From: SKutney@aol.com Subject: Re: [CANSLIM] HTMMIS Date: 01 Jun 2002 06:58:20 EDT --part1_55.280ae3e6.2a2a02cc_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit From what I can see for 9.95 your getting the second edition. Look at the cover page on Amazon.com. Steve Kutney --part1_55.280ae3e6.2a2a02cc_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit From what I can see for 9.95 your getting the second edition. Look at the cover page on Amazon.com.

Steve Kutney
--part1_55.280ae3e6.2a2a02cc_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: [CANSLIM] HTMMIS Date: 01 Jun 2002 07:51:18 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_02E1_01C20941.1CCBD5C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Fanus, looks like you bought the old revision... here's my invoice from Amazon.com Items: $ 10.36 =20 Shipping & Handling: $ 3.99 =20 ------=20 Total Before Tax: $ 14.35 =20 Estimated Tax: $ 0.00 =20 ------=20 Purchase Total: $ 14.35 =20 The $10.36 was after 20% discount. Gene ----- Original Message -----=20 From: Fanus=20 To: canslim@lists.xmission.com=20 Sent: Friday, May 31, 2002 10:51 PM Subject: Re: [CANSLIM] HTMMIS It is actually $9.75 including shipping. :-) --- Katherine Malm wrote: > Fanus, >=20 > Be sure to let us know what you think. Hate to cough > up another 30 bucks if it's a simple reformatting of > the old edition. >=20 > Katherine > ----- Original Message -----=20 > From: Fanus=20 > To: canslim@lists.xmission.com=20 > Sent: Friday, May 31, 2002 10:31 PM > Subject: [CANSLIM] HTMMIS >=20 >=20 > FYI... Just received an e-mail from amazon.com > that my > order for the updated edition of HTMMIS was > shipped > today. >=20 > - Fanus >=20 > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com >=20 > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your > email. >=20 __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_02E1_01C20941.1CCBD5C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Fanus, looks like you bought the old=20 revision...
 
here's my invoice from = Amazon.com
Items: =   = $=20 10.36 
Shipping &=20 Handling:          =   $ = 3.99=20
  ------
Total Before = Tax:   $ = 14.35=20
Estimated = Tax:   $ = 0.00=20
  ------
Purchase = Total:=20   $ 14.35=20
 
The $10.36 was after 20% = discount.
Gene
----- Original Message -----
From:=20 Fanus
Sent: Friday, May 31, 2002 = 10:51 PM
Subject: Re: [CANSLIM] = HTMMIS

It is actually $9.75 including shipping. :-)

--- = Katherine Malm <kmalm@earthlink.net> = wrote:
>=20 Fanus,
>
> Be sure to let us know what you think. Hate to = cough
> up another 30 bucks if it's a simple reformatting = of
> the=20 old edition.
>
> Katherine
>   ----- = Original=20 Message -----
>   From: Fanus
>   = = href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com= =20
>   Sent: Friday, May 31, 2002 10:31 = PM
>  =20 Subject: [CANSLIM] HTMMIS
>
>
>   FYI... = Just=20 received an e-mail from amazon.com
> that my
>   = order=20 for the updated edition of HTMMIS was
> = shipped
>  =20 today.
>
>   - Fanus
> =
>  =20 __________________________________________________
>   = Do You=20 Yahoo!?
>   Yahoo! - Official partner of 2002 FIFA = World=20 Cup
>   http://fifaworldcup.yahoo.com<= BR>>=20
>   -
>   -To subscribe/unsubscribe,=20 email
> "majordomo@xmission.com"
>= ;  =20 -In the email body, write "subscribe canslim" or
>  =20 -"unsubscribe canslim".  Do not use quotes in your
> = email.
>=20


__________________________________________________
Do = You=20 Yahoo!?
Yahoo! - Official partner of 2002 FIFA World Cup
http://fifaworldcup.yahoo.com<= BR>
-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.
------=_NextPart_000_02E1_01C20941.1CCBD5C0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] semi-log DGO? Date: 01 Jun 2002 09:44:19 -0400 I am confident that the feature will soon be offered soon for an extra charge. ----- Original Message ----- Sent: Friday, May 31, 2002 10:40 PM > I have always preferred weekly log charts to any other form. found I could > visualize c&h patterns, in particular, far better that way. > > On the other hand, I was expecting DGO to permit toggling between arithmetic > and log charts, regardless of whether daily, weekly, or intraday. > > ----- Original Message ----- > From: > To: > Sent: Friday, May 31, 2002 2:16 PM > Subject: Re: [CANSLIM] semi-log DGO? > > > Katherine: > > DGO really does it this way: using arithmetic scales for the Day; and > semi-log for the week!? > > It's asking those of us who analyze charts using the Canslim method of > using PP. BO's, C&H and Double Bottom formations to logically evaluate > different items on the same scale. For instance, if the price of a stock is > high, a flat base will look flat on a semi-log where it wouldn't in an > arithmetic. > > Does the DGOnline method make any sense to you? Tom? Anyone? > > jans > > > In a message dated 5/31/2002 8:57:20 AM Eastern Daylight Time, > kmalm@earthlink.net writes: > > << Hi Dave, > The numeric interval is based on arithmetic scaling for daily and intraday > charts, and logarithmic scaling for weekly charts. >> > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] HTMMIS Date: 01 Jun 2002 09:47:17 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_001E_01C20951.50C23120 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable The THIRD EDITION was advertised in IBD earlier this week. My recollection is that the price listed in the paper, directly from IBD = was about $12=20 ----- Original Message -----=20 From: SKutney@aol.com=20 To: canslim@lists.xmission.com=20 Sent: Saturday, June 01, 2002 6:58 AM Subject: Re: [CANSLIM] HTMMIS From what I can see for 9.95 your getting the second edition. Look at = the cover page on Amazon.com.=20 Steve Kutney=20 ------=_NextPart_000_001E_01C20951.50C23120 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
The THIRD EDITION was advertised in IBD earlier this = week.
My recollection is that the price listed in the = paper,=20 directly from IBD  was about $12
----- Original Message -----
From:=20 SKutney@aol.com=20
Sent: Saturday, June 01, 2002 = 6:58=20 AM
Subject: Re: [CANSLIM] = HTMMIS

From what=20 I can see for 9.95 your getting the second edition. Look at the cover = page on=20 Amazon.com.

Steve Kutney
=
------=_NextPart_000_001E_01C20951.50C23120-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Rich W" Subject: Re: [CANSLIM] HTMMIS Date: 01 Jun 2002 08:58:14 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_01D4_01C2094A.76B1F840 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Yes, was in Wed's paper page B5 $12.95 + Tax and Shipping $ 4 for 1 , $ 5 For 2, $ 7 for 4, $ 10 for = 4-10 So it looks like I need to get my groups to order together. Rich Weinhold =20 636-240-7267 AAII CISIG Group.=20 STL Stock Analysis Group Coordinator ------=_NextPart_000_01D4_01C2094A.76B1F840 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Yes, was in Wed's paper page B5
$12.95 + Tax and Shipping $ 4 for 1 , $ 5 For 2, = $ 7 for=20 4, $ 10 for 4-10
So it looks like I need to get my groups to = order=20 together.
 
Rich Weinhold 
636-240-7267
AAII = CISIG Group.=20
STL Stock Analysis
Group  = Coordinator
------=_NextPart_000_01D4_01C2094A.76B1F840-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Sam Bench" Subject: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 11:10:53 -0400 I've been a "lurker" on this board for a few weeks and appreciate the knowledge and insight that most posters exhibit. I want to backtest a new investment method and need intraday (really just a data point for around noon) values of the major indices (DOW, NAS, S&P). Also, I need the foreign currency exchange rates (e.g. $/yen, $/Euro, etc.) at the close of each American market trading day. I need this data for a time period of about the last 6 years. I bet you knowledgeable people know where on the internet this data can be found. Thanks in advance for any information you are willing to share. _________________________________________________________________ Chat with friends online, try MSN Messenger: http://messenger.msn.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Fanus Subject: Re: [CANSLIM] HTMMIS Date: 01 Jun 2002 09:54:56 -0700 (PDT) I have pre-ordered it in December last year and I was waitlisted becauce it was not available yet. Amazon gave me the price it was listed for when I ordered it and not the current price. - Fanus --- Gene Ricci wrote: > Fanus, looks like you bought the old revision... > > here's my invoice from Amazon.com > Items: $ 10.36 > Shipping & Handling: $ 3.99 > ------ > Total Before Tax: $ 14.35 > Estimated Tax: $ 0.00 > ------ > Purchase Total: $ 14.35 > > > The $10.36 was after 20% discount. > Gene > ----- Original Message ----- > From: Fanus > To: canslim@lists.xmission.com > Sent: Friday, May 31, 2002 10:51 PM > Subject: Re: [CANSLIM] HTMMIS > > > It is actually $9.75 including shipping. :-) > > --- Katherine Malm wrote: > > Fanus, > > > > Be sure to let us know what you think. Hate to > cough > > up another 30 bucks if it's a simple > reformatting of > > the old edition. > > > > Katherine > > ----- Original Message ----- > > From: Fanus > > To: canslim@lists.xmission.com > > Sent: Friday, May 31, 2002 10:31 PM > > Subject: [CANSLIM] HTMMIS > > > > > > FYI... Just received an e-mail from amazon.com > > that my > > order for the updated edition of HTMMIS was > > shipped > > today. > > > > - Fanus > > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World > Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email > > "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" > or > > -"unsubscribe canslim". Do not use quotes in > your > > email. > > > > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your > email. > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 13:26:02 -0600 Go here - http://quote.yahoo.com/?u and under Market Overview on the left side of the page, click the index you are interested in. From there, you can click 5 Year under the chart, and from that point you have some options to select the period of time to display and an option to download in a spreadsheet format. I was able to get a spreadsheet with 6 years after a couple minutes of fooling around. Can't help with exchange rates unless its at another part of the Yahoo site. On 1 Jun 2002 at 11:10, Sam Bench wrote: > > I've been a "lurker" on this board for a few weeks and appreciate the > knowledge and insight that most posters exhibit. I want to backtest a new > investment method and need intraday (really just a data point for around > noon) values of the major indices (DOW, NAS, S&P). Also, I need the foreign > currency exchange rates (e.g. $/yen, $/Euro, etc.) at the close of each > American market trading day. I need this data for a time period of about > the last 6 years. I bet you knowledgeable people know where on the internet > this data can be found. Thanks in advance for any information you are > willing to share. > > > _________________________________________________________________ > Chat with friends online, try MSN Messenger: http://messenger.msn.com > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Sam Bench" Subject: Re: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 17:33:37 -0400 Thanks, Patrick. That link got me to a spreadsheet with open, high, low, and close. However, I don't see how to get the value at a specific time of day (like noon for instance) before the close. >From: "Patrick Wahl" >Reply-To: canslim@lists.xmission.com >To: canslim@lists.xmission.com >Subject: Re: [CANSLIM] Intraday Index Data and Currency Data >Date: Sat, 1 Jun 2002 13:26:02 -0600 > >Go here - > >http://quote.yahoo.com/?u > >and under Market Overview on the left side of the page, click the index you >are >interested in. From there, you can click 5 Year under the chart, and from >that point >you have some options to select the period of time to display and an option >to >download in a spreadsheet format. I was able to get a spreadsheet with 6 >years >after a couple minutes of fooling around. Can't help with exchange rates >unless its >at another part of the Yahoo site. > >On 1 Jun 2002 at 11:10, Sam Bench wrote: > > > > > I've been a "lurker" on this board for a few weeks and appreciate the > > knowledge and insight that most posters exhibit. I want to backtest a >new > > investment method and need intraday (really just a data point for around > > noon) values of the major indices (DOW, NAS, S&P). Also, I need the >foreign > > currency exchange rates (e.g. $/yen, $/Euro, etc.) at the close of each > > American market trading day. I need this data for a time period of >about > > the last 6 years. I bet you knowledgeable people know where on the >internet > > this data can be found. Thanks in advance for any information you are > > willing to share. > > > > > > _________________________________________________________________ > > Chat with friends online, try MSN Messenger: http://messenger.msn.com > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________ Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Richard Yoder Subject: Re: [CANSLIM] semi-log DGO? Date: 01 Jun 2002 14:52:45 -0700 Interesting thought but the fact is that flat is flat in either log or li= near scale. Log scales give you a "compound interest" presentation in which a = given rate of growth is represented by a line with the same slope no matter wha= t the price or whatever it is you're measuring. For example, a slope of =BD inc= h per inch (e.g. month) represents the same rate of growth when the price is $= 10 as when it is $95. A straight line represents a constant compound *rate* of = growth, e.g 15%. The same thing on a linear scale would be a curve, concave up an= d left, for growth, up and right for decay. On a log scale, if you want to compar= e rates of growth for two different periods of time you just look at the slope of= the curve at those times, no matter what the values are. We're often looking = for a constant rate of growth and, for me, the log scale makes it easier. Spencer48@aol.com wrote: > Katherine: > > DGO really does it this way: using arithmetic scales for the Day; = and > semi-log for the week!? > > It's asking those of us who analyze charts using the Canslim metho= d of > using PP. BO's, C&H and Double Bottom formations to logically evaluate > different items on the same scale. For instance, if the price of a sto= ck is > high, a flat base will look flat on a semi-log where it wouldn't in an > arithmetic. > > Does the DGOnline method make any sense to you? Tom? Anyone? > > jans > > In a message dated 5/31/2002 8:57:20 AM Eastern Daylight Time, > kmalm@earthlink.net writes: > > << Hi Dave, > The numeric interval is based on arithmetic scaling for daily and intr= aday > charts, and logarithmic scaling for weekly charts. >> > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 16:46:03 -0600 You'll need tick data for that, check this out - http://www.medianline.com/data.html On 1 Jun 2002 at 17:33, Sam Bench wrote: > Thanks, Patrick. That link got me to a spreadsheet with open, high, low, > and close. However, I don't see how to get the value at a specific time of > day (like noon for instance) before the close. > > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Sam Bench" Subject: Re: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 20:08:49 -0400 Patrick, This looks like the data I need. The only problem is that the file downloads as a .zip. When I unzip it, the resulting file is an .omz file type. I tried to view the .omz file using various software (Excel, notepad, Word, etc.) with no luck. It looks like a binary file of some sort. Any idea how to read an .omz file?? Thanks. >From: "Patrick Wahl" >Reply-To: canslim@lists.xmission.com >To: canslim@lists.xmission.com >Subject: Re: [CANSLIM] Intraday Index Data and Currency Data >Date: Sat, 1 Jun 2002 16:46:03 -0600 > >You'll need tick data for that, check this out - > >http://www.medianline.com/data.html > >On 1 Jun 2002 at 17:33, Sam Bench wrote: > > > Thanks, Patrick. That link got me to a spreadsheet with open, high, >low, > > and close. However, I don't see how to get the value at a specific time >of > > day (like noon for instance) before the close. > > > > > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________ Chat with friends online, try MSN Messenger: http://messenger.msn.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] Worley's Weekend Weeview Date: 01 Jun 2002 21:31:20 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_03DB_01C209B3.ABE283E0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_03DC_01C209B3.ABE283E0" ------=_NextPart_001_03DC_01C209B3.ABE283E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable M Difficult week for me to follow the markets, over 46 hours at work in = just 4 days. But my general sense, despite every index being down over = 1% for the week, is that there is a resilience to the markets right now. = Economics continue to improve, earnings more often than not are ahead of = forecasts, confidence remains good (critical to consumer spending = continuing). I remain fully invested in small and micro cap growth = stocks, and managed to make money this past week despite Russell 2000 = being down 1.25%. But I am also not finding new candidates, just riding = what I already have. ------- JAPAN Moody's downgraded their credit rating two more notches, putting them = one below Botswana and even with Kuwait. Govt debt stands at 140% of = their GDP as they appear headed back into a double dip recession after = one quarter of minor GDP growth. ------- ECONOMICS - watch the trend in revisions, and actual reports vs = expectations University of Michigan's Consumer Sentiment Index for May surprised all = by being revised upward to 96.9 from 96.0. It was 93.0 in April. = Consumer views of the state of the economy was revised sharply up to = 103.5, April was 99.2. Consumer expectations was also revised sharply = upward to 92.7 from 91.3 after reporting 89.1 in April. Chicago Purchasing Managers index was expected to rise to 55 in May from = 54.7 in April, instead leapt to 60.8, suggesting that business spending = is starting to pick up strongly. This index is seen as often mirroring = the nat'l report, due out next Monday. US factory orders rose 1.2% in May from 1.0% in April, expected was a = rise of just 0.7%. The trend is clear, this was the fifth consecutive = month of gains. Productivity grew at a revised 8.4% annual rate (preliminary was 8.6%, = no change was expected) during the first quarter. This is the strongest = since Q2 1983. On unemployment, new claims declined but remained above 400K for the 8th = week. Those continuing to receive benefits rose 50K to 3.89 million, = highest since Jan 15, 1983 (course there are a lot more people working = today compared to 1983). This recovery is taking on some signs, with = regard to employment, suggesting the 1990-1991 recovery, when = unemployment remained high for over a year. Overall rate of unemployment = is expected to be reported next week at 6.1%, up from 6%. Of course, it = was not that many years ago, before Greenspan proved he could fight = inflation, that the markets believed that unemployment much below 6% was = inflationary, and under 5% was dangerous. The May Unemployment Report is = the big economic one for next week, due on Friday. Consumer confidence rose to 109.8 from a revised April level of 108.5, = expectations were for a rate of 110.0. Existing home sales jumped 7% to an annual rate of 5.79 million units, = up from a revised April rate of 5.41, and well ahead of expectations for = 5.35 million units. With existing sales remaining strong, I would expect = to see new home sales also remain strong overall. Personal spending rose 0.5% (I did my share and a few others as well), = while personal income rose 0.3% (someone else got mine). Income was in = line with expectations, while spending fell short of expectations for a = rise to 0.7%. ------- =20 WORLEY'S WATCHLIST WANNABES As always, I will mention specific basing formations, such as c&h, = double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat line bases (marked as Bx where x indicates the number of weeks = IMO). Most stocks in this list will have both RS and EPS of 80 or = better, and be close to their 12 month high. I try to glance at the = earnings forecast, and eliminate any less than 20% for this year and = next, but do no other due diligence. I exclude any stocks under any form = of merger / acquisition. The population of stocks I am reviewing this weekend slid further this = past week. AMSG - kind of an odd looking c&h, Thursday broke up from a nicely = declining handle on volume to the pivot point, worth watching AZO - high handle forming BEL - 6 week consolidation ERES - BE FCFS- B6, broke pivot Friday on 8X ADV LION - B6 MCL - LLUR OCAS - LLUR, no revenue growth ODSY - 6 week consolidation, volume declining, another play on the aging = baby boomer market? PETM - LLUR ROST - LLUR SSNC - 6 week consolidation, mostly light volume SYPR - nice 8 week consolidation, volume drying up, funds have 54%, but = only because float very small due management having 87%, in my VR Fund WFMI - B3 ZAP - nice c&h Happy Hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley ------=_NextPart_001_03DC_01C209B3.ABE283E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
M
Difficult week for me to follow the markets, = over 46 hours=20 at work in just 4 days. But my general sense, despite every index being = down=20 over 1% for the week, is that there is a resilience to the markets right = now.=20 Economics continue to improve, earnings more often than not are ahead of = forecasts, confidence remains good (critical to consumer spending = continuing). I=20 remain fully invested in small and micro cap growth stocks, and managed = to make=20 money this past week despite Russell 2000 being down 1.25%. But I am = also not=20 finding new candidates, just riding what I already have.
JAPAN
Moody's downgraded their credit rating two more = notches,=20 putting them one below Botswana and even with Kuwait. Govt debt stands = at 140%=20 of their GDP as they appear headed back into a double dip recession = after one=20 quarter of minor GDP growth.
ECONOMICS - watch the trend = in=20 revisions, and actual reports vs expectations
University of Michigan's Consumer Sentiment = Index for May=20 surprised all by being revised upward to 96.9 from 96.0. It was 93.0 in = April.=20 Consumer views of the state of the economy was revised sharply up to = 103.5,=20 April was 99.2. Consumer expectations was also revised sharply upward to = 92.7=20 from 91.3 after reporting 89.1 in April.
 
Chicago Purchasing Managers index was expected = to rise to=20 55 in May from 54.7 in April, instead leapt to 60.8, suggesting that = business=20 spending is starting to pick up strongly. This index is seen as often = mirroring=20 the nat'l report, due out next Monday.
 
US factory orders rose 1.2% in May from 1.0% in = April,=20 expected was a rise of just 0.7%. The trend is clear, this was the fifth = consecutive month of gains.
 
Productivity grew at a revised 8.4% annual rate=20 (preliminary was 8.6%, no change was expected) during the first quarter. = This is=20 the strongest since Q2 1983.
 
On unemployment, new claims declined but = remained above=20 400K for the 8th week. Those continuing to receive benefits rose 50K to = 3.89=20 million, highest since Jan 15, 1983 (course there are a lot more people = working=20 today compared to 1983). This recovery is taking on some signs, with = regard to=20 employment, suggesting the 1990-1991 recovery, when unemployment = remained high=20 for over a year. Overall rate of unemployment is expected to be reported = next=20 week at 6.1%, up from 6%. Of course, it was not that many years ago, = before=20 Greenspan proved he could fight inflation, that the markets believed = that=20 unemployment much below 6% was inflationary, and under 5% was dangerous. = The May=20 Unemployment Report is the big economic one for next week, due on=20 Friday.
 
Consumer confidence rose to 109.8 from a revised = April=20 level of 108.5, expectations were for a rate of 110.0.
 
Existing home sales jumped 7% to an annual rate = of 5.79=20 million units, up from a revised April rate of 5.41, and well ahead of=20 expectations for 5.35 million units. With existing sales remaining = strong, I=20 would expect to see new home sales also remain strong = overall.
 
Personal spending rose 0.5% (I did my share and = a few=20 others as well), while personal income rose 0.3% (someone else got = mine). Income=20 was in line with expectations, while spending fell short of expectations = for a=20 rise to 0.7%.

 
WORLEY'S WATCHLIST WANNABES
As always, I will mention specific basing formations, such as = c&h,=20 double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat=20 line bases (marked as Bx where x indicates the number of weeks IMO). = Most stocks=20 in this list will have both RS and EPS of 80 or better, and be close to = their 12=20 month high. I try to glance at the earnings forecast, and eliminate any = less=20 than 20% for this year and next, but do no other due diligence. I = exclude any=20 stocks under any form of merger / acquisition.
 
The population of stocks I am reviewing this weekend slid = further this=20 past week.
 
AMSG - kind of an odd looking c&h, Thursday broke up from a = nicely=20 declining handle on volume to the pivot point, worth watching
AZO - high handle forming
BEL - 6 week consolidation
ERES - BE
FCFS- B6, broke pivot Friday on 8X ADV
LION - B6
MCL - LLUR
OCAS - LLUR, no revenue growth
ODSY - 6 week consolidation, volume declining, another play on the = aging=20 baby boomer market?
PETM - LLUR
ROST - LLUR
SSNC - 6 week consolidation, mostly light volume
SYPR - nice 8 week consolidation, volume drying up, funds have 54%, = but=20 only because float very small due management having 87%, in my VR = Fund
WFMI - B3
ZAP - nice c&h
 
Happy Hunting,
 
3D""
Tom Worley
stkguru@bellsouth.net

AIM: = TexWorley
------=_NextPart_001_03DC_01C209B3.ABE283E0-- ------=_NextPart_000_03DB_01C209B3.ABE283E0 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <03da01c209d5$32f423e0$9300a8c0@TOMSBOX> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_03DB_01C209B3.ABE283E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 20:27:04 -0600 No, not familiar with it. Think it may be an Omega file format, but don't know how to read it. That pretty much exhausts my sources. On 1 Jun 2002 at 20:08, Sam Bench wrote: > Patrick, > > This looks like the data I need. The only problem is that the file > downloads as a .zip. When I unzip it, the resulting file is an .omz file > type. I tried to view the .omz file using various software (Excel, notepad, > Word, etc.) with no luck. It looks like a binary file of some sort. Any > idea how to read an .omz file?? Thanks. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 23:02:41 -0400 Sam: Things would have been a lot simpler if you had been a lurker for six (6) years and wanted data for the past few weeks! ----- Original Message ----- Sent: Saturday, June 01, 2002 11:10 AM > > I've been a "lurker" on this board for a few weeks and appreciate the > knowledge and insight that most posters exhibit. I want to backtest a new > investment method and need intraday (really just a data point for around > noon) values of the major indices (DOW, NAS, S&P). Also, I need the foreign > currency exchange rates (e.g. $/yen, $/Euro, etc.) at the close of each > American market trading day. I need this data for a time period of about > the last 6 years. I bet you knowledgeable people know where on the internet > this data can be found. Thanks in advance for any information you are > willing to share. > > > _________________________________________________________________ > Chat with friends online, try MSN Messenger: http://messenger.msn.com > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Dimitri Katsaros Subject: Re: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 21:38:37 -0700 (PDT) Exchange rates are on the same page. On http://quote.yahoo.com/ look in the left column, the "Investing" section there is an "International" section. There, you will find "Currency." Click on that and you'll be led to the exchange page. Hope this helps Dimitri --- Patrick Wahl wrote: > Go here - > > http://quote.yahoo.com/?u > > and under Market Overview on the left side of the > page, click the index you are > interested in. From there, you can click 5 Year > under the chart, and from that point > you have some options to select the period of time > to display and an option to > download in a spreadsheet format. I was able to get > a spreadsheet with 6 years > after a couple minutes of fooling around. Can't > help with exchange rates unless its > at another part of the Yahoo site. > > On 1 Jun 2002 at 11:10, Sam Bench wrote: > > > > > I've been a "lurker" on this board for a few weeks > and appreciate the > > knowledge and insight that most posters exhibit. > I want to backtest a new > > investment method and need intraday (really just a > data point for around > > noon) values of the major indices (DOW, NAS, S&P). > Also, I need the foreign > > currency exchange rates (e.g. $/yen, $/Euro, etc.) > at the close of each > > American market trading day. I need this data for > a time period of about > > the last 6 years. I bet you knowledgeable people > know where on the internet > > this data can be found. Thanks in advance for any > information you are > > willing to share. > > > > > > > _________________________________________________________________ > > Chat with friends online, try MSN Messenger: > http://messenger.msn.com > > > > > > - > > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your > email. > > > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Quiquid latine dictum sit altum viditur __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Mike Gibbons" Subject: RE: [CANSLIM] Intraday Index Data and Currency Data Date: 01 Jun 2002 21:57:40 -1000 It says right there on the "Free Data" page: Trade Station 4.0 [.omz] History Tick Data In other words, its a format proprietary to Trade Station. Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Sam Bench Sent: Saturday, June 01, 2002 2:09 PM Patrick, This looks like the data I need. The only problem is that the file downloads as a .zip. When I unzip it, the resulting file is an .omz file type. I tried to view the .omz file using various software (Excel, notepad, Word, etc.) with no luck. It looks like a binary file of some sort. Any idea how to read an .omz file?? Thanks. >From: "Patrick Wahl" >Reply-To: canslim@lists.xmission.com >To: canslim@lists.xmission.com >Subject: Re: [CANSLIM] Intraday Index Data and Currency Data >Date: Sat, 1 Jun 2002 16:46:03 -0600 > >You'll need tick data for that, check this out - > >http://www.medianline.com/data.html > >On 1 Jun 2002 at 17:33, Sam Bench wrote: > > > Thanks, Patrick. That link got me to a spreadsheet with open, high, >low, > > and close. However, I don't see how to get the value at a specific time >of > > day (like noon for instance) before the close. > > > > > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________ Chat with friends online, try MSN Messenger: http://messenger.msn.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: [CANSLIM] Online Brokers Date: 02 Jun 2002 12:19:54 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_000E_01C20A2F.CD4A8970 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit http://sptimes.wsj.com/articles/SB1022771027274272680.html Those of you considering use of or changing online brokers may find this article from the Sunday Wall Street Journal section of the St. Petersburg Times. duke Everybody should believe in something - I believe I'll have another glass of great wine! ------=_NextPart_000_000E_01C20A2F.CD4A8970 Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable Message
http:= //sptimes.wsj.com/articles/SB1022771027274272680.html
 
Those of you = considering=20 use of or changing online brokers may find this article from the Sunday = Wall=20 Street Journal section of the St. Petersburg Times.
 
duke
 

Everybody should believe in something - I believe I'll have another = glass of=20 great wine!

 
------=_NextPart_000_000E_01C20A2F.CD4A8970-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Marty" Subject: [CANSLIM] Book Date: 02 Jun 2002 17:47:18 -0700 This is a multi-part message in MIME format. ------=_NextPart_000_004A_01C20A5D.8A38A6C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable MessageHas any tried "Investing Smart - How to Pick Winning Stocks with = IBD Forward by William O' Neil? I seen it advertise in the IBD and was wondering how useful it is. Thanks Marty ----- Original Message -----=20 From: Duke Miller=20 To: CANSLIM=20 Sent: Sunday, June 02, 2002 9:19 AM Subject: [CANSLIM] Online Brokers http://sptimes.wsj.com/articles/SB1022771027274272680.html Those of you considering use of or changing online brokers may find = this article from the Sunday Wall Street Journal section of the St. = Petersburg Times. duke Everybody should believe in something - I believe I'll have another = glass of great wine! ------=_NextPart_000_004A_01C20A5D.8A38A6C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Message
Has any tried "Investing Smart - How to = Pick=20 Winning Stocks with IBD Forward by William O' Neil?
 
I seen it advertise in the IBD and was = wondering=20 how useful it is.
 
Thanks
 
Marty
----- Original Message -----
From:=20 Duke=20 Miller
To: CANSLIM
Sent: Sunday, June 02, 2002 = 9:19 AM
Subject: [CANSLIM] Online = Brokers

http:= //sptimes.wsj.com/articles/SB1022771027274272680.html
 
Those of you = considering=20 use of or changing online brokers may find this article from the = Sunday Wall=20 Street Journal section of the St. Petersburg = Times.
 
duke
 

Everybody should believe in something - I believe I'll have another = glass=20 of great wine!

 
------=_NextPart_000_004A_01C20A5D.8A38A6C0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Today's WebLink Date: 02 Jun 2002 21:01:18 -0400 Hi Michael, For various reasons, I don't buy on the breakouts, rather buying in the base on flat line bases mostly. However, once a breakout does occur, I think you need to maintain tight stops until you are up sufficient to give a stock some more room to roam. I don't think you have to wait until you are losing 8% to sell, in fact both WON and David Ryan have spoken of selling when they are only down 2 or 3%, with 8% being a max limit. But then you also have to be pretty good at identifying when a b/o has actually failed, vs undergoing minor correction. Many will correct back to the base, for instance. And, of course, when "M" is as lousy as at present, you probably shouldn't be buying anything. Going back to your basic question, how much time do you give a stock? I always want to be able to give it at least 2 months, preferably 3 months. That takes me thru another earnings report. Of course, if the base is failing and costing me money, I may not wait that long. But I generally am buying stocks with the idea of owning them for a year or two, so several months is no time at all. ----- Original Message ----- Sent: Thursday, May 30, 2002 11:21 AM Katherine, VERY well put. I would ask this question to the group: How much time do you give a new position to grow, assuming that you bought it at a breakout point. I guess another way to phase the question is: how long after an breakout attempt do you wait before backing out of the position (minus commisions of course) to get the capital back for entry into another possible winner? Do any of you have any "rules" like: Need to see an X% gain within the first 4 weeks Other than the 7-8% loss rule I wonder if other get out sooner if it looks like the breakout failed, or do you hold on for a few weeks. Thanks Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Katherine Malm" To: canslim@lists.xmission.com Sent by: cc: owner-canslim@lists.xm Subject: Re: [CANSLIM] Today's WebLink ission.com 05/30/2002 09:33 AM Please respond to canslim Hi Duke, Churning is a well documented sign of distribution at the top and isn't something pulled out of the air by the author. Below I've sited some resources from TradingMarkets.com (Loren F. used to write for the IBD) and from Investors.com. With respect to HOV in general, just goes to show that sell rules aren't all that cut and dried. Most of the sell "rules are actually guidelines and are used to "stack up" the evidence so to speak. With HOV, I would go through a what-if similar to this: -Breakout from sound base? Yes 2/26, approx. $22.40 -Run up of >=20% in less than 8 wks? Yes. By 4/19 was up 38% -At this point, a subset of sell rules start to kick in: That is, if the stocks runs up >=20% in 8 wks, you "may" want to sit through the first correction. (from HTMMIS, paraphrased) -May comes along and HOV gets its first bout of churning and distribution ( 5/6 heavy dist., 5/7 churning, 5/8 heavy dist.) -What to do? -Step 1: stack up the evidence pro: leading group, high RS and rising, market had FTD con: group has been on a long run since early 2000, may be finished, many stocks breaking down Choice 1: Weigh in, make a descision to hold on based on the >=20% in 8 wks guideline. Evidence you'll be looking for thereafter--support at 50dMA, action of other stocks, etc. (similar to the Weblink article) -Choice 2: 2 days of heaving distribution + 1 churning = heavy evidence of unloading in 5 short days. Sell. As far as I've been able to figure out, sell rules are *not* cut and dried. The individual's interpretation of the evidence, their tolerance for pain, their profit goals in entering the position, the length of time they've held the stock and current gains will weigh in to the decision. So, two people decide completely differently given the same chart AND the same set of WON/CANSLIM sell rules. Darn, wish it were more clear. I'd love to do a calculation and punch a button in/out. Now wouldn't *that* be keen? -Katherine Here are a few articles I've uploaded on the subject: http://WallStreet-LLC.com/canslim/NewHighLightVol011901.JPG http://WallStreet-LLC.com/canslim/NewHighsWeakVol060600.JPG http://WallStreet-LLC.com/canslim/BuySellTipsVol102301.JPG http://WallStreet-LLC.com/canslim/StickWithLeaders101000.JPG ========= Q: Eric S. Hill: How is it that a stock can trade many times its average volume on a given day with hardly any price hange? Is this to be considered bullish or bearish? Loren Fleckenstein: A: Eric: You cannot apply a mechanical rule that applies to all siutations. However, generally speaking, what you're describing is called "churning." Churning after a stock has made an extended advance could be bearish and a tip-off of a major price decline to come. Churning after a stock has suffered a major downturn could be bullish and signal that the stock is near a bottom. ====== Question (Ask Bill O'Neil): How do I know when to sell a well-performing stock to protect my gains? Answer: Many investors don't pay much attention to sell rules. But they are just as important as buy rules. After a stock has had a significant run-up, look for signs of fatigue. One is what we call "churning." That's when the stock trades on comparatively heavy volume but can't manage to make meaningful price gains. Another red flag is when the stock makes a new price high on low volume. Also troubling is when the stock repeatedly falls as volume increases. Some stocks that double or go even higher over several months will peak in a "climax top" characterized by a couple of weeks in which the price bursts up 25% to 50% or more on heavy volume. Also watch for weakness in the stock's industry group, as well as the general market. ----- Original Message ----- From: Tom Worley To: canslim@lists.xmission.com Sent: Thursday, May 30, 2002 8:43 AM Subject: Re: [CANSLIM] Today's WebLink Duke, I would be a lot more impressed with IBD if they had reported that potential sell signal just a day or two later, rather than weeks later. On the other hand, I would disagree that selling the next day was necessarily the right action. We see many signals, both buy and sell, as well as hold. It is the collective accumulation of those signals that should trigger an action, in most cases (the 8% stop loss rule being one of the few that stands on its own). I realize that IBD is not being paid for specific investment advice, and likely would not want to precipitate a correction by reporting every sell signal immediately. But I do agree, all these new rules they seem to be coming up with, are they their interpretation of CANSLIM, or is this actually coming from WON? ----- Original Message ----- From: Duke Miller To: CANSLIM Sent: Thursday, May 30, 2002 9:02 AM Subject: [CANSLIM] Today's WebLink Bulletin: Here we go again with some new CANSLIM tactics springing from WON's perfect hindsight in today's WebLink on HOV. I quote: But on May 8, the stock notched a new intraday high on quiet trade and finished lower that day (Point 4). New highs on low volume are one sign that demand is waning and pose as a key sell signal. However, given that the stock was only in the 10th week of its advance, it can be worth waiting to see if a rally still has juice. Over the next week and a half, Hovnanian fell hard and clipped its 50-day line on heavy trade (Point 5). On May 16, the stock closed below its 50-day for the first time since November. But from the next day, it began clawing its way back above the key intermediate trend line. The first new lesson (to me, anyway) is couched in the statement, "But (operative word) on May 8...a new intraday high on quiet trade...a key sell signal." When I look at the chart on May 8, I see something different: It tells me the stock closed down that day on low volume. I thought this was a good sign. But now its a bad sign, because it reached a new "intraday" high on light volume. Maybe I was in the men's room during the advanced seminar when they covered this. :) My point is, if you new about the "intraday high on low volume sell rule," wouldn't you have SOLD the next morning at the open? (If you didn't, then today's Investor's Corner is for naught.) But wait a minute, lo and behold, yet another new rule surfaces: "However, given that the stock was only in the 10th week of its advance, it can be worth waiting to see if the rally still has juice." Where in the 24 Rules is that hidden? I searched the whole Investors.com for "rally juice" and nada. In hindsight, the fact remains, if you held HOV, you would be wise to have sold on the new intraday high on low volume. That is, if you knew about that rule. I guess we learn something new every day, don't we? Where oh where did I put that darn time machine! Duke - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Book Date: 03 Jun 2002 00:12:19 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0007_01C20A93.537A7600 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable MessageMarty: I got a copy of Investing Smart from IBD when I renewed my subscription. The book was written by a trader/investor physician who subscribes to = IBD and has some contributions to the book by some of the IBD staff. For me, the book was somewhat boring, as it appeared to make simple = things complex. It is only 176 pages (including the index), and I had = difficulty completing it. Listed price $14.95. I will try to read it = again, to see if my view has mellowed. Someone else may have a different and more uplifting view. There is another book called "Guide to the Markets" (277 pages) $16.95, = also from IBD. For me this one was much more interesting and valuable, = but again, that is my personal assessment. The two best ones are the classic HTMIS and the 24 Essential Lessons, = and so far I have not found any better. What I value most is the attempt = made in them to keep things simple, as I somtimes get confused very = easily. ----- Original Message -----=20 From: Marty=20 To: canslim@lists.xmission.com=20 Sent: Sunday, June 02, 2002 8:47 PM Subject: [CANSLIM] Book Has any tried "Investing Smart - How to Pick Winning Stocks with IBD = Forward by William O' Neil? I seen it advertise in the IBD and was wondering how useful it is. Thanks Marty ----- Original Message -----=20 From: Duke Miller=20 To: CANSLIM=20 Sent: Sunday, June 02, 2002 9:19 AM Subject: [CANSLIM] Online Brokers http://sptimes.wsj.com/articles/SB1022771027274272680.html Those of you considering use of or changing online brokers may find = this article from the Sunday Wall Street Journal section of the St. = Petersburg Times. duke Everybody should believe in something - I believe I'll have another = glass of great wine! ------=_NextPart_000_0007_01C20A93.537A7600 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Message
Marty:
I got a copy of Investing Smart from IBD when I = renewed=20 my subscription.
The book was written by a trader/investor = physician who=20 subscribes to IBD and has some contributions to the book by some of the = IBD=20 staff.
 
