Editor's Note

A strong washout is always the equivalent to a high dose antibiotic to combat a lingering market infection. This was a heck of a way to start a new quarter but maybe it was for the best. April is normally a good month for the market and maybe we needed one more strong drop to retest the February lows and set the stage for a strong rebound into Q1 earnings. Anyone who was not committed to be long was eliminated today with the 6:1 decliners to advancers and the 4% to 5% declines in stocks and sectors. This was a washout. The S&P futures are up +12 so maybe this was a final dose of a strong antibiotic to eradicate the lingering bout of seller sickness.

 

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