FINANCIAL CYCLES WEEKLY UPDATE #0413 – March 28 – April 3, 2004 with TIM BOST

COMMENT: Last weekend’s Astro-Economics Conference in Florida was packed with useful insights, lively discussion, and engaging observations about the nature of the markets and the realities of trading. “I think there was something special about this conference,” Grace Morris said afterwards. “Each presentation was extraordinary in its material and delivery.”
All of the conference speakers shared their opinions about the direction of the market, with a surprisingly bearish consensus among the group of speakers. “Be very careful if you’re long stocks,” Larry Pesavento told the participants in the conference. “Any rally we see now should be sold. I think we’re at a very significant top in the market, and we definitely have some danger ahead for stocks. It’s not as much as there was in 2000, but it’s still a real danger.”
Arch Crawford was even more blunt about the prospects for stocks. “I think we’re going to have another crash this year,” he said, noting that he expects a crash to come “between August 15, 2004 and March 2005.” He also pointed out that while presidential election years in the U.S. generally coincide with rising stock markets, “when the presidential campaign is excessively bitter, the stock market does not do well.”
Dr. Al Larson said that he is “looking for a crash before the fall. According to my models, it looks like it will come in July or August.”
According to Alphee Lavoie, we need to watch Saturn as the key timer for stocks. “I’m looking for U.S. stocks to make a big move down when Saturn hits the Ascendant of the McWhirter chart for the New York Stock Exchange. That will be in late June,” he said.
At one level this unanimous agreement about the near-term prospects for the stock market is quite refreshing, since it’s far more typical for market analysts (and astrologers, for that matter) to be at odds with each other. But that much consensus is hard to sustain; it doesn’t take long for it to morph into some fairly competitive attitudes. And in this particular case, with the consensus being so decidedly bearish, perhaps it would make the most sense right now to be a good contrarian and see the market in a more bullish light!
Even so, we find ourselves in basic agreement with the other speakers at the conference. We’ll be quite surprised if we make it through this calendar year without an extremely nasty correction. According to our calculations, the most likely time for it to get underway is in mid-September.
But as always, our approach to the market is a short-term one. In today’s market, the long-term “buy and hold” approach is just too upsetting to the nervous system and too damaging to the pocketbook. There are many opportunities for profits ahead in swing trades. These are very treacherous times, however, and active trading requires a lot of emotional stability and more than a little caution.
Be sure to take a moment daily to check our website at www.TimBost.com. You’ll find lots of useful and entertaining materials there, and we provide daily updates on the progress of our trading in the Latest News section.


THE WEEK AHEAD

There aren’t many companies reporting earnings this week as the First Quarter comes to an end. We do expect to get reports from Best Buy (BBY), Steelcase (SCS), Pier 1 Imports (PIR), CarMax (KMX), ATI Technologies (ATYT), Bed Bath & Beyond (BBBY), Circuit City Stores (CC), Manugistics (MANU), Monsanto (MON), and NDC Health (NDC).
The economic reports coming out this week include the March Consumer Confidence Index from the Conference Board, the Chicago Purchasing Managers Index for March, February Factory Orders and Construction Spending, and the Unemployment numbers for March. The European Central Bank will meet on Thursday, but will probably follow the Fed’s lead and leave interest rates unchanged. The most closely watched meeting this week will be on Wednesday, when OPEC ministers get together in Vienna. With gasoline prices hitting an all-time record high of $1.80 per gallon in the U.S. during the past two weeks, oil prices remain a critical economic consideration.
Although we may see a bit of market consolidation toward the end of the week, the overall astrological outlook this week is bullish for stocks. The week kicks off with a Mars/Uranus square, which adds some potential for extra volatility to the trading arena. But there are consistent factors throughout the week that are likely to drive stock prices higher, including the Venus/Pluto quincunx in right ascension on 3/29, the Mercury/Chiron square in right ascension on 3/30, the Mars/Saturn semisextile and the Mercury ingress on 3/31; the heliocentric Venus ingress on 4/2 and the geocentric Venus ingress on 4/3, the heliocentric Mercury/Uranus opposition on 4/3, and the heliocentric Venus/Uranus opposition on 4/4. Note that some of these planetary dynamics make their influence felt before the fact when they work on the markets.
The only lunar void-of-course period to impact the markets this week comes at midday on Tuesday. It’s a good time to plan for a leisurely lunch break!
Have a profitable week!

