FinancialCyclesWeekly.com #0430 – July 25-31, 2004 with Tim Bost

COMMENT: When we suggested in last week’s issue that “With Wednesday’s Poseidon station in a tight square to Uranus in the horoscope for the Federal Reserve, we may see Mr. Greenspan’s comments include fresh revelations which generate some surprising ideas about the future direction of monetary policy,” we were thinking that perhaps the Fed chairman’s remarks to Congress might offer a new spin on the economy. Instead, his words were fairly typical: the economy is strong, and there’s little threat of inflation, at least from his perspective.
What was different was not so much what he said, but the reaction in the markets. When Greenspan spoke on Tuesday, stocks finished the trading day with an afternoon rally and big gains, although the trading volume was a bit weak. When he repeated his analysis during his appearance on Wednesday, the market ignored him completely, or maybe just didn’t believe him quite as much. Stocks plunged on heavy trading volume, with the Dow Industrials down more than 100 points and the NASDAQ losing 2.2% of its value in a single trading session. As we said last week, “Our research continues to show that Poseidon plays a key role in market dynamics,” and that was certainly in evidence with the Poseidon turning point on Wednesday.

READY FOR A RALLY
One of the other comments we made last week was that “We’ll be paying closing attention to the market action on Thursday and Friday as we lead into the Venus/Pluto opposition next weekend; if this week ends with a sell-off there could be a good opportunity to go long as July’s final week unfolds.”
A big sell-off did in fact end the week, with the Dow Industrials continuing their decline and closing well below the psychologically important 10,000 mark. That sets the stage for a short-term rally to get underway this week, and we’re looking for higher equity prices as trading unfolds.

BROUHAHA IN BOSTON
The mass media have a one-track mind, typically playing on a single issue or personality in a way that adds ever-increasing credence to Andy Warhol’s comments some decades ago about everyone having the potential to experience “fifteen minutes of fame.” This week, of course, the pre-ordained venue of newsworthiness is Boston. During the week, with the Democratic National Convention in full swing, we expect to see lots of emphasis on the importance of social programs, couched in arguments that essentially ignore key economic issues and conveniently ignore the adverse social impact of a growing bureaucracy. In other words, it will be hard to imagine that the political circus will yield much more than pageantry and entertainment.
But we could be surprised. There seems to be an interesting 36-year cycle at work in the political arena, with Jupiter in Virgo and Saturn typically in a cardinal sign. That’s what’s going on now. The last time it happened was in 1968, when blood ran in the streets of Chicago as rioting erupted outside the Democratic National Convention. The time prior to that, in 1932, Franklin Roosevelt got the nomination and won the presidency while Herbert Hoover insisted that the “major financial crisis” was over in spite of the fact that 11 million people were still out of work; that summer President Hoover ordered federal troops, under the command of General Douglas MacArthur and Major Dwight Eisenhower, to use machine guns and tear gas to disperse the “bonus army” of U.S. veterans who were camped out in tents and shanties near the Capitol in a months-long protest of economic conditions. So even if the political posturing inside the convention halls during the coming weeks misses the point entirely, there is nevertheless a drive for confrontation in the air, which could make its impact felt in profound ways. We’ll be keeping an eye on what’s happening—in the markets and in the streets.
In the meantime, have a great week!

