FinancialCyclesWeekly.com #0433 – August 15-21, 2004 with Tim Bost

COMMENT: We suggested last week that with Friday’s “Void-of-Course Moon throughout the trading day,” we would have “an excuse to take Friday the 13th off and start a three-day weekend.” Little did we suspect at the time, however, that we would spend our day off busy with last-minute preparations for a hurricane.
We want to thank all of our friends, clients, and subscribers who contacted us to inquire about our safety and well-being as Hurricane Charley passed through our area. We deeply appreciate your concern! The storm made landfall about 40 miles south of our home and office, causing massive damage as it did so. Fortunately, however, we completely missed the brunt of the hurricane. Our experience here in Sarasota was simply a windy, rainy day that took down a few tree limbs and gave a good watering to the lawns. With our neighbors just a few miles down the road losing their lives and having their homes destroyed by 145-mile-an-hour winds, the relative calm around our house was almost too eerie to be trusted.
We were prepared for the worst, however, and in spite of the weirdness of the situation we were grateful that we didn’t have to pull the mattress off the bed, drag it into the hallway, and then hide beneath it as our roof caved in—which is the emergency advice we were getting on the radio. We had done enough to rearrange our lives in preparation for the storm that we felt just fine skipping that part of the routine. We have to confess, though, that we were a bit embarrassed as we scurried around making preparations and discovered that we had somehow mysteriously run completely out of duct tape. We could immediately think of at least a dozen urgent applications for the suddenly indispensable stuff.

CRYING WOLF
One of the most interesting phenomena that we observed in the days before the storm was the passionate level of almost-panicky preparation as Charley moved through the Gulf of Mexico. Supermarket shelves were swept bare of canned goods; businesses shut down days ahead of the storm’s anticipated arrival.
In some ways there was almost a sense of relief, however, as people scurried about trying to batten down the hatches. After so much confusion surrounding the repeated warnings from the Department of Homeland Security about seemingly unverifiable threats, it was actually a bit refreshing to see the evidence of the coming hurricane on the weather radar.

OIL AND BLOOD
Oil prices continued to skyrocket in the futures markets last week, adding more volatility and uncertainty to trading around the globe. The Yukos crisis in Russia has added to the tension and speculation, with the company owing a $3.4 billion tax bill and CEO Mikhail Khodorkovsky jailed perhaps as much because he’s an outspoken opponent of President Vladimir Putin as because of corporate malfeasance. The situation led Dan Ackman in Forbes.com to suggest that consumers may soon “pine for the days when a few white-robed men from the Middle East” controlled the world’s oil supply in much less complicated times.
By the way, do you know which city in the world has the most billionaires? It’s Moscow, as revealed in the Russian edition of Forbes magazine, which recently published information on the net personal worth of the country’s oil and metals tycoons. We’re not at all sure, but the publication of that list may have had something to do with the fact that Paul Khlebnikov, the investigative journalist who was the editor of the Russian Forbes, was gunned down as he walked out of his office in northeastern Moscow on Friday. Khlebnikov died on his way to hospital.

TRAINING FOR ASTRO-TRADERS
Ray Merriman will be conducting a one-day financial astrology workshop on “The Cyclical Basis for Timing Financial Markets” from 10:00 a.m. until 5:00 p.m. on Thursday, October 28, at the Quality Hotel Parkway Convention Center in St. Catharines, Ontario. The workshop will be a pre-conference event for SOTA, the State of the Art Astrology Conference. For more information and reservations contact Ray at Merriman Market Analyst, 1-248-626-3034.

