• These comments from Wednesday still hold true, in my opinion.

To make it clear:

Despite the nice rally off the lows, these observations on TheStreet and Real Money Pro on Wednesday still stand true, imho.

• Enjoy your weekend.

Again, the only thing I am certain about is that we will face continued uncertainty.

Depending on your financial profile, risk and time parameters, smaller positions are advisable both in trading and investing.

I am also certain that intraday moves like today's might become more of the norm in the time ahead.

Thanks for reading my diary this week.

Early next week, I will be updating my fair market value calculation of the S&P 500, as well as updating my "Levels" column.

Enjoy your weekend.

TGIF!

• How much to buy?

My mavens on the floor of the New York Stock Exchange see $500 million on the close to buy.

In terms of sectors on the buyside,-industrials at $100 million, financials at $75 million and energy at $55 million lead the way.

No sectors to sell.

In terms of individual stocks, buys on the close include Caterpillar (CAT) at $35 million, IBM (IBM) at $35 million and ExxonMobil (XOM) at $25 million.

Sells are seen in McDonald's (MCD) with $20 million, Scana (SCG) with $12.5 million and Disney (DIS) with $10 million.

• I am buying small in the autos. 

As discussed yesterday, Ford (F) is back into my buying range under $12.50.

Buying small, as I am in General Motors (GM) also.

• If it didn't, I would be backing up the truck on TBT.

If my short bond position wasn't so large, I would be buying ProShares UltraShort 20+ Year Treasury (TBT) with reckless abandon.

But discipline/risk control must trump conviction at this point.

Painful.

• And stocks more or less where I left 'em.

I am back from my lecture to see stocks more or less where I left 'em (though well off the day's lows).

This weekend, I will go back to the drawing board and update my fair market value calculation for the S&P 500.

I have been waiting for this week's economic data, and now I have it.

My only real move today was adding to Apple (AAPL), Monitise (MONI.L), Fortinet (FTNT) and Qlik (QLIK) longs.

• Swing by my lecture.

If there are any subscribers in Boca Raton, I am lecturing at FAU in classroom 101 of the Business School Complex.

Come on by.

Lecture starts at noon EDT.

• Let's review.

I have started a new end-of-week column that borrows from the title of a popular 1960s BBCcomedy show hosted by David Frost for my look back at the week's daily diary highlights.

I hope this relatively new column helps put the market week into perspective.

It was a short week for me, as I was in NYC for some business meetings, and Tim "Not Phil or Judy" Collins filled in for me on Monday and Tuesday.

On Monday, TC started with a clever April Fool's joke. He continued the "fool" theme throughout the day. Later on in "Fool's Gold," TC examined some attractive gold miners, including Royal Gold (RGLD), Newmont Mining (NEM), Randgold Resources (GOLD) and Goldcorp (GG). In "Why Do Fools Fall in Love?," TC suggested staying clear of Apple's (AAPL) shares. Chimera Investment (CIM), a favorite of mine, was next up on his agenda.  In "A Fool and His Money Are Soon Parted," TC provided a good lesson on trading. He ended the day with a critical view of the media.

Tuesday started with an opening missive from Tim that discussed how being neutral is a losing game. "A Danaher Dabble" discussed another short investment of mine, Danaher (DHR). In "Putting It to Russell," TC sided with me on the iShares Russell 2000 Index Fund (IWM) short. In "Are You a Fundie or a Techie?," Tim added his two bits to an age-old debate. In "Don't Open Big with Netflix," TC chimed in on a controversial name.

I returned to my diary on Wednesday, and my opening missive, "Subsurface Weakness," raised some important technical and fundamental issues that question the sustainability of the market advance and economic growth. In "Putting It to Green Mountain Coffee Roasters," I suggested that a put play is superior to shorting the common shares. Later in the afternoon, I highlighted more Green Mountain Coffee Roasters (GMCR) insider sales on early expiration/sale of an executive's options, and I added some Apple at $432.50a share.

Thursday brought on a discussion of more cowbell from Japan. Then I discussed additions to three longs -- namely, Apple, Northwest Bancshares (NWBI) and Chimera. In "The Gospel According to Fred Hickey," I mentioned the ursine thoughts of the High Tech Strategist. Why I am buying two depressed tech stocks, Qlik Technologies (QLIK) and Fortinet (FTNT), and shortingHenry Schein (HSIC) and Berkshire Hathaway (BRK.B) followed next. I am holding off buying more Ford (F) until $12.50 -- here is why. In "Proceed With Caution," I warned about the upcoming earnings season. Finally, in "Proud Papa Kass," I commented on a personal highlight of the week -- and the year.

