Jobless recovery

Friday's payroll numbers were disappointing and underline the weakness in the job market.
Talk of a "jobless recovery" has become standard fare for economists.
On account of the holidays (European markets are closed on Monday), trading volumes have been virtually non-existent.
That being said, post payroll numbers, spreads are roughly 10-20 basis points wider in benchmark corporate or financial cash bonds compared to Thursday's closing levels.
Earnings for the 1st quarter of 2012 kick off this week and players will be watching Alcoa's numbers closely.
In addition to realized earnings, players will also look at the forward guidance that companies publish to figure out how things will look six months to a year from now.
Treasury bonds caught a strong bid from investors after the disappointing payroll numbers with some resurrecting talk of a quantitative easing program from the monetary authorities.
Easy credit and loose financial liquidity may make things look better on first blush, but they will do little to solve the underlying problems of unemployment and sluggish growth in the real economy.
In addition to the usual known unknown risk factors for the global markets, there is chatter of a possible nuclear test in North Korea.
From time to time, the North Koreans like to saber rattle to gain leverage in negotiations with the rest of the world; the strategy is more rational than it might initially appear to be.
And in China, a subtle jockeying for leadership amongst the ruling Communist Party elite continues.
Alcoa earnings are out on Tuesday.