Good Morning:

• The Founder’s Group executed a Navigator Swing Buy yesterday (officially announced at 3672.50).
• The signal gripped, and the market will gap open at our first target. Gap Rules apply.
• We will monitor for continuation. But if and when the 3751.25 level is conquered, short-covering will kick into higher gear,
• We have no evidence that this is THE bottom, just a tradable short-covering bounce. We still have more Fed speak today, which could help or hurt – we don’t know for sure.
• The next big major report is the employment report on Friday, which is where we expect this short-covering rally to end, and the market turn south again. We will see how well our crystal ball works.
• For today, we are carrying forward a 3715.75 stop on our swing position.
• Global events have more potential than normal to derail our best-laid plans.

A.F. Thornton