Stock Market Opening Report: September 7, 2012

The plus reports should setup a solid BLS Employment Situation report prior to Friday's opening bell. Economists are forecasting 125,000 net new jobs. Based on the ADP report, the street will look for a solid beat, maybe something in the neighborhood of 180,000 jobs? If so, the equity markets could build on yesterday's momentum.

However, today's job report might be the best we see for a while as help wanted ads took the biggest fall since the Lehman collapse. According to Credit Suisse, "The two-month drop for headline help wanted online ads was -262.3K, while the two-month drop for new ads was -325.7K. Both were the worst two-month stretches since Feb 2009."

Maybe companies see the same weakness that FedEx reported earlier in the week, or maybe concerns about the fiscal cliff are starting to turn HR more cautious?

Regardless of the future of the employment situation, the future for stocks might require shades. Yesterday, we wrote that we were watching the NASDAQ to see if it topped 3100 before dashing below 3025. That didn't take long.

The S&P 500 joined the NASDAQ's new 2012 high party, and all that's left is a few points for the Dow to make it three for three. Oh, the importance of confirmation, and with it, a nice bull run could be on tap. Perhaps the indexes will advance in a similar length and duration as the June 4 to mid-August climb; thus, completing and A-B-C pattern. Bulls have all appendages crossed.

Now, on to our regularly scheduled iEstimates.