What To Expect In Markets Before This Week's Unemployment Number

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Greg Harmon is the CIO and partner at Presidium Capital. He said that the U.S. unemployment data that will be released Friday will have a lot to do with what happens in markets this week.

In short, not much noise.

Harmon has more than 25 years of experience trading, and on Monday he joined Benzinga’s #PreMarket Prep broadcast to explain where he thinks the markets will go this week.

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"I think that you will get a little bit of a fall-through [Monday], but we’ll probably have a much quieter week this week in anticipation of what that number will be," he said.

Harmon explained that the market has a tendency to go a little quiet a few days before the jobs numbers are released.

"In terms of the S&P 500, I think we have some more upside here, maybe 202, 203 for the SPY, maybe 204 even," he said. "We may get a lot of it [Monday] and just kind of stall or bounce back and forth around 200 again."

Possible Reversal In Oil

Harmon also noted that he’s been looking at the oil sector recently.

“Oil has had a horrendous summer and into the fall,” he said. “It dropped from $105 to $80, but it’s been hovering here for a couple of weeks now.”

$SPX the failed 5-0 harmonic pattern discussed on @Benzinga http://t.co/vo3HSSdrBu

— Greg Harmon, CMT (@harmongreg) November 3, 2014

Certain companies like ConocoPhillips (NYSE: COP), Chevron Corporation (NYSE: CVX) and Exxon Mobil Corporation (NYSE: XOM) look like they’re starting to show signs of a reversal, Harmon said.

“I’m kind of against the thought that if it hasn’t bounced now, it’s not going to bounce,” he explained. “Those are starting to look like they may turn around.”

Check out his full interview here:

Don’t forget to tune in to Benzinga’s #PreMarket Prep broadcast Monday-Friday 8-9:45 a.m. ET for all of the premarket info, news and data needed to start the trading day.

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