For me, the book was somewhat boring, as it = appeared to=20 make simple things complex. It is only 176 pages (including the index), = and I=20 had difficulty completing it. Listed price $14.95. I will try to read it = again,=20 to see if my view has mellowed.
Someone else may have a different and more uplifting = view.
 
There is another book called "Guide to the Markets" = (277=20 pages) $16.95, also from IBD. For me this one was much more interesting = and=20 valuable, but again, that is my personal assessment.
 
The two best ones are the classic HTMIS and the 24 = Essential=20 Lessons, and so far I have not found any better. What I value most = is the=20 attempt made in them to keep things simple, as I somtimes get = confused very=20 easily.
 
----- Original Message -----
From:=20 Marty=20
Sent: Sunday, June 02, 2002 = 8:47 PM
Subject: [CANSLIM] Book

Has any tried "Investing Smart - How = to Pick=20 Winning Stocks with IBD Forward by William O' Neil?
 
I seen it advertise in the IBD and = was wondering=20 how useful it is.
 
Thanks
 
Marty
----- Original Message -----
From:=20 Duke Miller
To: CANSLIM
Sent: Sunday, June 02, 2002 = 9:19=20 AM
Subject: [CANSLIM] Online = Brokers

http:= //sptimes.wsj.com/articles/SB1022771027274272680.html
 
Those of = you=20 considering use of or changing online brokers may find this article = from the=20 Sunday Wall Street Journal section of the St. Petersburg=20 Times.
 
duke
 

Everybody should believe in something - I believe I'll have = another glass=20 of great wine!

 
------=_NextPart_000_0007_01C20A93.537A7600-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Bert Pesak" Subject: Re: [CANSLIM] M update Date: 03 Jun 2002 08:02:07 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0029_01C20AD4.F4D6D660 Content-Type: text/plain; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Ernie, Thanks again. Bert ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Friday, May 31, 2002 6:43 PM Subject: RE: [CANSLIM] M update Bert, First I butcherd Fibonacci's name in my previous post, secondly here = are a couple of links that should give you a better idea just what = Fibonacci retracements are all about. E http://stocks.about.com/library/weekly/aa072400a.htm http://www.tradingmarkets.com/.site/stocks/education/fibonacci/ -----Original Message----- From: Bert Pesak [mailto:bpesak@rcn.com] Sent: Friday, May 31, 2002 5:29 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] M update Ernie, Thanks Bert ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Friday, May 31, 2002 4:48P M Subject: RE: [CANSLIM] M update Bert, Part of my methodology involves proprietary tools that I am not at = liberty to reveal. However, the tools that I can reveal are simple trend = lines, Elliott WaveT heory, and Fibinocci ratio analysis. The best book = I know of to learn about Elliott Wave Theory and Fibinocci numbers is = "Elliott Wave Theory" by Frost and Prechter. E -----Original Message----- From: Bert Pesak [mailto:bpesak@rcn.com] Sent: Friday, May 31, 2002 10:59 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] M update Ernie, I would like to have a better understanding of the process you = are using to make your projections. Could you recommend some reading material on the process you are = using. Thanks Bert Pesak bpesak@rcn.com ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, May 30, 2002 9:22 PM Subject: [CANSLIM] M update I have included my last forecast at the end of this post for = reference purposes. =20 The S&P entered my low turn time window yesterday and hit a = lower probability target price of 1054 today also the NAZ, SPX, & the = RUT all had price reversals today or if you prefer =93pollywogs=94 (I am = not a candle stick reader so I am not sure if the volume was there to = actually produce =93pollywogs=94 or not, but today was a reversal day = for all of these indexes in my terminology none the less). =20 Despite hitting a price target and creating a reversal bar on = the same day I still believe that we have not quite yet reached the = bottom of this move. My higher probability price target range still = makes for a more complete technical package. Although, I think given the = current price structure the lower part of my target range is not likely = to be reached in fact 1035 =96 1038 is more likely to be the bottom. =20 If in fact today was the bottom of the current down swing = there is a strong possibility that M will advance for a couple of days = and then challenge today=92s low later in the low turn time window which = closes on 6-10. =20 Duke it could be getting very close to time to indulge your = =93burn=94. =20 E =20 -----Original Message----- From: Hill, Ernie=20 Sent: Tuesday, May 21, 2002 8:37 PM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] M =20 It appears that the high turn has been made. On 5-17 we closed = at 1106.59 and then again touched that level on an intra-day basis = yesterday. The turn has apparently come early in the window just 4.41 = points shy of the projected price level. There is a reasonable = possibility that the market will move back up near the turn high over = the next couple of days before resuming the move down. There is a small = chance that the market may even slightly exceed the high and actually = make the turn later in the window. If this happens don=92t be fooled it = is only a head fake. =20 The next low turn has two possible time windows for the turn. = The first and most likely window is within four days of 6-4. The target = price range is 1027 to 1034. 1.382 times the move from 5-7 to 5-17 = yields 79.51 points subtract this number from the high of 1106.59 and we = arrive at the low target of 1027.08. A 61.8% retracement of the move = from 9-21 to 1-9 yields a target price of 1033.46. If this projected = down move does terminate in the projected target range, it has the = potential to be the end point of the correction for the entire move from = 9-21 to 1-9. And could set the stage for a significant and sustainable = move up. =20 E =20 =20 = ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** ------=_NextPart_000_0029_01C20AD4.F4D6D660 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable
Ernie,
 
Thanks again.
 
Bert
----- Original Message -----
From:=20 Hill,=20 Ernie
Sent: Friday, May 31, 2002 6:43 = PM
Subject: RE: [CANSLIM] M = update

Bert,
 
First I butcherd=20 Fibonacci's name in my previous post, secondly here are a couple of = links that=20 should give you a better idea just what Fibonacci retracements are all = about.
 
E
 
http://stoc= ks.about.com/library/weekly/aa072400a.htm
 
= http://www.tradingmarkets.com/.site/stocks/education/fibonacci/
-----Original Message-----
From: Bert Pesak=20 [mailto:bpesak@rcn.com]
Sent: Friday, May 31, 2002 5:29=20 PM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 M update

Ernie,
Thanks
Bert
----- Original Message ----- =
From:=20 Hill,=20 Ernie
To: 'canslim@lists.xmission.com'= =20
Sent: Friday, May 31, 2002 = 4:48P=20 M
Subject: RE: [CANSLIM] M = update

Bert,
 
Part of my methodology involves = proprietary tools=20 that I am not at liberty to reveal. However, the tools that I can = reveal=20 are simple trend lines, Elliott WaveT heory, and Fibinocci ratio = analysis.=20 The best book I know of to learn about Elliott Wave Theory and = Fibinocci=20 numbers is "Elliott Wave Theory" by Frost and=20 Prechter.
 
E
-----Original Message-----
From: Bert Pesak=20 [mailto:bpesak@rcn.com]
Sent: Friday, May 31, 2002 = 10:59=20 AM
To: canslim@lists.xmission.com
Subject: = Re:=20 [CANSLIM] M update

Ernie,
 
I would like to have a better understanding = of the=20 process you are using to make your projections.
Could you recommend some reading material on = the=20 process you are using.
 
Thanks
Bert Pesak
bpesak@rcn.com
 
----- Original Message ----- =
From:=20 Hill, Ernie
To: 'canslim@lists.xmission.com'= =20
Sent: Thursday, May 30, = 2002 9:22=20 PM
Subject: [CANSLIM] M = update

I=20 have included my last forecast at the end of this post for = reference=20 purposes.

 

The=20 S&P entered my low turn time window yesterday and hit a = lower=20 probability target price of 1054 today also the NAZ, SPX, = & the=20 RUT all had price reversals today or if you prefer = =93pollywogs=94 (I am=20 not a candle stick reader so I am not sure if the volume was = there to=20 actually produce =93pollywogs=94 or not, but today was a = reversal day for=20 all of these indexes in my terminology none the=20 less).

 

Despite=20 hitting a price target and creating a reversal bar on the same = day I=20 still believe that we have not quite yet reached the bottom of = this=20 move. My higher probability price target range still makes for = a more=20 complete technical package. Although, I think given the = current price=20 structure the lower part of my target range is not likely to = be=20 reached in fact 1035 =96 1038 is more likely to be the=20 bottom.

 

If=20 in fact today was the bottom of the current down swing there = is a=20 strong possibility that M will advance for a couple of days = and then=20 challenge today=92s low later in the low turn time window = which closes=20 on 6-10.

 

Duke=20 it could be getting very close to time to indulge your=20 =93burn=94.

 

E

 

-----Original=20 Message-----
From:=20 Hill, Ernie
Sent:=20 Tuesday, May 21, 2002 8:37 PM
To:=20 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM]=20 M

 

It=20 appears that the high turn has been made. On 5-17 we closed at = 1106.59=20 and then again touched that level on an intra-day basis = yesterday. The=20 turn has apparently come early in the window just 4.41 points = shy of=20 the projected price level. There is a reasonable possibility = that the=20 market will move back up near the turn high over the next = couple of=20 days before resuming the move down. There is a small chance = that the=20 market may even slightly exceed the high and actually make the = turn=20 later in the window. If this happens don=92t be fooled it is = only a head=20 fake.

 

The=20 next low turn has two possible time windows for the turn. The = first=20 and most likely window is within four days of 6-4. The target = price=20 range is 1027 to 1034. 1.382 times the move from 5-7 to 5-17 = yields=20 79.51 points subtract this number from the high of 1106.59 and = we=20 arrive at the low target of 1027.08. A 61.8% retracement of = the move=20 from 9-21 to 1-9 yields a target price of 1033.46. If this = projected=20 down move does terminate in the projected target range, it has = the=20 potential to be the end point of the correction for the entire = move=20 from 9-21 to 1-9. And could set the stage for a significant = and=20 sustainable move up.

 

E

 

 



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso=20
Corporation are confidential and intended solely for the =
use=20 of the individual or entity to whom they are addressed.
If = you=20 have received this email in error please notify the=20 =
sender.
**********************************************************= ********


********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso =
Corporation=20 are confidential and intended solely for the
use of the = individual or=20 entity to whom they are addressed.
If you have received this = email in=20 error please notify the=20 =
sender.
**********************************************************= ********


********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso =
Corporation are=20 confidential and intended solely for the
use of the individual or = entity=20 to whom they are addressed.
If you have received this email in = error=20 please notify the=20 =
sender.
**********************************************************= ********
------=_NextPart_000_0029_01C20AD4.F4D6D660-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: Re: [CANSLIM] MIK Date: 03 Jun 2002 08:07:14 -0500 Thanks to everyone for weighin in on MIK...I too think it is a good long term hold...Just bracing myself for some profit takers on Monday! Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Tom Worley" cc: Sent by: Subject: Re: [CANSLIM] MIK owner-canslim@lists.xm ission.com 05/31/2002 09:37 PM Please respond to canslim Mike, with the advantage of commentary post market close (a la IBD style), I note it closed on nearly 3.5X ADV, up 12% for the day, only 20 cents off the high of the day, and at another all time high. These are all very positive indicators for me, even if it should correct moderately on Monday. Both trailing and projected PE ratios are well under S&P 500 average, and its growth rate far greater in comparison. I also note that earnings are growing at a rate well above sales growth. As already mentioned, funds hold a lot of shares, and management only owns 8%. I would watch volume carefully for any evidence of a short term correction / consolidation, but see little evidence, barring unexpected bad news, to expect it is topping out. ----- Original Message ----- Sent: Friday, May 31, 2002 11:29 AM Okay group, I have a position in MIK, and today, it is flying, up 12% at this point, which is giving me a 8% gain from my entry. Do you think I should hang on to this one, or sell it at the end of the day at take a profit? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: Re: [CANSLIM] HTMMIS Date: 03 Jun 2002 08:08:31 -0500 When I looked on Amazon it said it was the second edition. Can you specifically ask for the 3rd? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com Fanus To: canslim@lists.xmission.com Sent by: cc: owner-canslim@lists.xm Subject: Re: [CANSLIM] HTMMIS ission.com 05/31/2002 10:51 PM Please respond to canslim It is actually $9.75 including shipping. :-) --- Katherine Malm wrote: > Fanus, > > Be sure to let us know what you think. Hate to cough > up another 30 bucks if it's a simple reformatting of > the old edition. > > Katherine > ----- Original Message ----- > From: Fanus > To: canslim@lists.xmission.com > Sent: Friday, May 31, 2002 10:31 PM > Subject: [CANSLIM] HTMMIS > > > FYI... Just received an e-mail from amazon.com > that my > order for the updated edition of HTMMIS was > shipped > today. > > - Fanus > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your > email. > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: RE: [CANSLIM] HTMMIS Date: 03 Jun 2002 08:15:18 -0500 Michael, Here's the link to the new edition: http://www.amazon.com/exec/obidos/ASIN/0071373616/qid=1023110005/sr=1-1/ref= sr_1_1/104-1736876-1165500 Katherine -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of michael_niemotka@baxter.com Sent: Monday, June 03, 2002 8:09 AM When I looked on Amazon it said it was the second edition. Can you specifically ask for the 3rd? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com Fanus To: canslim@lists.xmission.com Sent by: cc: owner-canslim@lists.xm Subject: Re: [CANSLIM] HTMMIS ission.com 05/31/2002 10:51 PM Please respond to canslim It is actually $9.75 including shipping. :-) --- Katherine Malm wrote: > Fanus, > > Be sure to let us know what you think. Hate to cough > up another 30 bucks if it's a simple reformatting of > the old edition. > > Katherine > ----- Original Message ----- > From: Fanus > To: canslim@lists.xmission.com > Sent: Friday, May 31, 2002 10:31 PM > Subject: [CANSLIM] HTMMIS > > > FYI... Just received an e-mail from amazon.com > that my > order for the updated edition of HTMMIS was > shipped > today. > > - Fanus > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your > email. > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] HTMMIS Date: 03 Jun 2002 09:59:39 -0400 I just ordered and saw their "share the love" promotion. If you give them someone's e-mail address, that person can buy the same product for 10% off if they order within a week. And the person who made the recommendation gets some kind of bonus or credit from Amazon if they order. Well, that's my superficial understanding of how it works. Anyway, for those of you who didn't order yet, you could start an ordering chain within this newsgroup and all benefit a little. John C. -----Original Message----- Sent: Monday, June 03, 2002 9:15 AM Michael, Here's the link to the new edition: http://www.amazon.com/exec/obidos/ASIN/0071373616/qid=1023110005/sr=1-1/ref= sr_1_1/104-1736876-1165500 Katherine -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of michael_niemotka@baxter.com Sent: Monday, June 03, 2002 8:09 AM When I looked on Amazon it said it was the second edition. Can you specifically ask for the 3rd? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com Fanus To: canslim@lists.xmission.com Sent by: cc: owner-canslim@lists.xm Subject: Re: [CANSLIM] HTMMIS ission.com 05/31/2002 10:51 PM Please respond to canslim It is actually $9.75 including shipping. :-) --- Katherine Malm wrote: > Fanus, > > Be sure to let us know what you think. Hate to cough > up another 30 bucks if it's a simple reformatting of > the old edition. > > Katherine > ----- Original Message ----- > From: Fanus > To: canslim@lists.xmission.com > Sent: Friday, May 31, 2002 10:31 PM > Subject: [CANSLIM] HTMMIS > > > FYI... Just received an e-mail from amazon.com > that my > order for the updated edition of HTMMIS was > shipped > today. > > - Fanus > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your > email. > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: owner-canslim@xmission.com (Jeff Salisbury) Subject: [CANSLIM] Accessing the discussion canslim archives... Date: 03 Jun 2002 08:01:08 -0600 From time to time, CANSLIM members may wish to browse the discussion archives. This posting provides instructions on how to access the archives. Thanks to David Cameron for compiling the essentials of this message. Here are the two ways to access the archives: 1. The best way is to use your web browser. To browse the archives, point your browser to: ftp://ftp.xmission.com/pub/lists/canslim/archive/ 2. (Not as convenient) via email: Send an email to majordomo@xmission.com with the following as the body of your message: "index canslim". Then send a follow up email to request an old email from either the "archive" or "latest" directory. Note that your request must be in the body of your email. For example: "get canslim latest/001" will retrieve file "001" from the "latest" directory. "get canslim archive/v01.n066" will retrieve file "v01.n066" from the "archive" dir. Best Regards, Jeff Salisbury - CANSLIM list owner/admin - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: [CANSLIM] AZO Date: 03 Jun 2002 16:34:41 -0500 Another question for the group, Is Azo churning? It seems like it has not moved up or down much in the last week or so after the breakout. I have heard others warn that it might not fly because this is a late forming base. Any thoughts? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] AZO Date: 03 Jun 2002 20:38:16 EDT Mike: My thought is that it is a bad market. The fact that it hasn't gone below its pivot point of about 80 bodes well. Churning occurs on HIGH volume. The volume isn't high at all. This is from AskWON in Investors.com on 5/24/02, and it might be helpful. Re. Churning-Its Meaning: "I've noticed some stocks' volume increasing, but the price remains the same. Is this a signal to sell? " - Submitted from Bolingbrook, Ill. It depends on the stock's trend. If the stock has been rallying, the stock could be "churning." That's what we call it when a stock trades on comparatively heavy volume but can't manage to make meaningful price gains. It is a pretty reliable stalling signal, and should tell you to start considering selling the stock. If you're talking about a stock that has been selling off, however, it could be the opposite situation. Heavy volume without further downward price movement could mean the stock has found support. In either case, the price and volume action you're describing often signals a change in trend." jans In a message dated 6/3/2002 5:51:45 PM Eastern Daylight Time, michael_niemotka@baxter.com writes: << Another question for the group, Is Azo churning? It seems like it has not moved up or down much in the last week or so after the breakout. I have heard others warn that it might not fly because this is a late forming base. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Alicia Lensing" Subject: Re: [CANSLIM] Accessing the discussion canslim archives... Date: 03 Jun 2002 20:49:18 -0500 for 48 hours now I have not rec'd any mail from the group. how can i investigate this problem. thanks, alicia lensing alensing@prodigy.net ----- Original Message ----- Sent: Monday, June 03, 2002 9:01 AM > From time to time, CANSLIM members may wish to browse the discussion archives. This posting provides instructions on how to access the archives. Thanks to David Cameron for compiling the essentials of this message. > > Here are the two ways to access the archives: > > 1. The best way is to use your web browser. To browse the archives, point your browser to: > > ftp://ftp.xmission.com/pub/lists/canslim/archive/ > > 2. (Not as convenient) via email: > Send an email to majordomo@xmission.com > with the following as the body of your message: > > "index canslim". > > Then send a follow up email to request an old > email from either the "archive" or "latest" > directory. Note that your request must be in > the body of your email. > > For example: > > "get canslim latest/001" > > will retrieve file "001" from the "latest" > directory. > > "get canslim archive/v01.n066" > > will retrieve file "v01.n066" from the > "archive" dir. > > Best Regards, > > Jeff Salisbury - CANSLIM list owner/admin > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] AZO Date: 03 Jun 2002 23:04:47 -0400 Mike, I see it as in the second week of forming a high handle. Don't see churning, at least at this point. If it gets several days of sustained volume (2X ADV or better) and still doesn't budge, then I might be more cautious, but holding price like it is shows strength to me ----- Original Message ----- Sent: Monday, June 03, 2002 5:34 PM Another question for the group, Is Azo churning? It seems like it has not moved up or down much in the last week or so after the breakout. I have heard others warn that it might not fly because this is a late forming base. Any thoughts? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: [CANSLIM] Updated A & B charts of Acc/Dis IBD numbers available. Date: 04 Jun 2002 07:20:03 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_000C_01C20B98.3E96CD00 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit http://www.adrich.com/SI/Info/A's.htm Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_000C_01C20B98.3E96CD00 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
http://www.adrich.com/SI/I= nfo/A's.htm
 
Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals III=20 27
 
www.adrich.com
 
------=_NextPart_000_000C_01C20B98.3E96CD00-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] HTMMIS Date: 04 Jun 2002 08:38:28 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0015_01C20BA3.32E8FD60 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable The SECOND EDITION of HTMMIS is advertised in IBD today (04 June 2002) = on page B13 for $10.95+tax+$4 shipping. An advertisement of the same physical size (7" x 11") on page B5 = offered the "Completely Updated" THIRD EDITION in IBD on page B5 on = Wed. 29 May 2002 for $12.95 + tax, shipping. . ------=_NextPart_000_0015_01C20BA3.32E8FD60 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
The SECOND EDITION of HTMMIS is advertised in IBD = today (04=20 June 2002) on page B13 for $10.95+tax+$4 shipping.
 
An advertisement of the same physical size (7" x = 11") on=20 page B5  offered the "Completely Updated"  THIRD EDITION = in IBD=20 on page B5 on Wed. 29 May 2002 for $12.95 + tax, shipping.
 
.
 
------=_NextPart_000_0015_01C20BA3.32E8FD60-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tim Fisher" Subject: Re: [CANSLIM] IMPORTANT: Canslim ftp site and links... Date: 04 Jun 2002 07:29:11 -0700 Jeff I see nothing at this link. Am I doing something wrong? At 08:59 AM 4/17/2002 -0600, you wrote: >The new site is now located at: > > http://WallStreet-LLC.com/canslim/ Tim Fisher Ore-ROCK-On Rockhounding Web Site Owner, Fisher Fisheries, Ltd. mailto:tim@OreRockOn.com WWW http://OreRockOn.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: RE: [CANSLIM] IMPORTANT: CANSLIM ftp site and links... Date: 04 Jun 2002 09:43:25 -0500 Hi Tim, There is no directory for the CANSLIM files section. In order to view a file uploaded to the FTP site, you have to have the entire URL for the specific file as designated in the uploader's email, e.g., http://WallStreet-LLC.com/canslim/myuploadedfile.jpg (this is not a real link, just an example) Katherine -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tim Fisher Sent: Tuesday, June 04, 2002 9:29 AM Jeff I see nothing at this link. Am I doing something wrong? At 08:59 AM 4/17/2002 -0600, you wrote: >The new site is now located at: > > http://WallStreet-LLC.com/canslim/ Tim Fisher Ore-ROCK-On Rockhounding Web Site Owner, Fisher Fisheries, Ltd. mailto:tim@OreRockOn.com WWW http://OreRockOn.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Eric Jaenike Subject: [CANSLIM] Homebuilders Date: 04 Jun 2002 10:14:01 -0700 (PDT) --0-1084003968-1023210841=:11560 Content-Type: text/plain; charset=us-ascii Looks like they're really starting to break down here. Eric Do You Yahoo!? Sign-up for Video Highlights of 2002 FIFA World Cup --0-1084003968-1023210841=:11560 Content-Type: text/html; charset=us-ascii

Looks like they're really starting to break down here.

Eric



Do You Yahoo!?
Sign-up for Video Highlights of 2002 FIFA World Cup --0-1084003968-1023210841=:11560-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Homebuilders Date: 04 Jun 2002 14:00:29 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0006_01C20BD0.2F2BD4E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable House builders belong to a group with many regional participants. My = understanding is that the largest of them handles 3% of the entire = market. A look at the top ten shows a share price roll off for the past month. Question: Is this the top of their major up cycle, or is it just a small cycle in = a continuing up trend? Interest rates are still low, the 1996 law allowing a seller to pocket = gains TAX FREE continues, but "fear" continues. ----- Original Message -----=20 From: Eric Jaenike=20 To: canslim group=20 Sent: Tuesday, June 04, 2002 1:14 PM Subject: [CANSLIM] Homebuilders Looks like they're really starting to break down here. Eric ----- Do You Yahoo!? Sign-up for Video Highlights of 2002 FIFA World Cup ------=_NextPart_000_0006_01C20BD0.2F2BD4E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
House builders belong to a group with  many = regional=20 participants. My understanding is that the largest of them handles 3% of = the=20 entire market.
A look at the top ten shows a share price roll off = for the=20 past month.
 
Question:
Is this the top of their major up cycle, or is it = just a small=20 cycle in a continuing up trend?
Interest rates are still low, the 1996 law allowing = a seller=20 to pocket gains TAX FREE continues, but "fear" continues.
----- Original Message -----
From:=20 Eric=20 Jaenike
Sent: Tuesday, June 04, 2002 = 1:14=20 PM
Subject: [CANSLIM] = Homebuilders

Looks like they're really starting to break down here.

Eric



Do You Yahoo!?
Sign-up=20 for Video Highlights of 2002 FIFA World = Cup ------=_NextPart_000_0006_01C20BD0.2F2BD4E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] M Date: 04 Jun 2002 21:08:27 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C20C35.E144D5E0 Content-Type: text/plain S&P hit a low of 1030.49 today right in the middle of the highest probability target range on the highest probability target date, and did it on a reversal day. A close tomorrow above today's high will be a confirmation signal that the market has turned. I will be looking to buy tomorrow! E -----Original Message----- Sent: Tuesday, May 21, 2002 8:37 PM The next low turn has two possible time windows for the turn. The first and most likely window is within four days of 6-4. The target price range is 1027 to 1034. 1.382 times the move from 5-7 to 5-17 yields 79.51 points subtract this number from the high of 1106.59 and we arrive at the low target of 1027.08. A 61.8% retracement of the move from 9-21 to 1-9 yields a target price of 1033.46. If this projected down move does terminate in the projected target range, it has the potential to be the end point of the correction for the entire move from 9-21 to 1-9. And could set the stage for a significant and sustainable move up. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C20C35.E144D5E0 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

S&P hit a low of 1030.49 today right in the middle of the highest probability target range on the highest probability target date, and did it on a revers= al day. A close tomorrow above today’s high will be a confirmation signa= l that the market has turned.

 <= /span>

I will be looking to buy tomorrow!

 <= /span>

E

 <= /span>

-----Original Message-----
From: Hill, Ernie
Sent: Tuesday, May 21, 2002 = 8:37 PM
To: 'canslim@lists.xmission.= com'
Subject: RE: [CANSLIM] M

 <= /o:p>

=  

= The next low turn has two possible ti= me windows for the turn. The first and most likely window is within four days = of 6-4. The target price range is 1027 to 1034. 1.382 times the move from 5-7 = to 5-17 yields 79.51 points subtract this number from the high of 1106.59 and = we arrive at the low target of 1027.08. A 61.8% retracement of the move from 9= -21 to 1-9 yields a target price of 1033.46. If this projected down move does terminate in the projected target range, it has the potential to be the end point of the correction for the entire move from 9-21 to 1-9. And could set= the stage for a significant and sustainable move up.

=  

= E

 

 



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C20C35.E144D5E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Homebuilders Date: 04 Jun 2002 22:17:22 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0049_01C20C15.99413830 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable My personal opinion, for what it's worth, is that the group is = collectively taking a breather and correcting / consolidating 18 months = or so of steady gains. I see no diminishment in the reasons for past = good performance at present, nor do I see that changing for another six = months or so at least. Capital gains can still be rolled over into a new house to defer taxes = on the gains, but only if the new house cost basis is equal to or = greater than the old. There is a new tax exemption permitting up to = $250K in gains to be taken after occupying a house for three years, I = think, without paying taxes. ----- Original Message -----=20 Sent: Tuesday, June 04, 2002 2:00 PM House builders belong to a group with many regional participants. My = understanding is that the largest of them handles 3% of the entire = market. A look at the top ten shows a share price roll off for the past month. Question: Is this the top of their major up cycle, or is it just a small cycle in = a continuing up trend? Interest rates are still low, the 1996 law allowing a seller to pocket = gains TAX FREE continues, but "fear" continues. ----- Original Message -----=20 From: Eric Jaenike=20 To: canslim group=20 Sent: Tuesday, June 04, 2002 1:14 PM Subject: [CANSLIM] Homebuilders Looks like they're really starting to break down here. Eric ----- Do You Yahoo!? Sign-up for Video Highlights of 2002 FIFA World Cup ------=_NextPart_000_0049_01C20C15.99413830 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
My personal opinion, for what it's worth, is = that the=20 group is collectively taking a breather and correcting / consolidating = 18 months=20 or so of steady gains. I see no diminishment in the reasons for past = good=20 performance at present, nor do I see that changing for another six = months or so=20 at least.
 
Capital gains can still be rolled over into a = new house to=20 defer taxes on the gains, but only if the new house cost basis is equal = to or=20 greater than the old. There is a new tax exemption permitting up to = $250K in=20 gains to be taken after occupying a house for three years, I think, = without=20 paying taxes.
 
----- Original Message -----=20
From: Winston=20 Little
Sent: Tuesday, June 04, 2002 2:00 PM
Subject: Re: [CANSLIM] Homebuilders

House builders belong to a group with  many = regional=20 participants. My understanding is that the largest of them handles 3% of = the=20 entire market.
A look at the top ten shows a share price roll off = for the=20 past month.
 
Question:
Is this the top of their major up cycle, or is it = just a small=20 cycle in a continuing up trend?
Interest rates are still low, the 1996 law allowing = a seller=20 to pocket gains TAX FREE continues, but "fear" continues.
----- Original Message -----
From:=20 Eric=20 Jaenike
Sent: Tuesday, June 04, 2002 = 1:14=20 PM
Subject: [CANSLIM] = Homebuilders

Looks like they're really starting to break down here.

Eric



Do You Yahoo!?
Sign-up=20 for Video Highlights of 2002 FIFA World = Cup ------=_NextPart_000_0049_01C20C15.99413830-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] Homebuilders Date: 04 Jun 2002 20:54:21 -0600 I think it is two years. On 4 Jun 2002 at 22:17, Tom Worley wrote: > the old. There is a new tax exemption permitting up to $250K in gains to be > taken after occupying a house for three years, I think, without paying > taxes. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: RE: [CANSLIM] M Date: 04 Jun 2002 20:54:27 -0600 Landry has two instructive charts tonight of S&P and Nasdaq, if they are going to bounce, this is exactly the place it will happen. Doesn't mean the market is turning up, but might be a short term move up. http://www.hardrightedge.com/ideas.htm On 4 Jun 2002 at 21:08, Hill, Ernie wrote: > S&P hit a low of 1030.49 today right in the middle of the highest > probability target range on the highest probability target date, and did it > on a reversal day. A close tomorrow above today's high will be a > confirmation signal that the market has turned. > > I will be looking to buy tomorrow! - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] Homebuilders Date: 04 Jun 2002 23:05:27 -0400 It's two years. And if you're married, it's $500,000. Been there and done that. And it sure feels good. -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Patrick Wahl Sent: Tuesday, June 04, 2002 10:54 PM I think it is two years. On 4 Jun 2002 at 22:17, Tom Worley wrote: > the old. There is a new tax exemption permitting up to $250K in gains > to be taken after occupying a house for three years, I think, without > paying taxes. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: Re: [CANSLIM] Homebuilders Date: 04 Jun 2002 23:06:11 -0400 Marriage or the house?!! Sorry..... > It's two years. And if you're married, it's $500,000. Been there and > done that. And it sure feels good. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Patrick Wahl > Sent: Tuesday, June 04, 2002 10:54 PM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] Homebuilders > > > I think it is two years. > > > On 4 Jun 2002 at 22:17, Tom Worley wrote: > > > the old. There is a new tax exemption permitting up to $250K in gains > > to be taken after occupying a house for three years, I think, without > > paying taxes. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Homebuilders Date: 04 Jun 2002 23:12:51 -0400 ----- Original Message ----- Sent: Tuesday, June 04, 2002 11:05 PM It's two years. And if you're married, it's $500,000. Been there and done that. And it sure feels good. -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Patrick Wahl Sent: Tuesday, June 04, 2002 10:54 PM I think it is two years. On 4 Jun 2002 at 22:17, Tom Worley wrote: > the old. There is a new tax exemption permitting up to $250K in gains > to be taken after occupying a house for three years, I think, without > paying taxes. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Homebuilders Date: 04 Jun 2002 23:14:44 -0400 oops, finger quicker than the mind, not a good sign. Guess I would have to get married if I ever sell my house. ----- Original Message ----- Sent: Tuesday, June 04, 2002 11:05 PM It's two years. And if you're married, it's $500,000. Been there and done that. And it sure feels good. -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Patrick Wahl Sent: Tuesday, June 04, 2002 10:54 PM I think it is two years. On 4 Jun 2002 at 22:17, Tom Worley wrote: > the old. There is a new tax exemption permitting up to $250K in gains > to be taken after occupying a house for three years, I think, without > paying taxes. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Scott Gettis" Subject: [CANSLIM] Up/Down Ratio Date: 04 Jun 2002 21:12:42 -0700 To my knowledge, IBD defines this as the volume on UP days versus the vol on down days for the last 50 trading days. My question is how do you count the volume if the stock closes even? - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: RWElmer@aol.com Subject: Re: [CANSLIM] Homebuilders Date: 05 Jun 2002 02:10:29 EDT --part1_190.7db5bd8.2a2f0555_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit To be exact, it's if you've occupied the property two of the last five years. FWIW. Robert W. Elmer Coldwell Banker First Shasta 2837 Bechelli Ln. Redding, CA 96002 RWElmer@aol.com 221-9556 or 1-800-348-7939 ext.156 www.robertelmer.com --part1_190.7db5bd8.2a2f0555_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit To be exact, it's if you've occupied the property two of the last five years. FWIW.