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GLOBAL EQUITIES MARKETS LAST WEEK

Stocks were mixed around the world last week, with the NASDAQ and Tokyo putting in positive performances while the sell-off continued in Paris, London and Hong Kong.

Dow Jones Industrial Average – up 0.26%
Dow Jones Transportation Average – up 1.76%
Dow Jones Utilities Average – down 0.55%
S& P 500 – down 0.15%
NASDAQ Composite Index – up 1.01%
Russell 2000 – up 0.38%
London FTSE-100 – down 1.36%
Paris CAC-40 – down 0.58%
Frankfurt DAX – up 0.08%
Sydney All Ordinaries – down 0.16%
Tokyo Nikkei – up 3.08%
Hong Kong Hang Seng Index – down 2.40%
Singapore Straits Times Index – down 0.65%


FINANCIAL CYCLES MODEL PORTFOLIO


POSITIONS CLOSED DURING THE PREVIOUS WEEK: CTX, CCBI, CNMD, DNA, MDCI, HRS, SHRP, TRMB.

We closed eight portfolio positions during the previous week, with four winners and four losers producing a net gain of $280.00.

On March 22 we sold 200 shares of Centex Corporation (CTX) at 54.15, taking a profit of $1,380.00 (a 14.60% gain in 31 trading days).

On March 22 we sold 500 shares of Commercial Capital Bancorp (CCBI) at 20.65, taking a profit of $150.00 (a 1.47% gain in 5 trading days).

On March 22 we sold 400 shares of ConMed Corporation (CNMD) at 27.90, taking a loss of $296.00 (a 2.58% loss in 8 trading days).

On March 22 we sold 100 shares of Genentech Inc. (DNA) at 103.15, taking a profit of $41.00 (a 0.40% gain in 4 trading days).

On March 22 we sold 500 shares of Medical Action Industries, Inc. (MDCI) at 19.43, taking a loss of $285.00 (a 2.85% loss in 8 trading days).

On March 25 we bought to cover 200 shares of Harris Corporation (HRS) at 46.47, taking a loss of $318.00 (a 3.54% loss in 7 trading days).

On March 25 we bought to cover 300 shares of Sharper Image Corporation (SHRP) at 34.47, taking a profit of $120.00 (a 1.15% gain in 8 trading days).

On March 26 we bought to cover 400 shares of Trimble Navigation Ltd. (TRMB) at 22.88, taking a loss of $512.00 (a 5.93% loss in 3 trading days).

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POSITIONS ADDED TO THE PORTFOLIO DURING THE PREVIOUS WEEK: QLTI, FULT, MATW, TRMB.

We added two long and two short positions to the Model Portfolio during the previous week.

We bought 400 shares of QLT Inc. (QLTI) at 22.75 on 03/22/04, setting our initial stop at 22.27.

We bought 400 shares of Fulton Financial Corporation (FULT) at 22.81 on 03/23/04, setting our initial stop at 21.47 on a closing basis.

We sold short 300 shares of Matthews International Corporation Class A (MATW) at 32.00 on 03/23/04, setting our initial buy stop at 32.70.

We sold short 400 shares of Trimble Navigation Ltd. (TRMB) at 21.60 on 03/23/04, setting our initial buy stop at 22.88.

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YEAR-IN-REVIEW MODEL PORTFOLIO ACTIVITY

Based on the Model Portfolio’s composition at the beginning of 2004, featuring positions with an acquisition cost basis of $53,947.50 ($66,022.50 in long positions less short liabilities of $12,075.00), we reduced our cash holdings in the Model Portfolio to $46,052.50 on January 1. This returned the total portfolio value to $100.000.00 as we began trading in 2004.

So far this year we have had a total of 55 completed trades, with 24 winners and 31 losers bringing us a total net profit of $1,928.50. The largest profit for a single trade has been $1,522.50; the largest single-trade loss has been $750.00; the average profit per trade has been $35.25. The mean duration of our trades has been 8.8 trading days.

During 2003 we had a total of 176 completed trades, with 99 winners and 77 losers bringing us a total net profit of $51,717.00. The largest profit for a single trade was $9,240.00; the largest single-trade loss was $1,170.00; the average profit per trade was $293.85. The mean duration of our trades was 10.1 trading days.

During 2002 we had a total of 195 completed trades, with 119 winners, 74 losers, and 2 break-even trades bringing us a total net profit of $50,956.00. The largest profit for a single trade was $5,100.00; the largest single-trade loss was $1,055.00; the average profit per trade was $261.31. The mean duration of our trades was 12.7 trading days.

