averaged a 17% gain and the S&P 500 a 9% advance. The average stock mutual fund is up 40.9% over the last 12 months.
Asian indices up about 1-2% on avg.
S&P 500 indicated up .06%.
NASDAQ indicated up .14%

BOTTOM LINE: A lot depends on the employment numbers tomorrow. If they come in as expected or exceed expectations we should see a good rally. If they come in below expectations, the major indices will likely fall. It would also be negative if we meet or beat expectations, yet the market doesn't rally. Conversely, it would be positive if we come in below expectations and see a rally. The most likely scenario is that the employment numbers beat expectations and the market has a good rally. I am 20% long and will look to add more market exposure under this scenario.