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THE WEEK AHEAD

Highlighted by major players in oil and chemicals, we’ll get another passel of earnings reports this week, including Dupont E. I. Nemours & Co. (DD), American Express (AXP), Cardinal Health (CAH), BellSouth Corporation (BLS), Boston Scientific (BSX), HCA Inc. (HCA), Pulte Homes Inc. (PHM), International Paper (IP), Verizon Communications (VZ), Ace Ltd. (ACE), Marathon Oil Corporation (MRO), Chubb Corporation (CB), Lockheed Martin (LMT), Peoplesoft (PSFT), Time Warner (TWX), Anheuser-Busch (BUD), ConocoPhillips (COP), MetLife Inc. (MET), Exelon Corporation (EXC) Marsh & Mclennan (MMC), Boeing (BA), Southern Company (SO), XL Capital Ltd. (XL) Comcast Corporation (CMCSA), Bristol-Myers Squibb (BMY), Exxon Mobil (XON), Dow Chemical (DOW), The Gillette Company (G), Valero Energy (VLO), KLA-Tencor (KLAC), Apache Corporation (APA), Northrop Grumman (NOC), Lowes (LOW), Anadarko Petroleum (APC), and ChevronTexaco (CVX).
On the economic front, we’re looking for numbers on New and Existing Home Sales, Conference Board Consumer Confidence, Durable Goods, the Q2 GDP, and the July Purchasing Managers Index. We’ll also get the Federal Reserve Beige Book on economic conditions in the country’s regions, Freddie Mac will report on mortgage rates.
The week’s market astrology is dominated by three extended periods with the Moon void-of-course. They will keep us out of the trading picture completely on Monday and Friday, and for half of the trading day on Wednesday. We’re looking for stock prices to rally as the trading week gets underway under the influence of Sunday’s Venus/Pluto opposition; Monday’s heliocentric Venus/Uranus conjunction adds some extra energy to the positive push. With the week taking us into the Full Moon next Saturday, if stocks do gain some ground early in the week they could gather considerable positive momentum by Friday’s closing bell.

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SPIRITUAL FOCUS FOR THE WEEK

The greatest traders of all time have understood that emotional balance is the key to successful trading. Through Practical Spiritual Astrology we can align ourselves to the kind of inner harmony that enhances emotional balance.

Charged with divine magnetism, a powerful burst of transformative energy is ready to lead us into the more precise thought-forms that will bring more fulfillment into our lives. We can bring into manifestation anything we imagine, as long as are willing to be specific in naming what we want to achieve.

"Most of us can learn to live in perfect comfort on higher levels of power. Everyone knows that on any given day there are energies slumbering in him which the incitements of that day do not call forth. Compared with what we ought to be, we are only half awake. It is evident that our organism has stored-up reserves of energy that are ordinarily not called upon—deeper and deeper strata of explosible material, ready for use by anyone who probes so deep. The human individual usually lives far within his limits." – William James

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GLOBAL EQUITIES MARKETS LAST WEEK

Hong Kong stocks gapped upward on Wednesday, and finished the week on a positive note, reversing a selling trend that had been in place for most of the month. The Hang Seng still hasn’t taken out its June highs, however, so it’s probably best to take the week’s good news with a grain of salt. After all, markets through the rest of the world all lost ground for the week, with a sharp decline in the Russell 2000 revealing wide-spread weakness in U.S. equities. While longer-term investors may wish to leave core positions in place in hopes of long-range improvements, swing traders and short-term position players still need to set judicious stops and to keep an eye open for opportunities to sell most of the world’s markets short.

Dow Jones Industrial Average – down 1.75%
Dow Jones Transportation Average – down 1.45%
Dow Jones Utilities Average – down 1.83%
S&P 500 – down 1.38%
NASDAQ Composite Index – down 1.81%
Russell 2000 – down 2.93%
London FTSE-100 – down 0.30%
Paris CAC-40 – down 1.19%
Frankfurt DAX – down 1.26%
Sydney All Ordinaries – down 1.07%
Tokyo Nikkei – down 2.17%
Hong Kong Hang Seng Index – up 2.44%
Singapore Straits Times Index – down 1.13%

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FINANCIAL CYCLES MODEL PORTFOLIO


POSITIONS CLOSED DURING THE PREVIOUS WEEK: BUD, USNA, RESP, LSTR.

We closed four Model Portfolio positions during the past week, with 1 winner and 3 losers producing a net loss of $212.00.

On July 19 we sold 200 shares of Anheuser-Busch Companies, Inc. (BUD) at 53.49, taking a loss of $52.00 (a 0.46% loss in 5 trading days).

On July 19 we sold 400 shares of USANA Health Science (USNA) at 26.85, taking a loss of $260.00 (a 2.36% loss in 5 trading days).

