NEW YORK (TheStreet) -- There were 74,000 jobs added to the economy in December, far below economists' expectations of 196,000. The unemployment rate fell to 6.7%, from 7% in the prior reading.

Darrell Cronk, regional chief investment officer of Wells Fargo Private Bank, told TheStreet's Joe Deaux December's nonfarm payrolls report is an "outlier" compared to other labor statistics. It's inconsistent with the ADP reports, small business data and ISM reports. 

While the unemployment rate did fall 0.3% to 6.7%, Cronk noted the participation rate also dropped 0.2%. This is partly responsible for a drastically falling unemployment rate. However, the drop from 7.3% in October's report to 6.7% in December is a big move. 

How will the Federal Reserve react to the report? Cronk said it will likely continue with its gradual tapering process. 

This is not the report the market had planned on seeing, he added. As a result, equities will likely trade lower into the weekend before eventually moving higher after digesting the news. This report will not "derail" the rally, he said.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

If you liked this article you might like

Adobe Is a Horse -- Jim Cramer Explains Why

Southwest Airlines Won't Be Clipped By the Vicious Fare War

Adidas Is Beating Nike in Sneaker Market Share, New Survey Reveals

This Company Could Be a Fraud, Noted Short-Seller Andrew Left Says

Caterpillar Stock Could Rally Even More on Pipelines Windfall, Jim Cramer Reveal