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Jobs Report in Focus in Coming Week

NEW YORK ( TheStreet) -- The quiet pullback in U.S. equities this past week isn't bothering market participants or analysts. As long as no negative news comes out of Europe, the thinking goes, all will be well in the U.S.

Analysts not only view the current weakness in stocks as temporary, but they're calling it a buying opportunity.

Mark Arbeter, technical strategist with S&P Capital IQ has an especially bullish view. "With the help of Apple's (AAPL) blowout quarter, the NASDAQ 100 rallied to its highest level since February 2001," he writes.

"In the process, the NASDAQ 100 is breaking out of a year-long consolidation, and based on the depth of this base, we could see a measured move up above 2,800, or about 14% above current prices," he continues. "Taking a look at the top 10 NASDAQ 100 stocks, which represent about 55% of the index, we see generally constructive chart patterns that suggest to us higher prices in the months ahead."

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Historical data from Birinyi Associates also support an eventual move to the upside: "Over the past 78 trading days, the S&P has rallied 20.63%. Since 1945 this has occurred 15 other times or on average once every 4 years ... the average performance over the next six months is +6.96% with the market losing ground in only two of the previous 15 instances," writes analyst Jeffrey Yala Rubin in a research note.

One thing that could inject some excitement into the market is an IPO filing from Facebook. The Wall Street Journal reported this past week that the popular social networking company may file its IPO documents on Wednesday.

Despite the general bullishness, investors remain on the lookout for surprises, however. The sudden volatility that that drove the S&P 500 into bear market territory in early October is still a recent memory. Headlines about debt negotiations between Greece and its creditors still appear each day, reminding everyone the situation in Europe remains fragile.

Private creditors and Greek officials are still trying to negotiate a deal in which the investors would exchange their old government bonds for new ones yielding around 3.7% to 3.8%, according to The Wall Street Journal, whose anonymous source says that "some process was realized," although nothing final has been agreed upon. If a deal is reached over the weekend, eurozone governments may hold a special meeting on Monday.
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