On July 20 we sold 200 shares of Respironics Inc. (RESP) at 55.50, taking a loss of $50.00 (a 0.45% loss in 5 trading days).

On July 21 we sold 200 shares of Landstar System Inc. (LSTR) at 51.50, taking a profit of $150.00 (a 1.48% gain in 9 trading days).

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POSITIONS ADDED TO THE PORTFOLIO DURING THE PREVIOUS WEEK: WMT, ABFS, VCBI, CUNO.

We added three long positions and one short position to the Model Portfolio during the previous week.

We bought 200 shares of Wal-Mart Stores (WMT) at 52.75 on 07/19/04, setting our initial stop at 50.45.

We sold short 300 shares of Arkansas Best Corporation (ABFS) at 34.50 on 07/21/04, setting our initial buy stop at 35.50.

We bought 400 shares of Virginia Commerce Bancorp (VCBI) at 24.16 on 04/21/04, setting our initial stop at 21.50.

We bought 200 shares of Cuno, Inc. (CUNO) at 49.75 on 07/23/04, setting our initial stop at 48.75.

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YEAR-IN-REVIEW MODEL PORTFOLIO ACTIVITY

So far in 2004 we have had a total of 117 completed trades, with 55 winners and 62 losers bringing us a total net profit of $22,563.50. The largest profit for a single trade has been $5,645.00; the largest single-trade loss has been $750.00; the average profit per trade has been $192.85. The mean duration of our trades has been 9.7 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

Arkansas Best Corporation (ABFS) – sold short 300 shares at 34.50 on 07/21/04; currently 33.75. Lower buy stop to 35.00.

Ceradyne Inc. (CRDN) – bought 200 shares at 35.80 on 07/15/04; currently 36.72. Raise stop to 35.20.

Cuno, Inc. (CUNO) – bought 200 shares at 49.75 on 07/23/04; currently 50.95. Raise stop to 49.25.

Dawson Geophysical Company (DWSN) – sold short 400 shares at 24.50 on 07/08/04; currently 19.98. Lower buy stop to 22.50.

MTR Gaming Group (MNTG) – sold short 1,000 shares at 11.00 on 07/13/04; currently 9.98. Lower buy stop to 10.85.

Virginia Commerce Bancorp (VCBI) – bought 400 shares at 24.16 on 04/21/04; currently 23.10. Raise stop to 22.80.

Wal-Mart Stores (WMT) – bought 200 shares at 52.75 on 07/19/04; currently 53.16. Raise stop to 52.10.


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STRONGEST MARKET SECTORS LAST WEEK

Domestic Telecom Services; Motion Picture Theaters; Specialty Eateries; Wholesale Computers; Rental & Leasing Services.

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WEAKEST MARKET SECTORS LAST WEEK

Silver; Sporting Goods Stores; Drug Related Products; Integrated Circuits; Soft Drinks.

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KEY ASTROLOGICAL EVENTS DURING THE COMING WEEK

July 25
Heliocentric Mercury quincunx Heliocentric Kronos 04:01 EDT
Mars trine Pluto 05:51 EDT
Heliocentric Mercury contraparallel Heliocentric Saturn 07:04 EDT
Heliocentric Venus sesquiquadrate Heliocentric Saturn 07:39 EDT
Neptune sesquiquadrate Kronos in right ascension 07:48 EDT
Mercury enters Virgo 10:00 EDT
Mercury sextile Kronos in right ascension 10:17 EDT
Venus opposition Pluto 10:59 EDT
Heliocentric Venus parallel Heliocentric Poseidon 11:17 EDT
Heliocentric Mercury contraparallel Heliocentric Hades 12:44 EDT
Mercury conjunct 4/19/2004 Solar Eclipse Antiscion 14:20 EDT
Heliocentric Mercury sesquiquadrate Heliocentric Saturn 15:08 EDT
Venus parallel Admetos in right ascension 18:31 EDT
Venus opposition Pluto in right ascension 21:12 EDT
Venus parallel Admetos 21:50 EDT
Venus semisquare True Lunar Node in right ascension 22:24 EDT
Heliocentric Earth semisextile Heliocentric Venus 22:45 EDT

