• Good afternoon:
• This will be a short note. I was glad we sold at the Open today for a nice profit. That was the peak of priced on the day. It was downhill into the close.
• The market left us kind of hanging as to the intermediate picture, but the overall performance was negative and exceeded our volatility estimates after more negative Fed speak hit the tape. 
• It is difficult to discern much on these big expiration days, as there are a lot of buys and sells to close out option positions, rather than for investment reasons.
• World events continue to be negative, and the Global Banking system is on the edge.
• I will cover everything in the weekly outlook over the weekend

Happy Easter!

A.F. Thornton