Coming Week: Job Shadow

The coming week will begin a day late, but the dollars won't be in short supply with a big payroll number on tap.

"Usually, the market unlimbers after a long weekend," says Larry Wachtel, senior market analyst at Wachovia. "But traders should be back in the swing of things by Friday's important May jobs number."

But traders will have other economic data to sift through before Friday's major report. On Tuesday, May consumer confidence numbers will be the first dose of data traders receive after the Memorial Day holiday. According to Thomson First Call, economists expect a reading of 101, down from 109.2 in April.

On Wednesday, the Chicago PMI for May will be released. Economists anticipate a reading of 56.3, down from April's 57.2.

Also arriving Wednesday and sure to garner attention are the FOMC minutes from the May 10 meeting. Traders will be looking for more clues about the Fed's rate plans for its next get-together.

"Any hint from the Fed on a day-to-day basis is market-moving nowadays," says Wachtel. "It's super-intense like I've never seen before."

Adds James Park, managing director at Rodman & Renshaw, "The Fed has been experiencing some communication gaps lately, so any clear and direct information from them will be welcomed."

Auto sales for the month of May will be released Thursday. Analysts are looking for overall industry tallies to equal the prior month, with cars at 5.6 million units and trucks at 7.2 million.

According to Wachovia economist Jason Schenker, analysts won't be looking at the total number of vehicles sold as much as the car vs. truck breakdown.

"Less fuel-efficient SUVs and light trucks have been in the majority since 2001, so it will be interesting to see if smaller cars make a comeback," says Schenker. "If they do, then it will show if high gas prices are really changing consumers' purchasing behavior or if it's just window dressing."