Robert W. Elmer
Coldwell Banker First Shasta
2837 Bechelli Ln.
Redding, CA 96002

RWElmer@aol.com
221-9556 or 1-800-348-7939 ext.156
www.robertelmer.com --part1_190.7db5bd8.2a2f0555_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Mike Lucero" Subject: Re: [CANSLIM] Up/Down Ratio Date: 05 Jun 2002 00:54:40 -0700 Ignore those days. ----- Original Message ----- Sent: Tuesday, June 04, 2002 9:12 PM To my knowledge, IBD defines this as the volume on UP days versus the vol on down days for the last 50 trading days. My question is how do you count the volume if the stock closes even? - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Homebuilders Date: 05 Jun 2002 08:33:52 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0018_01C20C6B.B91B4000 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable My understanding is that the ROLLOVERS are gone! A house seller POCKETS TAX FREE any gains up to $500,000 for filing = jointly, half for single, if the home is principal residence for two = years. If occupied for less than 2 years, tax is due. This is a BIG DRIVER for selling a house and moving on, even bigger than = low interest rates. ----- Original Message -----=20 From: Tom Worley=20 To: canslim@lists.xmission.com=20 Sent: Tuesday, June 04, 2002 10:17 PM Subject: Re: [CANSLIM] Homebuilders My personal opinion, for what it's worth, is that the group is = collectively taking a breather and correcting / consolidating 18 months = or so of steady gains. I see no diminishment in the reasons for past = good performance at present, nor do I see that changing for another six = months or so at least. Capital gains can still be rolled over into a new house to defer taxes = on the gains, but only if the new house cost basis is equal to or = greater than the old. There is a new tax exemption permitting up to = $250K in gains to be taken after occupying a house for three years, I = think, without paying taxes. ----- Original Message -----=20 From: Winston Little=20 To: canslim@lists.xmission.com=20 Sent: Tuesday, June 04, 2002 2:00 PM Subject: Re: [CANSLIM] Homebuilders House builders belong to a group with many regional participants. My = understanding is that the largest of them handles 3% of the entire = market. A look at the top ten shows a share price roll off for the past month. Question: Is this the top of their major up cycle, or is it just a small cycle = in a continuing up trend? Interest rates are still low, the 1996 law allowing a seller to pocket = gains TAX FREE continues, but "fear" continues. ----- Original Message -----=20 From: Eric Jaenike=20 To: canslim group=20 Sent: Tuesday, June 04, 2002 1:14 PM Subject: [CANSLIM] Homebuilders Looks like they're really starting to break down here. Eric --- Do You Yahoo!? Sign-up for Video Highlights of 2002 FIFA World Cup ------=_NextPart_000_0018_01C20C6B.B91B4000 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
My understanding is that  the ROLLOVERS are=20 gone!
A house seller POCKETS TAX FREE any gains up to = $500,000 for=20 filing jointly, half for single, if the home is principal residence for = two=20 years.
If occupied for less than 2 years, tax is = due.
 
This is a BIG DRIVER for selling a house and moving = on, even=20 bigger than low interest rates.
 
----- Original Message -----
From:=20 Tom=20 Worley
Sent: Tuesday, June 04, 2002 = 10:17=20 PM
Subject: Re: [CANSLIM] = Homebuilders

My personal opinion, for what it's worth, is = that the=20 group is collectively taking a breather and correcting / consolidating = 18=20 months or so of steady gains. I see no diminishment in the reasons for = past=20 good performance at present, nor do I see that changing for another = six months=20 or so at least.
 
Capital gains can still be rolled over into a = new house=20 to defer taxes on the gains, but only if the new house cost basis is = equal to=20 or greater than the old. There is a new tax exemption permitting up to = $250K=20 in gains to be taken after occupying a house for three years, I think, = without=20 paying taxes.
 
----- Original Message -----=20
From: Winston=20 Little
Sent: Tuesday, June 04, 2002 2:00 PM
Subject: Re: [CANSLIM] Homebuilders

House builders belong to a group with  many = regional=20 participants. My understanding is that the largest of them handles 3% = of the=20 entire market.
A look at the top ten shows a share price roll off = for the=20 past month.
 
Question:
Is this the top of their major up cycle, or is it = just a=20 small cycle in a continuing up trend?
Interest rates are still low, the 1996 law = allowing a seller=20 to pocket gains TAX FREE continues, but "fear" continues.
----- Original Message -----
From:=20 Eric=20 Jaenike
Sent: Tuesday, June 04, 2002 = 1:14=20 PM
Subject: [CANSLIM] = Homebuilders

Looks like they're really starting to break down here.

Eric



Do You Yahoo!?
Sign-up=20 for Video Highlights of 2002 FIFA World=20 Cup
------=_NextPart_000_0018_01C20C6B.B91B4000-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: Real Estate Lesson formerily [CANSLIM] Homebuilders Date: 05 Jun 2002 08:54:07 -0400 Mr. Lombatto: Since you asked....(no apology necessary)...here's a real life lesson in complete compliance with IRS regulations regarding gains on real estate. When I married my bride five years ago, she sold her home after living in it for 7 years. Big gain, but under $250,000: NO TAX. Shortly thereafter she inherited her mother's home, which had appreciated some $213,000 since being purchased by her parents. However, tax laws say new cost basis equals value at death of owner: NO TAX. I owned a residence (which I had lived in for 22 yrs), which appreciated 683% since purchase, but we got the marital deduction: NO TAX. We then tore down the vacation home I owned and parlayed the above real estate proceeds into our new permanent residence. The vacation home more than doubled in value since purchase: NO TAX on conversion of a rental/vacation home to permanent residence. To keep this "on-topic," there was one major downside: My assets suffered a major consolidation on higher than average volume the day I paid my ex-wife her share of the proceeds from my residence and the vacation home. Just not gonna go there....! Duke PS In answer to your question: Yes, the marriage feels good, too!! -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of J. Lobatto Sent: Tuesday, June 04, 2002 11:06 PM Marriage or the house?!! Sorry..... > It's two years. And if you're married, it's $500,000. Been there and > done that. And it sure feels good. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Patrick Wahl > Sent: Tuesday, June 04, 2002 10:54 PM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] Homebuilders > > > I think it is two years. > > > On 4 Jun 2002 at 22:17, Tom Worley wrote: > > > the old. There is a new tax exemption permitting up to $250K in > > gains > > to be taken after occupying a house for three years, I think, without > > paying taxes. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Rich Antkowiak Subject: [CANSLIM] remove Date: 05 Jun 2002 07:05:36 -0700 (PDT) --- RWElmer@aol.com wrote: > To be exact, it's if you've occupied the property > two of the last five years. > FWIW. > > Robert W. Elmer > Coldwell Banker First Shasta > 2837 Bechelli Ln. > Redding, CA 96002 > RWElmer@aol.com > 221-9556 or 1-800-348-7939 ext.156 > www.robertelmer.com > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Richard Herkert Subject: RE: [CANSLIM] HTMMIS Date: 05 Jun 2002 11:03:31 -0700 This is a multi-part message in MIME format. --Boundary_(ID_1wkz2K5w9IrlQN872PZf9w) Content-type: text/plain; charset=Windows-1252 Content-transfer-encoding: 7bit The THIRD EDITION is not now available through IBD but when it is available, it will be $12.95 with $4.00 shipping plus tax, if applicable, according to the phone service person at IBD. However, the THIRD EDITION is NOW available at Amazon, regular $12.95, discounted by Amazon to $10.36, plus $3.99 shipping and no tax to my California address. -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little Sent: Tuesday, June 04, 2002 5:38 AM The SECOND EDITION of HTMMIS is advertised in IBD today (04 June 2002) on page B13 for $10.95+tax+$4 shipping. An advertisement of the same physical size (7" x 11") on page B5 offered the "Completely Updated" THIRD EDITION in IBD on page B5 on Wed. 29 May 2002 for $12.95 + tax, shipping. . --Boundary_(ID_1wkz2K5w9IrlQN872PZf9w) Content-type: text/html; charset=Windows-1252 Content-transfer-encoding: quoted-printable Message
The=20 THIRD EDITION is not now available through IBD but when it is available, = it will=20 be $12.95 with $4.00 shipping plus
tax,=20 if applicable, according to the phone service person at = IBD.
 
However, the THIRD EDITION is NOW available at Amazon, = regular=20 $12.95, discounted by Amazon to $10.36, plus
$3.99=20 shipping and no tax to my California address.
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]=20 On Behalf Of Winston Little
Sent: Tuesday, June 04, = 2002 5:38=20 AM
To: canslim@lists.xmission.com
Subject: = [CANSLIM]=20 HTMMIS

The SECOND EDITION of HTMMIS is advertised in IBD = today (04=20 June 2002) on page B13 for $10.95+tax+$4 shipping.
 
An advertisement of the same physical size (7" x=20 11") on page B5  offered the "Completely Updated"  = THIRD=20 EDITION in IBD on page B5 on Wed. 29 May 2002 for $12.95 + tax,=20 shipping.
 
.
 
--Boundary_(ID_1wkz2K5w9IrlQN872PZf9w)-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: [CANSLIM] miscellaneous market junk Date: 05 Jun 2002 20:43:42 -0600 Some stuff I've come across in the last week that started piling up in my brain, just some ideas to ponder about the very big market picture - From Alan Farley, pretty good one - http://www.hardrightedge.com/realmoney1.htm And the following charts can be used with the excerpt below from Art Cashin, found these comments on a web site this week, think he made them last week somewhere. http://www.stockcharts.com/charts/historical/ Look at the period from 1965 to about 1981 on the shorter DJIA chart, not very attractive if that is what we are in for, you can also see that it went parabolic in 1995. Similar picture in S&P. I think this might be the "regression to the mean" period we are in now. Here are Cashin's comments, the text was a little chopped up when I got it - We have occasionally alluded to cycles in trading. The ones we usually talk about are short-term and thus ephemeral and erratic. There are much longer cycles. Cycles go back through human history - and before humans. Scientists examine tree rings and sediment structure to estimate climate cycles. One of the most well known cycle references is in the Old Testament. Joseph (of the coat of many colors) foresaw 7 Fat Years and 7 Lean Years. During the fat period, crops would grow like weeds and there would be prosperity year after year. In the lean years, it would be tough to make a living. You could still Over the years, lots of cycles have been applied to the stock market. There's the sunspot cycle (11.5 years or 22 years alternating). Then there's the Kondratief cycle (circa 54 years) discovered by a soviet technician and much written about in market circles in the 60's and 70's. Yesterday, as the elders were being asked about the hiding place of the great Bull Market one of the fogeys mentioned the "near 18 year cycle." Like the fat and lean years, it refers to so-called "easy" times to make money in the market versus times requiring much harder work. The fogeys suggested it was For ease of explanation to the juniors, one of the fogeys decimalized the number as 17.6 years so they could use their calculators. He then postulated this example - Let's say the markets topped out in about February 2000. Let's call that 2000.2. Subtract 17.6 and you're back in about July 1982 (1982.60). The Dow was around 900. So you could see why those were a fat (easy) 17 years. Take away 17.6 again and you are back around January of 1965 and Many twists and turns in those 17 years. Lots of chances to make money. But you had to work for every penny. Take away 17.6 again and you are back around May of 1947. The war is over. The Dow is around 170. Lots of prosperity ahead. Take away 17.6 and you are back around Sept of 1929 and the Dow is around 350. He began to go on. The juniors had had enough. Folks don't like to hear that you can do well only if you do your homework everyday. Having lived through two of those cycles, we can attest to the work cycle. While the cycle exercise tended to depress the impatient juniors, it could encourage those with talent and knowledge. In a period when money doesn't rain from heaven, the value of the those who can find it goes up. Imagine, a "value-added" period for humans. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Richard Yoder Subject: Re: [CANSLIM] Homebuilders Date: 05 Jun 2002 22:03:44 -0700 --------------C1A6BC04EA0DB5B5515B6F2D Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit My understanding is that you must have owned the property for the past five years and occupied it yourself for two of those five years. RWElmer@aol.com wrote: > To be exact, it's if you've occupied the property two of the last five > years. FWIW. > > Robert W. Elmer > Coldwell Banker First Shasta > 2837 Bechelli Ln. > Redding, CA 96002 > RWElmer@aol.com > 221-9556 or 1-800-348-7939 ext.156 > www.robertelmer.com --------------C1A6BC04EA0DB5B5515B6F2D Content-Type: text/html; charset=us-ascii Content-Transfer-Encoding: 7bit My understanding is that you must have owned the property for the past five years and occupied it yourself for two of those five years.

RWElmer@aol.com wrote:

To be exact, it's if you've occupied the property two of the last five years. FWIW.

Robert W. Elmer
Coldwell Banker First Shasta
2837 Bechelli Ln.
Redding, CA 96002
RWElmer@aol.com
221-9556 or 1-800-348-7939 ext.156
www.robertelmer.com

--------------C1A6BC04EA0DB5B5515B6F2D-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: RWElmer@aol.com Subject: Re: [CANSLIM] Homebuilders Date: 06 Jun 2002 01:22:29 EDT --part1_46.287c4add.2a304b95_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Hello Richard, You only have to have owned a house for two years, if you've lived in it during that entire period, before you qualify to sell without capital gains (subject to the limits of course). The five year rule comes into play if you were to, say live in it the first year, rent it out for the next three, then live in it again the last year. You would still qualify. Any combination would work (any 2 out of 3, 2 out of 4 , etc.), as long as it's two full years and within the last five. Since I am in the Industry, I need to put the legal disclaimer in to Contact your Real Estate Attorney for verification. But I have had clients who have bought a house on the cheap, lived in it while they're fixing them up, then flipped it as soon as the two years were up. Of course this is a recent phenomenon, as the law changed a very few years back. Hope that helps. Robert W. Elmer Coldwell Banker First Shasta 2837 Bechelli Ln. Redding, CA 96002 RWElmer@aol.com 221-9556 or 1-800-348-7939 ext.156 www.robertelmer.com --part1_46.287c4add.2a304b95_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Hello Richard,

You only have to have owned a house for two years, if you've lived in it during that entire period, before you qualify to sell without capital gains (subject to the limits of course). The five year rule comes into play if you were to, say live in it the first year, rent it out for the next three, then live in it again the last year. You would still qualify. Any combination would work (any 2 out of 3, 2 out of 4 , etc.), as long as it's two full years and within the last five.

Since I am in the Industry, I need to put the legal disclaimer in to Contact your Real Estate Attorney for verification. But I have had clients who have bought a house on the cheap, lived in it while they're fixing them up, then flipped it as soon as the two years were up. Of course this is a recent phenomenon, as the law changed a very few years back.

Hope that helps.

Robert W. Elmer
Coldwell Banker First Shasta
2837 Bechelli Ln.
Redding, CA 96002

RWElmer@aol.com
221-9556 or 1-800-348-7939 ext.156
www.robertelmer.com --part1_46.287c4add.2a304b95_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] HTMMIS Date: 06 Jun 2002 11:31:20 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C20D77.973F2246 Content-Type: text/plain; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Okay- so the price of the HTMMIS (version X) is under $30 - but the more = important question is: will the new book provide me with information not = found in the current releases? Does anyone have an answer to this = question? - Kelly -----Original Message----- Sent: Wednesday, June 05, 2002 1:04 PM The THIRD EDITION is not now available through IBD but when it is = available, it will be $12.95 with $4.00 shipping plus tax, if applicable, according to the phone service person at IBD. =20 However, the THIRD EDITION is NOW available at Amazon, regular $12.95, = discounted by Amazon to $10.36, plus $3.99 shipping and no tax to my California address.=20 -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little Sent: Tuesday, June 04, 2002 5:38 AM The SECOND EDITION of HTMMIS is advertised in IBD today (04 June 2002) = on page B13 for $10.95+tax+$4 shipping. =20 An advertisement of the same physical size (7" x 11") on page B5 = offered the "Completely Updated" THIRD EDITION in IBD on page B5 on = Wed. 29 May 2002 for $12.95 + tax, shipping. =20 . =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C20D77.973F2246 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Message
Okay-=20 so the price of the HTMMIS (version X) is under $30 - but the more = important=20 question is: will the new book provide me with information not found in = the=20 current releases? Does anyone have an answer to this question? -=20 Kelly
-----Original Message-----
From: Richard Herkert=20 [mailto:herkert@bigplanet.com]
Sent: Wednesday, June 05, = 2002 1:04=20 PM
To: canslim@lists.xmission.com
Subject: RE: = [CANSLIM]=20 HTMMIS

The=20 THIRD EDITION is not now available through IBD but when it is = available, it=20 will be $12.95 with $4.00 shipping plus
tax,=20 if applicable, according to the phone service person at=20 IBD.
 
However, the THIRD EDITION is NOW available at Amazon, = regular=20 $12.95, discounted by Amazon to $10.36, plus
$3.99 shipping and no tax to my California address.=20
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]=20 On Behalf Of Winston Little
Sent: Tuesday, June 04, = 2002=20 5:38 AM
To: canslim@lists.xmission.com
Subject:=20 [CANSLIM] HTMMIS

The SECOND EDITION of HTMMIS is advertised in = IBD today=20 (04 June 2002) on page B13 for $10.95+tax+$4 shipping.
 
An advertisement of the same physical size (7" x = 11") on page B5  offered the "Completely = Updated"  THIRD=20 EDITION in IBD on page B5 on Wed. 29 May 2002 for $12.95 + tax,=20 shipping.
 
.
 

For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C20D77.973F2246-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: [CANSLIM] HTMMIS Date: 06 Jun 2002 11:39:48 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0878_01C20D4E.DCF725F0 Content-Type: text/plain; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable MessageBook reports are available for $15.00 ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 06, 2002 11:31 AM Subject: RE: [CANSLIM] HTMMIS Okay- so the price of the HTMMIS (version X) is under $30 - but the = more important question is: will the new book provide me with = information not found in the current releases? Does anyone have an = answer to this question? - Kelly -----Original Message----- From: Richard Herkert [mailto:herkert@bigplanet.com] Sent: Wednesday, June 05, 2002 1:04 PM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] HTMMIS The THIRD EDITION is not now available through IBD but when it is = available, it will be $12.95 with $4.00 shipping plus tax, if applicable, according to the phone service person at IBD. However, the THIRD EDITION is NOW available at Amazon, regular = $12.95, discounted by Amazon to $10.36, plus $3.99 shipping and no tax to my California address.=20 -----Original Message----- From: owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little Sent: Tuesday, June 04, 2002 5:38 AM To: canslim@lists.xmission.com Subject: [CANSLIM] HTMMIS The SECOND EDITION of HTMMIS is advertised in IBD today (04 June = 2002) on page B13 for $10.95+tax+$4 shipping. An advertisement of the same physical size (7" x 11") on page B5 = offered the "Completely Updated" THIRD EDITION in IBD on page B5 on = Wed. 29 May 2002 for $12.95 + tax, shipping. . --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_0878_01C20D4E.DCF725F0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Message
Book reports are available for=20 $15.00
 
 
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Thursday, June 06, 2002 = 11:31=20 AM
Subject: RE: [CANSLIM] = HTMMIS

Okay- so the price of the HTMMIS (version X) is under $30 - = but the=20 more important question is: will the new book provide me with = information not=20 found in the current releases? Does anyone have an answer to this = question? -=20 Kelly
-----Original Message-----
From: Richard Herkert=20 [mailto:herkert@bigplanet.com]
Sent: Wednesday, June 05, = 2002 1:04=20 PM
To: canslim@lists.xmission.com
Subject: RE: = [CANSLIM]=20 HTMMIS

The THIRD EDITION is not now available through IBD but when = it is=20 available, it will be $12.95 with $4.00 shipping = plus
tax, if applicable, according to the phone service person = at=20 IBD.
 
However, the THIRD EDITION is NOW available at Amazon, = regular=20 $12.95, discounted by Amazon to $10.36, plus
$3.99 shipping and no tax to my California address.=20
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]=20 On Behalf Of Winston Little
Sent: Tuesday, June = 04, 2002=20 5:38 AM
To: = canslim@lists.xmission.com
Subject:=20 [CANSLIM] HTMMIS

The SECOND EDITION of HTMMIS is advertised in = IBD today=20 (04 June 2002) on page B13 for $10.95+tax+$4 = shipping.
 
An advertisement of the same physical size (7" = x=20 11") on page B5  offered the "Completely = Updated" =20 THIRD EDITION in IBD on page B5 on Wed. 29 May 2002 for $12.95 + = tax,=20 shipping.
 
.
 

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0878_01C20D4E.DCF725F0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] Worley's Weekend Weeview Date: 06 Jun 2002 11:45:53 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C20D79.9F48D6BC Content-Type: multipart/alternative; boundary="----_=_NextPart_002_01C20D79.9F48D6BC" ------_=_NextPart_002_01C20D79.9F48D6BC Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Tom- information on M much appreciated. There seem to be multiple = reports that provide nuggets of golden information just before major = market news reports reflecting the same information. Would you be = willing to list which reports you watch on a quarterly/yearly basis, = where you find them, and when they come out? Your assistance would be = greatly appreciated. -Kelly -----Original Message----- Sent: Saturday, June 01, 2002 8:31 PM M Difficult week for me to follow the markets, over 46 hours at work in = just 4 days. But my general sense, despite every index being down over = 1% for the week, is that there is a resilience to the markets right now. = Economics continue to improve, earnings more often than not are ahead of = forecasts, confidence remains good (critical to consumer spending = continuing). I remain fully invested in small and micro cap growth = stocks, and managed to make money this past week despite Russell 2000 = being down 1.25%. But I am also not finding new candidates, just riding = what I already have.=20 _____ =20 JAPAN Moody's downgraded their credit rating two more notches, putting them = one below Botswana and even with Kuwait. Govt debt stands at 140% of = their GDP as they appear headed back into a double dip recession after = one quarter of minor GDP growth.=20 _____ =20 ECONOMICS - watch the trend in revisions, and actual reports vs = expectations University of Michigan's Consumer Sentiment Index for May surprised all = by being revised upward to 96.9 from 96.0. It was 93.0 in April. = Consumer views of the state of the economy was revised sharply up to = 103.5, April was 99.2. Consumer expectations was also revised sharply = upward to 92.7 from 91.3 after reporting 89.1 in April. =20 Chicago Purchasing Managers index was expected to rise to 55 in May from = 54.7 in April, instead leapt to 60.8, suggesting that business spending = is starting to pick up strongly. This index is seen as often mirroring = the nat'l report, due out next Monday. =20 US factory orders rose 1.2% in May from 1.0% in April, expected was a = rise of just 0.7%. The trend is clear, this was the fifth consecutive = month of gains. =20 Productivity grew at a revised 8.4% annual rate (preliminary was 8.6%, = no change was expected) during the first quarter. This is the strongest = since Q2 1983. =20 On unemployment, new claims declined but remained above 400K for the 8th = week. Those continuing to receive benefits rose 50K to 3.89 million, = highest since Jan 15, 1983 (course there are a lot more people working = today compared to 1983). This recovery is taking on some signs, with = regard to employment, suggesting the 1990-1991 recovery, when = unemployment remained high for over a year. Overall rate of unemployment = is expected to be reported next week at 6.1%, up from 6%. Of course, it = was not that many years ago, before Greenspan proved he could fight = inflation, that the markets believed that unemployment much below 6% was = inflationary, and under 5% was dangerous. The May Unemployment Report is = the big economic one for next week, due on Friday. =20 Consumer confidence rose to 109.8 from a revised April level of 108.5, = expectations were for a rate of 110.0. =20 Existing home sales jumped 7% to an annual rate of 5.79 million units, = up from a revised April rate of 5.41, and well ahead of expectations for = 5.35 million units. With existing sales remaining strong, I would expect = to see new home sales also remain strong overall. =20 Personal spending rose 0.5% (I did my share and a few others as well), = while personal income rose 0.3% (someone else got mine). Income was in = line with expectations, while spending fell short of expectations for a = rise to 0.7%. _____ =20 =20 WORLEY'S WATCHLIST WANNABES As always, I will mention specific basing formations, such as c&h, = double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat line bases (marked as Bx where x indicates the number of weeks = IMO). Most stocks in this list will have both RS and EPS of 80 or = better, and be close to their 12 month high. I try to glance at the = earnings forecast, and eliminate any less than 20% for this year and = next, but do no other due diligence. I exclude any stocks under any form = of merger / acquisition.=20 =20 The population of stocks I am reviewing this weekend slid further this = past week. =20 AMSG - kind of an odd looking c&h, Thursday broke up from a nicely = declining handle on volume to the pivot point, worth watching AZO - high handle forming BEL - 6 week consolidation ERES - BE FCFS- B6, broke pivot Friday on 8X ADV LION - B6 MCL - LLUR OCAS - LLUR, no revenue growth ODSY - 6 week consolidation, volume declining, another play on the aging = baby boomer market? PETM - LLUR ROST - LLUR SSNC - 6 week consolidation, mostly light volume SYPR - nice 8 week consolidation, volume drying up, funds have 54%, but = only because float very small due management having 87%, in my VR Fund WFMI - B3 ZAP - nice c&h =20 Happy Hunting, =20 Tom Worley stkguru@bellsouth.net AIM: TexWorley _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_002_01C20D79.9F48D6BC Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Tom-=20 information on M much appreciated. There seem to be multiple reports = that=20 provide nuggets of golden information just before major market news = reports=20 reflecting the same information. Would you be willing to list which = reports you=20 watch on a quarterly/yearly basis, where you find them, and when they = come out?=20 Your assistance would be greatly appreciated. -Kelly
-----Original Message-----
From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
Sent: Saturday, June 01, 2002 = 8:31=20 PM
To: CANSLIM
Subject: [CANSLIM] Worley's Weekend = Weeview

M
Difficult week for me to follow the markets, = over 46=20 hours at work in just 4 days. But my general sense, despite every = index being=20 down over 1% for the week, is that there is a resilience to the = markets right=20 now. Economics continue to improve, earnings more often than not are = ahead of=20 forecasts, confidence remains good (critical to consumer spending = continuing).=20 I remain fully invested in small and micro cap growth stocks, and = managed to=20 make money this past week despite Russell 2000 being down 1.25%. But I = am also=20 not finding new candidates, just riding what I already have.=20
JAPAN
Moody's downgraded their credit rating two = more notches,=20 putting them one below Botswana and even with Kuwait. Govt debt stands = at 140%=20 of their GDP as they appear headed back into a double dip recession = after one=20 quarter of minor GDP growth.=20
ECONOMICS - watch the = trend in=20 revisions, and actual reports vs expectations
University of Michigan's Consumer Sentiment = Index for=20 May surprised all by being revised upward to 96.9 from 96.0. It was = 93.0 in=20 April. Consumer views of the state of the economy was revised sharply = up to=20 103.5, April was 99.2. Consumer expectations was also revised sharply = upward=20 to 92.7 from 91.3 after reporting 89.1 in April.
 
Chicago Purchasing Managers index was expected = to rise=20 to 55 in May from 54.7 in April, instead leapt to 60.8, suggesting = that=20 business spending is starting to pick up strongly. This index is seen = as often=20 mirroring the nat'l report, due out next Monday.
 
US factory orders rose 1.2% in May from 1.0% = in April,=20 expected was a rise of just 0.7%. The trend is clear, this was the = fifth=20 consecutive month of gains.
 
Productivity grew at a revised 8.4% annual = rate=20 (preliminary was 8.6%, no change was expected) during the first = quarter. This=20 is the strongest since Q2 1983.
 
On unemployment, new claims declined but = remained above=20 400K for the 8th week. Those continuing to receive benefits rose 50K = to 3.89=20 million, highest since Jan 15, 1983 (course there are a lot more = people=20 working today compared to 1983). This recovery is taking on some = signs, with=20 regard to employment, suggesting the 1990-1991 recovery, when = unemployment=20 remained high for over a year. Overall rate of unemployment is = expected to be=20 reported next week at 6.1%, up from 6%. Of course, it was not that = many years=20 ago, before Greenspan proved he could fight inflation, that the = markets=20 believed that unemployment much below 6% was inflationary, and under = 5% was=20 dangerous. The May Unemployment Report is the big economic one for = next week,=20 due on Friday.
 
Consumer confidence rose to 109.8 from a = revised April=20 level of 108.5, expectations were for a rate of 110.0.
 
Existing home sales jumped 7% to an annual = rate of 5.79=20 million units, up from a revised April rate of 5.41, and well ahead of = expectations for 5.35 million units. With existing sales remaining = strong, I=20 would expect to see new home sales also remain strong = overall.
 
Personal spending rose 0.5% (I did my share = and a few=20 others as well), while personal income rose 0.3% (someone else got = mine).=20 Income was in line with expectations, while spending fell short of=20 expectations for a rise to 0.7%.

 =20
WORLEY'S WATCHLIST WANNABES
As always, I will mention specific basing formations, such as = c&h,=20 double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat=20 line bases (marked as Bx where x indicates the number of weeks IMO). = Most=20 stocks in this list will have both RS and EPS of 80 or better, and be = close to=20 their 12 month high. I try to glance at the earnings forecast, and = eliminate=20 any less than 20% for this year and next, but do no other due = diligence. I=20 exclude any stocks under any form of merger / acquisition.=20
 
The population of stocks I am reviewing this weekend slid = further=20 this past week.
 
AMSG - kind of an odd looking c&h, Thursday broke up from a = nicely=20 declining handle on volume to the pivot point, worth watching
AZO - high handle forming
BEL - 6 week consolidation
ERES - BE
FCFS- B6, broke pivot Friday on 8X ADV
LION - B6
MCL - LLUR
OCAS - LLUR, no revenue growth
ODSY - 6 week consolidation, volume declining, another play on = the aging=20 baby boomer market?
PETM - LLUR
ROST - LLUR
SSNC - 6 week consolidation, mostly light volume
SYPR - nice 8 week consolidation, volume drying up, funds have = 54%, but=20 only because float very small due management having 87%, in my VR = Fund
WFMI - B3
ZAP - nice c&h
 
Happy Hunting,
 
3D""
Tom Worley
stkguru@bellsouth.net
AIM:=20 TexWorley

For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_002_01C20D79.9F48D6BC-- ------_=_NextPart_001_01C20D79.9F48D6BC Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <069104416@06062002-10b9> Content-Description: USflag.gif Content-Location: USflag.gif R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------_=_NextPart_001_01C20D79.9F48D6BC-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] HTMMIS Date: 06 Jun 2002 11:47:41 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C20D79.DF66F078 Content-Type: text/plain; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Gene - what else are you holding hostage in the "under $30" category? = ;-) =20 =20 -Kelly -----Original Message----- Sent: Thursday, June 06, 2002 11:40 AM Book reports are available for $15.00 =20 =20 ----- Original Message -----=20 Sent: Thursday, June 06, 2002 11:31 AM Okay- so the price of the HTMMIS (version X) is under $30 - but the more = important question is: will the new book provide me with information not = found in the current releases? Does anyone have an answer to this = question? - Kelly -----Original Message----- Sent: Wednesday, June 05, 2002 1:04 PM The THIRD EDITION is not now available through IBD but when it is = available, it will be $12.95 with $4.00 shipping plus tax, if applicable, according to the phone service person at IBD. =20 However, the THIRD EDITION is NOW available at Amazon, regular $12.95, = discounted by Amazon to $10.36, plus $3.99 shipping and no tax to my California address.=20 -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little Sent: Tuesday, June 04, 2002 5:38 AM The SECOND EDITION of HTMMIS is advertised in IBD today (04 June 2002) = on page B13 for $10.95+tax+$4 shipping. =20 An advertisement of the same physical size (7" x 11") on page B5 = offered the "Completely Updated" THIRD EDITION in IBD on page B5 on = Wed. 29 May 2002 for $12.95 + tax, shipping. =20 . =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C20D79.DF66F078 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Message
Gene -=20 what else are you holding hostage in the "under $30" category? =20 ;-)
 
 
-Kelly
-----Original Message-----
From: Gene Ricci=20 [mailto:genr@swbell.net]
Sent: Thursday, June 06, 2002 11:40 = AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 HTMMIS

Book reports are available for=20 $15.00
 
 
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Thursday, June 06, 2002 = 11:31=20 AM
Subject: RE: [CANSLIM] = HTMMIS

Okay- so the price of the HTMMIS (version X) is under $30 - = but the=20 more important question is: will the new book provide me with = information=20 not found in the current releases? Does anyone have an answer to = this=20 question? - Kelly
-----Original Message-----
From: Richard = Herkert=20 [mailto:herkert@bigplanet.com]
Sent: Wednesday, June 05, = 2002=20 1:04 PM
To: = canslim@lists.xmission.com
Subject: RE:=20 [CANSLIM] HTMMIS

The THIRD EDITION is not now available through IBD but = when it is=20 available, it will be $12.95 with $4.00 shipping = plus
tax, if applicable, according to the phone service person = at=20 IBD.
 
However, the THIRD EDITION is NOW available at = Amazon, regular=20 $12.95, discounted by Amazon to $10.36, plus
$3.99 shipping and no tax to my California address.=20
-----Original = Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of = Winston=20 Little
Sent: Tuesday, June 04, 2002 5:38 = AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM]=20 HTMMIS

The SECOND EDITION of HTMMIS is advertised = in IBD=20 today (04 June 2002) on page B13 for $10.95+tax+$4=20 shipping.
 
An advertisement of the same physical size = (7" x=20 11") on page B5  offered the "Completely = Updated" =20 THIRD EDITION in IBD on page B5 on Wed. 29 May 2002 for $12.95 + = tax,=20 shipping.
 
.
 

