Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009.

Pop quiz: Over the past six months, one sector of the market has seen more insider buying than any other. Can you name it? If you think it’s technology, you’d be wrong. Yes, the sector has enjoyed a resurgence in recent months, but not enough to whip up a heavy enough wave of insider buying as the sector I’m talking about.

Traders have a saying. “It’s not the news — it’s the reaction to the news.” The idea is to pay attention to what’s happening behind the scenes. If the news is good and the market goes down, that points to hidden weakness. But if the news is bad and the market goes up, that points to hidden strength.

J.C. Penney CEO Declines Annual Forecast; Wells Fargo 1Q Beats Estimates; Chinese Economy Undaunted in 1Q; GE Ups Asian Investment; Auto Industry Heats Up in India; Qualcomm’s India Investment; Sparrows Point Deal Approved; Welch Shows Wrath

Although the earnings season officially kicked off last week with Alcoa reporting first quarter earnings, the real fun starts this week with seven Dow components reporting.