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CURRENT POSITIONS IN THE MODEL PORTFOLIO

Fulton Financial Corporation (FULT) – bought 400 shares at 22.81 on 03/23/04; currently 21.77. Raise stop to 21.61 on a closing basis.

Matthews International Corporation Class A (MATW) – sold short 300 shares at 32.00 on 03/23/04; currently 31.93. Lower buy stop to 32.25.

Partner Communications (PTNR) – sold short 600 shares at 8.60 on 03/15/04; currently 7.84. Lower buy stop to 8.30.

QLT Inc. (QLTI) – 400 shares at 22.75 on 03/22/04; currently 22.64. Raise stop to 22.50.

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STRONGEST MARKET SECTORS LAST WEEK

Internet Information Providers; Computer Based Systems; Multimedia & Graphics Software; Education & Training Services; Electronic Equipment.

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WEAKEST MARKET SECTORS LAST WEEK

Oil & Gas Drilling & Exploration; Grocery Stores; Oil & Gas Equipment & Services; Diversified Investments; Hospitals.

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KEY ASTROLOGICAL EVENTS THIS WEEK

March 28
Mercury sesquiquadrate Cupido in right ascension 00:25 EST
Sun square Saturn in right ascension 00:48 EST
Void-of-Course Moon ends 01:23 EST
Heliocentric Mercury semisquare Heliocentric Jupiter 02:19 EST
Heliocentric Mercury semisextile Heliocentric Kronos 02:56 EST
Mercury in 24th harmonic to True Lunar Node 04:50 EST
Heliocentric Venus square Heliocentric Admetos 06:13 EST
Mars parallel Hades in right ascension 06:21 EST
Heliocentric Earth in 24th harmonic to Heliocentric Apollon 07:33 EST
Mars parallel Hades 08:54 EST
Heliocentric Mercury quincunx Heliocentric Uranus 12:06 EST
Heliocentric Venus semisextile Heliocentric Vulcanus 12:34 EST
Mars square Uranus 12:39 EST
Venus semisextile Hades in right ascension 13:15 EST
Moon at maximum north declination 14:55 EST
Heliocentric Venus semisquare Heliocentric Zeus 16:01 EST
Heliocentric Venus sextile Heliocentric Hades 16:25 EST
True Lunar Node retrograde station 18:14 EST
Heliocentric Venus sextile Heliocentric Apollon 20:48 EST
Heliocentric Mercury sesquiquadrate Heliocentric Pluto 21:41 EST
Venus at maximum eastern elongation 22:01 EST

March 29
Heliocentric Mercury square Heliocentric Poseidon 00:04 EST
Venus quincunx Apollon in right ascension 01:08 EST
Venus opposition 05/16/03 Lunar Eclipse Point 02:51 EST
Heliocentric Mercury semisextile Heliocentric Mars 02:56 EST
Mercury at maximum eastern elongation 03:02 EST
Heliocentric Earth sextile Heliocentric Cupido 03:26 EST
Heliocentric Mercury parallel Heliocentric Chiron 04:32 EST
Heliocentric Mercury in 24th harmonic to Heliocentric Vulcanus 06:53 EST
Heliocentric Mercury sextile Heliocentric Zeus 07:53 EST
Heliocentric Mercury semisquare Heliocentric Hades 08:00 EST
Venus quincunx Pluto in right ascension 11:42 EST
Venus parallel Hades in right ascension 11:49 EST
Heliocentric Mercury trine Heliocentric Cupido 12:44 EST
Venus parallel Hades 12:47 EST
Venus sesquiquadrate Zeus in right ascension 14:17 EST
Heliocentric Mercury in 24th harmonic to Heliocentric Venus 14:20 EST
Heliocentric Earth sextile Heliocentric Mercury 14:45 EST
Venus trine Chiron 15:48 EST
Sun trine Cupido in right ascension 16:14 EST
Heliocentric Earth semisquare Heliocentric Venus 17:18 EST
Venus semisquare Saturn in right ascension 17:22 EST

March 30
Heliocentric Mars semisquare Heliocentric Admetos 04:12 EST
Venus parallel Mars in right ascension 06:30 EST
Heliocentric Mercury semisextile Heliocentric Saturn 06:36 EST
Sun semisextile True Lunar Node in right ascension 06:39 EST
Heliocentric Mercury opposition Heliocentric Neptune 07:06 EST
Mercury square 11/23/03 Solar Eclipse Antiscion 07:07 EST