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C20D79.DF66F078-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Fanus Subject: RE: [CANSLIM] HTMMIS Date: 06 Jun 2002 18:24:04 -0700 (PDT) If anyone can tell Kelly what he will be getting out of the books he read, would you mind telling me the winning numbers for the lottery this weekend? - Fanus --- Kelly Short wrote: > Okay- so the price of the HTMMIS (version X) is > under $30 - but the more important question is: will > the new book provide me with information not found > in the current releases? Does anyone have an answer > to this question? - Kelly > > -----Original Message----- > From: Richard Herkert [mailto:herkert@bigplanet.com] > Sent: Wednesday, June 05, 2002 1:04 PM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] HTMMIS > > > The THIRD EDITION is not now available through IBD > but when it is available, it will be $12.95 with > $4.00 shipping plus > tax, if applicable, according to the phone service > person at IBD. > > However, the THIRD EDITION is NOW available at > Amazon, regular $12.95, discounted by Amazon to > $10.36, plus > $3.99 shipping and no tax to my California address. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf > Of Winston Little > Sent: Tuesday, June 04, 2002 5:38 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] HTMMIS > > > The SECOND EDITION of HTMMIS is advertised in IBD > today (04 June 2002) on page B13 for $10.95+tax+$4 > shipping. > > An advertisement of the same physical size (7" x > 11") on page B5 offered the "Completely Updated" > THIRD EDITION in IBD on page B5 on Wed. 29 May 2002 > for $12.95 + tax, shipping. > > . > > > _____ > > For your protection, this e-mail message has been > scanned for viruses. > > Visit us at http://www.neoris.com/ > > _____ > > > > > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "zillagirl" Subject: [CANSLIM] Date: Thu, 6 Jun 2002 18:34:59 -0700 Date: 06 Jun 2002 19:32:35 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_000D_01C20D88.DD514780 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable hi - I also liked the question Kelly asked because I am wondering if you = have one of the other editions, will you miss something or is it pretty = much the same?? ( I have a feeling this might be what she meant also, = although I don't mean to put words in her mouth) ------=_NextPart_000_000D_01C20D88.DD514780 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
hi - I also liked the = question Kelly asked=20 because I am wondering if you have one of the other editions, will you = miss=20 something or is it pretty much the same?? ( I have a feeling this might = be what=20 she meant also, although I don't mean to put words in her=20 mouth)
------=_NextPart_000_000D_01C20D88.DD514780-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: [CANSLIM] HTMMIS Date: 06 Jun 2002 20:51:38 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0079_01C20D9B.F40893D0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable To Kelly, I just got my copy (Third Edition). The answer to : will the new book provide me with information not found > in the current releases?=20 Is YES! ----- Original Message -----=20 From: Fanus=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 06, 2002 8:24 PM Subject: RE: [CANSLIM] HTMMIS If anyone can tell Kelly what he will be getting out of the books he read, would you mind telling me the winning numbers for the lottery this weekend?=20 - Fanus --- Kelly Short wrote: > Okay- so the price of the HTMMIS (version X) is > under $30 - but the more important question is: will > the new book provide me with information not found > in the current releases? Does anyone have an answer > to this question? - Kelly >=20 > -----Original Message----- > From: Richard Herkert [mailto:herkert@bigplanet.com] > Sent: Wednesday, June 05, 2002 1:04 PM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] HTMMIS >=20 >=20 > The THIRD EDITION is not now available through IBD > but when it is available, it will be $12.95 with > $4.00 shipping plus > tax, if applicable, according to the phone service > person at IBD. > =20 > However, the THIRD EDITION is NOW available at > Amazon, regular $12.95, discounted by Amazon to > $10.36, plus > $3.99 shipping and no tax to my California address.=20 >=20 > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf > Of Winston Little > Sent: Tuesday, June 04, 2002 5:38 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] HTMMIS >=20 >=20 > The SECOND EDITION of HTMMIS is advertised in IBD > today (04 June 2002) on page B13 for $10.95+tax+$4 > shipping. > =20 > An advertisement of the same physical size (7" x > 11") on page B5 offered the "Completely Updated"=20 > THIRD EDITION in IBD on page B5 on Wed. 29 May 2002 > for $12.95 + tax, shipping. > =20 > . > =20 >=20 > _____ =20 >=20 > For your protection, this e-mail message has been > scanned for viruses.=20 >=20 > Visit us at http://www.neoris.com/=20 >=20 > _____ =20 >=20 >=20 >=20 >=20 >=20 __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_0079_01C20D9B.F40893D0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
To Kelly, I just got my copy (Third=20 Edition).
 
The answer to : will the new book provide me with information = not=20 found
> in the current releases?
 
Is YES!
 
----- Original Message -----
From:=20 Fanus
Sent: Thursday, June 06, 2002 = 8:24=20 PM
Subject: RE: [CANSLIM] = HTMMIS

If anyone can tell Kelly what = he will be=20 getting out
of the books he read, would you mind telling me = the
winning=20 numbers for the lottery this weekend?

- Fanus


--- = Kelly=20 Short <kelly.short@neoris.com>=20 wrote:
> Okay- so the price of the HTMMIS (version X) is
> = under=20 $30 - but the more important question is: will
> the new book = provide me=20 with information not found
> in the current releases? Does = anyone have=20 an answer
> to this question? - Kelly
>
> = -----Original=20 Message-----
> From: Richard Herkert=20 [mailto:herkert@bigplanet.com]
> Sent: Wednesday, June 05, 2002 = 1:04=20 PM
> To: canslim@lists.xmission.com=
>=20 Subject: RE: [CANSLIM] HTMMIS
>
>
> The THIRD = EDITION is=20 not now available through IBD
> but when it is available, it = will be=20 $12.95 with
> $4.00 shipping plus
> tax, if applicable, = according=20 to the phone service
> person at IBD.

> = However,=20 the THIRD EDITION is NOW available at
> Amazon, regular $12.95,=20 discounted by Amazon to
> $10.36, plus
> $3.99 shipping = and no tax=20 to my California address.
>
> -----Original = Message-----
>=20 From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf
> Of Winston = Little
> Sent: Tuesday, June 04, 2002 5:38 AM
> To: canslim@lists.xmission.com=
>=20 Subject: [CANSLIM] HTMMIS
>
>
> The SECOND EDITION = of=20 HTMMIS is advertised in IBD
> today (04 June 2002) on page B13 = for=20 $10.95+tax+$4
> shipping.

> An = advertisement of the=20 same physical size (7" x
> 11") on page B5  offered the = "Completely=20 Updated"
> THIRD EDITION in IBD on page B5 on Wed. 29 May = 2002
>=20 for $12.95 + tax, shipping.

> .
>  =
>=20
>   _____ 
>
> For your = protection, this=20 e-mail message has been
> scanned for viruses.
>
> = Visit=20 us at http://www.neoris.com/ =
>=20
>   _____ 
>
>
>
> =
>=20


__________________________________________________
Do = You=20 Yahoo!?
Yahoo! - Official partner of 2002 FIFA World Cup
http://fifaworldcup.yahoo.com<= BR>
-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.
------=_NextPart_000_0079_01C20D9B.F40893D0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Date: Thu, 6 Jun 2002 18:34:59 -0700 Date: 06 Jun 2002 22:39:17 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0075_01C20DAA.FE189320 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Zilla, I still work with an early First Edition, and look forward to reading / = studying the Third Edition when it arrives. I plan to highlight = whatever seems new, will try to sum up later. ----- Original Message -----=20 Sent: Thursday, June 06, 2002 9:32 PM hi - I also liked the question Kelly asked because I am wondering if you = have one of the other editions, will you miss something or is it pretty = much the same?? ( I have a feeling this might be what she meant also, = although I don't mean to put words in her mouth) ------=_NextPart_000_0075_01C20DAA.FE189320 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Zilla,
 
I still work with an early First Edition, and = look forward=20 to reading / studying the Third Edition when it arrives.  I plan to = highlight whatever seems new, will try to sum up later.
 
----- Original Message -----=20
From: zillagirl
Sent: Thursday, June 06, 2002 9:32 PM
Subject: [CANSLIM] Date: Thu, 6 Jun 2002 18:34:59 = -0700

hi - I also liked the = question Kelly asked=20 because I am wondering if you have one of the other editions, will you = miss=20 something or is it pretty much the same?? ( I have a feeling this might = be what=20 she meant also, although I don't mean to put words in her=20 mouth)
------=_NextPart_000_0075_01C20DAA.FE189320-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Chazmoore@aol.com Subject: Re: [CANSLIM] Date: Thu, 6 Jun 2002 18:34:59 -0700 Date: 06 Jun 2002 23:00:41 EDT --part1_f7.1c54eb07.2a317bd9_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit That's why I like you Tom. You are always a gentleman. Charley --part1_f7.1c54eb07.2a317bd9_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit That's why I like you Tom. You are always a gentleman. Charley --part1_f7.1c54eb07.2a317bd9_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 06 Jun 2002 23:14:58 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_00D8_01C20DAF.F9D92270 Content-Type: multipart/alternative; boundary="----=_NextPart_001_00D9_01C20DAF.F9D92270" ------=_NextPart_001_00D9_01C20DAF.F9D92270 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Kelly, I try to build my weekly email throughout the week, as I come across = interesting snippets. Much of it comes from Infobeat daily emails, = economic reports at various sites including = http://money.cnn.com/news/economy/ , stratfor.com (subscription = service), weekly summaries I receive=20 and scanning the headlines on Reuters and other news services each = morning and some evenings. Lack of time precludes me getting very = scientific with what I try to absorb, so my comments on "M" are usually = an opinionated summary of what was absorbed in my gray matter. Some economic reports weigh more heavily with me than others, both = because they tend to be market movers (like the Employment report due = tomorrow), as well as because of my perception of what the Feds are = watching more closely. Some can also take on, at least temporarily, = added importance, such as inflation indicators right now when everyone = is trying to guess when the Feds will start raising rates (I said many = months ago not till July/August meeting at earliest, and possibly not = this year, latter looking more likely). I have a number of other sites I use when time permits (which hasn't = happened often lately with continuing 12 hour work days). I will try to = put a list of addresses together for you when I get a chance. ----- Original Message -----=20 Sent: Thursday, June 06, 2002 12:45 PM Tom- information on M much appreciated. There seem to be multiple = reports that provide nuggets of golden information just before major = market news reports reflecting the same information. Would you be = willing to list which reports you watch on a quarterly/yearly basis, = where you find them, and when they come out? Your assistance would be = greatly appreciated. -Kelly -----Original Message----- From: Tom Worley [mailto:stkguru@bellsouth.net] Sent: Saturday, June 01, 2002 8:31 PM To: CANSLIM Subject: [CANSLIM] Worley's Weekend Weeview M Difficult week for me to follow the markets, over 46 hours at work in = just 4 days. But my general sense, despite every index being down over = 1% for the week, is that there is a resilience to the markets right now. = Economics continue to improve, earnings more often than not are ahead of = forecasts, confidence remains good (critical to consumer spending = continuing). I remain fully invested in small and micro cap growth = stocks, and managed to make money this past week despite Russell 2000 = being down 1.25%. But I am also not finding new candidates, just riding = what I already have.=20 ----- JAPAN Moody's downgraded their credit rating two more notches, putting them = one below Botswana and even with Kuwait. Govt debt stands at 140% of = their GDP as they appear headed back into a double dip recession after = one quarter of minor GDP growth.=20 ----- ECONOMICS - watch the trend in revisions, and actual reports vs = expectations University of Michigan's Consumer Sentiment Index for May surprised = all by being revised upward to 96.9 from 96.0. It was 93.0 in April. = Consumer views of the state of the economy was revised sharply up to = 103.5, April was 99.2. Consumer expectations was also revised sharply = upward to 92.7 from 91.3 after reporting 89.1 in April. Chicago Purchasing Managers index was expected to rise to 55 in May = from 54.7 in April, instead leapt to 60.8, suggesting that business = spending is starting to pick up strongly. This index is seen as often = mirroring the nat'l report, due out next Monday. US factory orders rose 1.2% in May from 1.0% in April, expected was a = rise of just 0.7%. The trend is clear, this was the fifth consecutive = month of gains. Productivity grew at a revised 8.4% annual rate (preliminary was 8.6%, = no change was expected) during the first quarter. This is the strongest = since Q2 1983. On unemployment, new claims declined but remained above 400K for the = 8th week. Those continuing to receive benefits rose 50K to 3.89 million, = highest since Jan 15, 1983 (course there are a lot more people working = today compared to 1983). This recovery is taking on some signs, with = regard to employment, suggesting the 1990-1991 recovery, when = unemployment remained high for over a year. Overall rate of unemployment = is expected to be reported next week at 6.1%, up from 6%. Of course, it = was not that many years ago, before Greenspan proved he could fight = inflation, that the markets believed that unemployment much below 6% was = inflationary, and under 5% was dangerous. The May Unemployment Report is = the big economic one for next week, due on Friday. Consumer confidence rose to 109.8 from a revised April level of 108.5, = expectations were for a rate of 110.0. Existing home sales jumped 7% to an annual rate of 5.79 million units, = up from a revised April rate of 5.41, and well ahead of expectations for = 5.35 million units. With existing sales remaining strong, I would expect = to see new home sales also remain strong overall. Personal spending rose 0.5% (I did my share and a few others as well), = while personal income rose 0.3% (someone else got mine). Income was in = line with expectations, while spending fell short of expectations for a = rise to 0.7%. ----- =20 WORLEY'S WATCHLIST WANNABES As always, I will mention specific basing formations, such as c&h, = double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat line bases (marked as Bx where x indicates the number of weeks = IMO). Most stocks in this list will have both RS and EPS of 80 or = better, and be close to their 12 month high. I try to glance at the = earnings forecast, and eliminate any less than 20% for this year and = next, but do no other due diligence. I exclude any stocks under any form = of merger / acquisition.=20 The population of stocks I am reviewing this weekend slid further this = past week. AMSG - kind of an odd looking c&h, Thursday broke up from a nicely = declining handle on volume to the pivot point, worth watching AZO - high handle forming BEL - 6 week consolidation ERES - BE FCFS- B6, broke pivot Friday on 8X ADV LION - B6 MCL - LLUR OCAS - LLUR, no revenue growth ODSY - 6 week consolidation, volume declining, another play on the = aging baby boomer market? PETM - LLUR ROST - LLUR SSNC - 6 week consolidation, mostly light volume SYPR - nice 8 week consolidation, volume drying up, funds have 54%, = but only because float very small due management having 87%, in my VR = Fund WFMI - B3 ZAP - nice c&h Happy Hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley ----- For your protection, this e-mail message has been scanned for viruses. = Visit us at http://www.neoris.com/=20 ----- ------=_NextPart_001_00D9_01C20DAF.F9D92270 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Kelly,
 
I try to build my weekly email throughout the = week, as I=20 come across interesting snippets. Much of it comes from Infobeat daily = emails,=20 economic reports at various sites including http://money.cnn.com/news/eco= nomy/ ,=20 stratfor.com (subscription service), weekly summaries I receive =
and scanning the headlines on Reuters and other = news=20 services each morning and some evenings. Lack of time precludes me = getting very=20 scientific with what I try to absorb, so my comments on "M" are usually = an=20 opinionated summary of what was absorbed in my gray matter.
 
Some economic reports weigh more heavily with me = than=20 others, both because they tend to be market movers (like the Employment = report=20 due tomorrow), as well as because of my perception of what the Feds are = watching=20 more closely. Some can also take on, at least temporarily, added = importance,=20 such as inflation indicators right now when everyone is trying to guess = when the=20 Feds will start raising rates (I said many months ago not till = July/August=20 meeting at earliest, and possibly not this year, latter looking more=20 likely).
 
I have a number of other sites I use when time = permits=20 (which hasn't happened often lately with continuing 12 hour work days). = I will=20 try to put a list of addresses together for you when I get a=20 chance.
 
----- Original Message -----=20
From: Kelly=20 Short
Sent: Thursday, June 06, 2002 12:45 PM
Subject: RE: [CANSLIM] Worley's Weekend Weeview

Tom-=20 information on M much appreciated. There seem to be multiple reports = that=20 provide nuggets of golden information just before major market news = reports=20 reflecting the same information. Would you be willing to list which = reports you=20 watch on a quarterly/yearly basis, where you find them, and when they = come out?=20 Your assistance would be greatly appreciated. -Kelly
-----Original Message-----
From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
Sent: Saturday, June 01, 2002 = 8:31=20 PM
To: CANSLIM
Subject: [CANSLIM] Worley's Weekend = Weeview

M
Difficult week for me to follow the markets, = over 46=20 hours at work in just 4 days. But my general sense, despite every = index being=20 down over 1% for the week, is that there is a resilience to the = markets right=20 now. Economics continue to improve, earnings more often than not are = ahead of=20 forecasts, confidence remains good (critical to consumer spending = continuing).=20 I remain fully invested in small and micro cap growth stocks, and = managed to=20 make money this past week despite Russell 2000 being down 1.25%. But I = am also=20 not finding new candidates, just riding what I already have.=20
JAPAN
Moody's downgraded their credit rating two = more notches,=20 putting them one below Botswana and even with Kuwait. Govt debt stands = at 140%=20 of their GDP as they appear headed back into a double dip recession = after one=20 quarter of minor GDP growth.=20
ECONOMICS - watch the = trend in=20 revisions, and actual reports vs expectations
University of Michigan's Consumer Sentiment = Index for=20 May surprised all by being revised upward to 96.9 from 96.0. It was = 93.0 in=20 April. Consumer views of the state of the economy was revised sharply = up to=20 103.5, April was 99.2. Consumer expectations was also revised sharply = upward=20 to 92.7 from 91.3 after reporting 89.1 in April.
 
Chicago Purchasing Managers index was expected = to rise=20 to 55 in May from 54.7 in April, instead leapt to 60.8, suggesting = that=20 business spending is starting to pick up strongly. This index is seen = as often=20 mirroring the nat'l report, due out next Monday.
 
US factory orders rose 1.2% in May from 1.0% = in April,=20 expected was a rise of just 0.7%. The trend is clear, this was the = fifth=20 consecutive month of gains.
 
Productivity grew at a revised 8.4% annual = rate=20 (preliminary was 8.6%, no change was expected) during the first = quarter. This=20 is the strongest since Q2 1983.
 
On unemployment, new claims declined but = remained above=20 400K for the 8th week. Those continuing to receive benefits rose 50K = to 3.89=20 million, highest since Jan 15, 1983 (course there are a lot more = people=20 working today compared to 1983). This recovery is taking on some = signs, with=20 regard to employment, suggesting the 1990-1991 recovery, when = unemployment=20 remained high for over a year. Overall rate of unemployment is = expected to be=20 reported next week at 6.1%, up from 6%. Of course, it was not that = many years=20 ago, before Greenspan proved he could fight inflation, that the = markets=20 believed that unemployment much below 6% was inflationary, and under = 5% was=20 dangerous. The May Unemployment Report is the big economic one for = next week,=20 due on Friday.
 
Consumer confidence rose to 109.8 from a = revised April=20 level of 108.5, expectations were for a rate of 110.0.
 
Existing home sales jumped 7% to an annual = rate of 5.79=20 million units, up from a revised April rate of 5.41, and well ahead of = expectations for 5.35 million units. With existing sales remaining = strong, I=20 would expect to see new home sales also remain strong = overall.
 
Personal spending rose 0.5% (I did my share = and a few=20 others as well), while personal income rose 0.3% (someone else got = mine).=20 Income was in line with expectations, while spending fell short of=20 expectations for a rise to 0.7%.

 =20
WORLEY'S WATCHLIST WANNABES
As always, I will mention specific basing formations, such as = c&h,=20 double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat=20 line bases (marked as Bx where x indicates the number of weeks IMO). = Most=20 stocks in this list will have both RS and EPS of 80 or better, and be = close to=20 their 12 month high. I try to glance at the earnings forecast, and = eliminate=20 any less than 20% for this year and next, but do no other due = diligence. I=20 exclude any stocks under any form of merger / acquisition.=20
 
The population of stocks I am reviewing this weekend slid = further=20 this past week.
 
AMSG - kind of an odd looking c&h, Thursday broke up from a = nicely=20 declining handle on volume to the pivot point, worth watching
AZO - high handle forming
BEL - 6 week consolidation
ERES - BE
FCFS- B6, broke pivot Friday on 8X ADV
LION - B6
MCL - LLUR
OCAS - LLUR, no revenue growth
ODSY - 6 week consolidation, volume declining, another play on = the aging=20 baby boomer market?
PETM - LLUR
ROST - LLUR
SSNC - 6 week consolidation, mostly light volume
SYPR - nice 8 week consolidation, volume drying up, funds have = 54%, but=20 only because float very small due management having 87%, in my VR = Fund
WFMI - B3
ZAP - nice c&h
 
Happy Hunting,
 
3D""
Tom Worley
stkguru@bellsouth.net

AIM:=20 TexWorley

For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------=_NextPart_001_00D9_01C20DAF.F9D92270-- ------=_NextPart_000_00D8_01C20DAF.F9D92270 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <00d701c20dd1$80e62e90$6501a8c0@TOMSBOX> Content-Location: USflag.gif R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_00D8_01C20DAF.F9D92270-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] Employment report Date: 07 Jun 2002 08:35:21 -0400 Unemployment fell to 5.8% from 6.0%, instead of rising to 6.1% as expected. Naz futures currently down 5% before the opening. Ought to be an interesting, whipsaw kind of day. Have fun, and happy hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] House Builders Date: 07 Jun 2002 09:13:54 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_001A_01C20E03.A5D537A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Most house building companies came back to life yesterday, lead by = HOV. HOV chart looks interesting. Prices on "second homes" (vacation property etc) has also rising as = demand for them increases. ------=_NextPart_000_001A_01C20E03.A5D537A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    Most house building companies = came back to=20 life yesterday, lead by HOV.
 
HOV chart looks interesting.
 
Prices on "second homes" (vacation property etc) has = also=20 rising as demand for them increases.
------=_NextPart_000_001A_01C20E03.A5D537A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Maria McAdams" Subject: Re: [CANSLIM] Date: Thu, 6 Jun 2002 18:34:59 -0700 Date: 07 Jun 2002 08:51:06 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_002C_01C20E00.75E620C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable That's why I like you Tom. You are always a gentleman. Charley=20 I second that. MLMcAdams ------=_NextPart_000_002C_01C20E00.75E620C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
 
That's why I like you = Tom. You are=20 always a gentleman. Charley
 
I second that. = MLMcAdams
------=_NextPart_000_002C_01C20E00.75E620C0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] Worley's Weekend Weeview Date: 07 Jun 2002 08:47:23 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C20E29.D9EB23CB Content-Type: multipart/alternative; boundary="----_=_NextPart_002_01C20E29.D9EB23CB" ------_=_NextPart_002_01C20E29.D9EB23CB Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Tom, =20 I agree with Charley- your answers are most appreciated! Your insight = below is also greatly appreciated as is any additional information you = may be able to provide. However, I too am familiar with the long hours = of work (and why hasn't this stock thing allowed me to retire yet?) so = don't feel compelled to put something together unless you absolutely = feel like it. I know the group would appreciate your knowledge though. = Have a great weekend all! =20 Kelly -----Original Message----- Sent: Thursday, June 06, 2002 10:15 PM Hi Kelly, =20 I try to build my weekly email throughout the week, as I come across = interesting snippets. Much of it comes from Infobeat daily emails, = economic reports at various sites including = http://money.cnn.com/news/economy/ , stratfor.com (subscription = service), weekly summaries I receive=20 and scanning the headlines on Reuters and other news services each = morning and some evenings. Lack of time precludes me getting very = scientific with what I try to absorb, so my comments on "M" are usually = an opinionated summary of what was absorbed in my gray matter. =20 Some economic reports weigh more heavily with me than others, both = because they tend to be market movers (like the Employment report due = tomorrow), as well as because of my perception of what the Feds are = watching more closely. Some can also take on, at least temporarily, = added importance, such as inflation indicators right now when everyone = is trying to guess when the Feds will start raising rates (I said many = months ago not till July/August meeting at earliest, and possibly not = this year, latter looking more likely). =20 I have a number of other sites I use when time permits (which hasn't = happened often lately with continuing 12 hour work days). I will try to = put a list of addresses together for you when I get a chance. =20 ----- Original Message -----=20 Sent: Thursday, June 06, 2002 12:45 PM Tom- information on M much appreciated. There seem to be multiple = reports that provide nuggets of golden information just before major = market news reports reflecting the same information. Would you be = willing to list which reports you watch on a quarterly/yearly basis, = where you find them, and when they come out? Your assistance would be = greatly appreciated. -Kelly -----Original Message----- Sent: Saturday, June 01, 2002 8:31 PM M Difficult week for me to follow the markets, over 46 hours at work in = just 4 days. But my general sense, despite every index being down over = 1% for the week, is that there is a resilience to the markets right now. = Economics continue to improve, earnings more often than not are ahead of = forecasts, confidence remains good (critical to consumer spending = continuing). I remain fully invested in small and micro cap growth = stocks, and managed to make money this past week despite Russell 2000 = being down 1.25%. But I am also not finding new candidates, just riding = what I already have.=20 _____ =20 JAPAN Moody's downgraded their credit rating two more notches, putting them = one below Botswana and even with Kuwait. Govt debt stands at 140% of = their GDP as they appear headed back into a double dip recession after = one quarter of minor GDP growth.=20 _____ =20 ECONOMICS - watch the trend in revisions, and actual reports vs = expectations University of Michigan's Consumer Sentiment Index for May surprised all = by being revised upward to 96.9 from 96.0. It was 93.0 in April. = Consumer views of the state of the economy was revised sharply up to = 103.5, April was 99.2. Consumer expectations was also revised sharply = upward to 92.7 from 91.3 after reporting 89.1 in April. =20 Chicago Purchasing Managers index was expected to rise to 55 in May from = 54.7 in April, instead leapt to 60.8, suggesting that business spending = is starting to pick up strongly. This index is seen as often mirroring = the nat'l report, due out next Monday. =20 US factory orders rose 1.2% in May from 1.0% in April, expected was a = rise of just 0.7%. The trend is clear, this was the fifth consecutive = month of gains. =20 Productivity grew at a revised 8.4% annual rate (preliminary was 8.6%, = no change was expected) during the first quarter. This is the strongest = since Q2 1983. =20 On unemployment, new claims declined but remained above 400K for the 8th = week. Those continuing to receive benefits rose 50K to 3.89 million, = highest since Jan 15, 1983 (course there are a lot more people working = today compared to 1983). This recovery is taking on some signs, with = regard to employment, suggesting the 1990-1991 recovery, when = unemployment remained high for over a year. Overall rate of unemployment = is expected to be reported next week at 6.1%, up from 6%. Of course, it = was not that many years ago, before Greenspan proved he could fight = inflation, that the markets believed that unemployment much below 6% was = inflationary, and under 5% was dangerous. The May Unemployment Report is = the big economic one for next week, due on Friday. =20 Consumer confidence rose to 109.8 from a revised April level of 108.5, = expectations were for a rate of 110.0. =20 Existing home sales jumped 7% to an annual rate of 5.79 million units, = up from a revised April rate of 5.41, and well ahead of expectations for = 5.35 million units. With existing sales remaining strong, I would expect = to see new home sales also remain strong overall. =20 Personal spending rose 0.5% (I did my share and a few others as well), = while personal income rose 0.3% (someone else got mine). Income was in = line with expectations, while spending fell short of expectations for a = rise to 0.7%. _____ =20 =20 WORLEY'S WATCHLIST WANNABES As always, I will mention specific basing formations, such as c&h, = double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat line bases (marked as Bx where x indicates the number of weeks = IMO). Most stocks in this list will have both RS and EPS of 80 or = better, and be close to their 12 month high. I try to glance at the = earnings forecast, and eliminate any less than 20% for this year and = next, but do no other due diligence. I exclude any stocks under any form = of merger / acquisition.=20 =20 The population of stocks I am reviewing this weekend slid further this = past week. =20 AMSG - kind of an odd looking c&h, Thursday broke up from a nicely = declining handle on volume to the pivot point, worth watching AZO - high handle forming BEL - 6 week consolidation ERES - BE FCFS- B6, broke pivot Friday on 8X ADV LION - B6 MCL - LLUR OCAS - LLUR, no revenue growth ODSY - 6 week consolidation, volume declining, another play on the aging = baby boomer market? PETM - LLUR ROST - LLUR SSNC - 6 week consolidation, mostly light volume SYPR - nice 8 week consolidation, volume drying up, funds have 54%, but = only because float very small due management having 87%, in my VR Fund WFMI - B3 ZAP - nice c&h =20 Happy Hunting, =20 Tom Worley stkguru@bellsouth.net AIM: TexWorley _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_002_01C20E29.D9EB23CB Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Tom,
 
I=20 agree with Charley- your answers are most appreciated! Your insight = below is=20 also greatly appreciated as is any additional information you may be = able to=20 provide. However, I too am familiar with the long hours of work (and why = hasn't=20 this stock thing allowed me to retire yet?) so don't feel compelled to = put=20 something together unless you absolutely feel like it. I know the group = would=20 appreciate your knowledge though. Have a great weekend = all!
 
Kelly
-----Original Message-----
From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
Sent: Thursday, June 06, 2002 = 10:15=20 PM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 Worley's Weekend Weeview

Hi Kelly,
 
I try to build my weekly email throughout the = week, as I=20 come across interesting snippets. Much of it comes from Infobeat daily = emails,=20 economic reports at various sites including http://money.cnn.com/news/eco= nomy/ ,=20 stratfor.com (subscription service), weekly summaries I receive =
and scanning the headlines on Reuters and = other news=20 services each morning and some evenings. Lack of time precludes me = getting=20 very scientific with what I try to absorb, so my comments on "M" are = usually=20 an opinionated summary of what was absorbed in my gray = matter.
 
Some economic reports weigh more heavily with = me than=20 others, both because they tend to be market movers (like the = Employment report=20 due tomorrow), as well as because of my perception of what the Feds = are=20 watching more closely. Some can also take on, at least temporarily, = added=20 importance, such as inflation indicators right now when everyone is = trying to=20 guess when the Feds will start raising rates (I said many months ago = not till=20 July/August meeting at earliest, and possibly not this year, latter = looking=20 more likely).
 
I have a number of other sites I use when time = permits=20 (which hasn't happened often lately with continuing 12 hour work = days). I will=20 try to put a list of addresses together for you when I get a=20 chance.
 
----- Original Message -----=20
From: Kelly=20 Short
Sent: Thursday, June 06, 2002 12:45 PM
Subject: RE: [CANSLIM] Worley's Weekend = Weeview

Tom-=20 information on M much appreciated. There seem to be multiple reports = that=20 provide nuggets of golden information just before major market news = reports=20 reflecting the same information. Would you be willing to list which = reports=20 you watch on a quarterly/yearly basis, where you find them, and when = they come=20 out? Your assistance would be greatly appreciated. = -Kelly
-----Original Message-----
From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
Sent: Saturday, June 01, = 2002 8:31=20 PM
To: CANSLIM
Subject: [CANSLIM] Worley's = Weekend=20 Weeview

M
Difficult week for me to follow the markets, = over 46=20 hours at work in just 4 days. But my general sense, despite every = index=20 being down over 1% for the week, is that there is a resilience to = the=20 markets right now. Economics continue to improve, earnings more = often than=20 not are ahead of forecasts, confidence remains good (critical to = consumer=20 spending continuing). I remain fully invested in small and micro cap = growth=20 stocks, and managed to make money this past week despite Russell = 2000 being=20 down 1.25%. But I am also not finding new candidates, just riding = what I=20 already have.=20
JAPAN
Moody's downgraded their credit rating two = more=20 notches, putting them one below Botswana and even with Kuwait. Govt = debt=20 stands at 140% of their GDP as they appear headed back into a double = dip=20 recession after one quarter of minor GDP growth.=20
ECONOMICS - watch the = trend in=20 revisions, and actual reports vs expectations
University of Michigan's Consumer Sentiment = Index for=20 May surprised all by being revised upward to 96.9 from 96.0. It was = 93.0 in=20 April. Consumer views of the state of the economy was revised = sharply up to=20 103.5, April was 99.2. Consumer expectations was also revised = sharply upward=20 to 92.7 from 91.3 after reporting 89.1 in April.
 
Chicago Purchasing Managers index was = expected to rise=20 to 55 in May from 54.7 in April, instead leapt to 60.8, suggesting = that=20 business spending is starting to pick up strongly. This index is = seen as=20 often mirroring the nat'l report, due out next Monday.
 
US factory orders rose 1.2% in May from 1.0% = in April,=20 expected was a rise of just 0.7%. The trend is clear, this was the = fifth=20 consecutive month of gains.
 
Productivity grew at a revised 8.4% annual = rate=20 (preliminary was 8.6%, no change was expected) during the first = quarter.=20 This is the strongest since Q2 1983.
 
On unemployment, new claims declined but = remained=20 above 400K for the 8th week. Those continuing to receive benefits = rose 50K=20 to 3.89 million, highest since Jan 15, 1983 (course there are a lot = more=20 people working today compared to 1983). This recovery is taking on = some=20 signs, with regard to employment, suggesting the 1990-1991 recovery, = when=20 unemployment remained high for over a year. Overall rate of = unemployment is=20 expected to be reported next week at 6.1%, up from 6%. Of course, it = was not=20 that many years ago, before Greenspan proved he could fight = inflation, that=20 the markets believed that unemployment much below 6% was = inflationary, and=20 under 5% was dangerous. The May Unemployment Report is the big = economic one=20 for next week, due on Friday.
 
Consumer confidence rose to 109.8 from a = revised April=20 level of 108.5, expectations were for a rate of 110.0.
 
Existing home sales jumped 7% to an annual = rate of=20 5.79 million units, up from a revised April rate of 5.41, and well = ahead of=20 expectations for 5.35 million units. With existing sales remaining = strong, I=20 would expect to see new home sales also remain strong = overall.
 
Personal spending rose 0.5% (I did my share = and a few=20 others as well), while personal income rose 0.3% (someone else got = mine).=20 Income was in line with expectations, while spending fell short of=20 expectations for a rise to 0.7%.

 =20
WORLEY'S WATCHLIST WANNABES
As always, I will mention specific basing formations, such as = c&h,=20 double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper = Right) or=20 flat line bases (marked as Bx where x indicates the number of weeks = IMO).=20 Most stocks in this list will have both RS and EPS of 80 or better, = and be=20 close to their 12 month high. I try to glance at the earnings = forecast, and=20 eliminate any less than 20% for this year and next, but do no other = due=20 diligence. I exclude any stocks under any form of merger / = acquisition.=20
 
The population of stocks I am reviewing this weekend slid = further=20 this past week.
 
AMSG - kind of an odd looking c&h, Thursday broke up from a = nicely=20 declining handle on volume to the pivot point, worth watching
AZO - high handle forming
BEL - 6 week consolidation
ERES - BE
FCFS- B6, broke pivot Friday on 8X ADV
LION - B6
MCL - LLUR
OCAS - LLUR, no revenue growth
ODSY - 6 week consolidation, volume declining, another play on = the=20 aging baby boomer market?
PETM - LLUR
ROST - LLUR
SSNC - 6 week consolidation, mostly light volume
SYPR - nice 8 week consolidation, volume drying up, funds have = 54%, but=20 only because float very small due management having 87%, in my VR = Fund
WFMI - B3
ZAP - nice c&h
 
Happy Hunting,
 
3D""
Tom Worley
stkguru@bellsouth.net
AIM:=20 TexWorley

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_002_01C20E29.D9EB23CB-- ------_=_NextPart_001_01C20E29.D9EB23CB Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <456284413@07062002-2dd2> Content-Description: USflag.gif Content-Location: USflag.gif R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------_=_NextPart_001_01C20E29.D9EB23CB-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Date: Thu, 6 Jun 2002 18:34:59 -0700 Date: 07 Jun 2002 09:46:55 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_010E_01C20E08.425921A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Thanks, Maria and Charley, I try. ----- Original Message -----=20 Sent: Friday, June 07, 2002 9:51 AM That's why I like you Tom. You are always a gentleman. Charley=20 I second that. MLMcAdams ------=_NextPart_000_010E_01C20E08.425921A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Thanks, Maria and Charley, I try.
 
