"In April, the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 278,000 to 7.9 million, largely offsetting a decrease in March. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)"
""is this finally the blow off?""
No, it's a sign of the strength of this market. Also 1600 was the last stop for many weak bears. Remember Initial jobless claims is a estimate by statisticians that will be revised later when all the reports are analyzed, hence it's the "initial jobless claims measure".
It seems as though calling tops is a fools game but arbitrarily calling 1600 an important level is ok. Time will tell. if the spx is a leading indicator of good things to come in the economy I wonder what that will look like. This being the first ever fed juiced spx leading indicator. Lots of charts being touted that this has happened before etc etc. 2013 was being called a flat to up 5-6% year by multinational manu's. 2014 was expected to be soft. I will hear about the 2014 forecasts later in may. Only one piece of a puzzle. Articles on why the labor report wasnt really very good will come out next week. They wont mean much anyways. The liquidity rally continues volumes remain lighter than avg and have been so for months. As time goes on the volumes really will show that they are 40-50% lower than last year as the avg drops each month. GL my longs are well my shorts less so.
The part timers sure make a lot of money for wall street wealthy. And they didn't even have to pay anything. Maybe that is not totally accurate as I have heard it said that "they have sold their souls".