I have never fished for shad on a fly, but here is a link to Kienes board. They have a special shad section. http://www.kiene.com/messageboard/viewtopic.php?t=8848. I also would suggest going to Kienes or American fly fishing to buy some flies and stuff before you head out. They are very helpful.
shad are in the AR. concentrated around watt, but have been caught up to S bar. Was real hot about a week and a half ago, kind of slowed down this last week, but should pick up now that they are raising the level of the river. Kiene's has the flys you need. Have fun and hold on.
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all of a man's addictions end and begin when he learns to fly fish