The market popped nicely this morning even after that disastrous Chicago PMI report, which plunged to 48.7, a contraction, bringing out the QE4 Chorus.  These are the skeptics, by the way, that think the Fed never hikes rates, and ultimately, it leads to an irreversible disaster.

I agree their actions have been reckless and dangerous.  I'm not sure if the die is cast to the point they can't sit on all the junk and ease out of it at some point. But, the Fed MUST hike rates because the global economy is going to hold on perhaps buoyed by a stronger US economy (not to be confused with a strong US economy).

Since half the rally evaporated in a blink, this is the perfect test of the will of investors and would-be buyers.  There's always heightened angst ahead of the jobs report, and at this moment in time, when it feels like we're in the midst of a worst-case scenario, the slightest miscue could spring that trapdoor.

If buyers reemerge into the close with that kind of minefield ahead, it would be a bullish sign. Conversely, giving up more than 200 points would be a serious bearish signal.

Let's watch this play out.