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THE WEEK AHEAD

This will be a light week for earnings reports, with fewer than 250 companies stepping up to the plate. Among them will be Kmart (KMRT), Lowe’s Companies (LOW), Liberty Media International (LBTYA), SYSCO Corporation (SYY), Deere & Company (DE), Applied Materials (AMAT), Estee Lauder Companies (EL), Home Depot (HD), Network Appliance (NTAP), J C Penney (JCP), Staples (SPLS), BHP Billiton Ltd. (BHP), Intuit (INTU), Harman International Industries (HAR), Medronic Inc. (MDT), Ross Stores (ROST), Synopsys (SNPS), Amcor Ltd. (AMCR), Limited Brands (LTD), Nordstrom (JWN), Autodesk (ADSK), Gap Inc. (GPS), Marvell Semiconductor (MRVL), Hormel Foods (HRL), Petsmart (PETM), and WPP Group (WPPGY).
The economic news this week will be centered on the New York Empire State Index, the Consumer Price Index, Housing Starts, Industrial Production, Capacity Utilization, and Jobless Claims, as well as the Leading Indicators and the Philadelphia Fed Survey.
Our astrological analysis suggests that this is likely to be an extremely tense week, both in and out of the markets. The Saturn/Chiron opposition at the New Moon as the week gets underway lets us know that we will be confronting some uncomfortable boundaries and restrictions, and the market opens on Monday with a few minutes at the tail end of a lunar void just to keep us guessing about which way the trading action is likely to go. There’s also a Void-of-Course Moon throughout the trading day on Wednesday, which is probably a good thing since it’s an occasion for rather explosive energies and challenging communications, as evidenced by both Mars and Mercury in opposition to Uranus. A heliocentric Mercury/Neptune conjunction on Thursday is likely to add more confusion than inspiration to the market action, so we’ll need to continue our caution then as well. The weekend brings planetary stations from Cupido and Admetos, so we may see key alliances breaking down, negotiations failing, and a sense of isolation setting in.
It’s not a very pretty scenario, but as traders we can see it as an opportunity to practice the kind of discipline that allows us to set emotions aside as we observe the ebb and flow of market movements and the fear and greed which drive them. Have a great week!

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SPIRITUAL FOCUS FOR THE WEEK

The greatest traders have all understood that emotional balance is the key to successful trading. Through Practical Spiritual Astrology we have an opportunity to restore inner harmony, enhance emotional balance, and make wiser choices in the markets.

The tensions and volatility that seem to surround us can become reminders to stay focused on our higher purposes. We can make a new beginning now in a more loving and positive way, but we need to be careful not to let sudden explosions of life energy upset us.

"To the mind that is still, the whole universe surrenders." - Lao Tzu


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GLOBAL EQUITIES MARKETS LAST WEEK

While the stock markets in the U.S. managed to tread water at best last week, the trading action was down everywhere else. Paris and Frankfurt hit new lows for the year. Hong Kong tapped on the brakes, but kept the upward trend that has been in play for the past few months; there was similar action in Singapore but the losses were more severe. Tokyo continued its summer slide; a close on the Nikkei below 10300 could mean serious trouble at this point. There’s also an interesting situation brewing in Sydney; where equities hit their lowest weekly close since early June after a week of trading action that definitely looks toppy.

Dow Jones Industrial Average – up 0.10%
Dow Jones Transportation Average – up 0.03%
Dow Jones Utilities Average – down 0.43%
S&P 500 – up 0.08%
NASDAQ Composite Index – down 1.11%
Russell 2000 – down 0.43%
London FTSE-100 – down 0.84%
Paris CAC-40 – down 1.24%
Frankfurt DAX – down 2.17%
Sydney All Ordinaries – down 1.41%
Tokyo Nikkei – down 1.96%
Hong Kong Hang Seng Index – down 0.95%
Singapore Straits Times Index – down 2.59%

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FINANCIAL CYCLES MODEL PORTFOLIO


POSITIONS CLOSED DURING THE PREVIOUS WEEK: HMC, MNTG, CYTC, REXI.

We closed four Model Portfolio positions during the past week, with 2 winners and 2 losers producing a net profit of $930.00.

