There was the Greenspan’s put in the past, now there is the Powell’s put. In our opinion, yesterday’s statement of the Fed announcing that it is ready to act and even cut interest rates put a floor to the market. Two days ago the S&P 500 corrected almost .382% (a fibonnaci ratio) of the this year’s rally and the widest part of the trading range we envisionned lately may have been set. This is, at this stage, our preferred scenario for the summer and early fall. Breadth closed on a strong note: 2878 stocks advanced on the NYSE compared to 711 that settled down and we observed heavy short covering as measured by our buying/selling index.