The market is off a bit today ahead of the September jobs report in the morning at 8:30am. Expectations are for 170,000 jobs added and the unemployment rate to remain unchanged at 4.9%.

Initial weekly jobless claims dropped by 5,000 today from 257,000 to 249,000. The number is near a 43 year low. First-time claims returned to the April lows.

Crude oil has broken the $50 level for the first time since June. Hurricane Matthew is headed for Florida and will have some impact on fuel markets. Potential supply disruptions can have an impact with reports on the news that some gas stations have run out of gas, as residents stock up before the storm. Supply disruptions are generally bullish. The storm is not expected to damage refineries.

The dollar is up today about .5% above its 200 day moving average. The dollar is weighing on gold which is down for the 8th day in a row. Gold is trading at $1251 pressured not only by the dollar but also by strong data and Fed officials' comments making a case for raising rates.

The indexes reversed higher late morning after ECB Vice President Constancio came out and said the ECB will continue its accommodative ways and will not be tapering its asset purchases. The headline immediately showed its effect in the bond and currency markets before spilling over into equities.

We see this kind of whipsaw action almost every month ahead of the jobs report. There is some profit taking, as traders unwind positions before the report, then the “buy the dip” crowd comes in. We wouldn't be surprised to see the market close lower when all is said and done today.