----- Original Message -----=20
From: Maria=20 McAdams
Sent: Friday, June 07, 2002 9:51 AM
Subject: Re: [CANSLIM] Date: Thu, 6 Jun 2002 18:34:59=20 -0700

 
That's why I like you = Tom. You are=20 always a gentleman. Charley
 
I second that. = MLMcAdams
------=_NextPart_000_010E_01C20E08.425921A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] House Builders Date: 07 Jun 2002 10:56:33 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0052_01C20E11.FCA99400 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable With the DJIA -121 and NASD -47 and S&P -12 at 10:54 am, fourteen of = the twenty house builders that I follow are POSITIVE today. ------=_NextPart_000_0052_01C20E11.FCA99400 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
With the DJIA -121 and NASD -47 and S&P -12 at = 10:54=20 am,  fourteen of the twenty house builders that I follow are = POSITIVE=20 today.
------=_NextPart_000_0052_01C20E11.FCA99400-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] MIK Date: 07 Jun 2002 13:26:35 -0500 Mike, Before you liquidate AZO let me pose this question to you (and the rest = of the group): Is AZO forming a cwh (left side formed 12/5 with high of = $79.15, vol 9.419M (~5x ave.); breakout on 5/22 with close of $72.70, = vol 4.415M (~2x ave)) Your answer may dictate how you proceed. Kelly -----Original Message----- Sent: Friday, June 07, 2002 1:08 PM Feeling REALLY good! Because of some other financial commitments, I have to close out a = position today, and it is between my shares in MIK, which I am up 10% in, or my shares of AZO, where I am just breaking even. I have about equal $$$ in each, so I am leaning towards closing AZO, = since it has not really moved much in the two weeks I have owned it. Hope everyone has a great weekend. Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com = =20 "Kelly Short" = =20 cc: = =20 Subject: RE: [CANSLIM] MIK = =20 06/07/2002 = =20 01:01 PM = =20 = =20 = =20 How are you feeling about MIK today? DJIA down 48. MIK up $1.49. -----Original Message----- Sent: Monday, June 03, 2002 8:07 AM Thanks to everyone for weighin in on MIK...I too think it is a good long term hold...Just bracing myself for some profit takers on Monday! Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Tom Worley" cc: Sent by: Subject: Re: [CANSLIM] MIK owner-canslim@lists.xm ission.com 05/31/2002 09:37 PM Please respond to canslim Mike, with the advantage of commentary post market close (a la IBD style), I = note it closed on nearly 3.5X ADV, up 12% for the day, only 20 cents off the high of the day, and at another all time high. These are all very positive indicators for me, even if it should correct moderately on Monday. Both trailing and projected PE ratios are well under S&P 500 average, and its growth rate far greater in comparison. I also note that earnings are growing at a rate well above sales growth. As already mentioned, funds hold a lot of shares, and management only = owns 8%. I would watch volume carefully for any evidence of a short term correction / consolidation, but see little evidence, barring unexpected = bad news, to expect it is topping out. ----- Original Message ----- Sent: Friday, May 31, 2002 11:29 AM Okay group, I have a position in MIK, and today, it is flying, up 12% at this point, which is giving me a 8% gain from my entry. Do you think I should hang = on to this one, or sell it at the end of the day at take a profit? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "oaktoad" Subject: Re: [CANSLIM] Homebuilders, more on taxation Date: 07 Jun 2002 11:42:28 -0700 >>My understanding is that the ROLLOVERS are gone! This is true, no more rollovers >>A house seller POCKETS TAX FREE any gains up to $500,000 for filing jointly, half for single, if the home is principal residence for two years. If occupied for less than 2 years, tax is due. There are exceptions.. for example if you change jobs you can get a prorata exemption.. for example if only there one year you get 50% tax free. Also, the house just has to be your principal residence for the two years. For example, let's say you have a vacation home and live there for three months a year.. your prinicipal residence only has to have been owned for two of the last five years... >>This is a BIG DRIVER for selling a house and moving on, even bigger than low interest rates. I agree, esp in areas like No CAL where people near retirement age can sell the house and move to a rural area.. then invest the extra money in stocks for more income (yah, right???) An important area so if you are thinking of doing something like this, consult a CPA or Enrolled Agent for guidance .. could cost you some serious money if you do it wrong... One other thing that can be done if you have rental homes. You can sell your principal residence and take the 250/500 tax free gain (balance is cap gain) and move to your rental .. live there for two years and sell it and take another 250/500 tax free .. there is some recapture for depreciation taken since 1997, but should be peanuts compared to what you would have owed.. Frankly as a long term strategy for those interested in real estate, owning some rentals that you would not mind living in is not a bad one at all .. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: RE: [CANSLIM] MIK Date: 07 Jun 2002 13:50:04 -0500 Kelly, I agree that the cwh was formed, but I have a pivot price of $80.10, and it broke out on 5/23. Since that point, it has been fairly flat , on about average trade. If I could, I might still hang onto it, but I wonder if it is a stalled breakout, or maybe even a failed one. I am forced to sell off some of my portfolio, so it really comes down to choosing between MIK and AZO. IMHO, MIK has a better outlook. I welcome everyone else's opinion. Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Kelly Short" cc: Sent by: Subject: RE: [CANSLIM] MIK owner-canslim@lists.xm ission.com 06/07/2002 01:26 PM Please respond to canslim Mike, Before you liquidate AZO let me pose this question to you (and the rest of the group): Is AZO forming a cwh (left side formed 12/5 with high of $79.15, vol 9.419M (~5x ave.); breakout on 5/22 with close of $72.70, vol 4.415M (~2x ave)) Your answer may dictate how you proceed. Kelly -----Original Message----- Sent: Friday, June 07, 2002 1:08 PM Feeling REALLY good! Because of some other financial commitments, I have to close out a position today, and it is between my shares in MIK, which I am up 10% in, or my shares of AZO, where I am just breaking even. I have about equal $$$ in each, so I am leaning towards closing AZO, since it has not really moved much in the two weeks I have owned it. Hope everyone has a great weekend. Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Kelly Short" cc: Subject: RE: [CANSLIM] MIK 06/07/2002 01:01 PM How are you feeling about MIK today? DJIA down 48. MIK up $1.49. -----Original Message----- Sent: Monday, June 03, 2002 8:07 AM Thanks to everyone for weighin in on MIK...I too think it is a good long term hold...Just bracing myself for some profit takers on Monday! Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Tom Worley" cc: Sent by: Subject: Re: [CANSLIM] MIK owner-canslim@lists.xm ission.com 05/31/2002 09:37 PM Please respond to canslim Mike, with the advantage of commentary post market close (a la IBD style), I note it closed on nearly 3.5X ADV, up 12% for the day, only 20 cents off the high of the day, and at another all time high. These are all very positive indicators for me, even if it should correct moderately on Monday. Both trailing and projected PE ratios are well under S&P 500 average, and its growth rate far greater in comparison. I also note that earnings are growing at a rate well above sales growth. As already mentioned, funds hold a lot of shares, and management only owns 8%. I would watch volume carefully for any evidence of a short term correction / consolidation, but see little evidence, barring unexpected bad news, to expect it is topping out. ----- Original Message ----- Sent: Friday, May 31, 2002 11:29 AM Okay group, I have a position in MIK, and today, it is flying, up 12% at this point, which is giving me a 8% gain from my entry. Do you think I should hang on to this one, or sell it at the end of the day at take a profit? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Scott Gettis" Subject: RE: [CANSLIM] MIK Date: 07 Jun 2002 12:08:16 -0700 In my opinion, with the recent distribution in the market i dont think its is wise to be invested. I own no stocks at the moment and am waiting for a FTD. If i do own stocks when i see heavy distrubution in the market i immediately sell 1/2 of all the postions i have, and then let the stocks technically decide when to take me out. I actually owned azo on the breakout, sold half when at 82 when i saw 4 market distribution days in 2 weeks and sold the rest when in went below its pivot. MIK actually never formed what i would consider a base. It did retest its 50dma and has broken out to new highs since then. However, it seems to be making new highs on decreased vol which throws up a yellow flag. If i were you, Id sell half of each, and set up some protective stops. Right now, whoever loses least win. Scott -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of michael_niemotka@baxter.com Sent: Friday, June 07, 2002 11:50 AM Kelly, I agree that the cwh was formed, but I have a pivot price of $80.10, and it broke out on 5/23. Since that point, it has been fairly flat , on about average trade. If I could, I might still hang onto it, but I wonder if it is a stalled breakout, or maybe even a failed one. I am forced to sell off some of my portfolio, so it really comes down to choosing between MIK and AZO. IMHO, MIK has a better outlook. I welcome everyone else's opinion. Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Kelly Short" cc: Sent by: Subject: RE: [CANSLIM] MIK owner-canslim@lists.xm ission.com 06/07/2002 01:26 PM Please respond to canslim Mike, Before you liquidate AZO let me pose this question to you (and the rest of the group): Is AZO forming a cwh (left side formed 12/5 with high of $79.15, vol 9.419M (~5x ave.); breakout on 5/22 with close of $72.70, vol 4.415M (~2x ave)) Your answer may dictate how you proceed. Kelly -----Original Message----- Sent: Friday, June 07, 2002 1:08 PM Feeling REALLY good! Because of some other financial commitments, I have to close out a position today, and it is between my shares in MIK, which I am up 10% in, or my shares of AZO, where I am just breaking even. I have about equal $$$ in each, so I am leaning towards closing AZO, since it has not really moved much in the two weeks I have owned it. Hope everyone has a great weekend. Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Kelly Short" cc: Subject: RE: [CANSLIM] MIK 06/07/2002 01:01 PM How are you feeling about MIK today? DJIA down 48. MIK up $1.49. -----Original Message----- Sent: Monday, June 03, 2002 8:07 AM Thanks to everyone for weighin in on MIK...I too think it is a good long term hold...Just bracing myself for some profit takers on Monday! Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Tom Worley" cc: Sent by: Subject: Re: [CANSLIM] MIK owner-canslim@lists.xm ission.com 05/31/2002 09:37 PM Please respond to canslim Mike, with the advantage of commentary post market close (a la IBD style), I note it closed on nearly 3.5X ADV, up 12% for the day, only 20 cents off the high of the day, and at another all time high. These are all very positive indicators for me, even if it should correct moderately on Monday. Both trailing and projected PE ratios are well under S&P 500 average, and its growth rate far greater in comparison. I also note that earnings are growing at a rate well above sales growth. As already mentioned, funds hold a lot of shares, and management only owns 8%. I would watch volume carefully for any evidence of a short term correction / consolidation, but see little evidence, barring unexpected bad news, to expect it is topping out. ----- Original Message ----- Sent: Friday, May 31, 2002 11:29 AM Okay group, I have a position in MIK, and today, it is flying, up 12% at this point, which is giving me a 8% gain from my entry. Do you think I should hang on to this one, or sell it at the end of the day at take a profit? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] HTMMIS Date: 07 Jun 2002 16:50:28 -0400 3 4 5 23 43 48 -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Fanus Sent: Thursday, June 06, 2002 9:24 PM If anyone can tell Kelly what he will be getting out of the books he read, would you mind telling me the winning numbers for the lottery this weekend? - Fanus --- Kelly Short wrote: > Okay- so the price of the HTMMIS (version X) is > under $30 - but the more important question is: will > the new book provide me with information not found > in the current releases? Does anyone have an answer > to this question? - Kelly > > -----Original Message----- > From: Richard Herkert [mailto:herkert@bigplanet.com] > Sent: Wednesday, June 05, 2002 1:04 PM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] HTMMIS > > > The THIRD EDITION is not now available through IBD > but when it is available, it will be $12.95 with > $4.00 shipping plus > tax, if applicable, according to the phone service > person at IBD. > > However, the THIRD EDITION is NOW available at > Amazon, regular $12.95, discounted by Amazon to > $10.36, plus > $3.99 shipping and no tax to my California address. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Tuesday, June 04, 2002 5:38 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] HTMMIS > > > The SECOND EDITION of HTMMIS is advertised in IBD > today (04 June 2002) on page B13 for $10.95+tax+$4 > shipping. > > An advertisement of the same physical size (7" x > 11") on page B5 offered the "Completely Updated" > THIRD EDITION in IBD on page B5 on Wed. 29 May 2002 > for $12.95 + tax, shipping. > > . > > > _____ > > For your protection, this e-mail message has been > scanned for viruses. > > Visit us at http://www.neoris.com/ > > _____ > > > > > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "rolf hertenstein" Subject: [CANSLIM] Re: HTMMIS - OT - lottery Date: 07 Jun 2002 15:00:12 -0600 OK, but the Colorado lottery only goes up to 42. How 'bout those 6? Rolf > 3 4 5 23 43 48 > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Fanus > Sent: Thursday, June 06, 2002 9:24 PM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] HTMMIS > > > If anyone can tell Kelly what he will be getting out > of the books he read, would you mind telling me the > winning numbers for the lottery this weekend? > > - Fanus > > > --- Kelly Short wrote: > > Okay- so the price of the HTMMIS (version X) is > > under $30 - but the more important question is: will > > the new book provide me with information not found > > in the current releases? Does anyone have an answer > > to this question? - Kelly > > > > -----Original Message----- > > From: Richard Herkert [mailto:herkert@bigplanet.com] > > Sent: Wednesday, June 05, 2002 1:04 PM > > To: canslim@lists.xmission.com > > Subject: RE: [CANSLIM] HTMMIS > > > > > > The THIRD EDITION is not now available through IBD > > but when it is available, it will be $12.95 with > > $4.00 shipping plus > > tax, if applicable, according to the phone service > > person at IBD. > > > > However, the THIRD EDITION is NOW available at > > Amazon, regular $12.95, discounted by Amazon to > > $10.36, plus > > $3.99 shipping and no tax to my California address. > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > > Sent: Tuesday, June 04, 2002 5:38 AM > > To: canslim@lists.xmission.com > > Subject: [CANSLIM] HTMMIS > > > > > > The SECOND EDITION of HTMMIS is advertised in IBD > > today (04 June 2002) on page B13 for $10.95+tax+$4 > > shipping. > > > > An advertisement of the same physical size (7" x > > 11") on page B5 offered the "Completely Updated" > > THIRD EDITION in IBD on page B5 on Wed. 29 May 2002 > > for $12.95 + tax, shipping. > > > > . > > > > > > _____ > > > > For your protection, this e-mail message has been > > scanned for viruses. > > > > Visit us at http://www.neoris.com/ > > > > _____ > > > > > > > > > > > > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 07 Jun 2002 21:53:31 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0045_01C20E6D.C36BC800 Content-Type: multipart/alternative; boundary="----=_NextPart_001_0046_01C20E6D.C36BC800" ------=_NextPart_001_0046_01C20E6D.C36BC800 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Kelly, My weekly contribution basically grew out of what I was already doing = for myself, only difference was typing it out rather than storing it = mentally. I have always followed headlines, and absorbed huge amounts of = stock news unrelated to what I personally follow. The stock chart = reviews I have been doing for many years even tho most of the stocks I = look at are not of interest to me, but give me a better feel for what = CANSLIMish stocks are doing across many industry groups. It became less disruptive for me to combine economic items into a single = post a week rather than throughout the week as they occurred, so I put = it together with my chart review, and WWW was born. Now it's habit, = would be hard to stop. ----- Original Message -----=20 Sent: Friday, June 07, 2002 9:47 AM Tom, I agree with Charley- your answers are most appreciated! Your insight = below is also greatly appreciated as is any additional information you = may be able to provide. However, I too am familiar with the long hours = of work (and why hasn't this stock thing allowed me to retire yet?) so = don't feel compelled to put something together unless you absolutely = feel like it. I know the group would appreciate your knowledge though. = Have a great weekend all! Kelly -----Original Message----- From: Tom Worley [mailto:stkguru@bellsouth.net] Sent: Thursday, June 06, 2002 10:15 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] Worley's Weekend Weeview Hi Kelly, I try to build my weekly email throughout the week, as I come across = interesting snippets. Much of it comes from Infobeat daily emails, = economic reports at various sites including = http://money.cnn.com/news/economy/ , stratfor.com (subscription = service), weekly summaries I receive=20 and scanning the headlines on Reuters and other news services each = morning and some evenings. Lack of time precludes me getting very = scientific with what I try to absorb, so my comments on "M" are usually = an opinionated summary of what was absorbed in my gray matter. Some economic reports weigh more heavily with me than others, both = because they tend to be market movers (like the Employment report due = tomorrow), as well as because of my perception of what the Feds are = watching more closely. Some can also take on, at least temporarily, = added importance, such as inflation indicators right now when everyone = is trying to guess when the Feds will start raising rates (I said many = months ago not till July/August meeting at earliest, and possibly not = this year, latter looking more likely). I have a number of other sites I use when time permits (which hasn't = happened often lately with continuing 12 hour work days). I will try to = put a list of addresses together for you when I get a chance. ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 06, 2002 12:45 PM Subject: RE: [CANSLIM] Worley's Weekend Weeview Tom- information on M much appreciated. There seem to be multiple = reports that provide nuggets of golden information just before major = market news reports reflecting the same information. Would you be = willing to list which reports you watch on a quarterly/yearly basis, = where you find them, and when they come out? Your assistance would be = greatly appreciated. -Kelly -----Original Message----- From: Tom Worley [mailto:stkguru@bellsouth.net] Sent: Saturday, June 01, 2002 8:31 PM To: CANSLIM Subject: [CANSLIM] Worley's Weekend Weeview M Difficult week for me to follow the markets, over 46 hours at work = in just 4 days. But my general sense, despite every index being down = over 1% for the week, is that there is a resilience to the markets right = now. Economics continue to improve, earnings more often than not are = ahead of forecasts, confidence remains good (critical to consumer = spending continuing). I remain fully invested in small and micro cap = growth stocks, and managed to make money this past week despite Russell = 2000 being down 1.25%. But I am also not finding new candidates, just = riding what I already have.=20 --- JAPAN Moody's downgraded their credit rating two more notches, putting = them one below Botswana and even with Kuwait. Govt debt stands at 140% = of their GDP as they appear headed back into a double dip recession = after one quarter of minor GDP growth.=20 --- ECONOMICS - watch the trend in revisions, and actual reports vs = expectations University of Michigan's Consumer Sentiment Index for May surprised = all by being revised upward to 96.9 from 96.0. It was 93.0 in April. = Consumer views of the state of the economy was revised sharply up to = 103.5, April was 99.2. Consumer expectations was also revised sharply = upward to 92.7 from 91.3 after reporting 89.1 in April. Chicago Purchasing Managers index was expected to rise to 55 in May = from 54.7 in April, instead leapt to 60.8, suggesting that business = spending is starting to pick up strongly. This index is seen as often = mirroring the nat'l report, due out next Monday. US factory orders rose 1.2% in May from 1.0% in April, expected was = a rise of just 0.7%. The trend is clear, this was the fifth consecutive = month of gains. Productivity grew at a revised 8.4% annual rate (preliminary was = 8.6%, no change was expected) during the first quarter. This is the = strongest since Q2 1983. On unemployment, new claims declined but remained above 400K for the = 8th week. Those continuing to receive benefits rose 50K to 3.89 million, = highest since Jan 15, 1983 (course there are a lot more people working = today compared to 1983). This recovery is taking on some signs, with = regard to employment, suggesting the 1990-1991 recovery, when = unemployment remained high for over a year. Overall rate of unemployment = is expected to be reported next week at 6.1%, up from 6%. Of course, it = was not that many years ago, before Greenspan proved he could fight = inflation, that the markets believed that unemployment much below 6% was = inflationary, and under 5% was dangerous. The May Unemployment Report is = the big economic one for next week, due on Friday. Consumer confidence rose to 109.8 from a revised April level of = 108.5, expectations were for a rate of 110.0. Existing home sales jumped 7% to an annual rate of 5.79 million = units, up from a revised April rate of 5.41, and well ahead of = expectations for 5.35 million units. With existing sales remaining = strong, I would expect to see new home sales also remain strong overall. Personal spending rose 0.5% (I did my share and a few others as = well), while personal income rose 0.3% (someone else got mine). Income = was in line with expectations, while spending fell short of expectations = for a rise to 0.7%. --- =20 WORLEY'S WATCHLIST WANNABES As always, I will mention specific basing formations, such as c&h, = double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat line bases (marked as Bx where x indicates the number of weeks = IMO). Most stocks in this list will have both RS and EPS of 80 or = better, and be close to their 12 month high. I try to glance at the = earnings forecast, and eliminate any less than 20% for this year and = next, but do no other due diligence. I exclude any stocks under any form = of merger / acquisition.=20 The population of stocks I am reviewing this weekend slid further = this past week. AMSG - kind of an odd looking c&h, Thursday broke up from a nicely = declining handle on volume to the pivot point, worth watching AZO - high handle forming BEL - 6 week consolidation ERES - BE FCFS- B6, broke pivot Friday on 8X ADV LION - B6 MCL - LLUR OCAS - LLUR, no revenue growth ODSY - 6 week consolidation, volume declining, another play on the = aging baby boomer market? PETM - LLUR ROST - LLUR SSNC - 6 week consolidation, mostly light volume SYPR - nice 8 week consolidation, volume drying up, funds have 54%, = but only because float very small due management having 87%, in my VR = Fund WFMI - B3 ZAP - nice c&h Happy Hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ----- For your protection, this e-mail message has been scanned for viruses. = Visit us at http://www.neoris.com/=20 ----- ------=_NextPart_001_0046_01C20E6D.C36BC800 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Kelly,
 
My weekly contribution basically grew out of = what I was=20 already doing for myself, only difference was typing it out rather than = storing=20 it mentally. I have always followed headlines, and absorbed huge amounts = of=20 stock news unrelated to what I personally follow. The stock chart = reviews I have=20 been doing for many years even tho most of the stocks I look at are not = of=20 interest to me, but give me a better feel for what CANSLIMish stocks are = doing=20 across many industry groups.
 
It became less disruptive for me to combine = economic items=20 into a single post a week rather than throughout the week as they = occurred, so I=20 put it together with my chart review, and WWW was born. Now it's habit, = would be=20 hard to stop.
 
----- Original Message -----=20
From: Kelly=20 Short
Sent: Friday, June 07, 2002 9:47 AM
Subject: RE: [CANSLIM] Worley's Weekend Weeview

Tom,
 
I=20 agree with Charley- your answers are most appreciated! Your insight = below is=20 also greatly appreciated as is any additional information you may be = able to=20 provide. However, I too am familiar with the long hours of work (and why = hasn't=20 this stock thing allowed me to retire yet?) so don't feel compelled to = put=20 something together unless you absolutely feel like it. I know the group = would=20 appreciate your knowledge though. Have a great weekend = all!
 
Kelly
-----Original Message-----
From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
Sent: Thursday, June 06, 2002 = 10:15=20 PM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 Worley's Weekend Weeview

Hi Kelly,
 
I try to build my weekly email throughout the = week, as I=20 come across interesting snippets. Much of it comes from Infobeat daily = emails,=20 economic reports at various sites including http://money.cnn.com/news/eco= nomy/ ,=20 stratfor.com (subscription service), weekly summaries I receive =
and scanning the headlines on Reuters and = other news=20 services each morning and some evenings. Lack of time precludes me = getting=20 very scientific with what I try to absorb, so my comments on "M" are = usually=20 an opinionated summary of what was absorbed in my gray = matter.
 
Some economic reports weigh more heavily with = me than=20 others, both because they tend to be market movers (like the = Employment report=20 due tomorrow), as well as because of my perception of what the Feds = are=20 watching more closely. Some can also take on, at least temporarily, = added=20 importance, such as inflation indicators right now when everyone is = trying to=20 guess when the Feds will start raising rates (I said many months ago = not till=20 July/August meeting at earliest, and possibly not this year, latter = looking=20 more likely).
 
I have a number of other sites I use when time = permits=20 (which hasn't happened often lately with continuing 12 hour work = days). I will=20 try to put a list of addresses together for you when I get a=20 chance.
 
----- Original Message -----=20
From: Kelly=20 Short
Sent: Thursday, June 06, 2002 12:45 PM
Subject: RE: [CANSLIM] Worley's Weekend = Weeview

Tom-=20 information on M much appreciated. There seem to be multiple reports = that=20 provide nuggets of golden information just before major market news = reports=20 reflecting the same information. Would you be willing to list which = reports=20 you watch on a quarterly/yearly basis, where you find them, and when = they come=20 out? Your assistance would be greatly appreciated. = -Kelly
-----Original Message-----
From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
Sent: Saturday, June 01, = 2002 8:31=20 PM
To: CANSLIM
Subject: [CANSLIM] Worley's = Weekend=20 Weeview

M
Difficult week for me to follow the markets, = over 46=20 hours at work in just 4 days. But my general sense, despite every = index=20 being down over 1% for the week, is that there is a resilience to = the=20 markets right now. Economics continue to improve, earnings more = often than=20 not are ahead of forecasts, confidence remains good (critical to = consumer=20 spending continuing). I remain fully invested in small and micro cap = growth=20 stocks, and managed to make money this past week despite Russell = 2000 being=20 down 1.25%. But I am also not finding new candidates, just riding = what I=20 already have.=20
JAPAN
Moody's downgraded their credit rating two = more=20 notches, putting them one below Botswana and even with Kuwait. Govt = debt=20 stands at 140% of their GDP as they appear headed back into a double = dip=20 recession after one quarter of minor GDP growth.=20
ECONOMICS - watch the = trend in=20 revisions, and actual reports vs expectations
University of Michigan's Consumer Sentiment = Index for=20 May surprised all by being revised upward to 96.9 from 96.0. It was = 93.0 in=20 April. Consumer views of the state of the economy was revised = sharply up to=20 103.5, April was 99.2. Consumer expectations was also revised = sharply upward=20 to 92.7 from 91.3 after reporting 89.1 in April.
 
Chicago Purchasing Managers index was = expected to rise=20 to 55 in May from 54.7 in April, instead leapt to 60.8, suggesting = that=20 business spending is starting to pick up strongly. This index is = seen as=20 often mirroring the nat'l report, due out next Monday.
 
US factory orders rose 1.2% in May from 1.0% = in April,=20 expected was a rise of just 0.7%. The trend is clear, this was the = fifth=20 consecutive month of gains.
 
Productivity grew at a revised 8.4% annual = rate=20 (preliminary was 8.6%, no change was expected) during the first = quarter.=20 This is the strongest since Q2 1983.
 
On unemployment, new claims declined but = remained=20 above 400K for the 8th week. Those continuing to receive benefits = rose 50K=20 to 3.89 million, highest since Jan 15, 1983 (course there are a lot = more=20 people working today compared to 1983). This recovery is taking on = some=20 signs, with regard to employment, suggesting the 1990-1991 recovery, = when=20 unemployment remained high for over a year. Overall rate of = unemployment is=20 expected to be reported next week at 6.1%, up from 6%. Of course, it = was not=20 that many years ago, before Greenspan proved he could fight = inflation, that=20 the markets believed that unemployment much below 6% was = inflationary, and=20 under 5% was dangerous. The May Unemployment Report is the big = economic one=20 for next week, due on Friday.
 
Consumer confidence rose to 109.8 from a = revised April=20 level of 108.5, expectations were for a rate of 110.0.
 
Existing home sales jumped 7% to an annual = rate of=20 5.79 million units, up from a revised April rate of 5.41, and well = ahead of=20 expectations for 5.35 million units. With existing sales remaining = strong, I=20 would expect to see new home sales also remain strong = overall.
 
Personal spending rose 0.5% (I did my share = and a few=20 others as well), while personal income rose 0.3% (someone else got = mine).=20 Income was in line with expectations, while spending fell short of=20 expectations for a rise to 0.7%.

 =20
WORLEY'S WATCHLIST WANNABES
As always, I will mention specific basing formations, such as = c&h,=20 double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper = Right) or=20 flat line bases (marked as Bx where x indicates the number of weeks = IMO).=20 Most stocks in this list will have both RS and EPS of 80 or better, = and be=20 close to their 12 month high. I try to glance at the earnings = forecast, and=20 eliminate any less than 20% for this year and next, but do no other = due=20 diligence. I exclude any stocks under any form of merger / = acquisition.=20
 
The population of stocks I am reviewing this weekend slid = further=20 this past week.
 
AMSG - kind of an odd looking c&h, Thursday broke up from a = nicely=20 declining handle on volume to the pivot point, worth watching
AZO - high handle forming
BEL - 6 week consolidation
ERES - BE
FCFS- B6, broke pivot Friday on 8X ADV
LION - B6
MCL - LLUR
OCAS - LLUR, no revenue growth
ODSY - 6 week consolidation, volume declining, another play on = the=20 aging baby boomer market?
PETM - LLUR
ROST - LLUR
SSNC - 6 week consolidation, mostly light volume
SYPR - nice 8 week consolidation, volume drying up, funds have = 54%, but=20 only because float very small due management having 87%, in my VR = Fund
WFMI - B3
ZAP - nice c&h
 
Happy Hunting,
 
3D""
Tom Worley
stkguru@bellsouth.net
AIM:=20 TexWorley

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------=_NextPart_001_0046_01C20E6D.C36BC800-- ------=_NextPart_000_0045_01C20E6D.C36BC800 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <004401c20e8f$4a788600$6501a8c0@TOMSBOX> Content-Location: USflag.gif R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_0045_01C20E6D.C36BC800-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Tom Worley Subject: [CANSLIM] Did you see that cartoon about you? Date: 08 Jun 2002 13:13:42 -0000 CANSLIMers-- You have just received a postcard from Tom Worley with a personal message and a cartoon about you. Please follow the link below to claim it: http://www.cartoonlink.com/cardgiftpickup.cgi?msgID=1023542022 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Chazmoore@aol.com Subject: [CANSLIM] FORG Date: 08 Jun 2002 17:59:30 EDT --part1_148.fadaf18.2a33d842_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit If you are interested in a small-cap low volume tech company, take a look at this one. It certainly does not qualify as a CANSLIMEr, but it appears ready for rapid expansion. I stumbled across this last week and though some of you micro-capers might like a look see. Charley --part1_148.fadaf18.2a33d842_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit If you are interested in a small-cap low volume tech company, take a look at this one. It certainly does not qualify as a CANSLIMEr, but it appears ready for rapid expansion.
I stumbled across this last week and though some of you micro-capers might like a look see.

Charley
--part1_148.fadaf18.2a33d842_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] FORG Date: 08 Jun 2002 19:49:44 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_01B3_01C20F25.A3448AE0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Thanks Charley, I would want to see at least another quarter of earnings = before I would trust the sharp turnaround, and tripling sales, seen in = Q3. ----- Original Message -----=20 Sent: Saturday, June 08, 2002 5:59 PM If you are interested in a small-cap low volume tech company, take a = look at this one. It certainly does not qualify as a CANSLIMEr, but it = appears ready for rapid expansion.=20 I stumbled across this last week and though some of you micro-capers = might like a look see.=20 Charley=20 ------=_NextPart_000_01B3_01C20F25.A3448AE0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Thanks Charley, I would want to see at least = another=20 quarter of earnings before I would trust the sharp turnaround, and = tripling=20 sales, seen in Q3.
 
----- Original Message -----=20
From: Chazmoore@aol.com=20
Sent: Saturday, June 08, 2002 5:59 PM
Subject: [CANSLIM] FORG

If you are = interested in=20 a small-cap low volume tech company, take a look at this one. It = certainly does=20 not qualify as a CANSLIMEr, but it appears ready for rapid expansion. =
I=20 stumbled across this last week and though some of you micro-capers might = like a=20 look see.

Charley
------=_NextPart_000_01B3_01C20F25.A3448AE0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Chazmoore@aol.com Subject: Re: [CANSLIM] FORG Date: 08 Jun 2002 19:56:25 EDT --part1_90.270a3a20.2a33f3a9_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Me too Tom, but I have put it on a watch list. Charley --part1_90.270a3a20.2a33f3a9_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Me too Tom, but I have put it on a watch list. Charley --part1_90.270a3a20.2a33f3a9_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] Worley's Weekend Weeview Date: 08 Jun 2002 20:27:41 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_01D4_01C20F2A.F04E94C0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_01D5_01C20F2A.F04E94C0" ------=_NextPart_001_01D5_01C20F2A.F04E94C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable ECONOMICS ISM Index (formerly NAPM) rose nicely to 55.7 in May from 53.9 in April, = continuing to show recovery in the manufacturing sector. Expected was = 55.0, and was the highest since Feb, '2000. Construction spending rose 0.2% in April after falling 1.2% in March. = Expected was a drop of 0.1%. Private residential construction rose 0.7% = to the highest annualized rate in history ($425.5 billion). Wholesale inventories continued to drop, down another 0.7%, while sales = rose 1.6%. The Inventory / Sales Ratio of 1.23 is the lowest on record, = clearly production must increase if sales continue. ------- UNEMPLOYMENT Looks like the volume of "refilers" is finally drying up as most = eligible for the extended benefits have apparently now filed. "New" = filers (which Labor has to date failed to be able to differentiate = between true new filers and refilers) finally dropped under 400K this = week, down to 383K, well below expectations of 405K, and dragging the 4 = week average down sharply to 411,250 from 419,750.=20 ------- EMPLOYMENT Friday's report surprised with positive news, overall unemployment = dropping to 5.8% from 6% instead of rising as expected to 6.1%. New jobs = were well under expectations, with 41K added instead of 75K. Revised new = jobs in April ended up only 6K. ------- WORLEY'S WATCHLIST WANNABES As always, I will mention specific basing formations, such as c&h, = double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat line bases (marked as Bx where x indicates the number of weeks = IMO). Most stocks in this list will have both RS and EPS of 80 or = better, and be close to their 12 month high. I try to glance at the = earnings forecast, and eliminate any less than 20% for this year and = next, but do no other due diligence. I exclude any stocks under any form = of merger / acquisition.=20 The population of stocks I am reviewing this weekend slid further this = past week. Daily lists were not even a page long, and little of = interest. The across the board slide in all indexes hurt a lot of = otherwise good looking charts. ABC - pushing the pivot point in a 7 week base AMZ - LLUR APSG - c&h CECO - nice 7 week base, just under pivot, volume drying up CHBS - base on base CHS - nice bounce off the 50dma, lot of insider selling COCO - nice consolidation, volume picking up CPS - 9 week c&h, volume hasn't dried up DKWD - LLUR DOCC - small cap, consolidating nicely in a bad "M", owned, in my VR = Fund ERES - LLUR, early stage, big move on Friday GLG - volatile B3 HRH - 2nd attempt to break out from the handle ODSY - B7 OVRL - triple bottom / c&h, owned & in my VR Fund PETM - was LLUR, b/o on good earnings news PRV - c&h SBUX - double bottom THC - B8 THO - retiring baby boomer stock? TRI - chart questionable right now, but another retiring baby boomer = stock TSN - saucer WSM - B2+ Happy Hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley ------=_NextPart_001_01D5_01C20F2A.F04E94C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
ECONOMICS
ISM Index (formerly NAPM) rose nicely to 55.7 in = May from=20 53.9 in April, continuing to show recovery in the manufacturing sector. = Expected=20 was 55.0, and was the highest since Feb, '2000.
 
Construction spending rose 0.2% in April after = falling=20 1.2% in March. Expected was a drop of 0.1%. Private residential = construction=20 rose 0.7% to the highest annualized rate in history ($425.5=20 billion).
 
Wholesale inventories continued to drop, down = another=20 0.7%, while sales rose 1.6%. The Inventory / Sales Ratio of 1.23 is the = lowest=20 on record, clearly production must increase if sales continue.

UNEMPLOYMENT
Looks like the volume of "refilers" is finally = drying up=20 as most eligible for the extended benefits have apparently now filed. = "New"=20 filers (which Labor has to date failed to be able to differentiate = between true=20 new filers and refilers) finally dropped under 400K this week, down to = 383K,=20 well below expectations of 405K, and dragging the 4 week average = down=20 sharply to 411,250 from 419,750.=20
EMPLOYMENT
Friday's report surprised with positive news, = overall=20 unemployment dropping to 5.8% from 6% instead of rising as expected to = 6.1%. New=20 jobs were well under expectations, with 41K added instead of 75K. = Revised new=20 jobs in April ended up only 6K.

