Good Morning:

• It was all about Microsoft yesterday, trading higher because they beat expectations but lower after negative forward guidance.
• This will be quick – as I am headed to the Trading Room this morning.
• We will Gap down for the second morning in a row. Gap Rules are on the table. It won’t be lovely at the NYSE Open.
• Closes below the 5-day line should trigger stops, as does taking out yesterday’s low.
• Of course, this is a low-risk-to-stop entry point for the braver among us.
• Major support lies at 3965, then 3930. Resistance is at 4040, then 4055.
• I will update you after the close.

A.F. Thornton