On August 10 we sold 400 shares of Honda Motor Company Ltd. ADR (HMC) at 23.08, taking a loss of $320.00 (a 3.35% loss in 8 trading days).

On August 11 we bought to cover 1,000 shares of MTR Gaming Group (MNTG) at 9.70, taking a profit of $1,300.00 (an 11.82% gain in 21 trading days).

On August 13 we sold 500 shares of Cytyc Corporation (CYTC) at 22.40, taking a profit of $75.00 (a 0.67% gain in 11 trading days).

On August 13 we bought to cover 500 shares of Resources America Inc. (REXI) at 22.50, taking a loss of $125.00 (a 1.12% loss in 9 trading days).

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POSITIONS ADDED TO THE PORTFOLIO DURING THE PREVIOUS WEEK: INFY, PD, LIZ, NVDA.

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

We sold short 200 shares of Infosys Technologies ADS (INFY) at 48.50 on 08/10/04, setting our initial buy stop at 49.16.

We sold short 100 shares of Phelps Dodge Corporation (PD) at 76.75 on 08/10/04, setting our initial buy stop at 79.00.

We bought 300 shares of Liz Clairborne Inc. (LIZ) at 35.50 on 08/12/04, setting our initial stop at 34.66.

We bought 1,000 shares of Nvidia Corporation (NVDA) at 10.10 on 08/12/04, setting our initial stop at 8.74.

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YEAR-IN-REVIEW MODEL PORTFOLIO ACTIVITY

So far in 2004 we have had a total of 127 completed trades, with 58 winners and 69 losers bringing us a total net profit of $23,188.50. 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 $180.96. The mean duration of our trades has been 9.8 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

Celadon Group (CLDN) – bought 600 shares at 17.25 on 08/02/04; currently 17.08. Raise stop to 16.94.

Central European Distributing Corporation (CEDC) – bought 500 shares at 22.45 on 07/27/04; currently 23.79. Raise stop to 22.88.

CRH PLC ADR (CRHCY) – bought 500 shares at 22.22 on 07/29/04; currently 22.28. Raise stop to 21.98.

Cuno, Inc. (CUNO) – bought 200 shares at 49.75 on 07/23/04; currently 54.50. Raise stop to 52.80.

Infosys Technologies ADS (INFY) – sold short 200 shares at 48.50 on 08/10/04; currently 45.44. Lower buy stop to 47.60.

Liz Clairborne Inc. (LIZ) – bought 300 shares at 35.50 on 08/12/04; currently 35.76. Raise stop to 35.10.

Micros System Inc. (MCRS) – sold short 200 shares at 49.25 on 08/02/04; currently 44.17. Lower buy stop to 45.50.

Nvidia Corporation (NVDA) – bought 1,000 shares at 10.10 on 08/12/04; currently 10.50. Raise stop to 10.05.

Olympic Steel Inc. (ZEUS) – sold short 400 shares at 24.50 on 08/02/04; currently 21.59. Lower buy stop to 22.87.

Phelps Dodge Corporation (PD) – sold short 100 shares at 76.75 on 08/10/04; currently 76.68. Lower buy stop to 77.77.

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STRONGEST MARKET SECTORS LAST WEEK

Recreational Goods; Pollution & Treatment Controls; Drug Related Products; Generic Drugs; Wholesale Medical Equipment.

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WEAKEST MARKET SECTORS LAST WEEK

Printed Circuit Boards; Networking & Communications Devices; Semiconductor Memory Chips; Semiconductor Integrated Circuits; Diversified Computer Systems.