July 26
Heliocentric Earth sextile Heliocentric Mercury 00:06 EDT
Heliocentric Mercury square Heliocentric Venus 00:49 EDT
Mars quincunx Chiron in right ascension 01:46 EDT
Void-of-Course Moon 06:48 – 22:48 EDT
Venus sesquiquadrate Poseidon 07:05 EDT
Heliocentric Mercury square Heliocentric Uranus 08:18 EDT
Mars sextile Hades in right ascension 12:05 EDT
Heliocentric Venus conjunct Heliocentric Uranus 13:59 EDT
Mercury contraparallel Uranus 14:14 EDT
Mercury contraparallel Uranus in right ascension 14:14 EDT
Mercury square 11/23/2003 Solar Eclipse Point 15:50 EDT
Sun in 24th harmonic to Saturn 16:42 EDT
Saturn sextile Admetos in right ascension 18:09 EDT
Heliocentric Venus contraparallel Heliocentric Mars 18:20 EDT
Sun sextile Zeus in right ascension 20:11 EDT
Sun trine Cupido in right ascension 21:08 EDT
Heliocentric Mercury semisextile Heliocentric Poseidon 23:01 EDT
Heliocentric Mercury contraparallel Heliocentric Kronos 23:05 EDT
Heliocentric Mercury in 24th harmonic to Heliocentric Pluto 23:13 EDIT

July 27
Heliocentric Earth semisextile Heliocentric Uranus 00:08 EDT
Mercury sextile Poseidon in right ascension 00:17 EDT
Mercury sextile Kronos 02:50 EDT
Venus sextile Mars 04:03 EDT
Venus semisextile Admetos in right ascension 07:36 EDT
Chiron square Apollon 09:08 EDT
Sun sesquiquadrate Pluto 09:26 EDT
Venus semisextile Saturn in right ascension 10:23 EDT
Heliocentric Mars sextile Heliocentric Kronos 11:06 EDT
Venus trine Apollon in right ascension 12:02 EDT
Heliocentric Mercury sesquiquadrate Heliocentric Vulcanus 13:12 EDT
Heliocentric Venus trine Heliocentric Poseidon 15:40 EDT
Heliocentric Mercury sextile Heliocentric Zeus 15:59 EDT
Heliocentric Mercury semisquare Heliocentric Apollon 18:17 EDT
Heliocentric Mercury semisquare Heliocentric Chiron 19:39 EDT
Saturn square Apollon in right ascension 19:58 EDT

July 28
Sun square Poseidon 01:10 EDT
Heliocentric Mercury conjunct Heliocentric Cupido 03:37 EDT
Sun quincunx Uranus in right ascension 06:10 EDT
Jupiter sesquiquadrate True Lunar Node in right ascension 06:47 EDT
Venus semisquare True Lunar Node 07:23 EDT
Void-of-Course Moon 11:06 – 23:57 EDT
Mercury in 24th harmonic to Jupiter 12:38 EDT
Sun parallel Venus in right ascension 12:54 EDT
Sun parallel Venus 12:57 EDT
Sun quincunx Uranus 13:06 EDT
Mars semisextile Vulcanus in right ascension 15:54 EDT
Heliocentric Venus sesquiquadrate Heliocentric Vulcanus 16:24 EDT
Sun semisquare Hades in right ascension 17:24 EDT
Mercury trine True Lunar Node in right ascension 18:00 EDT
Heliocentric Earth square Heliocentric Poseidon 18:39 EDT
Heliocentric Earth semisquare Heliocentric Pluto 19:28 EDT
Heliocentric Venus quincunx Heliocentric Zeus 21:15 EDT
Cupido sextile Zeus in right ascension 22:16 EDT

