Reducing Positions

Good Morning:

— We sold another 50% of our recent position, 25% this morning at 4925.50, and another 25% at 4924.50 just a few minutes ago. That leaves us with a remaining 25% of the position we acquired at 4775 a little over a week ago.

— Our indicators continue to show some internal weakness. We tagged the rising 5-Day line pre-market this morning at 4880 and bounced before we put out our forecast. And the market reached down to 4895.50 after that, just above the 4895.25 stop set this morning. We continue to maintain the 4895.25 stop on our remaining 25%.

A.F. Thornton