All is well. One dose of a better than expected jobs report and all our troubles just go away. Traders fearful that snow storms would have added to the countries employment woes were pleasantly surprised when Friday's employment report seemed to suggest that it's not quite as bad as feared. The February unemployment rate held steady at 9.7%, with 36,000 jobs lost. The consensus expectations were for the unemployment rate to climb to 9.8% and for 65,000 jobs to be lost.

Now if that doesn't make you feel good enough on a Monday, then perhaps news that the French say they will stand behind Greece and their economic crises. Or maybe we have to take away some of those good feelings. Is it possible that building concerns over credit in China could wipe away these good feelings? Bloomberg News reports that, China plans to nullify all guarantees local governments have provided for loans taken by their financing vehicles as concerns about credit risks on such debt increases. Bloomberg says that, The Ministry of Finance will also ban all future guarantees by local governments and legislatures in rules that may be issued as early as this month, Yan Qingmin, head of the banking regulator's Shanghai branch, said in an interview.

The ministry held meetings on the rules on Feb. 25 with regulators including the China Banking Regulatory Commission and the People's Bank of China.

These worldwide happenings in China and Greece could be significant as it may call into question everything oil bears believe about the market.