July 29
Mars semisquare Zeus 00:17 EDT
Venus quincunx Chiron 00:51 EDT
Heliocentric Venus sesquiquadrate Heliocentric Apollon 01:15 EDT
Mercury contraparallel Apollon 01:51 EDT
Mercury contraparallel Apollon in right ascension 02:04 EDT
Uranus semisquare Chiron in right ascension 03:16 EDT
Heliocentric Venus semisquare Heliocentric Chiron 04:00 EDT
Venus trine Apollon 04:10 EDT
Mars quincunx Chiron 07:52 EDT
Sun square True Lunar Node 10:38 EDT
Sun parallel Admetos 11:05 EDT
Sun parallel Admetos in right ascension 12:13 EDT
Mars sextile Apollon 12:31 EDT
Venus semisextile Vulcanus 16:48 EDT
Heliocentric Venus square Heliocentric Cupido 17:32 EDT
Heliocentric Mercury sextile Heliocentric Neptune 18:53 EDT
Venus semisextile Admetos 21:59 EDT
Jupiter square Pluto in right ascension 22:07 EDT
Sun sextile Zeus 22:19 EDT

July 30
Venus quincunx Chiron in right ascension 03:25 EDT
Mars semisextile Vulcanus 03:50 EDT
Heliocentric Earth contraparallel Heliocentric Admetos 06:02 EDT
Void-of-Course Moon 07:21 – 23:54 EDT
Mars square Admetos 09:59 EDT
Mercury semisquare Saturn 15:55 EDT
Sun in 24th harmonic to Vulcanus 16:28 EDT
Heliocentric Venus parallel Heliocentric Uranus 16:49 EDT
Mercury semisquare Apollon in right ascension 17:52 EDT
Heliocentric Earth trine Heliocentric Zeus 19:47 EDT
Venus conjunct Hades in right ascension 20:34 EDT
Heliocentric Mars semisquare Heliocentric Saturn 20:37 EDT
Heliocentric Earth sesquiquadrate Heliocentric Hades 22:14 EDT
Sun trine Cupido 22:35 EDT

July 31
Venus conjunct Hades 01:07 EDT
Heliocentric Mercury quincunx Heliocentric Saturn 03:32 EDT
Heliocentric Earth in 24th harmonic to Heliocentric Chiron 07:59 EDT
Saturn quincunx Pluto 11:19 EDT
Full Moon 14:05 EDT
Sun in 24th harmonic to Mars 16:33 EDT
Sun semisquare Hades 18:32 EDT
Mercury sextile Poseidon 18:42 EDT
Mars sextile Hades 19:35 EDT

August 1
Mercury square Cupido in right ascension 00:19 EDT
Mercury semisextile Zeus in right ascension 02:51 EDT
Heliocentric Earth sextile Heliocentric Cupido 05:33 EDT
Mercury opposition Uranus 07:00 EDT
Heliocentric Mercury semisquare Heliocentric Poseidon 10:00 EDT
Heliocentric Mercury conjunct Heliocentric Pluto 10:26 EDT
Venus semisextile Vulcanus in right ascension 10:31 EDT
Mercury semisquare Saturn in right ascension 13:13 EDT
Heliocentric Venus semisextile Heliocentric Neptune 13:43 EDT
Void-of-Course Moon begins 16:51 EDT
Heliocentric Mercury quincunx Heliocentric Admetos 20:38 EDT
Mercury trine True Lunar Node 21:49 EDT
Mars contraparallel Pluto in right ascension 23:05 EDT
Mars contraparallel Pluto 23:09 EDT

*****


STOCKS TO WATCH: CEDC, CRHCY, CYTC, HMC, SHFL.


Central European Distributing Corporation (CEDC)
NASDAQ
First Trade Date: 07/28/1998; 09:30 a.m.
Trading Strategy: CEDC has pulled back during the past month as transiting Saturn has conjoined its First-Trade Mars and Vulcanus; the impact of that passage will soon be fading. In the meantime, Jupiter is getting ready to cross the CEDC First-Trade Ascendant as the CEDC Solar Return unfolds, suggesting that we might see some short-term appreciation for this stock. Our plan is to add a long position in CEDC to the Model Portfolio early this week; we’ll set our initial stop at 20.50.