WORLEY'S WATCHLIST WANNABES
As always, I will mention specific basing formations, such as = c&h,=20 double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat=20 line bases (marked as Bx where x indicates the number of weeks IMO). = Most stocks=20 in this list will have both RS and EPS of 80 or better, and be close to = their 12=20 month high. I try to glance at the earnings forecast, and eliminate any = less=20 than 20% for this year and next, but do no other due diligence. I = exclude any=20 stocks under any form of merger / acquisition.=20
 
The population of stocks I am reviewing this weekend slid = further this=20 past week. Daily lists were not even a page long, and little of = interest. The=20 across the board slide in all indexes hurt a lot of otherwise good = looking=20 charts.
 
ABC - pushing the pivot point in a 7 week base
AMZ - LLUR
APSG - c&h
CECO - nice 7 week base, just under pivot, volume drying up
CHBS - base on base
CHS - nice bounce off the 50dma, lot of insider selling
COCO - nice consolidation, volume picking up
CPS - 9 week c&h, volume hasn't dried up
DKWD - LLUR
DOCC - small cap, consolidating nicely in a bad "M", owned, in my = VR=20 Fund
ERES - LLUR, early stage, big move on Friday
GLG - volatile B3
HRH - 2nd attempt to break out from the handle
ODSY - B7
OVRL - triple bottom / c&h, owned & in my VR Fund
PETM - was LLUR, b/o on good earnings news
PRV - c&h
SBUX - double bottom
THC - B8
THO - retiring baby boomer stock?
TRI - chart questionable right now, but another retiring baby = boomer=20 stock
TSN - saucer
WSM - B2+
 
Happy Hunting,
 
3D""
Tom Worley
stkguru@bellsouth.net

AIM: = TexWorley
------=_NextPart_001_01D5_01C20F2A.F04E94C0-- ------=_NextPart_000_01D4_01C20F2A.F04E94C0 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <01d301c20f4c$7756bee0$6501a8c0@TOMSBOX> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_01D4_01C20F2A.F04E94C0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 08 Jun 2002 19:48:58 -0600 This seems a little confusing to me, probably some odd way the feds count workers and so on, maybe you can clear it up - how can expectations be for more jobs added than actually were, with a rise in unemployment, while in fact we had a fewer jobs added with a decrease in the unemployment rate. Something doesn't add up there. On 8 Jun 2002 at 20:27, Tom Worley wrote: > EMPLOYMENT > Friday's report surprised with positive news, overall unemployment dropping > to 5.8% from 6% instead of rising as expected to 6.1%. New jobs were well > under expectations, with 41K added instead of 75K. Revised new jobs in April > ended up only 6K. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 08 Jun 2002 22:18:55 -0400 Hi Patrick, That's because the jobs creation # comes from a poll of businesses, while the Unemployment # comes from a survey of households. So if either survey, both separate and independent, are inaccurate then you can see results like this. I do not expect to see next month's report decline further, rather more likely it will be back to 6%, but may also show more substantial addition of jobs at the same time. ----- Original Message ----- Sent: Saturday, June 08, 2002 9:48 PM This seems a little confusing to me, probably some odd way the feds count workers and so on, maybe you can clear it up - how can expectations be for more jobs added than actually were, with a rise in unemployment, while in fact we had a fewer jobs added with a decrease in the unemployment rate. Something doesn't add up there. On 8 Jun 2002 at 20:27, Tom Worley wrote: > EMPLOYMENT > Friday's report surprised with positive news, overall unemployment dropping > to 5.8% from 6% instead of rising as expected to 6.1%. New jobs were well > under expectations, with 41K added instead of 75K. Revised new jobs in April > ended up only 6K. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Bert Pesak" Subject: [CANSLIM] Russell Index Reconstitution Date: 09 Jun 2002 11:39:34 -0400 Hello All, Thought some of you might be interested in the changes in the Russell 3000 index that has been announced. The process will take some time. The funds holding the stocks that will be dumped from the index will have to sell them, and the new additions will have to be bought. This may create an opportunity Here is the url http://www.russell.com/US/Indexes/US/membership/recondirectory.asp Bert Pesak - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Al French" Subject: Re: [CANSLIM] Worley's Weekend Weeview - Unemployment reports Date: 09 Jun 2002 12:22:22 -0400 It is confusing, but it is not so much inaccurate surveys as it is measuring different things under different influences. Unemployment is not a measure of people without jobs (37.1% -the reciprocal of the 62.9% Employment/Population ratio); it is a measure of people without jobs who are actively seeking work, which is a much smaller number (5.8%). If, as recently occurred, unemployment benefits were increased in the same month as more people were hired, both unemployment and employment would increase. Last month, the extended unemployment benefits for 9/11 passed by Congress ran out for some workers. This probably caused for some of the drop in unemployment in May and may account for more in June but it won't affect the creation of new jobs. Unless one follows these numbers closely, I believe the easiest way to evaluate these reports is simply to watch the market's reaction to the news. The reaction shows up in the index futures markets in seconds. (The unemployment reports are issued at 8:30 AM, when futures are traded but prior to the opening of the equities markets.) Al French ----- Original Message ----- Sent: Saturday, June 08, 2002 10:18 PM > Hi Patrick, > > That's because the jobs creation # comes from a poll of businesses, while > the Unemployment # comes from a survey of households. So if either survey, > both separate and independent, are inaccurate then you can see results like > this. > > I do not expect to see next month's report decline further, rather more > likely it will be back to 6%, but may also show more substantial addition of > jobs at the same time. > > ----- Original Message ----- > From: "Patrick Wahl" > To: > Sent: Saturday, June 08, 2002 9:48 PM > Subject: Re: [CANSLIM] Worley's Weekend Weeview > > > This seems a little confusing to me, probably some odd way the feds count > workers > and so on, maybe you can clear it up - how can expectations be for more jobs > added than actually were, with a rise in unemployment, while in fact we had > a fewer > jobs added with a decrease in the unemployment rate. Something doesn't add > up > there. > > On 8 Jun 2002 at 20:27, Tom Worley wrote: > > > EMPLOYMENT > > Friday's report surprised with positive news, overall unemployment > dropping > > to 5.8% from 6% instead of rising as expected to 6.1%. New jobs were well > > under expectations, with 41K added instead of 75K. Revised new jobs in > April > > ended up only 6K. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: E2moskow@aol.com Subject: [CANSLIM] Re:CANSLIM CHECKLIST Date: 09 Jun 2002 12:45:43 EDT --part1_186.8ed069f.2a34e037_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Hi: Could some one kindly supply me with the Web site for the CANSLIM CHECKLIST, supplied to our group by I believe Mike Gibbons. Thanks Morris Moskowitz --part1_186.8ed069f.2a34e037_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Hi:
   Could some one kindly supply me with the Web site for the CANSLIM CHECKLIST, supplied to our group by I believe Mike Gibbons.  Thanks
Morris Moskowitz
--part1_186.8ed069f.2a34e037_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] Russell Index Reconstitution Date: 09 Jun 2002 09:52:48 -0700 (PDT) With a little search and replace, I turned it into a clean list. Enjoy Kent Norman Deletions 07-Jun-02 DDDP 3-DIMENSIONAL PHARMA THDO 3DO CO ACLA ACLARA BIOSCIENCES I IATV ACTV INC ADELA ADELPHIA COMMUNICATI ADVNA ADVANTA CORP AFOP ALLIANCE FIBER OPTIC ALD ALLIED CAP CORP NEW AMIE AMBASSADORS INTL INC AOLA AMERICA ONLINE LATIN AWA AMERICA WEST HLDG CO ACAS AMERICAN CAPITAL STR ARL AMERICAN RLTY INVS I AMTR AMTRAN INC ANST ANSOFT CORP AINN APPLIED INNOVATION I ACK ARMSTRONG HLDGS INC ARTG ART TECHNOLOGY GROUP ASPM ASPECT MED SYS INC ATTL AT & T LATIN AMER CO ATPG ATP OIL & GAS CORP ATSI ATS MED INC ASPX AUSPEX SYS INC AVN AVANIR PHARMACEUTICA AVAN AVANT IMMUNOTHERAPEU AVII AVI BIOPHARMA INC AVCI AVICI SYS INC AWRE AWARE INC MASS BCON BEACON POWER CORP BS BETHLEHEM STL CORP BSMD BIOSPHERE MEDICAL IN BLUE BLUE MARTINI SOFTWAR BMM BMC INDS INC MINN BCII BONE CARE INTL INC BRNC BRAUN CONSULTING INC CELL BRIGHTPOINT INC BRIO BRIO SOFTWARE INC BVSN BROADVISION INC BSQR BSQUARE CORP BPP BURNHAM PAC PPTYS IN CFLO CACHEFLOW INC CPE CALLON PETE CO DEL CACS CARRIER ACCESS CORP CESI CATALYTICA ENERGY SY CLTK CELERITEK INC CLPA CELL PATHWAYS INC NE CTRA CENTRA SOFTWARE INC CWON CHOICE ONE COMMUNICA CIPH CIPHERGEN BIOSYSTEMS CKCM CLICK COMMERCE INC CMGI CMGI INC CMRC COMMERCE ONE INC DEL CIO COMPUTERIZED THERMAL CFWY CONSOLIDATED FREIGHT CMTN COPPER MTN NETWORKS CORI CORILLIAN CORP CVAS CORVAS INTL INC CORV CORVIS CORP COSN COSINE COMMUNICATION CRDS CROSSROADS SYS INC CRIS CURIS INC CYGN CYGNUS INC CYTO CYTOGEN CORP DNDN DENDREON CORP DIGX DIGEX INC DEL DGIT DIGITAL GENERATION S DIGL DIGITAL LIGHTWAVE IN DTHK DIGITALTHINK INC DITC DITECH COMMUNICATION DVIND DIVINE INC DCNT DOCENT INC DSWT DURASWITCH INDUSTRIE DUSA DUSA PHARMACEUTICALS DYAX DYAX CORP EDEN EDEN BIOSCIENCE CORP EDSN EDISON SCHOOLS INC EEX EEX CORP EMEX EMEX CORP EMIS EMISPHERE TECHNOLOGI ESR ENCOMPASS SVCS CORP ENGA ENGAGE INC ENMD ENTREMED INC EXEE EXE TECHNOLOGIES INC EXTN EXTENSITY INC FA FAIRCHILD CORP FJC FEDDERS CORP FBCE FIBERCORE INC FCOM FOCAL COMMUNICATIONS GNSC GENAISSANCE PHARMACE GNLB GENELABS TECHNOLOGIE GENE GENOME THERAPEUTICS GNT GENSTAR THERAPEUTICS GENUD GENUITY INC GZMO GENZYME MOLECULAR ON GRB GERBER SCIENTIFIC IN GTCB GTC BIOTHERAPEUTICS INC HPOW H POWER CORP HEB HEMISPHERX BIOPHARMA HERBA HERBALIFE INTL INC HIFN HI / FN INC HYSQ HYSEQ INC STAT I-STAT CORP IBAS IBASIS INC IMNR IMMUNE RESPONSE CORP IINT INDUS INTL INC INSP INFOSPACE INC INKP INKINE PHARMACEUTICA ISSC INNOVATIVE SOLUTIONS INSM INSMED INC ISPH INSPIRE PHARMACEUTIC INTD INTELIDATA TECHNOLOG ININ INTERACTIVE INTELLIG INAP INTERNAP NETWORK SVC ICGE INTERNET CAP GROUP I INTV INTERVOICE-BRITE INC ITCD ITC DELTACOM INC JNIC JNI CORP KV.B K V PHARMACEUTICAL C KANA KANA SOFTWARE INC KCS KCS ENERGY INC KERX KERYX BIOPHARMACEUTI KME KEY3MEDIA GROUP INC LTRXE LANTRONIX INC LSBC LARGE SCALE BIOLOGY LWIN LEAP WIRELESS INTL I LXNT LEXENT INC LPTH LIGHTPATH TECHNOLOGI LDCL LOUDCLOUD INC LIC LYNCH INTERACTIVE CO MCHM MACROCHEM CORP DEL TMNG MANAGEENT NETWORK G MAXM MAXIM PHARMACEUTICAL MXWL MAXWELL TECHNOLOGIES MMR MCMORAN EXPLORATION MSS MEASUREMENT SPECIALT MKTY MECHANICAL TECHNOLOG TAXI MEDALLION FINL CORP MTWV METAWAVE COMMUNICATI MMG METROMEDIA INTL GROU MFI MICROFINANCIAL INC MSTR MICROSTRATEGY INC MVIS MICROVISION INC WASH MCEL MILLENNIUM CELL INC MRVT MIRAVANT MED TECHNOL MFLO MOLDFLOW CORP MRVC MRV COMMUNICATIONS I MLTX MULTEX COM INC NGEN NANOGEN INC NANX NANOPHASE TCHNOLOGIE NTG NATCO GROUP INC TEE NATIONAL GOLF PPTYS NSI NATIONAL SVC INDS IN NOPT NEON COMMUNICATIONS NEWH NEW HORIZONS WORLDWI NMSS NMS COMMUNICATIONS NASI NORTH AMERN SCIENTIF NFLD NORTHFIELD LABS INC NVTL NOVATEL WIRELESS INC NVAX NOVAVAX INC NOVT NOVOSTE CORP NTLO NTELOS INC OGLE OGLEBAY NORTON CO ONCO ON COMMAND CORP OCCF OPTICAL CABLE CORP ORCH ORCHID BIOSCIENCES I ORG ORGANOGENESIS INC OSCA OSCA INC PDGM PARADIGM GENETICS IN PIII PECO II INC PGTV PEGASUS COMMUNICATIO PMTR PEMSTAR INC PME PENTON MEDIA INC PTIX PERFORMANCE TECHNOLO PCR PERINI CORP PCYC PHARMACYCLICS INC PARS PHARMOS CORP PGE PRIME GROUP REALTY T PUMA PUMATECH INC PYR PYR ENERGY CORP RCOT RECOTON CORP RTIX REGENERATION TECH IN RZT RESORTQUEST INTL INC RZYM RIBOZYME PHARMACEUTI ROHN ROHN INDS INC RCCC RURAL CELLULAR CORP SABA SABA SOFTWARE INC SATC SATCON TECHNOLOGY CO SBAC SBA COMMUNICATIONS C SCLN SCICLONE PHARMACEUTI SKP SCPIE HLDGS INC SEI SEITEL INC SLTC SELECTICA INC SGSF SIGNALSOFT CORP SMDI SIRENZA MICRODEVICES SLI SLI INC FIBR SORRENTO NETWORKS CO SPTN SPARTAN STORES INC SITE SPECTRASITE HLDGS IN STRC SRI/SURGICAL EXPRESS STSI STAR SCIENTIFIC INC SBAS STARBASE CORP STEL STELLENT INC SRTI SUNRISE TELECOM INC SPRT SUPPORTSOFT INC SYMM SYMMETRICOM INC TGEN TARGETED GENETICS CO TWW TERREMARK WORLDWIDE TWTI THIRD WAVE TECHNOLOG TTP TITAN PHARMACEUTICAL TIE TITANIUM METALS CORP TRAD TRADESTATION GROUP I TBIO TRANSGENOMIC INC TXCC TRANSWITCH CORP TRPH TRIPATH TECHNOLOGY I UTCI UNIROYAL TECHNOLOGY UAXS UNIVERSAL ACCESS GLO LNUX VA SOFTWARE CORP VLNC VALENCE TECHNOLOGY I VLTS VALENTIS INC VCD VALUE CITY DEPT STOR VASO VASOMEDICAL INC VXGN VAXGEN INC VTIV VENTIV HEALTH INC VERT VERTICALNET INC VITX VI TECHNOLOGIES INC VION VION PHARMACEUTICALS VPHM VIROPHARMA INC VNWK VISUAL NETWORKS INC WAVX WAVE SYSTEMS CORP CWEI WILLIAMS CLAYTON ENE WJCI WJ COMUNICATIONS IN WLV WOLVERNE TUBE INC XNR XANSER CORP XYBR XYBERNAUT CORP ZIXI ZIXIT CORP ----------- Additions 07-Jun-02 ACMR A C MOORE ARTS & CRAFTS INC AAON AAON INC ABCB ABC BANCORP ACME ACME COMMUNICATION INC ATU ACTUANT CORP AAP ADVANCED AUTO PARTS INC APTI ADVANCED POWER TECHNOLOGY IN ATPX ADVANCED TECHNICAL PRODS INC ADVN B ADVANTA CORP ABCO ADVISORY BRD CO ARO AEROPOSTALE ATAC AFTERMARKET TECHNOLOGY CORP ALG ALAMO GROUP INC AMI ALARIS MED INC AWGI ALDERWOODS GROUP INC ALLE ALLEGIANT BANCORP INC ADS ALLIANCE DATA SYSTEMS CORP AIQ ALLIANCE IMAGING INC ALTH ALLOS THERAPEUTICS INC ALC ALLTRISTA CORP ATRS ALTIRIS INC EPAX AMBASSADORS GROUP INC MFA AMERICA FIRST MTG INVTS INC AHMH AMERICAN HOME MTG HLDGS INC AMZ AMERICAN MED SEC GROUP INC AMNB AMERICAN NATL BANKSHARES INC APPX AMERICAN PHARMACEUTICALS PTN AMGP AMERIGROUP CORP AHS AMN HEALTHCARE SERVICES INC AGL ANGELICA CORP ANT ANTEON INTL CORP ATH ANTHEM INC ANH ANWORTH MORTGAGE ASSET CP AXM APEX MORTGAGE CAPITAL AFCO APPLIED FILMS CORP RMK ARAMARK CORP ABG ASBURY AUTOMOTIVE GROUP INC ARDI AT RD INC AGIX ATHEROGENICS INC AVEA AVENUE A INC TBNC BANC CORP BKCT BANCORP CONN INC OZRK BANK OF THE OZARKS INC BNHN A BENIHANA INC BNT BENTLEY PHARMACEUTICALS INC BHL BERKSHIRE HILLS BANCORP INC BREL BIORELIANCE CORP BL BLAIR CORP BBA BOMBAY CO INC BFD BOSTONFED BANCORP INC BPRX BRADLEY PHARMACEUTICALS INC BRID BRIDGFORD FOODS CORP BKST BROOKSTONE INC BMTC BRYN MAWR BK CORP BY BWAY CORP CACH CACHE INC CFNB CALIFORNIA FIRST NTNL BANCOR CAC CAMDEN NATL CORP CMN CANTEL MEDICAL CORP CBCL CAPITOL BANCORP LTD DFIB CARDIAC SCIENCE INC CKEC CARMIKE CINEMAS INC CACB CASCADE BANCORP CAE CASCADE CORP CBBI CB BANCSHARES INC HAWAII CNTE CENTENE CORP DEL CTA CENTER TR INC CENT CENTRAL GARDEN & PET CO CPHD CEPHEID CERG CERES GROUP INC CMPP CHAMPS ENTMT INC DEL CRAI CHARLES RIVER ASSOCIATES CHFN CHARTER FINL CORP WEST PT GA CSI CHASE INDS INC CHTT CHATTEM INC CHKR CHECKERS DRIVE-IN RESTAURANT CHKE CHEROKEE INC DEL NEW CHGO CHICAGO PIZZA & BREWERY INC CQB CHIQUITA BRANDS INTL INC CTEC CHOLESTECH CORP CTZN CITIZENS FIRST BANCORP INC D CKR CKE RESTAURANTS INC DCPI CLARK DICK PRODTNS INC CLRO CLEARONE COMMUNICATIONS INC CFCP COASTAL FINL CORP DEL CLTX COLLATERAL THERAPEUTICS CBMD COLUMBIA BANCORP CMCO COLUMBUS MCKINNON CORP N Y FIX COMFORT SYS USA INC CMPC COMPUCOM SYS INC CHRZ COMPUTER HORIZONS CORP CPSI COMPUTER PROGRAMS & SYS INC CCRD CONCORD COMMUNICATIONS INC CRN CORNELL COMPANIES INC CPV CORRECTIONAL PPTYS TR CRRC COURIER CORP CRAY CRAY INC CCRN CROSS CTRY INC XMM CROSS MEDIA MARKETING CORP CTBC CTB INTL CORP CFI CULP INC CURE CURATIVE HEALTH SVCS INC DKWD D & K HEALTHCARE RES INC DAB DAVE & BUSTERS INC DLI DEL LABS INC DFS DEPARTMENT 56 INC DHB DHB INDS INC DRIV DIGITAL RIV INC DPII DISCOVERY PARTNERS INTL INC DJO DJ ORTHOPEDICS INC DOCC DOCUCORP INTL INC DHOM DOMINION HOMES INC DON DONNELLY CORP DW DREW INDS INC DRXR DREXLER TECHNOLOGY CORP DSCM DRUGSTORE COM INC DCO DUCOMMUN INC DEL DRCO DYNAMICS RESH CORP EBSI EAGLE BANCSHARES INC EMBX EMBREX INC EMCI EMC INS GROUP INC ELMG EMS TECHNOLOGIES INC ECSI ENDOCARDIAL SOLUTIONS INC ENSI ENERGYSOUTH INC EBF ENNIS BUSINESS FORMS INC ELAB EON LABS INC EPIX EPIX MEDICAL INC ERES ERESEARCHTECHNOLOGY INC ESCA ESCALADE INC EUNI EUNIVERSE INC EEFT EURONET WORLDWIDE INC TXCO EXPLORATION CO XJT EXPRESSJET HOLDINGS INC FAOO F A O INC FNBP F N B CORP VA FB FBR ASSET INVT CORP FNIS FIDELITY NATIONAL SOLTNS INC FNIN FINANCIAL INDS CORP FNLY FINLAY ENTERPRISES INC FCBP FIRST CMNTY BANCORP CALIF FDEF FIRST DEFIANCE FINL CORP FNC FIRST NATL CORP ORANGEBURG S FOBB FIRST OAK BROOK BANCSHARES I FSBK FIRST SOUTH BANCORP INC VA FSNM FIRST ST BANCORPORATION FAB FIRSTFED AMER BANCORP INC FPIC FPIC INS GROUP INC FNFN FRANKLIN FINL CORP TENN GAIA GAIAM INC GLYN GALYANS TRADING INC GME GAMESTOP CORP GRTS GART SPORTS CO GBND GENERAL BINDING CORP GNWR GENESEE & WYO INC GHVI GENESIS HEALTH VENTURE INC N GNSS GENESIS MICROCHIP INC DEL GCW GERBER CHILDRENSWEAR INC GDYS GOODYS FAMILY CLOTHING INC GRA GRACE W R & CO DEL NEW GSBI GRANITE ST BANKSHARES INC GPK GRAPHIC PACKAGING INTL CORP HAKI HALL KINION ASSOCIATES INC HGR HANGER ORTHOPEDIC GROUP INC HAFC HANMI FINL CORP HPOL HARRIS INTERACTIVE INC HNR HARVEST NATURAL RESOURCES IN HTHR HAWTHORNE FINL CORP HCSG HEALTHCARE SVCS GRP INC HTRN HEALTHTRONICS SURGICAL SVS I HL HECLA MNG CO HERB B HERBALIFE INTL INC HTG HERITAGE PPTY INVT TR INC HRLY HERLEY INDS INC DEL HOLX HOLOGIC INC HCOW HORIZON ORGANIC HOLDING HPLA HPL TECHNOLOGIES INC HBEK HUMBOLDT BANCORP HYC HYPERCOM CORP IRN IDINE REWARDS NETWORK INC IGTE IGATE CORP IMR IMCO RECYCLING INC BLUD IMMUCOR INC IMH IMPAC MTG HLDGS INC INHO INDEPENDENCE HLDG CO NEW INFT INFORTE CORP INOV INNOVEDA INC IDE INTEGRATED DEFENSE TECHNOLOG IPAR INTER PARFUMS INC IFCJ INTERCHANGE FINL SVCS S B N INMT INTERMET CORP BONZ INTERPORE INTL IMA INVERNESS MED INNOVATIONS IN INVN INVISION TECHNOLOGIES INC ITLA ITLA CAP CORP JCOM J2 GLOBAL COMMUNICATIONS INC JBLU JETBLUE AWYS CORP JAS A JO-ANN STORES INC JOUT JOHNSON OUTDOORS INC JOYG JOY GLOBAL INC KV A K V PHARMACEUTICAL CO KNSY KENSEY NASH CORP KEYS KEYSTONE AUTOMOTIVE INDS INC KIND KINDRED HEALTHCARE INC KFT KRAFT FOODS INC KYPH KYPHON INC LXBK L S B BANCSHARES N C LABS LABONE INC NEW LKFN LAKELAND FINL CORP LCI LANNET INC LWSN LAWSON SOFTWARE INC LFED LEEDS FED BANKSHARES INC TREE LENDINGTREE INC LCBM LIFECORE BIOMEDICAL INC LIFE LIFELINE SYS INC TVL LIN TV CORP LQMT LIQUIDMETAL TECHNOLOGIES CG LOEWS CORP LOOK LOOKSMART LTD LTC LTC PPTYS INC WLS LYON WILLIAM HOMES MCBC MACATAWA BK CORP LAVA MAGMA DESIGN AUTOMATION MSFG MAINSOURCE FINANCIAL GP INC MANT MANTECH INTL CORP MAPX MAPICS INC MPX MARINE PRODS CORP HZO MARINEMAX INC MVL MARVEL ENTERPRISES INC MASB MASSBANK CORP READ MASS MSC MATERIAL SCIENCES CORP MATR MATRIA HEALTHCARE INC MAXS MAXWELL SHOE INC MDTH MEDCATH CORP MRN MEDICAL STAFFING NETWK HLDGS MEDT MEDSOURCE TECHNOLOGIES INC MBVT MERCHANTS BANCSHARES MTEC MERIDIAN MED TECHNOLOGIES IN MMSI MERIT MED SYS INC MIMS MIM CORP MODT MODTECH HLDGS INC MCRI MONARCH CASINO & RESORT INC MOSY MONOLITHIC SYS TECHNOLOGY IN MNRO MONRO MUFFLER BRAKE INC PSTA MONTEREY PASTA CO MOSS MOSSIMO INC MWRK MOTHERS WK INC MGAM MULTIMEDIA GAMES INC NARA NARA BANCORP INC NASB NASB FINL INC NSDA NASSDA CORP NSTK NASTECH PHARMACEUTICAL INC NHR NATIONAL HEALTH REALTY INC EGOV NATIONAL INFO CONSORTIUM INC NAVG NAVIGATORS GROUP INC TNM NELSON THOMAS INC NEOF NEOFORMA COM INC NFLX NETFLIX COM INC NSCN NETSCREEN TECHNOLOGIES INC NFI NOVASTAR FINL INC ODSY ODYSSEY HEALTHCARE INC ORH ODYSSEY RE HLDGS CORP OHI OMEGA HEALTHCARE INVS INC OMCL OMNICELL INC OVTI OMNIVISION TECHNOLOGIES INC ONDI ONTRACK DATA INTL INC OLGC ORTHOLOGIC CORP OSIS OSI SYSTEMS INC OVRL OVERLAND DATA INC OSTK OVERSTOCK COM INC DEL PTSI P A M TRANSN SVCS INC PUBB PACIFIC UN BK CALIF PDYN PARADYNE NETWORKS INC PVSA PARKVALE FINL CORP PRTR PARTNERS TRUST FINCL GROUP I PCTY PARTY CITY CORP PYPL PAYPAL INC PDFS PDF SOLUTIONS INC PGC PEAPACK-GLADSTONE FINL CORP PEET PEETS COFFEE & TEA INC PEGA PEGASYSTEMS INC PENX PENFORD CORP PNFT PENN TRAFFIC CO NEW PRFS PENNROCK FINL SVCS CORP PEBO PEOPLES BANCORP INC PETC PETCO ANIMAL SUPPLIES PHEL PETROLEUM HELICOPTERS INC PNX PHOENIX COS INC NEW PRW PRACTICEWORKS INC PCO PREMCOR INC XLG PRICE LEGACY CORP PMSI PRIME MED SVCS INC NEW REVU PRINCETON REVIEW INC PFG PRINCIPAL FINANCIAL GROUP IN PVTB PRIVATEBANCORP INC POI PROTECTION ONE INC PILL PROXYMED PHARMACY INC PRU PRUDENTIAL FINL INC PTEK PTEK HLDGS INC QMED Q MED QMDC QUADRAMED CORP QDEL QUIDEL CORP QVDX QUOVADX INC RACN RACING CHAMPIONS ERTL CORP RGX RADIOLOGIX INC RNDC RAINDANCE COMM RAS RAIT INVT TR RPT RAMCO-GERSHENSON PPTYS TR RAY RAYTECH CORP DEL RGC REGAL ENTMT GROUP REMX REMEDYTEMP INC RSCR RES-CARE INC RSTO RESTORATION HARDWARE INC DEL RSC REX STORES CORP RNA RIBAPHARM INC RITA RITA MED SYS INC DEL RMHT RMH TELESERVICES INC RGLD ROYAL GOLD INC SLXP SALIX PHARMACEUTICALS INC SAXN SAXON CAPITAL INC SSFT SCANSOFT INC SCHN SCHNITZER STL INDS SMNS SEMINIS INC SHRP SHARPER IMAGE CORP SHEN SHENANDOAH TELECOMMUNICATION SCVL SHOE CARNIVAL INC STEC SIMPLETECH INC SNCI SONIC INNOVATIONS INC OKSB SOUTHWEST BANCORP INC OKLA SWWC SOUTHWEST WTR CO SLMD SPACELABS MED INC SPAR SPARTAN MTRS INC SFAM SPEEDFAM-IPEC INC TSA SPORTS AUTH INC SRX SRA INTL INC SSNC SS&C TECHNOLOGIES INC STGS STAGE STORES INC SCX STARRETT L S CO STB STATE BANCORP INC N.Y STSA STERLING FINL CORP WASH STRT STRATTEC SEC CORP SBIT SUMMIT BANCSHARES INC TEX SNBC SUN BANCORP INC SUBI SUN BANCORP INC SUNT SUNTRON CORP SUFI SUPERIOR FINANCIAL CORP DEL SURW SUREWEST COMMUNICATIONS SYNA SYNAPTICS INC SYPR SYPRIS SOLUTIONS INC TALK TALK AMERICA HLDGS INC TEN TENNECO AUTOMOTIVE INC THER THERASENSE INC TRBC THREE RIVS BANCORP INC TIER TIER TECHNOLOGIES INC TSCO TRACTOR SUPPLY CO TCI TRANSCONTINENTAL RLTY INVS TAP A TRAVELERS PPTY CAS CORP NEW TCBK TRICO BANCSHARES TRPS TRIPOS INC TRZ TRIZEC PROPERTIES INC TYL TYLER TECHNOLOGIES INC XPRS A U S XPRESS ENTERPRISES INC ULAB UNILAB CORP NEW UACA UNION ACCEP CORP UBSH UNION BANKSHARES CORP UCBI UNITED CMNTY BKS BLAIRSVLE G UDI UNITED DEFENSE INDS INC UNTD UNITED ONLINE INC USPI UNITED SURGICAL PARTNERS INT UTL UNITIL CORP UBP A URSTADT BIDDLE PPTYS INS VCLK VALUECLICK INC WOOF VCA ANTECH INC VRNT VERINT SYS INC VIBC VIB CORP VBAC VIRBAC CORP VIR VIRCO MFG CO VFGI VIRGINIA FINL CORP VSNX VISIONICS CORP DEL VBNJ VISTA BANCORP INC VWKS VITALWORKS INC VVUS VIVUS INC WSBI WARWICK CMNTY BANCORP INC PIK WATER PIK TECHNOLOGIES INC WCI WCI CMNTYS INC WTW WEIGHT WATCHERS INTL INC NEW WRP WELLSFORD REAL PPTYS INC WMAR WEST MARINE INC WFD WESTFIELD FINANCIAL INC WEDC WHITE ELECTR DESIGNS CORP JWL WHITEHALL JEWELLERS INC WGBC WILLOW GROVE BANCORP INC NEW WFHC WOMEN FIRST HEALTHCARE INT WORLD FUEL SVCS CORP WMGI WRIGHT MED GROUP INC YANB YARDVILLE NATL BANCORP YDNT YOUNG INNOVATIONS INC ZGEN ZYMOGENETICS INC --- Bert Pesak wrote: > Hello All, > > Thought some of you might be interested in the changes in the Russell > 3000 > index that has been announced. The process will take some time. The > funds > holding the stocks that will be dumped from the index will have to > sell > them, and the new additions will have to be bought. This may create > an > opportunity > > Here is the url > > http://www.russell.com/US/Indexes/US/membership/recondirectory.asp > > Bert Pesak > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Rich W" Subject: Re: [CANSLIM] Re:CANSLIM CHECKLIST Date: 09 Jun 2002 11:54:13 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00AB_01C20FAC.60064390 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Try this to learn more http://www.cwhcharts.com/methodologyFrame.htm but this is the one you want http://www.cwhcharts.com/canslim/ Rich Weinhold =20 636-240-7267 AAII CISIG Group.=20 STL Stock Analysis Group Coordinator ----- Original Message -----=20 From: E2moskow@aol.com=20 To: canslim@lists.xmission.com=20 Sent: Sunday, June 09, 2002 11:45 AM Subject: [CANSLIM] Re:CANSLIM CHECKLIST Hi:=20 Could some one kindly supply me with the Web site for the CANSLIM = CHECKLIST, supplied to our group by I believe Mike Gibbons. Thanks=20 Morris Moskowitz=20 ------=_NextPart_000_00AB_01C20FAC.60064390 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Try this to learn more
http://www.cwhchar= ts.com/methodologyFrame.htm
 
but this is the one you want
 
http://www.cwhcharts.com/cansl= im/
 
Rich Weinhold 
636-240-7267
AAII CISIG Group.
STL = Stock=20 Analysis
Group  Coordinator
----- Original Message -----
From:=20 E2moskow@aol.com=20
Sent: Sunday, June 09, 2002 = 11:45=20 AM
Subject: [CANSLIM] Re:CANSLIM=20 CHECKLIST

Hi:=20
   Could some one kindly supply me with the Web = site for=20 the CANSLIM CHECKLIST, supplied to our group by I believe Mike = Gibbons.=20  Thanks
Morris Moskowitz
=
------=_NextPart_000_00AB_01C20FAC.60064390-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Chazmoore@aol.com Subject: Re: [CANSLIM] Russell Index Reconstitution Date: 09 Jun 2002 15:32:17 EDT --part1_1a9.372d70f.2a350741_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Thanks Kent and Morris. Charley --part1_1a9.372d70f.2a350741_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Thanks Kent and Morris.
Charley
--part1_1a9.372d70f.2a350741_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: [CANSLIM] S&P index "M" Date: 09 Jun 2002 16:05:31 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C20FF9.64004D90 Content-Type: text/plain On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the highest probability target day. The next day it closed above the high of the previous day, signaling that a turn had been made. Then the very next day Thursday the market dropped again hitting an intra-day low of 1026.91 right at the bottom of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday! First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a market aberration causes the target to be overrun, yet prices will still close at or near the target levels. This could have happened Friday with the market closing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 will hold through the next low turn. Now for the much grimmer forecast. If Friday was not an aberration then it is very possible that the next turn low could break the 1012.45 level and possibly challenge last September's lows. At this point the picture is very muddy we will just have to sit back and let the market tell us where it is going to go. Assuming that Friday was indeed the low point of the current down move (hopefully Monday will give us a confirmation signal), then we can anticipate the next turn high to occur within four trading days of 6-14. The most likely targets for this turn would be a .382 retracement of the last move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .618 retracement of the same move. This would give us a target prices of 1048.41 for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating. In either case the next turn high will likely occur very soon and without much strength to the upside. Sorry Duke, it's not what I was hoping for either. For those of you who are strong optimists there is a low probability target of 1104.60 which if it occurs it would be late in the turn window. Of course if the market breaks the 1012.45 level on Monday then this forecast would no longer be valid. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C20FF9.64004D90 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the highest probability target day. The next day it closed above the high of the previo= us day, signaling that a turn had been made. Then the very next day Thursday t= he market dropped again hitting an intra-day low of 1026.91 right at the bottom of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday!<= o:p>

 

First the optimistic view. Sometimes these target levels can hold t= rue based on closing prices. This usually occurs when a market aberration causes the target to be overrun, yet prices will still close at or near the target levels. This could have happened Friday with the market closing at 1027.53.= If Friday was an aberration then the intra-day low of 1012.45 will hold through the next low turn.