Sun trine Cupido 09:04 EST
Void-of-Course Moon 11:00 – 13:07 EST
Mercury contraparallel Poseidon in right ascension 11:52 EST
Mercury contraparallel Poseidon 12:20 EST
Mars quincunx Poseidon in right ascension 14:30 EST
Heliocentric Mercury semisquare Heliocentric Kronos 19:13 EST
Heliocentric Mercury semisextile Heliocentric Jupiter 19:28 EST
Mercury square Chiron in right ascension 19:42 EST
Sun quincunx Jupiter 21:53 EST
Venus in 24th harmonic to True Lunar Node 22:41 EST
Mars quincunx Poseidon 22:54 EST

March 31
Venus sextile Vulcanus in right ascension 01:09 EST
Heliocentric Mars in 24th harmonic to Heliocentric Vulcanus 01:40 EST
Saturn in 24th harmonic to Hades 10:12 EST
Mars in 24th harmonic to Admetos 13:05 EST
Heliocentric Mars square Heliocentric Zeus 13:28 EST
Heliocentric Mars in 24th harmonic to Heliocentric Hades 14:55 EST
Mercury conjunct 04/19/04 Solar Eclipse Point 15:18 EST
Heliocentric Mercury trine Heliocentric Pluto 15:26 EST
Venus parallel Saturn 15:36 EST
Venus parallel Saturn in right ascension 15:38 EST
Mars in 24th harmonic to Hades 18:14 EST
Heliocentric Mercury quincunx Heliocentric Chiron 18:24 EST
Mars semisextile Saturn 18:42 EST
Sun semisextile True Lunar Node 19:31 EST
Mars semisquare Vulcanus 20:54 EST
Mercury enters Taurus 21:57 EST
Heliocentric Venus semisquare Heliocentric Saturn 22:32 EST
Heliocentric Mercury square Heliocentric Admetos 23:27 EST

April 1
Mercury sextile Kronos 01:23 EST
Heliocentric Mercury semisextile Heliocentric Vulcanus 01:25 EST
Heliocentric Mercury semisquare Heliocentric Zeus 02:31 EST
Heliocentric Mercury sextile Heliocentric Hades 02:39 EST
Heliocentric Mercury semisquare Heliocentric Mars 03:50 EST
Heliocentric Mercury sextile Heliocentric Apollon 04:00 EST
Pluto parallel Chiron 06:48 EST
Pluto parallel Chiron in right ascension 08:38 EST
Mercury contraparallel Chiron in right ascension 13:20 EST
Mercury contraparallel Chiron 13:24 EST
Mercury contraparallel Pluto in right ascension 13:32 EST
Mercury contraparallel Pluto 13:41 EST
Void-of-Course Moon 18:56 – 21:45 EST
Jupiter sesquiquadrate Chiron 21:04 EST

April 2
Saturn in 24th harmonic to Vulcanus 01:04 EST
Heliocentric Venus enters Virgo 01:39 EST
Heliocentric Earth semisquare Heliocentric Mercury 02:09 EST
Saturn at maximum north declination 02:14 EST
Heliocentric Mercury semisquare Heliocentric Saturn 03:42 EST
Mercury sesquiquadrate Jupiter in right ascension 04:17 EST
Mars trine Zeus 06:04 EST
Mercury at maximum geocentric acceleration 07:00 EST
Heliocentric Earth square Heliocentric Saturn 10:20 EST
Heliocentric Earth trine Heliocentric Neptune 10:42 EST
Heliocentric Mercury parallel Heliocentric Chiron 11:52 EST
Heliocentric Mercury enters Virgo 12:14 EST
Heliocentric Venus sextile Heliocentric Kronos 15:51 EST
Venus trine Chiron in right ascension 15:59 EST
Heliocentric Mercury sextile Heliocentric Kronos 16:58 EST
Heliocentric Mercury conjunct Heliocentric Venus 17:31 EST
Heliocentric Mercury in 24th harmonic to Heliocentric Jupiter 18:19 EST
Sun quincunx Jupiter in right ascension 19:19 EST
Heliocentric Venus in 24th harmonic to Heliocentric Jupiter 19:59 EST
Venus parallel Kronos in right ascension 20:44 EST
Venus parallel Kronos 21:57 EST
Heliocentric Saturn quincunx Heliocentric Neptune 22:05 EST
Mars parallel Saturn 23:06 EST
Mars parallel Saturn in right ascension 23:07 EST
Heliocentric Mars quincunx Heliocentric Cupido 23:14 EST

