Dearest Brethren, It is that time of year again... May beckons, and with the onset of May comes the temporary departure of our institutional Brethren to hotter abodes... the decline in institutional volume will bring persistent intraday range contraction, reduced follow-thru and plenty of aggravation... Moreover, in addition to a decline in aggregate institutional volume, we must also recognise that there will be a seasonal reduction in company-specific newsflow, since the intended audience of corporate PR departments will be vacationing... I am not being a spoil-sport, just a hardened realist... In light of the ensuing trading tragedy that is about to befall us until September comes to our rescue, please vote for that option which most closely resembles your intention... If you have voted for 2), please shed some light of how you anticipate your strategies will change to take account of Summer conditions. With my fraternal love, Candle