Good Morning:

• Big tech may no longer be the cat’s meow as it competes with “food” and “gas” as the most profitable future investments. Maybe corn isn’t the sexiest investment, but the price of corn and wheat will astound all of us in six months.
• Volatility continues to contract as the Vix futures curve normalizes and risk appetite grows again. We were able to take some call positions yesterday without fear of a volatility crush.
• Resistance at 4500 should now be solid support. The daily expected move comes in around 30 points or so above and below the open. Resistance should come in around 4535-4540, also the Weekly Expected Move high. 
• After the first resistance, we have another slight speed bump at 4562. and then it is on to the February 2nd highs at 4580. I can’t see much farther than 4580 at the moment, nor do I expect gains much beyond the WEM today.
• I am inclined to take profits at the WEM highs on both the QQQ and SPY positions (about 4530-4540 on the S&P 500 index). At the very least, we may take leveraged SPY and QQQ calls back to cash ETF positions.
• I will enjoy my weekend better not worrying about some geopolitical event. Let’s see how it goes. 
• I won’t be trading today but will monitor while sipping Pina Coladas on the beach. Limit one before the market closes…
• Other than high gas prices, looming food shortages, rising interest rates, and the threat of nuclear World War III, try to relax and enjoy your weekend.
• I will cover all the issues still on the table and more in the Navigator Oracle Weekly Letter™ coming out for subscribers on Sunday. and available to the public on Monday.
• Morning charts are up for Navigator Day Traders™.

A.F. Thornton