 

Now for the much grimmer forecast. If Friday was not an aberration = then it is very possible that the next turn low could break the 1012.45 level an= d possibly challenge last September's lows.

 

At this point the picture is very muddy we will just have to sit ba= ck and let the market tell us where it is going to go.

 

Assuming that Friday was indeed the low point of the current down m= ove (hopefully Monday will give us a confirmation signal), then we can anticipa= te the next turn high to occur within four trading days of 6-14. The most like= ly targets for this turn would be a .382 retracement of the last move down whi= ch began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .618 retracement = of the same move. This would give us a target prices of 1048.41 for the .382 retracement and 1070.62. for the .618 retracemen= t. Both of these targets carry approximately the same probability rating.=

 

In either case the next turn high will likely occur very soon and without much strength to the upside. Sorry Duke, it's not what I was hoping for either. For those of you who are strong optimists there is a low probability target of 1104.60 which if it occurs it would be late in the tu= rn window.

 

Of course if the market breaks the 1012.45 level on Monday then this forecast would no longer be valid.

 

E

 



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C20FF9.64004D90-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Irvs521@aol.com Subject: Re: [CANSLIM] Re:CANSLIM CHECKLIST Date: 10 Jun 2002 03:38:24 EDT Morriis: www.cwhcharts.com/canslim IrvS - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: E2moskow@aol.com Subject: Re: [CANSLIM] Re:CANSLIM CHECKLIST Date: 10 Jun 2002 10:21:30 EDT --part1_83.1bf2d577.2a360fea_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit thanx Irv --part1_83.1bf2d577.2a360fea_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit thanx Irv --part1_83.1bf2d577.2a360fea_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] Web Link Date: 10 Jun 2002 13:51:18 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0008_01C21085.E52076C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable The latest WebLink is an analysis on NCEN. The story title appears to be AMN with a date from Friday instead of = today. At the bottom of the Home Page is a new advertisement for the THIRD = EDITION of the famous book HTMMIS. ------=_NextPart_000_0008_01C21085.E52076C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
The latest WebLink is an analysis on = NCEN.
The story title appears to be AMN with a date from = Friday=20 instead of today.
 
At the bottom of the Home Page is a new = advertisement for the=20 THIRD EDITION of the famous book HTMMIS.
------=_NextPart_000_0008_01C21085.E52076C0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: [CANSLIM] Software Date: 10 Jun 2002 16:02:54 -0500 I have heard many people mention VectorVest (V V) and I was wondering what other software people were using to help with their trading? I have done some paper trading on the recommendations of cupwatch.com, cwhcharts.com, and they seem to be a little hit and miss. Does anyone have experience with any of these chart pattern recognition sites or programs? Thanks Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Dr. R. Alan Ginsburg" Subject: Re: [CANSLIM] Software Date: 10 Jun 2002 19:47:47 -0400 RE: VectorVest I've used a number of data based, computer scanning systems to select stocks and market movement. By Far VectorVest is the BEST I've used. Their tech help via phone is fast, friendly and most helpful. I'm still using them. drjaws@bellsouth.net ----- Original Message ----- Sent: Monday, June 10, 2002 5:02 PM > I have heard many people mention VectorVest (V V) and I was wondering what > other software people were using to help with their trading? > > I have done some paper trading on the recommendations of cupwatch.com, > cwhcharts.com, and they seem to be a little hit and miss. > > Does anyone have experience with any of these chart pattern recognition > sites or programs? > > Thanks > > Mike Niemotka , PE > Sr. Principal Engineer > Baxter Healthcare Corporation > Route 120 & Wilson Road > Round Lake, IL 60073 > Tel (847) 270-4075 > Fax (847) 270-4525 > michael_niemotka@baxter.com > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] APSG Date: 10 Jun 2002 22:26:45 -0400 nice b/o from a short handle today on 9X ADV. Good fundies, RS 96, EPS 80. Group RS and SMR lousy at E. Small cap, broke $12 today, up 6%. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Mike Gibbons" Subject: RE: [CANSLIM] APSG Date: 11 Jun 2002 11:58:50 -1000 Hi Tom, As has been observed here before, a nice b/o is a sure-fire sell signal. Seems many interpreted it as such! Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Monday, June 10, 2002 4:27 PM nice b/o from a short handle today on 9X ADV. Good fundies, RS 96, EPS 80. Group RS and SMR lousy at E. Small cap, broke $12 today, up 6%. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Jeff Salisbury Subject: [CANSLIM] Test message: Do not reply Date: 11 Jun 2002 16:10:27 -0600 Hello canslim'ers,

This is a test.  For the next 60 seconds, this station is conducting...  Oh, sorry, I got carried away.  No need to reply to this email.

Jeff - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] APSG Date: 11 Jun 2002 22:52:34 -0400 I guess the "good news" is that volume today was only a third of yesterday's. My small cap growth have been bleeding red for several weeks now. ----- Original Message ----- Sent: Tuesday, June 11, 2002 5:58 PM Hi Tom, As has been observed here before, a nice b/o is a sure-fire sell signal. Seems many interpreted it as such! Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Monday, June 10, 2002 4:27 PM nice b/o from a short handle today on 9X ADV. Good fundies, RS 96, EPS 80. Group RS and SMR lousy at E. Small cap, broke $12 today, up 6%. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] S&P index "M" Date: 11 Jun 2002 22:10:09 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C211BE.A8F852A0 Content-Type: text/plain Today's market action all but confirms that Friday was no aberration, but was indeed a warning signal. I believe the high turn that I forecast for the time window of 6-10 to 6-20 was made today and well short of the low target of 1048.41. Even if the market should manage to make it up to 1048 over the course of the next few days the risk is far greater than the potential reward. The primary reason that I think this short term high turn has been made is because the S&P has closed significantly below the target range of 1034-1027 that I had forecast for the low turn that I had anticipated in my post from 5-21. Also in that post I had mentioned that there were two time windows that the low turn I was looking for could be made. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time window for the turn occurs, but the next high turn is made early in the window is often only one or two days up and is very weak with the market turning below target levels. When this happens the second time window for the target should be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of 6-14 has blown past its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect that this down swing could challenge last Septembers lows before a meaningful move up can be made. I wanted to get this post out tonight to warn those of you who give weight to my analysis. If any of you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happen. E -----Original Message----- Sent: Sunday, June 09, 2002 4:06 PM On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the highest probability target day. The next day it closed above the high of the previous day, signaling that a turn had been made. Then the very next day Thursday the market dropped again hitting an intra-day low of 1026.91 right at the bottom of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday! First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a market aberration causes the target to be overrun, yet prices will still close at or near the target levels. This could have happened Friday with the market closing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 will hold through the next low turn. Now for the much grimmer forecast. If Friday was not an aberration then it is very possible that the next turn low could break the 1012.45 level and possibly challenge last September's lows. At this point the picture is very muddy we will just have to sit back and let the market tell us where it is going to go. Assuming that Friday was indeed the low point of the current down move (hopefully Monday will give us a confirmation signal), then we can anticipate the next turn high to occur within four trading days of 6-14. The most likely targets for this turn would be a .382 retracement of the last move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .618 retracement of the same move. This would give us a target prices of 1048.41 for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating. In either case the next turn high will likely occur very soon and without much strength to the upside. Sorry Duke, it's not what I was hoping for either. For those of you who are strong optimists there is a low probability target of 1104.60 which if it occurs it would be late in the turn window. Of course if the market breaks the 1012.45 level on Monday then this forecast would no longer be valid. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C211BE.A8F852A0 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

Today's market action all but confirms that Friday was no aberration, but was indeed a warning signal. I believe the high turn that I forecast for the time window of 6-10 to 6-20 w= as made today and well short of the low target of 1048.41. Even if the market should manage to make it up to 1048 over the course of the next few days the risk is far greater than the potential reward.

 

The primary reason that I think this s= hort term high turn has been made is because the S&P has closed significantly below the target range of 1034-1027 that I had forecast for the low turn th= at I had anticipated in my post from 5-21. Also in that post I had mentioned that there were two time windows that the low turn I was looking for could be ma= de. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time win= dow for the turn occurs, but the next high turn is made early in the window is often only one or two days up and is very weak with the market turning below target levels. When this happens the second time window for the target shou= ld be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of 6-14 has blown pas= t its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect t= hat this down swing could challenge last Septembers lows before a meaningful mo= ve up can be made.

 

I wanted to get this post out tonight = to warn those of you who give weight to my analysis. If any of you are holding= on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happen.

 

E

 

-----Original Message-----
From: Hill, Ernie
Sent: Sunday, June 09, 2002 = 4:06 PM
To: 'canslim@lists.xmission.= com'
Subject: [CANSLIM] S&P i= ndex "M"

 

On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the high= est probability target day. The next day it closed above the high of the previo= us day, signaling that a turn had been made. Then the very next day Thursday t= he market dropped again hitting an intra-day low of 1026.91 right at the botto= m of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday!

 

First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a ma= rket aberration causes the target to be overrun, yet prices will still close at = or near the target levels. This could have happened Friday with the market clo= sing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 w= ill hold through the next low turn.

 

Now for the much grimmer forecast. If Friday was= not an aberration then it is very possible that the next turn low could break t= he 1012.45 level and possibly challenge last September's lows.

 

At this point the picture is very muddy we will = just have to sit back and let the market tell us where it is going to go.

 

Assuming that Friday was indeed the low point of= the current down move (hopefully Monday will give us a confirmation signal), th= en we can anticipate the next turn high to occur within four trading days of 6= -14. The most likely targets for this turn would be a .382 retracement of the la= st move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .= 618 retracement of the same move. This would give us a target prices of 1048.41= for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating.<= /font>

 

In either case the next turn high will likely oc= cur very soon and without much strength to the upside. Sorry Duke, it's not wha= t I was hoping for either. For those of you who are strong optimists there is a= low probability target of 1104.60 which if it occurs it would be late in the tu= rn window.

 

Of course if the market breaks the 1012.45 level= on Monday then this forecast would no longer be valid.

 

E

 



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C211BE.A8F852A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE:CORRECTION [CANSLIM] S&P index "M" Date: 11 Jun 2002 22:27:35 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C211C1.184DD6F0 Content-Type: text/plain See original message below sent earlier tonight the correction is underlined and in red. Sorry. -----Original Message----- Sent: Tuesday, June 11, 2002 10:10 PM Today's market action all but confirms that Friday was no aberration, but was indeed a warning signal. I believe the high turn that I forecast for the time window of 6-10 to 6-20 was made today and well short of the low target of 1048.41. Even if the market should manage to make it up to 1048 over the course of the next few days the risk is far greater than the potential reward. The primary reason that I think this short term high turn has been made is because the S&P has closed significantly below the target range of 1034-1027 that I had forecast for the low turn that I had anticipated in my post from 5-21. Also in that post I had mentioned that there were two time windows that the low turn I was looking for could be made. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time window for the turn occurs, but the next high turn is made early in the window is often only one or two days up and is very weak with the market turning below target levels. When this happens the second time window for the turn should be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of 6-4 has blown past its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect that this down swing could challenge last Septembers lows before a meaningful move up can be made. I wanted to get this post out tonight to warn those of you who give weight to my analysis. If any of you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happen. E -----Original Message----- Sent: Sunday, June 09, 2002 4:06 PM On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the highest probability target day. The next day it closed above the high of the previous day, signaling that a turn had been made. Then the very next day Thursday the market dropped again hitting an intra-day low of 1026.91 right at the bottom of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday! First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a market aberration causes the target to be overrun, yet prices will still close at or near the target levels. This could have happened Friday with the market closing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 will hold through the next low turn. Now for the much grimmer forecast. If Friday was not an aberration then it is very possible that the next turn low could break the 1012.45 level and possibly challenge last September's lows. At this point the picture is very muddy we will just have to sit back and let the market tell us where it is going to go. Assuming that Friday was indeed the low point of the current down move (hopefully Monday will give us a confirmation signal), then we can anticipate the next turn high to occur within four trading days of 6-14. The most likely targets for this turn would be a .382 retracement of the last move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .618 retracement of the same move. This would give us a target prices of 1048.41 for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating. In either case the next turn high will likely occur very soon and without much strength to the upside. Sorry Duke, it's not what I was hoping for either. For those of you who are strong optimists there is a low probability target of 1104.60 which if it occurs it would be late in the turn window. Of course if the market breaks the 1012.45 level on Monday then this forecast would no longer be valid. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C211C1.184DD6F0 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

See original message below sent earlier tonight the correction is underlined and in red. Sorry.

 

-----Original Message-----
From: Hill, Ernie
Sent: Tuesday, June 11, 2002= 10:10 PM
To: 'canslim@lists.xmission.= com'
Subject: RE: [CANSLIM] S&= ;P index "M"

 

Today's market acti= on all but confirms that Friday was no aberration, but was indeed a warning signal= . I believe the high turn that I forecast for the time window of 6-10 to 6-20 w= as made today and well short of the low target of 1048.41. Even if the market should manage to make it up to 1048 over the course of the next few days the risk is far greater than the potential reward.

 

The primary reason = that I think this short term high turn has been made is because the S&P has cl= osed significantly below the target range of 1034-1027 that I had forecast for t= he low turn that I had anticipated in my post from 5-21. Also in that post I h= ad mentioned that there were two time windows that the low turn I was looking = for could be made. What has happened almost always occurs when the market is in= the midst of a strong trend. In this case a down trend. The first and most like= ly time window for the turn occurs, but the next high turn is made early in the window is often only one or two days up and is very weak with the market turning below target levels. When this happens the second time window for t= he turn<= span style=3D'font-size:10.0pt;font-family:Arial;color:navy'> should be expected= and the move is exaggerated. This means that the low turn I had originally fore= cast to occur within four trading days of 6= -4 has blown past its target and should now occur within four tra= ding days of 6-26. I haven't had time yet to calculate the likely targets for th= is turn, but I suspect that this down swing could challenge last Septembers lo= ws before a meaningful move up can be made.

 

I wanted to get thi= s post out tonight to warn those of you who give weight to my analysis. If any of = you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happen.

 

E=

 

-----Original Message-----
From: Hill, Ernie
Sent: Sunday, June 09, 2002 = 4:06 PM
To: 'canslim@lists.xmission.= com'
Subject: [CANSLIM] S&P i= ndex "M"

 

On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the high= est probability target day. The next day it closed above the high of the previo= us day, signaling that a turn had been made. Then the very next day Thursday t= he market dropped again hitting an intra-day low of 1026.91 right at the botto= m of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday!

 

First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a ma= rket aberration causes the target to be overrun, yet prices will still close at = or near the target levels. This could have happened Friday with the market clo= sing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 w= ill hold through the next low turn.

 

Now for the much grimmer forecast. If Friday was= not an aberration then it is very possible that the next turn low could break t= he 1012.45 level and possibly challenge last September's lows.

 

At this point the picture is very muddy we will = just have to sit back and let the market tell us where it is going to go.

 

Assuming that Friday was indeed the low point of= the current down move (hopefully Monday will give us a confirmation signal), th= en we can anticipate the next turn high to occur within four trading days of 6= -14. The most likely targets for this turn would be a .382 retracement of the la= st move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .= 618 retracement of the same move. This would give us a target prices of 1048.41= for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating.<= /font>

 

In either case the next turn high will likely oc= cur very soon and without much strength to the upside. Sorry Duke, it's not wha= t I was hoping for either. For those of you who are strong optimists there is a= low probability target of 1104.60 which if it occurs it would be late in the tu= rn window.

 

Of course if the market breaks the 1012.45 level= on Monday then this forecast would no longer be valid.

 

E

 



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please = notify the
sender.
************************************************= ******************



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C211C1.184DD6F0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] APSG Date: 12 Jun 2002 09:42:27 -0400 Mike, et al: Check out today's WEBLINK. Some pretty frank language about our common gripe these days. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Mike Gibbons Sent: Tuesday, June 11, 2002 5:59 PM Hi Tom, As has been observed here before, a nice b/o is a sure-fire sell signal. Seems many interpreted it as such! Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Monday, June 10, 2002 4:27 PM nice b/o from a short handle today on 9X ADV. Good fundies, RS 96, EPS 80. Group RS and SMR lousy at E. Small cap, broke $12 today, up 6%. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: RE: [CANSLIM] APSG Date: 12 Jun 2002 10:16:20 -0600 My sentiments exactly, from IBD article - Let=99s face it -- this market stinks. On 12 Jun 2002 at 9:42, Duke Miller wrote: > Check out today's WEBLINK. Some pretty frank language about our common > gripe these days. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] APSG Date: 12 Jun 2002 13:36:16 EDT Duke: IBD's Big Picture also has monitory notes as to investors/speculators buying stocks nowadays. Here is the relevant passage: "At the very least, the market's most recent failure proves again why it's dangerous to rush back in at the first whiff of strength. Friday's high-volume reversal offered some hope. But without a follow-through session in which one of the big indexes rallies 2% or more in heavier volume than the prior day, there was no reason to test the waters. Even when the market follows through, you still need to be careful. Fundamentally strong stocks should break out of well-formed bases. If you don't see leaders, you don't buy. That automatically limits your exposure. How much longer can this grinding market last? It has for the most part ignored the Fed's 11 rate cuts, the medicine that usually cures bear markets. You have to go back to 1929-32 to find another instance in which stocks defied the Fed for so long. Fortunately, our economy faces nothing like the deflation and depression of the early 1930s. But we are working through a tech bubble that far surpassed the euphoria of the 1920s." jans In a message dated 6/12/2002 10:43:54 AM Eastern Daylight Time, dukemill@tampabay.rr.com writes: << Mike, et al: Check out today's WEBLINK. Some pretty frank language about our common gripe these days. Duke >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] APSG Date: 12 Jun 2002 14:07:05 -0400 Thanks, Jans... Only positions I'm riding are NFI and FB, both of which finance REIT's...with dividends in the 15% neighborhood. Beats CD's!?! Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Spencer48@aol.com Sent: Wednesday, June 12, 2002 1:36 PM Duke: IBD's Big Picture also has monitory notes as to investors/speculators buying stocks nowadays. Here is the relevant passage: "At the very least, the market's most recent failure proves again why it's dangerous to rush back in at the first whiff of strength. Friday's high-volume reversal offered some hope. But without a follow-through session in which one of the big indexes rallies 2% or more in heavier volume than the prior day, there was no reason to test the waters. Even when the market follows through, you still need to be careful. Fundamentally strong stocks should break out of well-formed bases. If you don't see leaders, you don't buy. That automatically limits your exposure. How much longer can this grinding market last? It has for the most part ignored the Fed's 11 rate cuts, the medicine that usually cures bear markets. You have to go back to 1929-32 to find another instance in which stocks defied the Fed for so long. Fortunately, our economy faces nothing like the deflation and depression of the early 1930s. But we are working through a tech bubble that far surpassed the euphoria of the 1920s." jans In a message dated 6/12/2002 10:43:54 AM Eastern Daylight Time, dukemill@tampabay.rr.com writes: << Mike, et al: Check out today's WEBLINK. Some pretty frank language about our common gripe these days. Duke >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Ian Subject: Re: [CANSLIM] APSG Date: 12 Jun 2002 14:02:33 -0700 "My small cap growth have been bleeding red for several weeks now." Me too. The last 8 days have been very, very ugly in my stock universe. I peaked at a new high last Monday morning, and am off a tad under 6% in the intervening 8 trading days, knocking my quarterly gain down to 12%. I've been moving to a very high cash position, and am going to go take a holiday and see what things look like when I get back. Cheers, Ian ----- Original Message ----- Sent: Tuesday, June 11, 2002 7:52 PM > I guess the "good news" is that volume today was only a third of > yesterday's. My small cap growth have been bleeding red for several weeks > now. > > ----- Original Message ----- > From: "Mike Gibbons" > To: > Sent: Tuesday, June 11, 2002 5:58 PM > Subject: RE: [CANSLIM] APSG > > > Hi Tom, > > As has been observed here before, a nice b/o is a sure-fire sell signal. > Seems many interpreted it as such! > > Aloha, > > Mike Gibbons > Proactive Technologies, LLC > http://www.proactech.com > > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley > Sent: Monday, June 10, 2002 4:27 PM > To: CANSLIM > Subject: [CANSLIM] APSG > > > nice b/o from a short handle today on 9X ADV. Good fundies, RS 96, EPS 80. > Group RS and SMR lousy at E. Small cap, broke $12 today, up 6%. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: [CANSLIM] "M" History Date: 13 Jun 2002 10:46:07 -0500 Since "M" is not being nice- I have focused my attention in the = short-term on "M's" history over the past 100 - 150 years to try to = better understand what makes this machine tick. I have found a couple of = resources that cover this topic, provide timelines, etc. but would = appreciate any known quality resources the group has used in the past = for such purposes.=20 Kelly Short Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 11:59:47 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C212FB.B934C610 Content-Type: text/plain I don't have a resource to contribute at this time but, I have seen two interviews lately on CNBC one with Art Cashin (an "experienced" floor trader) and the other with Warren Buffet. Both of these men made reference to a 17.6 year cycle and point out that the major bull market that ended in 2000 began in 1983. They both expect the next 17.6 years to be lean by comparison. Mr. buffet even went on to talk about how the market has performed all the way back to 1929, and pointed out the influence of this cycle and how the market was affected by it despite how the economy was performing. Unfortunately I did not have my full attention focused on either interview so I missed much of what was said about specific time periods and how the market related to the economy during those time periods. However, what I did hear did not sound very encouraging for the next 15 years! E -----Original Message----- Sent: Thursday, June 13, 2002 10:46 AM Since "M" is not being nice- I have focused my attention in the short-term on "M's" history over the past 100 - 150 years to try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. but would appreciate any known quality resources the group has used in the past for such purposes. Kelly Short Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C212FB.B934C610 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

I don't have a resource to contribute at this time but, I have seen= two interviews lately on CNBC one with Art Cashin (an "experienced" floor trader) and the other with Warren Buffet. Both of these men made reference to a 17.6 year cycle and point out that the major bull market tha= t ended in 2000 began in 1983.

 

They both expect the next 17.6 years to be lean by comparison. Mr. = buffet even went on to talk about how the market has performed all the way back to 1929, and pointed out the influence of this cycle and how the market was affected by it despite how the economy was performing.

 

Unfortunately I did not have my full attention focused on either in= terview so I missed much of what was said about specific time periods and how the market related to the economy during those time periods.<= /font>

 

However, what I did hear did not sound very encouraging for the nex= t 15 years!

 

E

 

-----Original Message-----
Sent: Thursday, June 13, 2002 10:46 AM

 

Since "M" is not being nice- I have focused my attention = in the short-term on "M's" history over the past 100 - 150 years to = try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. but would apprecia= te any known quality resources the group has used in the past for such purpose= s.

 

Kelly Short

 

Business Development Manager

Neoris, Inc.

(817) 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To subscribe/unsubscribe, email "majordomo@xmission.com"=

-In the email body, write "subscribe canslim" or

-"unsubscribe canslim".&= nbsp; Do not use quotes in your email.



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C212FB.B934C610-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 11:15:34 -0600 I posted that interview a week or two ago, plus a link to longer term chart that shows this cycle. Will repost link if anyone missed first post and is interested in seeing longer term charts (40 and 60 or so years). On 13 Jun 2002 at 11:59, Hill, Ernie wrote: > I don't have a resource to contribute at this time but, I have seen two > interviews lately on CNBC one with Art Cashin (an "experienced" floor > trader) and the other with Warren Buffet. Both of these men made reference > to a 17.6 year cycle and point out that the major bull market that ended in > 2000 began in 1983. > > They both expect the next 17.6 years to be lean by comparison. Mr. buffet > even went on to talk about how the market has performed all the way back to > 1929, and pointed out the influence of this cycle and how the market was > affected by it despite how the economy was performing. > > Unfortunately I did not have my full attention focused on either interview > so I missed much of what was said about specific time periods and how the > market related to the economy during those time periods. > > However, what I did hear did not sound very encouraging for the next 15 > years! > > E > > -----Original Message----- > From: Kelly Short [mailto:kelly.short@neoris.com] > Sent: Thursday, June 13, 2002 10:46 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] "M" History > > Since "M" is not being nice- I have focused my attention in the short-term > on "M's" history over the past 100 - 150 years to try to better understand > what makes this machine tick. I have found a couple of resources that cover > this topic, provide timelines, etc. but would appreciate any known quality > resources the group has used in the past for such purposes. > > Kelly Short > > Business Development Manager > Neoris, Inc. > (817) 731-0995 > mailto:kelly.short@neoris.com > http://www.neoris.com > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > ****************************************************************** > This email and any files transmitted with it from the ElPaso > Corporation are confidential and intended solely for the > use of the individual or entity to whom they are addressed. > If you have received this email in error please notify the > sender. > ****************************************************************** > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 13:24:06 -0400 Kelly, I have an old link to a website (last updated in 1997!?!) But, anyway, I still think the charts are really cool. Check it out... http://cpcug.org/user/invest/bigpic2.html John C. -----Original Message----- Sent: Thursday, June 13, 2002 11:46 AM Since "M" is not being nice- I have focused my attention in the short-term on "M's" history over the past 100 - 150 years to try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. but would appreciate any known quality resources the group has used in the past for such purposes. Kelly Short Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Mike Gibbons" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 08:26:26 -1000 This is a multi-part message in MIME format. ------=_NextPart_000_004E_01C212B4.029493A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Leibniz, 1703, as quoted in Against the Gods* - "Nature has established patterns originating in the return of events, but only for the most part" G. K Chesterton, same source - "The real trouble with this world of ours is not that it is an unreasonable world, nor even that it is an unreasonable one. The commonest kind of trouble is that it is nearly reasonable, but not quite. Life is not an illogicality; yet it is a trap for logicians. It looks just a little more mathematical and regular than it is; it's exactitude is obvious, but its inexactitude is hidden; its wildness lies in wait". In every recession and every recovery, the political and economic conditions are different from (sometimes more, sometimes less) those that preceded it, and our understanding of the underlying causes and effects, and our sentiments about the future, are influenced by what we learned from the last cycle. All we know for certain, is that the future will be similar to, but different from, the past. * Peter L Bernsetein "Against the Gods - The Remarkable story of Risk". Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Hill, Ernie Sent: Thursday, June 13, 2002 7:00 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] "M" History I don't have a resource to contribute at this time but, I have seen two interviews lately on CNBC one with Art Cashin (an "experienced" floor trader) and the other with Warren Buffet. Both of these men made reference to a 17.6 year cycle and point out that the major bull market that ended in 2000 began in 1983. They both expect the next 17.6 years to be lean by comparison. Mr. buffet even went on to talk about how the market has performed all the way back to 1929, and pointed out the influence of this cycle and how the market was affected by it despite how the economy was performing. Unfortunately I did not have my full attention focused on either interview so I missed much of what was said about specific time periods and how the market related to the economy during those time periods. However, what I did hear did not sound very encouraging for the next 15 years! E -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com] Sent: Thursday, June 13, 2002 10:46 AM To: canslim@lists.xmission.com Subject: [CANSLIM] "M" History Since "M" is not being nice- I have focused my attention in the short-term on "M's" history over the past 100 - 150 years to try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. but would appreciate any known quality resources the group has used in the past for such purposes. Kelly Short Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------=_NextPart_000_004E_01C212B4.029493A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Leibniz, 1703, as quoted in Against the Gods* - "Nature has = established=20 patterns originating in the return of events, but only for the most=20 part"
 
G. K=20 Chesterton, same source - "The real trouble with this world of ours is = not that=20 it is an unreasonable world, nor even that it is an unreasonable one. = The=20 commonest kind of trouble is that it is nearly reasonable, but not = quite. Life=20 is not an illogicality; yet it is a trap for logicians. It looks just a = little=20 more mathematical and regular than it is; it's exactitude is obvious, = but its=20 inexactitude is hidden; its wildness lies in wait".
 
In=20 every recession and every recovery, the political and economic = conditions are=20 different from (sometimes more, sometimes less) those that preceded it, = and our=20 understanding of the underlying causes and effects, and our sentiments = about the=20 future, are influenced by what we learned from the last cycle. All = we know=20 for certain, is that the future will be similar to, but different from, = the=20 past.
 
*=20 Peter L Bernsetein "Against the Gods - The Remarkable story of=20 Risk".
 
Aloha,
 
Mike Gibbons
Proactive Technologies, = LLC
http://www.proactech.com
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Hill,=20 Ernie
Sent: Thursday, June 13, 2002 7:00 AM
To:=20 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM] "M"=20 History

I don't have a resource to contribute at = this time=20 but, I have seen two interviews lately on CNBC one with Art Cashin (an = "experienced" floor trader) and the other with Warren Buffet. Both of = these=20 men made reference to a 17.6 year cycle and point out that the major = bull=20 market that ended in 2000 began in 1983.

 

They both expect the next 17.6 years to be = lean by=20 comparison. Mr. buffet even went on to talk about how the market has = performed=20 all the way back to 1929, and pointed out the influence of this cycle = and how=20 the market was affected by it despite how the economy was=20 performing.

 

Unfortunately I did not have my full = attention focused=20 on either interview so I missed much of what was said about specific = time=20 periods and how the market related to the economy during those time=20 periods.

 

However, what I did hear did not sound very=20 encouraging for the next 15 years!

 

E

 

-----Original Message-----
From: Kelly = Short=20 [mailto:kelly.short@neoris.com]
Sent: Thursday, June 13, 2002 = 10:46=20 AM
To: canslim@lists.xmission.com
Subject: [CANSLIM] "M"=20 History

 

Since "M" is not being nice- I have focused = my=20 attention in the short-term on "M's" history over the past 100 - 150 = years to=20 try to better understand what makes this machine tick. I have found a = couple=20 of resources that cover this topic, provide timelines, etc. but would=20 appreciate any known quality resources the group has used in the past = for such=20 purposes.

 

Kelly Short

 

Business Development=20 Manager

Neoris, Inc.

(817) 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the email body, write "subscribe = canslim"=20 or

-"unsubscribe canslim".  Do not use quotes in your=20 email.



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso =
Corporation are=20 confidential and intended solely for the
use of the individual or = entity=20 to whom they are addressed.
If you have received this email in = error=20 please notify the=20 =
sender.
**********************************************************= ********
------=_NextPart_000_004E_01C212B4.029493A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Chazmoore@aol.com Subject: Re: [CANSLIM] "M" History Date: 13 Jun 2002 14:35:59 EDT --part1_14d.f3ae5d3.2a3a400f_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Thanks for the "history" quotations Mike. I heard about the 18 year cycle the other day and it just didn't ring true. For some reason many commentators ask if we are heading for another crash like 1929. How foolish. We may have a crash but it won't be like 1929, or any other crash. I do believe it is instructive to look at historical events, but not because it lets one predict the future. History tells us how we got here; not where we are going. Charley --part1_14d.f3ae5d3.2a3a400f_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Thanks for the "history" quotations Mike. I heard about the 18 year cycle the other day and it just didn't ring true. For some reason many commentators ask if we are heading for another crash like 1929. How foolish. We may have a crash but it won't be like 1929, or any other crash.
I do believe it is instructive to look at historical events, but not because it lets one predict the future. History tells us how we got here; not where we are going.

