**Founders: Hartnett Early Look

Special Tactical Seasonality Update

Housekeeping: Good Morning

Hartnett preview excerpts at bottom….. Premium walkthrough this weekend.

Also find attached some quick (developing) tactical thoughts on seasonality in a newly dynamic situation. Being flexible in our short term trading opinions is now very important…

Seasonality Update:

The short-term trading question considered is:

Have we come “Too far too soon”.. or is it a case of “We’ve only just begun?

The answer is… buy season should be weaker even with an election. But this one will be contested. So ?????

Thus.. for us it means don’t *create* positions (except highly speculative ones) between October 15th and December 1st. (We normally buy between Oct 15 and Dec 1)