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Good morning,

The last day of the quarter-end was a messy boring day with no direction whatsoever. However, take a look at the charts below.

They are pictures of the market action of the SP500 in the first few days of every new quarter. It is not the strongest argument in the world but I think you will agree with me when I say there is a case for a good move in the equity indices around the 4th or 5th day of the new quarter, which tends to last a good week or more.

The last day of the quarter-end was a messy boring day with no direction whatsoever. However, take a look at the charts below. They are pictures of the market action of the SP500 in the first few days of every new quarter. It is not the strongest argument in the world but I think you will agree with me when I say there is a case for a good move in the equity indices around the 4th or 5th day of the new quarter, which tends to last a good week or more.

It generally looks like there is an attempt to misdirect the market in the first week, only to pull the plug or rally in the second week. The key-level for me is 1220 on the SP500 cash. Any move below will initiate a short position, while strictly speaking we are on the long side above.

Tom