Today's opening missive featured the Japanese bond market's schmeissing. I also took a deeper dive into this morning's nonfarm payrolls release.

So, that was the week that was -- from my perch.

• In the fullness of time, natural discovery will return to the markets.

I am holding onto my ProShares UltraShort 20+ Year Treasury (TBT) long.

The Fed has artificially inflated both bond and stock prices, and I continue to believe that, in the fullness of time, natural discovery will return to the markets.

A good case in point is the Japanese bond market discussed in today's opening missive, which got schmeissed overnight.

As discussed in the previous column, I expect real GDP to grow at about a 1.5% to 2.0% rate over the next three quarters. With inflation expected to be expanding at +1.5% to +2.0 during the same time frame, nominal GDP will be rising at a +3% to +4% quarterly rate.

As I discussed in my Value Investing Congress presentation last May in Omaha, historically the yield on the 10-year approximates the projected nominal GDP growth rate.

In other words, the 10-year U.S. note (which now yields less than 1.70%) should theoretically gradually rise toward 3.5% -- again, in the fullness of time.

• I want to put the poor report into perspective.

As I mentioned on CNBC's "Futures Now" yesterda, today's job number is supportive of my view that domestic economic growth in the first quarter benefited from an inventory replenishment cycle that petered out in March.

Real GDP for the balance of the year is likely to slip to a subpar growth rate of under 2% for the next three quarters vs.3% in first quarter 2013. Given the degree of monetary easing, this is not a self-sustaining economy.

Let's do a deeper dive into the jobs report.

At 88,000, the job growth was well below estimates of 190,000.

There is little positive about this report, but I want to put the poor report into perspective:

• Month-over-month employment data is very volatile -- below is a chart back to 2010.
  
  

  Nonfarm Payrolls

  Source: Bloomberg

  View Chart »View in New Window »

• January and February were revised upwards by 58,000 jobs.
• February's gain was 268,000.
• First-quarter 2013 average monthly employment growth was 168,000 per month (consistent with better-than-2% real GDP growth).
• Average weekly hourly wages rose by 0.1, to 34.6 -- the best print since February 2012. (Every +0.1 hours is equivalent to 250,000 jobs.)
• This report will make it difficult for any Fed members to recommend tapering off QE in 2013.

• But those kids at Florida Atlantic University are in for it.

A heads up: I will out of the office from 11:00 a.m. EDT to about 2:00 p.m. EDT, lecturing at Florida Atlantic University's MBA class today.

After a deeper dive into the jobs number, I will come back with my weekly "That Was the Week That Was."

Then I will back on my diary later in the day.

• It was the worst print since last June.

The jobs report was well below expectations at only 88,000, and represented the largest miss relative to expectations in over three years.

It was also the worst print since last June.

The labor force participation rate has dropped meaningfully and caused the unemployment rate to decline to 7.6%.

• Here's what the analysts are up to this morning.

Below is a summary of analysts' actions:

• Compass Point has a sell on Apollo Group (APOL)
• ISI favors TD Ameritrade (AMTD) and Schwab (SCHW) on pullbacks.
• F5 Neworks (FFIV) was downgraded at William Blair.
• Evercore (EVR) lowered at Keefe, Bruyette & Woods

• Here it is.

Below is today's economic calendar and the consensus frorecasts.

• Let's take a peek at overnight and early-morning markets.

After Thursday's rally overnight, its ragged Friday morning:

• S&P futures down 8;
• European markets lower;
• euro down;
• crude flat;
• gold up 2; and
• 10-year yields 1.77%.

The most important overnight news is recanted by Bill King of The King Report, and it relates to the Japanese bond market:

The unimaginable, the nightmare outcome for QE occurred on Friday in Japan. JGBs, after hitting a record low yield when the Nikkei opened, sharply reversed into the biggest decline since September 2002. The stunning reversal in JGBs from 0.32% to 0.65% triggered Tokyo Stock Exchange circuit breakers.

Surging yields after the announcement of the biggest QE (as percent of GDP) scheme to date, is sending shivers up Bernanke and his ilk's spines. If markets revolt via bond carnage, a central bank, or banks, will face their Rubicon moment. Either they will have to monetize all bonds and witness a currency collapse or they have to walk away from QE and take some degree of carnage in financial systems and economies.

The surge in JGB yields has truncated the 4% Nikkei rally and pushed SPMs to 9 point decline.

Central bankers and their staffs will be retooling their models and their thinking this weekend. Investors and traders should be do the same.