Just four weeks after a hard fought election and a jobs report that saw the unemployment rate holding below 8% for a second straight month, investors are preparing to hear about the labor market all over again tomorrow.

Officially, economists are looking for hiring to stall to just 80,000 new jobs from the 171,000 figure generated in October. Unofficially, many market observers will tell you they don't know what to expect given the growing attention on the so-called fiscal cliff over the past month, as well as the disruptions and power outages Hurricane Sandy inflicted, particularly in the Northeast. The November non-farm payroll data will be released at 8:30 a.m. EST on Friday.

According to Andrew Wilkinson, chief economic strategist at Miller Tabak, investors should expect a good number, but resist the urge to panic if it's noisy and bad.

"The background to this report is that we've seen quite a substantial pickup in the pace of hiring," Wilkinson says in the attached video. "The three-month average gain is about 170,000, and that's pretty good." As for his own estimate, he's expecting a number closer to 125,000.

A 3% bounce in Chinese stocks in overnight trade has given investors the world over a bit more confidence today — tradings have something fresh to digest rather than the steady drip of headlines about the ebb and flow of the fiscal cliff talks. While the Shanghai Composite chalked up its best one-day gain in three months, my colleague Michael Santoli, senior columnist at Yahoo! Finance, says there have been 20 comparable pops over the past three years.

"There's lots behind it, namely that the [Chinese] market has been beaten down so much over there that it really was poised to show some kind of bounce," Santoli says in the attached video.

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Cynics would point out that those previous rallies were little more than bear market bumps in an index that has slumped 40% since August 2009. And they might be right again. But whether or not this pop turns out to be something different, Santoli says the prior ones have typically lead to a 5% subsequent gain over the next month.

As far as reasoning is concerned, the China rally was fueled by at least two themes: first, coordinated easing by global central banks and second, the expectation that the newly selected Communist Party leadership will usher in a fresh round of economic stimulus.

"Global easing is a big deal for these guys," Santioli points out. He adds that heavy money printing by the Fed and its peers "benefits oil and commodity-related stuff, and that really drives the Chinese market."