A good number will confirm the upward bias for interest rates and higher rates are a headwind for equity prices.

If you believe that higher interest rates will put a brake on the economy, the whole tech sector is highly susceptible because companies are going to be spending on tech-related items depending on where the economy is going.

In reality, it won't matter as much because other elements like spending and consumer sentiment look good and that will keep the upward pressure on interest rates.

Emerging markets have become expensive and we have reduced our exposure. One reason is that Japanese interest rates will eventually go. This will have implications because carry trades are likely to be unwound.

We are starting to see the bite from some of the risks that have been lurking in the background, like oil. I think it's going to continue to be tougher for this market to do anything positive.

If the number is 50,000 above or below, that's a variation where you'll see a reaction. If it's below, then people will right away start talking about what the revision will be next month.