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KEY ASTROLOGICAL EVENTS DURING THE COMING WEEK

August 15
Sun semisextile Vulcanus in right ascension 00:16 EDT
Sun sextile Apollon 00:38 EDT
Venus trine Uranus in right ascension 00:41 EDT
Mercury sextile Venus in right ascension 02:30 EDT
Heliocentric Earth quincunx Heliocentric Vulcanus 03:53 EDT
Heliocentric Mercury quincunx Heliocentric Kronos 04:38 EDT
Saturn opposition Chiron 04:45 EDT
Mercury semisextile Zeus 05:15 EDT
Mercury opposition Uranus in right ascension 06:44 EDT
Mercury sextile Venus 10:06 EDT
Heliocentric Earth sesquiquadrate Heliocentric Zeus 12:13 EDT
Venus square Zeus 12:37 EDT
Sun semisextile Vulcanus 13:09 EDT
Heliocentric Mars square Heliocentric Cupido 13:11 EDT
Sun square Admetos 13:15 EDT
Heliocentric Venus quincunx Heliocentric Poseidon 13:20 EDT
Heliocentric Earth trine Heliocentric Hades 14:52 EDT
Heliocentric Earth trine Heliocentric Apollon 18:35 EDT
New Moon 21:24 EDT
Void-of-Course Moon begins 21:24 EDT
Admetos sextile Vulcanus 21:44 EDT
Mercury sesquiquadrate Chiron in right ascension 23:06 EDT

August 16
Jupiter trine Chiron 00:00 EDT
Mars semisquare Apollon in right ascension 01:46 EDT
Heliocentric Earth parallel Heliocentric Poseidon 03:59 EDT
Venus quincunx Cupido 05:55 EDT
Heliocentric Mercury semisextile Heliocentric Uranus 06:29 EDT
Venus semisquare Admetos 07:10 EDT
Venus in 24th harmonic to Vulcanus 07:16 EDT
Heliocentric Earth semisextile Heliocentric Chiron 07:33 EDT
Heliocentric Venus semisquare Heliocentric Admetos 07:47 EDT
Mercury semisextile Zeus in right ascension 08:05 EDT
Void-of-Course Moon ends 09:49 EDT
Mercury semisquare Saturn 13:53 EDT
Venus at maximum declination 15:16 EDT
Sun sextile Hades 15:34 EDT
Mercury in 24th harmonic to Jupiter 16:14 EDT
Heliocentric Mercury square Heliocentric Poseidon 17:29 EDT
Heliocentric Mercury semisquare Heliocentric Pluto 18:24 EDT
Heliocentric Venus opposition Heliocentric Zeus 19:03 EDT
Sun contraparallel Poseidon 20:22 EDT
Pluto parallel Chiron in right ascension 20:42 EDT
Sun contraparallel Poseidon in right ascension 21:01 EDT
Mercury square Cupido in right ascension 21:04 EDT
Pluto parallel Chiron 22:33 EDT
Mercury conjunct Mars in right ascension 22:34 EDT
Mercury sesquiquadrate Chiron 23:07 EDT

August 17
Mars square Cupido in right ascension 00:02 EDT
Pluto sesquiquadrate True Lunar Node 02:24 EDT
Heliocentric Mercury trine Heliocentric Zeus 07:48 EDT
Heliocentric Mercury sesquiquadrate Heliocentric Hades 08:35 EDT
Venus in 24th harmonic to Hades 09:57 EDT
Mars trine True Lunar Node 09:58 EDT
Jupiter sextile Saturn 12:32 EDT
Mars semisextile Zeus in right ascension 13:11 EDT
Heliocentric Mercury in 24th harmonic to Heliocentric Chiron 13:33 EDT
Heliocentric Venus trine Heliocentric Cupido 15:42 EDT
Mars sesquiquadrate Chiron in right ascension 17:33 EDT
Heliocentric Mercury sextile Heliocentric Cupido 17:38 EDT
Mercury semisquare Apollon in right ascension 18:02 EDT
Saturn parallel Vulcanus 19:07 EDT
Heliocentric Mercury sextile Heliocentric Venus 19:21 EDT
Sun parallel True Lunar Node in right ascension 22:19 EDT
Sun parallel True Lunar Node 23:42 EDT

