Friday's Employment Situation was weaker than expected, but failed to provide a clear confirmation for last month's numbers (which were weaker still).  That said, it's not necessarily a simple "yes or no" question as far as that confirmation is concerned.  Certainly, job creation isn't as strong as it should be based on these number, but that qualitative assessment is only important in the longer term.

In the short term, all that matters is what markets and the Fed do with the data.  If Friday afternoon is any indication, bond markets weren't overjoyed.  Stocks were.

stock lever

Charts increasingly give the impression that global markets are pulling back from the ostensible brink of oblivion that seemed to be setting in at the beginning of the month.  The risk for MBS and Treasuries is that they're deprived of an apparent source of positivity in that case and this could see technical levels continue stepping back from the 2014 rally--a corner that's in the process of being turned presently.

Treasury technicals

These technical developments will continue to tell us more about how markets are digesting the payrolls numbers and other considerations. Events in the week ahead will potentially tell us more about how the Fed will handle it.  Particularly, Janet Yellen's first Humphrey Hawkins testimonies will be given on Tuesday and Thursday.  If she offers clues as to the Fed's stance on the consecutive downbeat payrolls prints, markets will be listening.

The surrounding data is hard to come by and doesn't really start until Thursday morning with Jobless Claims and Retail Sales.  There are several second tier reports on Friday as well.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
97-05 : +0-00
FNMA 3.5
101-17 : +0-00
FNMA 4.0
104-30 : +0-00
2 YR
0.3033 : -0.0037
10 YR
2.6674 : -0.0076
30 YR
3.6674 : +0.0024
Pricing as of 2/10/14 7:00AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Tuesday, Feb 11
10:00 Wholesale inventories mm (%) Dec 0.5 0.5
Wednesday, Feb 12
7:00 Mortgage Market Index w/e 405.2
Thursday, Feb 13
8:30 Retail sales mm (%)* Jan 0.0 0.2
8:30 Initial Jobless Claims (k)* w/e 330 331
10:00 Business inventories mm (% ) Dec 0.4 0.4
Friday, Feb 14
8:30 Import prices mm (%)* Jan 0.0 0.0
9:15 Industrial output mm (%) Jan 0.3 0.3
9:55 U.Mich sentiment * Feb 80.7 81.2