Markets face some kind of catch-22 this morning regarding the jobs report.

In one scenario stocks will go up no matter what. A good jobs report signals a stable economy and money rushes in. A bad jobs report forces the Fed to come in with guns blazing, and money rushes in.

In another scenario stocks will go down no matter what. A good jobs report blocks significant easing by the Fed and people sell. A bad jobs report signals a crashing economy and people sell.

First Empire Asset Management's Michael Obuchowski tells Morning Money: "We are in a very odd place right now. Nobody really knows how this number is going to come out. There has been so much uncertainty the last month. It could really come in anywhere and get plausibly explained away... Even if the number is very low the market reaction may be surprisingly positive given that it would be perceived as forcing Bernanke to do something more aggressive."