Markets are due for some swings this week as fears of going over the fiscal cliff will mount as will uncertainty over the November jobs report, but bargains are out there, said Ed Keon, portfolio manager at Quantitative Management Associates.

Talks to steer the economy away from the fiscal cliff — a series of tax hikes and spending cuts due to strike at year-end — have stalled, with Democrats and Republican at odds over extending tax breaks on the wealthy.

The nonpartisan Congressional Budget Office has said failure to address the fiscal cliff could tip the economy into a recession next year.

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Fiscal fears aside, the Bureau of Labor Statistics on Friday will release the November jobs report, revealing that Superstorm Sandy will have likely skewed the numbers, adding to the uncertainty considering the proximity of the cliff.

Get ready for a volatile week, Keon told CNBC.

“Sandy is beginning to influence the jobs data and many other sorts of data for the next couple of months … just at a time when the market is uncertain about the fiscal cliff, and the lingering uncertainties about Europe and China and elsewhere,” Keon said.

“Now we have these other uncertainties and the data is going to be less relevant than normal. We are just going to have to adjust.”

Be on the lookout for oversold stocks, as conditions will develop that are ripe for bottom fishing.

“I have actually been a small net buyer over the past couple of weeks, not a huge buyer. I have been buying for some of my funds,” Keon said.

Other noted market participants have made similar observations.

“This week may bring some more progress towards a deal to prevent the U.S. fiscal cliff,” Paul Dales, senior U.S. economist at Capital Economics, told CNNMoney.

“November’s employment report … may provide further incentive.”

Treasury Secretary Timothy Geithner has remained firm on the White House’s position that any deal must involve allowing the Bush-era tax cuts for households bringing in over $250,000 a year to expire, a proposal at which Republicans have balked.

“There’s not going to be an agreement without rates going up,” Geithner told CNN, adding that refusal on the part of Republicans will bruise the economy.

“If they are going to force higher rates on virtually all Americans because they’re unwilling to let tax rates go up on 2 percent of Americans, then, I mean that’s the choice they’re going to have to make.”

Editor's Note: The Final Turning Predicted for America. See Proof.