Worries the nonfarm payrolls will undershoot expectations prompted investors to cut heavy bets that had been profitable for months, particularly those seeing the U.S. currency rise against the yen on a firming U.S. economy, and those buying Japanese stocks on hopes a weaker yen will underpin the Nikkei.

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Its advice Fernandes has taken to heart, he wrote. "No matter how bright someone is, nothing beats experience. And that takes time. There is no quick fix, no five easy steps."

China's VP Xi Jinping, in a speech in Dublin last night, said his country is considering more support for Europe. The official said "We are considering more involvement in helping address the European debt issue through EFSF, ESM and other channels" adding "China supports the European integration process, the euro, by purchasing European bonds."

"It's very clean and clear," he said. Luntz predicted the document will help Staples a lot.