August 18
Heliocentric Earth in 24th harmonic to Heliocentric Mercury 01:15 EDT
Heliocentric Mercury quincunx Heliocentric Mars 01:21 EDT
Void-of-Course Moon 03:15 – 18:09 EDT
Mars opposition Uranus in right ascension 06:18 EDT
Mercury sextile Poseidon 08:45 EDT
Heliocentric Mercury sesquiquadrate Heliocentric Jupiter 09:10 EDT
Mars opposition Uranus 10:13 EDT
Heliocentric Venus quincunx Heliocentric Mars 10:37 EDT
Heliocentric Mars contraparallel Heliocentric Apollon 13:05 EDT
Saturn parallel Vulcanus in right ascension 14:00 EDT
Mercury conjunct Mars 15:42 EDT
Heliocentric Earth semisquare Heliocentric Venus 17:59 EDT
Mercury opposition Uranus 20:46 EDT
Heliocentric Mercury contraparallel Heliocentric Kronos 21:24 EDT
Mars sextile Poseidon 23:55 EDT

August 19
Heliocentric Mercury conjunct Heliocentric Neptune 01:35 EDT
True Lunar Node sextile Kronos in right ascension 03:49 EDT
Moon at 0 degrees declination 04:32 EDT
Heliocentric Earth quincunx Heliocentric Jupiter 06:41 EDT
Heliocentric Mercury sesquiquadrate Heliocentric Kronos 06:30 EDT
Mars contraparallel Uranus 10:59 EDT
Mars contraparallel Uranus in right ascension 11:00 EDT
Saturn semisextile Hades in right ascension 16:34 EDT
Mercury trine True Lunar Node 23:11 EDT
Heliocentric Venus parallel Heliocentric Jupiter 23:25 EDT

August 20
Heliocentric Mercury contraparallel Heliocentric Hades 00:51 EDT
Mars sesquiquadrate Chiron 06:08 EDT
Heliocentric Mercury quincunx Heliocentric Saturn 07:26 EDT
Heliocentric Mercury contraparallel Heliocentric Saturn 07:29 EDT
Heliocentric Venus sextile Heliocentric Neptune 12:13 EDT
Heliocentric Mercury in 24th harmonic to Heliocentric Uranus 16:11 EDT
Heliocentric Mercury contraparallel Heliocentric Vulcanus 16:21 EDT
Void-of-Course Moon begins 21:39 EDT
Jupiter in 24th harmonic to Zeus 23:13 EDT

August 21
Void-of-Course Moon ends 00:37 EDT
Heliocentric Mars in 24th harmonic to Heliocentric Jupiter 00:44 EDT
Cupido direct station 01:35 EDT
Mars semisquare Saturn in right ascension 01:43 EDT
Heliocentric Mercury sextile Heliocentric Pluto 02:48 EDT
Heliocentric Mercury parallel Heliocentric Cupido 03:38 EDT
Heliocentric Venus contraparallel Heliocentric Zeus 05:31 EDT
True Lunar Node direct station 09:19 EDT
Heliocentric Mercury square Heliocentric Admetos 09:57 EDT
Mercury sextile Poseidon in right ascension 12:29 EDT
Heliocentric Mercury quincunx Heliocentric Vulcanus 12:40 EDT
Heliocentric Mercury sesquiquadrate Heliocentric Zeus 14:50 EDT
Heliocentric Mercury trine Heliocentric Hades 15:32 EDT
Heliocentric Earth in 24th harmonic to Heliocentric Neptune 16:02 EDT
Heliocentric Mercury trine Heliocentric Apollon 16:28 EDT
Mars semisquare Saturn 19:28 EDT
Venus quincunx Neptune 20:16 EDT
Heliocentric Mercury semisextile Heliocentric Chiron 20:28 EDT
Jupiter semisextile Apollon 23:51 EDT

