C-A-T-S Cats Cats Cats!
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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter