Stock exchange traded funds have started fast out of the gate this week but the real test could come on Friday when markets get the November employment report.

Investors are watching for the nonfarm payrolls report as some encouraging news is indicating the U.S. economy may be turning around. Monday’s nearly 300 point Dow rally was driven in part by strong Black Friday sales.

Of course, investors remain glued to the Eurozone debt crisis, which has markets on edge.

“Greece appears to be getting sicker on a diet of austerity while the whole concept of leveraging a fund designed to guarantee debt seems counter intuitive. More important will be bond auctions in Britain, Italy, France, Spain, and Belgium, along with any intellectual progress by European finance ministers in recognizing the paramount importance in restoring investors confidence in the safety of Euroepan debt,” David Kelly, chief market strategist at JP Morgan Funds, wrote in a weekly outlook.

The 9% unemployment rate is a disappointing reminder that the economy in the U.S. is expanding at a snail’s pace and the Eurozone drama in the background is anchoring a full recovery, in the U.S, and globally. [Stock ETFs rally on Europe Hopes, Retail Sales]

In October, nonfarm payrolls showed an uptrend, with the addition of 80,000 jobs. The unemployment rate was at 9% last month, according to the U.S. Bureau of Labor Statistics.

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