August 22
Mars semisextile Zeus 04:15 EDT
Jupiter square Hades in right ascension 10:00 EDT
Admetos retrograde station 10:31 EDT
Sun trine True Lunar Node in right ascension 12:52 EDT
Mars semisquare Apollon 11:44 EDT
Sun enters Virgo 14:53 EDT
Mercury sextile Kronos 15:16 EDT
Heliocentric Mercury quincunx Heliocentric Jupiter 15:42 EDT
Void-of-Course Moon begins 16:53 EDT
Sun sextile Kronos in right ascension 17:08 EDT
Mars in 24th harmonic to Jupiter 17:11 EDT
Mercury conjunct Sun in right ascension 19:05 EDT
Mercury sextile Kronos in right ascension 21:18 EDT
Mars semisquare Vulcanus in right ascension 23:16 EDT



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STOCKS TO WATCH: ADVNB, LAMR, LIFE, VOLVY.


Advanta Corporation Class B (ADVNB)
NASDAQ; Optionable
First Trade Date: 05/06/1992; 09:30 a.m.
Trading Strategy: ADVNB has pulled back about 12% from its 52-week high, and has been staying in a pretty tight trading range for the past couple of weeks. Jupiter is getting ready to cross the ADVNB First-Trade IC, however, and the transiting True Lunar Node is square First-Trade Chiron. That’s enough to attract our attention, since it sets the stage for a short-term price pop. We’ve been tracking the planetary lines for Pluto (G,23.17,N,0) and Vulcanus (G,10.55,N,0) for this stock with some interest. If we get a daily close for ADVNB above that Pluto line at 21.33 or higher we will initiate a long position at the next available opportunity, setting our initial stop at 18.75.


Lamar Advertising Company (LAMR)
NASDAQ; Optionable
First Trade Date: 08/02/1996; 09:30 a.m.
Trading Strategy: Planetary lines for the True Lunar Node (G,18.97,N,0) and Chiron (G,19.1,N,0) have worked beautifully to define support and resistance for this stock, and LAMR took a nice positive bounce off that Chiron line when Mercury went retrograde earlier this month. We view this current upward move as a retracement from the sharp downward move that LAMR made the previous week; if we get a return to a Fibonacci level it should bring the price back to about 41.40, which would put LAMR in contact with True Lunar Node resistance. Jupiter’s transit to the LAMR First-Trade Ascendant should drive the price action to that point, but after that there doesn’t seem to be much on hand to support further price expansion, especially with transiting Hades square the First-Trade Moon. Our strategy will thus be to look for an upward move and then sell LAMR short this week, setting our initial buy stop at 43.15.


Lifeline Systems Inc. (LIFE)
NASDAQ
First Trade Date: 07/27/1983; 10:00 a.m.
Trading Strategy: Transiting Poseidon has moved into a very tight orb to a semisquare to the LIFE First-Trade Zeus, which is the operative force behind this stock’s price movement, especially as revealed through the Zeus planetary line (G,17.05,N,0) on the price chart. That dynamic will continue to provide positive support for several weeks at least, and it’s getting a kicker from Jupiter conjoining First-Trade Zeus and then crossing the LIFE First-Trade Ascendant as well. It’s all enough to encourage us to take a long position in this stock early this week; we’ll set our initial stop at 18.75.


Volvo Aktiebolaget ADR B Shares (VOLVY)
NASDAQ; Optionable
First Trade Date: 12/03/1984; 10:00 a.m.
Trading Strategy: What a wild ride Volvo is on! A look at the planetary lines for Venus (G,29.35,N,0) and Mercury (G,27.06,N,0) reveals what kind of an impact retrograde periods can have on the price action for VOLVY. This is a solid company, but the current Saturn/Chiron opposition is lining up exactly on the First-Trade Ascendant/Descendant axis. That should bring a little more of a price pull-back, and then create a good basis for an upward swing. Our plan is to add a long position in this stock the Model Portfolio toward the end of this week, setting our initial stop at 32.12.

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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 @ 8/15/2004 09:43:01 AM