April 3
Mercury quincunx Zeus in right ascension 01:10 EST
Mars sesquiquadrate Apollon 02:32 EST
Heliocentric Mercury opposition Heliocentric Uranus 04:08 EST
Mars sesquiquadrate Apollon in right ascension 09:36 EST
Venus enters Gemini 09:57 EST
Venus semisextile Kronos 12:39 EST
Void-of-Course Moon begins 13:23 EST
Heliocentric Mercury sextile Heliocentric Poseidon 17:58 EST
Heliocentric Mercury sesquiquadrate Heliocentric Chiron 18:43 EST

April 4
Heliocentric Venus opposition Heliocentric Uranus 01:33 EST
Daylight Saving Time begins 02:00 EST
Heliocentric Mercury semisquare Heliocentric Vulcanus 03:09 EDT
Void-of-Course Moon ends 03:52 EDT
Sun sextile Neptune 04:06 EDT
Heliocentric Mercury semisextile Heliocentric Zeus 04:22 EDT
Mars trine Zeus in right ascension 05:30 EDT
Heliocentric Mercury semisquare Heliocentric Apollon 06:00 EDT
Mars square Uranus in right ascension 08:00 EDT
Heliocentric Mercury square Heliocentric Cupido 10:13 EDT
Heliocentric Mercury sextile Heliocentric Mars 14:02 EDT
Moon at 0° declination 15:37 EDT
Mercury semisextile Venus in right ascension 21:59 EDT
Mars semisextile Saturn in right ascension 23:32 EDT


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STOCKS TO WATCH: CAT, GDYS, HOLX, IPAR, RCKY, SWKS.

Caterpillar Inc. (CAT)
NYSE; Optionable
First Trade Date: 12/02/1929; 10:00 a.m.
Trading Strategy: Caterpillar has a tight stellium in its First-Trade horoscope formed by Hades, Uranus and Admetos, with Uranus at the Hades/Admetos midpoint. This is a magnificent planetary picture for a company concerned with moving lots of earth in a hurry—and it’s currently being conjoined by the transiting Sun, while transiting Mars is on its way to a conjunction with First-Trade Jupiter. We expect these aspects to bring the price of CAT up for a week or so. A geocentric 24.75 Uranus line is important in defining support and resistance for this stock; we’ll use it to set our initial stop at 75.55 when we put on a long position on Tuesday or Wednesday of this week.


Goodys Family Clothing (GDYS)
NASDAQ
First Trade Date: 10/25/1991; 9:30 a.m.
Trading Strategy: This stock has been moving up nicely in recent trading sessions, thanks largely to transiting Jupiter conjoining the GDYS Midheaven. That’s not all that’s going on here, however: transiting Poseidon is conjoining First-Trade Mars, transiting Kronos is semisquare First-Trade Admetos, and transiting Chiron is sesquiquadrate First-Trade Hades. Although these configurations may mean that the company needs to clean up an ethical problem in moves that impact top management, we believe that they could also help sustain the positive trend for GDYS share prices. If this stock closes above the geocentric 15.84 Jupiter line at a price level of 14.07 or higher we will add a long position to the Model Portfolio. Our initial stop will be set to resonate with the geocentric 21.0 Poseidon line, at a price of 13.23.


Hologic Inc. (HOLX)
NASDAQ; Optionable
First Trade Date: 03/01/1990; 09:30 a.m.
Trading Strategy: With Uranus conjunct the First-Trade Midheaven and transiting Jupiter in opposition to the First-Trade Sun, HOLX offers some interesting possibilities. We’ve been examining the trading structure of this stock with geocentric planetary for Mars at 29.26, Saturn at 29.22, and Cupido at 24.08. Geocentric Venus at 29.85 is also a factor; since we have a Venus retrograde period coming up this year it’s particularly instructive to see how HOLX responded to the Venus stations in 2002. If this stock closes on Monday at 19.00 or higher, we will add a long position to the Model Portfolio. Our initial stop will be set at 18.78.

