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Good Friday

By

C-A-T-S Cats Cats Cats!

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Extreme breadth readings and seasonals suggest a higher close for tomorrow. The S&P500 tends to do well on the day before Good Friday and poorly afterwards (as the table below illustrates). If the same pattern were to unfold this year, I suspect that tomorrow will see a solid one day reversal in market breadth.

Ultimately, the abysmal breadth readings may be a negative BUT we've now reached some short-term extremes. Today marks the seventh consecutive day of negative breadth in the Nasdaq (last occurred one day before low in March 2003) and the twelfth day out of the last thirteen.

Good luck and enjoy the holiday weekend. I'm off to Austin Texas with high hopes of a Kentucky Wildcat trip to the Final Four.

No positions in stocks mentioned.

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