(A) April Market Strategy Summary

U.S. Payrolls, Fair Value and Earnings Season ADP payroll numbers of +158,000 for March came out in early April and spooked an over-extended five month long rally.  A troll (hopefully) put together very weak weekly unemployment claims numbers that followed. How about March Labor Dept. payroll numbers? At first blush, the March Fed payroll number was weak. But that may not be the right takeaway from this report.  The right takeaway may be the U.S. economy has not changed with the introduction of the latest Money Printing in December. Given the lags, that makes more sense than the market thinks. Yes, the Labor Dept.’s non-farm payroll number edged up in March +88,000. However, the change in total nonfarm payroll employment for Jan was revised up from +119,000 to +148,000.  Change