One thing explaining the meltup in March is that some analysts are now expecting 300K+ jobs during March. This isn't really a future stat for this week, but its a crucial future stat. Its also likely the first major jobs gain in what could be the start of dozens of months of gains.
Brian Westbury from First Trust has a nice video about the expectations for March jobs and more specifically his estimate that we'll report 300K. Now what will that mean to the stock market? Hard to tell as we've had a huge run since mid-Feb. In general though, I still see lots of stocks trading below intrinsic values. Hartford Financial (HIG) trading way below book. AerCap (AER) trading at 5.5x 2010 earnings. Puda Coal (PUDA) trading below 10x their low end guidance of $1.10. Those are just a few examples of how cheap the market remains.