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Tomorrow morning at 8:30 AM ET, the Bureau of Labor Statistics (BLS) will release the monthly employment report for November. Consensus is for the unemployment rate to remain unchanged at 5.8 percent and an increase of 230,000 non-farm payroll jobs.

Average hourly earnings are expected to tick up 0.2 percent, with the average workweek remaining the same at 34.6 hours.

Another gauge of employment, the U-6 underemployment rate, which includes those marginally attached to the labor force plus those employed part time for economic reasons, is expected to come in at 11.5 percent. This metric is a favorite of Federal Reserve Chairman Janet Yellen.

With QE in the United States officially ended, a strong report is likely to be bullish for stocks. Any number above 250,000 would signal a stronger economic recovery than priced into the market currently. Conversely, a weak number, with job growth below 215,000, may give cause for concern regarding the economy's overall strength.

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