CRH PLC ADR (CRHCY)
NASDAQ
First Trade Date: 07/10/1989; 09:30 a.m.
Trading Strategy: We’ve carried over this stock from last week’s watch list because our entry requirements weren’t met during last week’s trading, and we are willing to wait until early August if necessary to take advantage of an anticipated buying opportunity. The transit of Saturn to the CRHCY First-Trade Sun is still in play; if CRHCY gets two consecutive daily closes below 22.00, we’ll be ready to put on a long position. When we do, our initial stop will be set at 21.40.


Cytyc Corporation (CYTC)
NASDAQ; Optionable
First Trade Date: 03/08/1996; 09:30 a.m.
Trading Strategy: CYTC has been looking a little toppy lately, but the Sun is about to cross the First-Trade IC and transiting Jupiter is in opposition to the First-Trade Sun/Mars conjunction. This could set the stage for a brief move to higher prices, if not a breakout past the resistance zone that has formed during the past month. If we get a close early this week below the 200-day Moving Average or see intraday trading below 21.50 we’ll sell CYTC short with an initial buy stop of 25.00; otherwise our plan is to add a long position to the Model Portfolio late in the trading week, setting our initial stop at 21.00.


Honda Motor Company Ltd. ADR (HMC)
NYSE; Optionable
First Trade Date: 02/11/1977; 10:00 a.m.
Trading Strategy: HMC went through a nice price run-up in the spring and early summer, but hit a brick wall as transiting Admetos moved within orb of its First-Trade Jupiter/Hades midpoint, a classic indicator of falling prices. The current transiting opposition of Saturn and Chiron is lining up along the meridian axis for this stock as well, suggesting that the trading range which has been set up during the past couple of weeks could become a significant base for this stock. We’ll need another four or five weeks to be sure of that from a technical standpoint, but for now the astrology and the company’s solid fundamentals suggest that HMC could soon become a candidate for a long position. A geocentric planetary price line generated by First-Trade Admetos (G,35.6,N,0) has been active in defining the HMC trading action; if we get two consecutive daily closes above this line at 23.12 we will take that as our signal to add this stock to our Model Portfolio. We’ll set our initial stop in harmony with First-Trade Jupiter (G,52.4,N,0), at 22.00.


Shuffle Master Inc. (SHFL)
NASDAQ; Optionable
First Trade Date: 12/08/1992; 09:30 a.m.
Trading Strategy: With transiting Saturn conjoining the SHFL First-Trade Descendant, it’s little wonder that this stock is down more than 21% off its 52-week high. This stock is in a corrective mode, but with transiting Jupiter trine the SHFL First-Trade Uranus/Neptune conjunction and with transiting Neptune conjunct the SHFL First-Trade Saturn, there’s plenty of astrological action here to add to the potential volatility. Since this stock is already well below its 200-day Moving Average, we’re currently watching a planetary price line based on First-Trade Uranus (G,28.63,N,0) to provide significant support. Unless SHFL breaks below this line during the next three trading sessions with a close below 30.69, we will add a long position to the Model Portfolio, setting our initial stop on the First-Trade Neptune line (G,28.75,N,0) at 28.53.

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FINANCIAL CYCLES WEEKLY (ISSN 1055-8527) is published by Taylor-Bost Consulting and edited by Tim Bost at 2132 Beneva Road, Sarasota, FL 34232 USA. Phone: 941-921-2588. Fax: 941-927-5798. Web: http://www.TimBost.com. Entire contents copyright 2004 Timothy L. Bost. No portion of Financial Cycles Weekly may be reproduced without the publisher's written permission. Subscriptions to FINANCIAL CYCLES WEEKLY are $39.00 per month for weekly issues sent 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 WEEKLY 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 WEEKLY 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 WEEKLY 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 WEEKLY 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 @ 7/25/2004 01:11:26 AM