Inter Parfums Inc. (IPAR)
NASDAQ
First Trade Date: 02/04/1988; 09:30 a.m.
Trading Strategy: Neptune is still conjunct the IPAR First-Trade Sun, and Saturn is making another pass across the First-Trade Nadir. When this setup occurred in February we took a long position in this stock, trading it for a 5.70% gain in 19 trading days. Geocentric planetary lines for the True Lunar Node at 35.35 and for Apollon at 19.38 set the stage for trading this stock; our plan is to add another long position in IPAR to the Model Portfolio this week, setting our initial stop on the Node line at 21.84.


Rocky Shoes & Boots Inc. (RCKY)
NASDAQ
First Trade Date: 02/03/1993; 09:30 a.m.
Trading Strategy: Transiting Saturn is making its third pass over the RCKY Nadir right now, while Neptune is conjunct the First-Trade Sun and Jupiter is square First-Trade Hades. When Saturn made its second pass in mid-February we traded this stock long on the assumption that Saturn’s “restrictive force was about to fade” and took a 5.64% loss in 2 trading days. After that experience it seems pretty clear that a short position is more appropriate for this stock while Saturn holds sway; we’ll sell RCKY short this week. As we noted in February, geocentric planetary lines for Neptune at 28.97 and for Pluto at 23.53 are the most active for this stock; we’ll use the Neptune line and set our initial buy stop at 22.84.


Skyworks Solutions Inc. (SWKS)
NASDAQ; Optionable
First Trade Date: 06/02;1998; 09:30 a.m.
Trading Strategy: With the transiting True Lunar Node semisquare the SWKS First-Trade Kronos and Jupiter square the First-Trade Sun, there could be significant developments ahead for this stock. A slower-moving activation is being provided by transiting Vulcanus, which is semisquare First-Trade Mars and sesquiquadrate First-Trade Pluto. It’s also worth noting that the upcoming retrograde station by Mercury will be square First-Trade Neptune and semisquare First-Trade Hades. With the possible exception of the Mercury station, all these factors add potentially positive energy to the situation, so we will be adding a long position in this stock this week. SWKS has been in a trading range defined by a 19.89 geocentric Apollon line; even if it is remains confined to this channel there is still a good profit potential here for a short-term trade. We will set our initial stop at 10.37, based on the intersection of the Apollon line with a geocentric 30.19 Neptune line.



FINANCIAL CYCLES (ISSN 1055-8527) is published by Taylor-Bost Consulting and edited by Tim Bost at 2831 Ringling Boulevard, Suite B-108, Sarasota, FL 34237 USA. Phone: 941-953-3545. Fax: 941-953-3732. Web: http://www.TimBost.com. Entire contents copyright 2004 Timothy L. Bost. No portion of this Weekly Email Update or its printed version may be reproduced without the publisher's written permission. Subscriptions to FINANCIAL CYCLES are $39.00 per month for weekly updates by email, payable by monthly billing to a major credit card. Advance payment options (by credit card, check, or money order) are $228 for 6 months, $432 for 1 year or $815 for two years. All subscriptions are payable in US funds only— Visa, MasterCard, American Express, Diners Club, and Discover/Novus accepted; please make checks or money orders payable to Taylor-Bost. PayPal is also accepted for online orders; to subscribe go to http://www.TimBost.com/newsletter/subscribe.html.

By providing a source of independent market analysis, the purpose of FINANCIAL CYCLES is to foster the growth of person-centered business and investment astrology; to enhance the development and dissemination of financial literacy and prosperity consciousness; and to explore the use of technical analysis and financial astrology in promoting an esoteric spiritual understanding of economic trends, geocosmic cycles, geopolitical events, and market movements. FINANCIAL CYCLES is a general interest publication which is prepared from astrological information, news reports, cycle projections, and market observations which are believed to be accurate and reliable, but which cannot be guaranteed. Portfolio and trading reports in this publication do not include taxes and transaction fees, which should be taken into consideration by prospective traders and investors. Even with accurate information, past performance is no guarantee of future results. Speculation in securities and commodities involves considerable financial risk, and readers who plan to invest or speculate in securities or commodities mentioned in FINANCIAL CYCLES have the complete responsibility for making themselves fully aware of all the risks involved before they invest. The editor may or may not have positions in the securities and commodities discussed in this newsletter, and the information in FINANCIAL CYCLES should in no way be understood or construed as a solicitation or an offer to buy or sell any products or securities, nor should the material published in this newsletter be considered buy/sell advice.

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posted by Tim Bost @ 3/28/2004 11:56:00 PM