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BOTTOM LINE: The Portfolio finished higher today on gains in my Medical longs, Semi longs and Biotech longs. I did not trade in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was positive today as the advance/decline line finished higher, most sectors rose and volume was about average. Measures of investor anxiety were mostly higher into the close. Overall, today's market performance was bullish. I would classify today's action as healthy given the underlying strength. Small-caps, cyclicals and growth outperformed throughout the day. I have heard some say the public has embraced the recent rally, yet I see little evidence of this. TrimTabs just reported $900 million in U.S. fund outflows once again this week, despite the recent rally. I continue to believe there is massive bull firepower available to propel US stocks substantially higher from current levels. Tomorrow's jobs report will likely come in slightly below expectations of 120,000. However, I expect stocks to build on recent gains again tomorrow as investors continue to anticipate better data over the next few months.
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