Monster number out of the BLS this morning: Not only did employers ramp up hiring in April, but the awful Jobs data for March were
revised up to 146,000 from an initial estimate of 110,000 payrolls,. The strong February data got even stronger, going to 300,000, from the 243,000 previously reported.
This lends credibility to the soft patch theme (opined elsewhere). That’s a net positive. It also kills the "Fed now can go on hold for a few meetings" chatter — I’m not sure that meme had gained enough traction for this to be any worse than neutral.
I sitll have to drill down through all the data — sometimes the headline can be misleading — but this is a significant data point.
I’m back to watching my levels, and getting ready to flip more bullish (on a closing basis) as necessary . . .