Too much news on Thursday and Friday

Don't expect too much movement from stocks in the next couple of days–there's just too much news due on Thursday and Friday

Stocks are neither moving ahead to follow up on Monday's big gains. No selling off under the wave of profit-taking.

Given the news calendar on Thursday and Friday, that's about what I'd expect. We're due for a bushel of potentially market-moving news on those two days. And I'd be surprised if anyone wants to get too far ahead of those announcements.

Thursday brings an OPEC meeting that has already frozen oil prices on the odds that oil exporters will decide to ease their curbs on production in April and beyond. Thursday also sees the week's report on initial claims for unemployment–will they show an improvement in the labor market that might produce another bout of selling in the Treasury market (with higher yields that would again hit stock prices.) That day also brings reports on factory orders and durable goods that will also suggest whether the economy is picking up steam or not and at what pace.

On Friday the government announces the employment report for February. Economists expect that the report will show the economy creating more jobs in February than in January and December. An improvement over the weak numbers for those two months would be welcome. But too much improvement could set the bond market worrying again about inflation and the timing of theFederal Reserve's move to raise interest rates.

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