Charley
--part1_14d.f3ae5d3.2a3a400f_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Rocky Sanghvi" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 15:03:17 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_00C9_01C212EB.72DF0C30 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit It seems that we're destined to repeat history in more ways than one. We're reverting back to the classic - show me your real cash flow financial statements. And this is causing a great deal of consternation. Real cash flow? You mean like Warren Buffett? You mean like no stock options / tax benefits? What is this world coming to? Also another factor of concern is the enormity of the housing bubble and the financial shenigans around mortgages and refinancing. http://www.prudentbear.com/archive_comm_article.asp?category=Credit+Bubble+B ulletin&content_idx=12232 Rocky -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Chazmoore@aol.com Sent: Thursday, June 13, 2002 2:36 PM Thanks for the "history" quotations Mike. I heard about the 18 year cycle the other day and it just didn't ring true. For some reason many commentators ask if we are heading for another crash like 1929. How foolish. We may have a crash but it won't be like 1929, or any other crash. I do believe it is instructive to look at historical events, but not because it lets one predict the future. History tells us how we got here; not where we are going. Charley ------=_NextPart_000_00C9_01C212EB.72DF0C30 Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable
It=20 seems that we're destined to repeat history in more ways than one.  = We're=20 reverting back to the classic - show me your real cash flow financial=20 statements.  And this is causing a great deal of = consternation.  =20 Real cash flow?  You mean like Warren Buffett?  You mean like = no stock=20 options / tax benefits?  What is this world coming to? =20
 
Also=20 another factor of concern is the enormity of the housing bubble and the=20 financial shenigans around mortgages and refinancing.  =
http://www.prudentbear.com/= archive_comm_article.asp?category=3DCredit+Bubble+Bulletin&content_id= x=3D12232
 
Rocky
 
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]On=20 Behalf Of Chazmoore@aol.com
Sent: Thursday, June 13, 2002 = 2:36=20 PM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM] "M"=20 History

Thanks for=20 the "history" quotations Mike. I heard about the 18 year cycle the other = day and=20 it just didn't ring true. For some reason many commentators ask if we = are=20 heading for another crash like 1929. How foolish. We may have a crash = but it=20 won't be like 1929, or any other crash.
I do believe it is = instructive to=20 look at historical events, but not because it lets one predict the = future.=20 History tells us how we got here; not where we are going. =

Charley
=20
------=_NextPart_000_00C9_01C212EB.72DF0C30-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 14:56:33 -0500 Patrick, I must have missed your original post on the subject. I would appreciate it if you would repost the link, and if you saved the original post I would like to read it also. Thanks, E -----Original Message----- Sent: Thursday, June 13, 2002 12:16 PM I posted that interview a week or two ago, plus a link to longer term chart that shows this cycle. Will repost link if anyone missed first post and is interested in seeing longer term charts (40 and 60 or so years). On 13 Jun 2002 at 11:59, Hill, Ernie wrote: > I don't have a resource to contribute at this time but, I have seen two > interviews lately on CNBC one with Art Cashin (an "experienced" floor > trader) and the other with Warren Buffet. Both of these men made reference > to a 17.6 year cycle and point out that the major bull market that ended in > 2000 began in 1983. > > They both expect the next 17.6 years to be lean by comparison. Mr. buffet > even went on to talk about how the market has performed all the way back to > 1929, and pointed out the influence of this cycle and how the market was > affected by it despite how the economy was performing. > > Unfortunately I did not have my full attention focused on either interview > so I missed much of what was said about specific time periods and how the > market related to the economy during those time periods. > > However, what I did hear did not sound very encouraging for the next 15 > years! > > E > > -----Original Message----- > From: Kelly Short [mailto:kelly.short@neoris.com] > Sent: Thursday, June 13, 2002 10:46 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] "M" History > > Since "M" is not being nice- I have focused my attention in the short-term > on "M's" history over the past 100 - 150 years to try to better understand > what makes this machine tick. I have found a couple of resources that cover > this topic, provide timelines, etc. but would appreciate any known quality > resources the group has used in the past for such purposes. > > Kelly Short > > Business Development Manager > Neoris, Inc. > (817) 731-0995 > mailto:kelly.short@neoris.com > http://www.neoris.com > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > ****************************************************************** > This email and any files transmitted with it from the ElPaso > Corporation are confidential and intended solely for the > use of the individual or entity to whom they are addressed. > If you have received this email in error please notify the > sender. > ****************************************************************** > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: E2moskow@aol.com Subject: [CANSLIM] Canslim Rating Site Date: 13 Jun 2002 16:34:28 EDT --part1_7c.2952fde9.2a3a5bd4_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Help: I think it was Mike Gibbons who posted a Site that gives Canslim ratings on stock. I've changed machines and can't bring up the site. Can some one post it to me.Morris Moskowitz--E2Moskow@Aol.com---------------Thanks --part1_7c.2952fde9.2a3a5bd4_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Help:
    I think it was Mike Gibbons who posted a Site that gives Canslim ratings on stock.  I've changed machines and can't bring up the site.  Can some one post it to me.Morris Moskowitz--E2Moskow@Aol.com---------------Thanks
--part1_7c.2952fde9.2a3a5bd4_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: [CANSLIM] Tracking Stock Portfolios Date: 13 Jun 2002 15:57:04 -0500 A question for the group: Who/what do you use to track your stock portfolio? Do you use a content = provider (CBS Marketwatch, MoneyCentral, Bloomberg, etc.), IBD.com, your = online broker's web site, or a client-side application? There seem to be = many options and all provide various services and bells-and-whistles. I = would greatly appreciate your thoughts. Have a great day everyone! - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Warren Keuffel Subject: Re: [CANSLIM] Tracking Stock Portfolios Date: 13 Jun 2002 15:06:47 -0600 ClearStation, by a country mile. I've also tried the WSJ and CBS, but CS is by far the best, IMHO. Warren Kelly Short wrote: >A question for the group: > >Who/what do you use to track your stock portfolio? Do you use a content provider (CBS Marketwatch, MoneyCentral, Bloomberg, etc.), IBD.com, your online broker's web site, or a client-side application? There seem to be many options and all provide various services and bells-and-whistles. I would greatly appreciate your thoughts. > >Have a great day everyone! > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Bill Triffet" Subject: Re: [CANSLIM] Tracking Stock Portfolios Date: 13 Jun 2002 14:40:37 -0700 I too use Clearstation. It has it's problems such as being down or very slow on busy trading days but it's simple and fast. My broker (Fidelity) can't seem to get a clue as to providing a quick simple screen to show my current trades as percentages of profits and losses and a simple watch list. They do have Powerstreet Pro which has lots of bells and whistles but requires you download software to the machine you wish to view your account from. -Bill ----- Original Message ----- Sent: Thursday, June 13, 2002 1:57 PM A question for the group: Who/what do you use to track your stock portfolio? Do you use a content provider (CBS Marketwatch, MoneyCentral, Bloomberg, etc.), IBD.com, your online broker's web site, or a client-side application? There seem to be many options and all provide various services and bells-and-whistles. I would greatly appreciate your thoughts. Have a great day everyone! - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Fanus Subject: Re: [CANSLIM] "M" History Date: 13 Jun 2002 14:43:39 -0700 (PDT) Charley, I beg to differ that history doesn't show us where were are going. History can give us a good indication of where we are going. To use and example. Say I throw a ball up in the air and take a picture of it in mid-air. Now I show you this picture. Will you be able to tell me if this ball is going up, or down? If you know how the ball got where it was (history of it) when the picture was taken, i.e. on its way up, or on its way down, you would be able to say with reasonable accuracy which direction it will be going over the next time period. History and the way the world is moving, doesn't change overnight. They change in long, slow moving trends. The very fact that you are using, or at least interest in CANSLIM is already an indication that you believe in history. Since it work in the past you are willing to use it now and in the future. Or how do you decide on a methodology to use? Do you just pick out something and hope it will work in the future, or do you study it first to see how it did in the past? - Fanus --- Chazmoore@aol.com wrote: > Thanks for the "history" quotations Mike. I heard > about the 18 year cycle the > other day and it just didn't ring true. For some > reason many commentators ask > if we are heading for another crash like 1929. How > foolish. We may have a > crash but it won't be like 1929, or any other crash. > I do believe it is instructive to look at historical > events, but not because > it lets one predict the future. History tells us how > we got here; not where > we are going. > > Charley > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Alicia Lensing" Subject: Re: [CANSLIM] "M" History Date: 13 Jun 2002 18:16:29 -0500 Patrick: Please post that interview again, and I am especially interested in the link with the longer term chart. Thank you so much. ( I read it when you first posted it, but then neglected to save to my computer. Alicia Lensing ----- Original Message ----- Sent: Thursday, June 13, 2002 12:15 PM > I posted that interview a week or two ago, plus a link to longer term chart that shows > this cycle. Will repost link if anyone missed first post and is interested in seeing > longer term charts (40 and 60 or so years). > > On 13 Jun 2002 at 11:59, Hill, Ernie wrote: > > > I don't have a resource to contribute at this time but, I have seen two > > interviews lately on CNBC one with Art Cashin (an "experienced" floor > > trader) and the other with Warren Buffet. Both of these men made reference > > to a 17.6 year cycle and point out that the major bull market that ended in > > 2000 began in 1983. > > > > They both expect the next 17.6 years to be lean by comparison. Mr. buffet > > even went on to talk about how the market has performed all the way back to > > 1929, and pointed out the influence of this cycle and how the market was > > affected by it despite how the economy was performing. > > > > Unfortunately I did not have my full attention focused on either interview > > so I missed much of what was said about specific time periods and how the > > market related to the economy during those time periods. > > > > However, what I did hear did not sound very encouraging for the next 15 > > years! > > > > E > > > > -----Original Message----- > > From: Kelly Short [mailto:kelly.short@neoris.com] > > Sent: Thursday, June 13, 2002 10:46 AM > > To: canslim@lists.xmission.com > > Subject: [CANSLIM] "M" History > > > > Since "M" is not being nice- I have focused my attention in the short-term > > on "M's" history over the past 100 - 150 years to try to better understand > > what makes this machine tick. I have found a couple of resources that cover > > this topic, provide timelines, etc. but would appreciate any known quality > > resources the group has used in the past for such purposes. > > > > Kelly Short > > > > Business Development Manager > > Neoris, Inc. > > (817) 731-0995 > > mailto:kelly.short@neoris.com > > http://www.neoris.com > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > ****************************************************************** > > This email and any files transmitted with it from the ElPaso > > Corporation are confidential and intended solely for the > > use of the individual or entity to whom they are addressed. > > If you have received this email in error please notify the > > sender. > > ****************************************************************** > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 17:20:39 -0600 http://www.mrci.com/pdf/charts.asp This site has a number of historical charts for free. Stocks, Bonds, Commodities,and Indicators. -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Alicia Lensing Sent: Thursday, June 13, 2002 5:16 PM Patrick: Please post that interview again, and I am especially interested in the link with the longer term chart. Thank you so much. ( I read it when you first posted it, but then neglected to save to my computer. Alicia Lensing ----- Original Message ----- Sent: Thursday, June 13, 2002 12:15 PM > I posted that interview a week or two ago, plus a link to longer term chart that shows > this cycle. Will repost link if anyone missed first post and is interested in seeing > longer term charts (40 and 60 or so years). > > On 13 Jun 2002 at 11:59, Hill, Ernie wrote: > > > I don't have a resource to contribute at this time but, I have seen two > > interviews lately on CNBC one with Art Cashin (an "experienced" floor > > trader) and the other with Warren Buffet. Both of these men made reference > > to a 17.6 year cycle and point out that the major bull market that ended in > > 2000 began in 1983. > > > > They both expect the next 17.6 years to be lean by comparison. Mr. buffet > > even went on to talk about how the market has performed all the way back to > > 1929, and pointed out the influence of this cycle and how the market was > > affected by it despite how the economy was performing. > > > > Unfortunately I did not have my full attention focused on either interview > > so I missed much of what was said about specific time periods and how the > > market related to the economy during those time periods. > > > > However, what I did hear did not sound very encouraging for the next 15 > > years! > > > > E > > > > -----Original Message----- > > From: Kelly Short [mailto:kelly.short@neoris.com] > > Sent: Thursday, June 13, 2002 10:46 AM > > To: canslim@lists.xmission.com > > Subject: [CANSLIM] "M" History > > > > Since "M" is not being nice- I have focused my attention in the short-term > > on "M's" history over the past 100 - 150 years to try to better understand > > what makes this machine tick. I have found a couple of resources that cover > > this topic, provide timelines, etc. but would appreciate any known quality > > resources the group has used in the past for such purposes. > > > > Kelly Short > > > > Business Development Manager > > Neoris, Inc. > > (817) 731-0995 > > mailto:kelly.short@neoris.com > > http://www.neoris.com > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > ****************************************************************** > > This email and any files transmitted with it from the ElPaso > > Corporation are confidential and intended solely for the > > use of the individual or entity to whom they are addressed. > > If you have received this email in error please notify the > > sender. > > ****************************************************************** > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] 17/18 year cycles Date: 13 Jun 2002 19:55:34 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0017_01C21314.47B03880 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable My notes contain the following: ------=_NextPart_000_0017_01C21314.47B03880 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
My notes contain the following:
 
------=_NextPart_000_0017_01C21314.47B03880-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] 17/18 Year Market Cycles Date: 13 Jun 2002 20:02:05 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0034_01C21315.310BE7E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Buy and Hold vs Active Trading: Flat markets yield group and sector rotation.Sometimes these changes are = FAST! Bull markets are for the "buy and hold crowd." 1934 to 1950 =3D 17 years =3D centered around DJIA 150 =3D flat =E8 = required active trading 1951 to 1966 =3D 15 years =3D bull market =3D buy and hold 1966 to 1982 =3D 16 years =3D DJIA 1000 =3D flat =3D active investing=20 1982 to 1999 =3D 18 years =3D bull market =3D buy and hold 2000 to Nov 2001 and continuing =3D 2 years ++ =3D flat (DJIA) =3D = active trading required (bear in NASD &S&P500) 1902 to 1921 =3D 19 years =3D flat =3D 0% =3D bear market 1921 to 1929 =3D 8 years =3D 25% =3D roaring twenties =3D bull market 1929 to 1949 =3D 20 years =3D 0.9% =3D depression =3D bear market 1949 to 1966 =3D 17 years =3D 14% =3D post WW-II, Korean War =3D bull = market 1966 to 1982 =3D 16 years =3D -1.4% =3D VietNam war =3D bear market 1982 to 1999 =3D 17 years =3D 14.9% =3D internet era =3D bull market S&P500 1982 to 2000 =3D +1108% High tech 1982 to 2000 =3D +2666% Semiconductors and telecoms were <1% of GDP in 1982, but 8% in 1999. ------=_NextPart_000_0034_01C21315.310BE7E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable

Buy and Hold vs Active Trading:

Flat markets yield group and sector rotation.Sometimes these changes = are=20 FAST!

Bull markets are for the "buy and hold crowd."

1934 to 1950 =3D 17 years =3D centered around DJIA 150 =3D flat =E8 required active trading

1951 to 1966 =3D 15 years =3D bull market =3D buy and hold

1966 to 1982 =3D 16 years =3D DJIA 1000 =3D flat =3D active investing =

1982 to 1999 =3D 18 years =3D bull market =3D buy and hold

2000 to Nov 2001 and continuing =3D 2 years ++ =3D flat = (DJIA) =3D active=20 trading required (bear in NASD &S&P500)

1902 to 1921 =3D 19 years =3D flat =3D 0% =3D bear market

1921 to 1929 =3D 8 years =3D 25% =3D roaring twenties =3D bull = market

1929 to 1949 =3D 20 years =3D 0.9% =3D depression =3D bear market

1949 to 1966 =3D 17 years =3D 14% =3D post WW-II, Korean War =3D bull = market

1966 to 1982 =3D 16 years =3D -1.4% =3D VietNam war =3D bear = market

1982 to 1999 =3D 17 years =3D 14.9% =3D internet era =3D bull = market

S&P500 1982 to 2000 =3D +1108%

High tech 1982 to 2000 =3D +2666%

Semiconductors and telecoms were <1% of GDP in 1982, but 8% in=20 1999.

------=_NextPart_000_0034_01C21315.310BE7E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Mike Gibbons" Subject: RE: [CANSLIM] Canslim Rating Site Date: 13 Jun 2002 14:09:43 -1000 This is a multi-part message in MIME format. ------=_NextPart_000_0062_01C212E3.F77AEDE0 Content-Type: text/plain; charset="Windows-1252" Content-Transfer-Encoding: 7bit http://www.cwhcharts.com/canslim Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of E2moskow@aol.com Sent: Thursday, June 13, 2002 10:34 AM To: canslim@lists.xmission.com Subject: [CANSLIM] Canslim Rating Site Help: I think it was Mike Gibbons who posted a Site that gives Canslim ratings on stock. I've changed machines and can't bring up the site. Can some one post it to me.Morris Moskowitz--E2Moskow@Aol.com---------------Thanks ------=_NextPart_000_0062_01C212E3.F77AEDE0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable
http://www.cwhcharts.com/canslim
 
Aloha,
 
Mike Gibbons
Proactive Technologies, = LLC
http://www.proactech.com
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of=20 E2moskow@aol.com
Sent: Thursday, June 13, 2002 10:34=20 AM
To: canslim@lists.xmission.com
Subject: = [CANSLIM]=20 Canslim Rating Site

Help:
    I think it was Mike Gibbons = who=20 posted a Site that gives Canslim ratings on stock.  I've changed = machines=20 and can't bring up the site.  Can some one post it to me.Morris=20 Moskowitz--E2Moskow@Aol.com---------------Thanks
=20
------=_NextPart_000_0062_01C212E3.F77AEDE0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: E2moskow@aol.com Subject: Re: [CANSLIM] Canslim Rating Site Date: 13 Jun 2002 20:24:08 EDT --part1_51.1f6b8ea0.2a3a91a8_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Thanks Mike------------------------>Morris Moskowitz --part1_51.1f6b8ea0.2a3a91a8_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Thanks Mike------------------------>Morris Moskowitz --part1_51.1f6b8ea0.2a3a91a8_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Chazmoore@aol.com Subject: Re: [CANSLIM] "M" History Date: 13 Jun 2002 20:45:56 EDT --part1_122.129fe84f.2a3a96c4_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Fanus: You make very good points, and of course much of what I do is based on past experiences. (I do not stick my fingers in a fire although I may have as a child.) The point I was trying to make is that chance cannot be eliminated from the market. Using WON methods I correctly predicted the last two rallies. However, I could not predict the short duration of the rallies. History may let us narrow the possible results but it does not let us know the result. Charley --part1_122.129fe84f.2a3a96c4_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Fanus: You make very good points, and of course much of what I do is based on past experiences. (I do not stick my fingers in a fire although I may have as a child.) The point I was trying to make is that chance cannot be eliminated from the market. Using WON methods I correctly predicted the last two rallies. However, I could not predict the short duration of the rallies.
History may let us narrow the possible results but it does not let us know the result.
Charley
--part1_122.129fe84f.2a3a96c4_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Dan Forant" Subject: Re: [CANSLIM] "M" History Date: 13 Jun 2002 21:24:04 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0064_01C21320.A50A6BC0 Content-Type: text/plain; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Didn't Buffer also predict just 5% market growth for years to come??=20 DanF ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 12:59 PM Subject: RE: [CANSLIM] "M" History I don't have a resource to contribute at this time but, I have seen = two interviews lately on CNBC one with Art Cashin (an "experienced" = floor trader) and the other with Warren Buffet. Both of these men made = reference to a 17.6 year cycle and point out that the major bull market = that ended in 2000 began in 1983. =20 They both expect the next 17.6 years to be lean by comparison. Mr. = buffet even went on to talk about how the market has performed all the = way back to 1929, and pointed out the influence of this cycle and how = the market was affected by it despite how the economy was performing. =20 Unfortunately I did not have my full attention focused on either = interview so I missed much of what was said about specific time periods = and how the market related to the economy during those time periods. =20 However, what I did hear did not sound very encouraging for the next = 15 years! =20 E=20 =20 -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com]=20 Sent: Thursday, June 13, 2002 10:46 AM To: canslim@lists.xmission.com Subject: [CANSLIM] "M" History =20 Since "M" is not being nice- I have focused my attention in the = short-term on "M's" history over the past 100 - 150 years to try to = better understand what makes this machine tick. I have found a couple of = resources that cover this topic, provide timelines, etc. but would = appreciate any known quality resources the group has used in the past = for such purposes.=20 =20 Kelly Short =20 Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com =20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** ------=_NextPart_000_0064_01C21320.A50A6BC0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable
Didn't Buffer also predict just 5% = market growth=20 for years to come??
 
DanF
----- Original Message -----
From:=20 Hill,=20 Ernie
Sent: Thursday, June 13, 2002 = 12:59=20 PM
Subject: RE: [CANSLIM] "M" = History

I don't have a resource to contribute at = this time=20 but, I have seen two interviews lately on CNBC one with Art Cashin (an = "experienced" floor trader) and the other with Warren Buffet. Both of = these=20 men made reference to a 17.6 year cycle and point out that the major = bull=20 market that ended in 2000 began in 1983.

 

They both expect the next 17.6 years to be = lean by=20 comparison. Mr. buffet even went on to talk about how the market has = performed=20 all the way back to 1929, and pointed out the influence of this cycle = and how=20 the market was affected by it despite how the economy was=20 performing.

 

Unfortunately I did not have my full = attention focused=20 on either interview so I missed much of what was said about specific = time=20 periods and how the market related to the economy during those time=20 periods.

 

However, what I did hear did not sound very=20 encouraging for the next 15 years!

 

E

 

-----Original Message-----
From: Kelly = Short=20 [mailto:kelly.short@neoris.com]
Sent: Thursday, June 13, 2002 = 10:46=20 AM
To: canslim@lists.xmission.com
Subject: [CANSLIM] "M"=20 History

 

Since "M" is not being nice- I have focused = my=20 attention in the short-term on "M's" history over the past 100 - 150 = years to=20 try to better understand what makes this machine tick. I have found a = couple=20 of resources that cover this topic, provide timelines, etc. but would=20 appreciate any known quality resources the group has used in the past = for such=20 purposes.

 

Kelly Short

 

Business Development=20 Manager

Neoris, Inc.

(817) 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the email body, write "subscribe = canslim"=20 or

-"unsubscribe canslim".  Do not use quotes in your=20 email.



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso =
Corporation are=20 confidential and intended solely for the
use of the individual or = entity=20 to whom they are addressed.
If you have received this email in = error=20 please notify the=20 =
sender.
**********************************************************= ********
------=_NextPart_000_0064_01C21320.A50A6BC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 21:13:25 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C21349.10BF2D60 Content-Type: text/plain I believe what he said was single digit growth. E -----Original Message----- Sent: Thursday, June 13, 2002 8:24 PM Didn't Buffer also predict just 5% market growth for years to come?? DanF ----- Original Message ----- Sent: Thursday, June 13, 2002 12:59 PM I don't have a resource to contribute at this time but, I have seen two interviews lately on CNBC one with Art Cashin (an "experienced" floor trader) and the other with Warren Buffet. Both of these men made reference to a 17.6 year cycle and point out that the major bull market that ended in 2000 began in 1983. They both expect the next 17.6 years to be lean by comparison. Mr. buffet even went on to talk about how the market has performed all the way back to 1929, and pointed out the influence of this cycle and how the market was affected by it despite how the economy was performing. Unfortunately I did not have my full attention focused on either interview so I missed much of what was said about specific time periods and how the market related to the economy during those time periods. However, what I did hear did not sound very encouraging for the next 15 years! E -----Original Message----- Sent: Thursday, June 13, 2002 10:46 AM Since "M" is not being nice- I have focused my attention in the short-term on "M's" history over the past 100 - 150 years to try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. but would appreciate any known quality resources the group has used in the past for such purposes. Kelly Short Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C21349.10BF2D60 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

I believe what he said was single digit growth.

 

E

 

-----Original Message-----
From: Dan Forant [mailto:dforant1@nycap.rr.com]
Sent:
Thursday, June 13, 2002= 8:24 PM
To: canslim@lists.xmission.c= om
Subject: Re: [CANSLIM] "M" History

 

Didn't Buffer also predict jus= t 5% market growth for years to come??

 

DanF<= /p>

----- Original Message ----- <= o:p>

From: Hill,= Ernie

Sent:<= /font> <= /span>Thursday, June 13, 2002= <= /span>12:59 PM

Subject: R= E: [CANSLIM] "M" History

 

I don't have a resource to contribute at this ti= me but, I have seen two interviews lately on CNBC one with Art Cashin (an "experienced" floor trader) and the other with Warren Buffet. Bot= h of these men made reference to a 17.6 year cycle and point out that the major = bull market that ended in 2000 began in 1983.

 

They both expect the next 17.6 years to be lean = by comparison. Mr. buffet even went on to talk about how the market has perfor= med all the way back to 1929, and pointed out the influence of this cycle and h= ow the market was affected by it despite how the economy was performing.<= /o:p>

 

Unfortunately I did not have my full attention f= ocused on either interview so I missed much of what was said about specific time periods and how the market related to the economy during those time periods= .

 

However, what I did hear did not sound very encouraging for the next 15 years!

 

E

 

-----Original Message-----
Sent: Thursday, June 13, 2002 10:46 AM

 

Since "M" is not being nice- I have fo= cused my attention in the short-term on "M's" history over the past 100= - 150 years to try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. = but would appreciate any known quality resources the group has used in the past= for such purposes.

 

Kelly Short

 

Business Development Manager

Neoris, Inc.

(817) 731-0995

mailto:kelly.short@neoris.com<= /font>

http://www.neoris.com

 

 

-

-To subscribe/unsubscribe, email "majordomo= @xmission.com"

-In the email body, write "subscribe canslim" or

-"unsubscribe canslim".  Do not use quotes in your email.



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C21349.10BF2D60-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] "M" History Date: 13 Jun 2002 23:19:50 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0095_01C21330.D0EBFDC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable if only we had a "law" of "M" that worked as consistently and = predictably and accurately as the "law of gravity" ----- Original Message -----=20 Sent: Thursday, June 13, 2002 8:45 PM Fanus: You make very good points, and of course much of what I do is = based on past experiences. (I do not stick my fingers in a fire although = I may have as a child.) The point I was trying to make is that chance = cannot be eliminated from the market. Using WON methods I correctly = predicted the last two rallies. However, I could not predict the short = duration of the rallies.=20 History may let us narrow the possible results but it does not let us = know the result.=20 Charley=20 ------=_NextPart_000_0095_01C21330.D0EBFDC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
if only we had a "law" of "M" that worked as = consistently=20 and predictably and accurately as the "law of gravity"
 
----- Original Message -----=20
From: Chazmoore@aol.com=20
Sent: Thursday, June 13, 2002 8:45 PM
Subject: Re: [CANSLIM] "M" History

Fanus: You = make very good=20 points, and of course much of what I do is based on past experiences. (I = do not=20 stick my fingers in a fire although I may have as a child.) The point I = was=20 trying to make is that chance cannot be eliminated from the market. = Using WON=20 methods I correctly predicted the last two rallies. However, I could not = predict=20 the short duration of the rallies.
History may let us narrow the = possible=20 results but it does not let us know the result.
Charley
=20
------=_NextPart_000_0095_01C21330.D0EBFDC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Mike Gibbons" Subject: RE: [CANSLIM] "M" History Date: 13 Jun 2002 20:52:34 -1000 This is a multi-part message in MIME format. ------=_NextPart_000_0081_01C2131C.3E759320 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Ah, yes, but even the Newtonian Law of Gravity (the one to which I assume you are referring) was subject to revision by Einstein ( and is still not finally determined). Which only shows that the laws of physics, as well as those of economics, are subject to the best interpretation available based on the sum of human knowledge and experience at the time. At least for now, when it comes to breakouts, we can apparantly affirm that what goes up must come down. Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Thursday, June 13, 2002 5:20 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History if only we had a "law" of "M" that worked as consistently and predictably and accurately as the "law of gravity" ----- Original Message ----- From: Chazmoore@aol.com To: canslim@lists.xmission.com Sent: Thursday, June 13, 2002 8:45 PM Subject: Re: [CANSLIM] "M" History Fanus: You make very good points, and of course much of what I do is based on past experiences. (I do not stick my fingers in a fire although I may have as a child.) The point I was trying to make is that chance cannot be eliminated from the market. Using WON methods I correctly predicted the last two rallies. However, I could not predict the short duration of the rallies. History may let us narrow the possible results but it does not let us know the result. Charley ------=_NextPart_000_0081_01C2131C.3E759320 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Ah,=20 yes, but even the Newtonian Law of Gravity (the one to which I = assume=20 you are referring) was subject to revision by Einstein ( and is still = not=20 finally determined). Which only shows that the laws of physics, as well = as those=20 of economics, are subject to the best interpretation available based on = the sum=20 of human knowledge and experience at the time.
 
At=20 least for now, when it comes to breakouts, we can apparantly affirm that = what=20 goes up must come down.
 
Aloha,
 
Mike Gibbons
Proactive Technologies, = LLC
http://www.proactech.com
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom=20 Worley
Sent: Thursday, June 13, 2002 5:20 PM
To:=20 canslim@lists.xmission.com
Subject: Re: [CANSLIM] "M"=20 History

if only we had a "law" of "M" that worked as=20 consistently and predictably and accurately as the "law of=20 gravity"
 
----- Original Message -----=20
From: Chazmoore@aol.com=20
Sent: Thursday, June 13, 2002 8:45 PM
Subject: Re: [CANSLIM] "M" History

Fanus: You = make very=20 good points, and of course much of what I do is based on past = experiences. (I=20 do not stick my fingers in a fire although I may have as a child.) The = point I=20 was trying to make is that chance cannot be eliminated from the = market. Using=20 WON methods I correctly predicted the last two rallies. However, I = could not=20 predict the short duration of the rallies.
History may let us = narrow the=20 possible results but it does not let us know the result. =
Charley
=20
------=_NextPart_000_0081_01C2131C.3E759320-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Dan Forant" Subject: Re: [CANSLIM] "M" History Date: 14 Jun 2002 08:01:07 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_003D_01C21379.A36B8B60 Content-Type: text/plain; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Ummm, 5% is a single digit ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 10:13 PM Subject: RE: [CANSLIM] "M" History I believe what he said was single digit growth. =20 E =20 -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com]=20 Sent: Thursday, June 13, 2002 8:24 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History =20 Didn't Buffer also predict just 5% market growth for years to come??=20 =20 DanF ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 12:59 PM Subject: RE: [CANSLIM] "M" History =20 I don't have a resource to contribute at this time but, I have seen = two interviews lately on CNBC one with Art Cashin (an "experienced" = floor trader) and the other with Warren Buffet. Both of these men made = reference to a 17.6 year cycle and point out that the major bull market = that ended in 2000 began in 1983. =20 They both expect the next 17.6 years to be lean by comparison. Mr. = buffet even went on to talk about how the market has performed all the = way back to 1929, and pointed out the influence of this cycle and how = the market was affected by it despite how the economy was performing. =20 Unfortunately I did not have my full attention focused on either = interview so I missed much of what was said about specific time periods = and how the market related to the economy during those time periods. =20 However, what I did hear did not sound very encouraging for the next = 15 years! =20 E=20 =20 -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com]=20 Sent: Thursday, June 13, 2002 10:46 AM To: canslim@lists.xmission.com Subject: [CANSLIM] "M" History =20 Since "M" is not being nice- I have focused my attention in the = short-term on "M's" history over the past 100 - 150 years to try to = better understand what makes this machine tick. I have found a couple of = resources that cover this topic, provide timelines, etc. but would = appreciate any known quality resources the group has used in the past = for such purposes.=20 =20 Kelly Short =20 Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com =20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** ------=_NextPart_000_003D_01C21379.A36B8B60 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable
Ummm, 5% is a single digit
----- Original Message -----
From:=20 Hill,=20 Ernie
Sent: Thursday, June 13, 2002 = 10:13=20 PM
Subject: RE: [CANSLIM] "M" = History

I believe = what he=20 said was single digit growth.

 

E

 

-----Original=20 Message-----
From: = Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent:
Thursday, June 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com=
Subject: Re: [CANSLIM] "M"=20 History

 

Didn't Buffer also = predict just 5%=20 market growth for years to come??

 

DanF

----- Original Message = -----=20

From: Hill,=20 Ernie

To: 'canslim@lists.xmission.com'= =20

Sent:=20 Thursday, June 13,=20 2002 = 12:59=20 PM

Subject: RE:=20 [CANSLIM] "M" History

 

I don't have a resource to = contribute=20 at this time but, I have seen two interviews lately on CNBC one with = Art=20 Cashin (an "experienced" floor trader) and the other with Warren = Buffet.=20 Both of these men made reference to a 17.6 year cycle and point out = that the=20 major bull market that ended in 2000 began in=20 1983.

 

They both expect the next = 17.6 years to=20 be lean by comparison. Mr. buffet even went on to talk about how the = market=20 has performed all the way back to 1929, and pointed out the = influence of=20 this cycle and how the market was affected by it despite how the = economy was=20 performing.

 

Unfortunately I did not = have my full=20 attention focused on either interview so I missed much of what was = said=20 about specific time periods and how the market related to the = economy during=20 those time periods.

 

However, what I did hear = did not sound=20 very encouraging for the next 15 years!

 

E =

 

-----Original = Message-----
From:=20 Kelly Short [mailto:kelly.short@neoris.com]
Sent: Thursday, June = 13,=20 2002 10:46 AM
To: canslim@lists.xmission.com
Subject: = [CANSLIM] "M"=20 History

 

Since "M" is not being = nice- I have=20 focused my attention in the short-term on "M's" history over the = past 100 -=20 150 years to try to better understand what makes this machine tick. = I have=20 found a couple of resources that cover this topic, provide = timelines, etc.=20 but would appreciate any known quality resources the group has used = in the=20 past for such purposes.

 

Kelly=20 Short

 

Business Development=20 Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"

-In the email body, write = "subscribe=20 canslim" or

-"unsubscribe = canslim".  Do not use quotes in your=20 email.



*****************************************************************= *

This email=20 and any files transmitted with it from the ElPaso=20

Corporation=20 are confidential and intended solely for the=20
use = of the=20 individual or entity to whom they are addressed.=20
If = you have=20 received this email in error please notify the=20
sender.
*****************************************************************= *



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso =
Corporation are=20 confidential and intended solely for the
use of the individual or = entity=20 to whom they are addressed.
If you have received this email in = error=20 please notify the=20 =
sender.
**********************************************************= ********
------=_NextPart_000_003D_01C21379.A36B8B60-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 08:38:57 -0400 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C213A0.737A86A0 Content-Type: text/plain; charset="iso-8859-1" Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%. -----Original Message----- Sent: Friday, June 14, 2002 8:01 AM Ummm, 5% is a single digit ----- Original Message ----- Sent: Thursday, June 13, 2002 10:13 PM I believe what he said was single digit growth. E -----Original Message----- Sent: Thursday, June 13, 2002 8:24 PM Didn't Buffer also predict just 5% market growth for years to come?? DanF ----- Original Message ----- Sent: Thursday, June 13, 2002 12:59 PM I don't have a resource to contribute at this time but, I have seen two interviews lately on CNBC one with Art Cashin (an "experienced" floor trader) and the other with Warren Buffet. Both of these men made reference to a 17.6 year cycle and point out that the major bull market that ended in 2000 began in 1983. They both expect the next 17.6 years to be lean by comparison. Mr. buffet even went on to talk about how the market has performed all the way back to 1929, and pointed out the influence of this cycle and how the market was affected by it despite how the economy was performing. Unfortunately I did not have my full attention focused on either interview so I missed much of what was said about specific time periods and how the market related to the economy during those time periods. However, what I did hear did not sound very encouraging for the next 15 years! E -----Original Message----- Sent: Thursday, June 13, 2002 10:46 AM Since "M" is not being nice- I have focused my attention in the short-term on "M's" history over the past 100 - 150 years to try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. but would appreciate any known quality resources the group has used in the past for such purposes. Kelly Short Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C213A0.737A86A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Uhhh,=20 so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%.
-----Original Message-----
From: Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent: Friday, June 14, 2002 = 8:01=20 AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 "M" History

Ummm, 5% is a single = digit
----- Original Message -----
From:=20 Hill,=20 Ernie
Sent: Thursday, June 13, = 2002 10:13=20 PM
Subject: RE: [CANSLIM] "M"=20 History

I = believe what he=20 said was single digit growth.

 

E

 

-----Original=20 Message-----
From: Dan=20 Forant [mailto:dforant1@nycap.rr.com]
Sent: =
Thursday, June 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] "M"=20 History

 

Didn't Buffer also = predict just=20 5% market growth for years to come?? =

 

DanF

----- Original=20 Message -----

From: Hill,=20 Ernie

To: 'canslim@lists.xmission.com= '=20

Sent:=20 Thursday, June=20 13, 2002 = 12:59=20 PM

Subject: RE:=20 [CANSLIM] "M" History

 

I don't have a resource = to contribute=20 at this time but, I have seen two interviews lately on CNBC one = with Art=20 Cashin (an "experienced" floor trader) and the other with Warren = Buffet.=20 Both of these men made reference to a 17.6 year cycle and point = out that=20 the major bull market that ended in 2000 began in=20 1983.

 

They both expect the = next 17.6 years=20 to be lean by comparison. Mr. buffet even went on to talk about = how the=20 market has performed all the way back to 1929, and pointed out = the=20 influence of this cycle and how the market was affected by it = despite how=20 the economy was performing.

 

Unfortunately I did not = have my full=20 attention focused on either interview so I missed much of what = was said=20 about specific time periods and how the market related to the = economy=20 during those time periods.

 

However, what I did hear = did not=20 sound very encouraging for the next 15 = years!

 

E =

 

-----Original = Message-----
From:=20 Kelly Short [mailto:kelly.short@neoris.com]
Sent: Thursday, = June 13,=20 2002 10:46 AM
To: canslim@lists.xmission.com
Subject: = [CANSLIM] "M"=20 History

 

Since "M" is not being = nice- I have=20 focused my attention in the short-term on "M's" history over the = past 100=20 - 150 years to try to better understand what makes this machine = tick. I=20 have found a couple of resources that cover this topic, provide = timelines,=20 etc. but would appreciate any known quality resources the group = has used=20 in the past for such purposes.

 

Kelly=20 Short

 

Business Development=20 Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To = subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the email body, = write "subscribe=20 canslim" or

-"unsubscribe = canslim".  Do not use quotes in = your=20 email.



****************************************************************= **

This email=20 and any files transmitted with it from the ElPaso=20

Corporation=20 are confidential and intended solely for the=20
use of the=20 individual or entity to whom they are addressed.=20
If you have=20 received this email in error please notify the=20
sender.
****************************************************************= **

<= CODE>

*******************************************************= ***********
This=20 email and any files transmitted with it from the ElPaso =
Corporation are=20 confidential and intended solely for the
use of the individual = or entity=20 to whom they are addressed.
If you have received this email in = error=20 please notify the=20 =
sender.
*********************************************************= *********
------_=_NextPart_001_01C213A0.737A86A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 09:00:19 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C213AB.D17CFD9C Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Group, =20 When I posed the "M" History question yesterday I was simply seeking = information, but apparently I began a full raging debate. (Or maybe no = one wants to focus on the daily market movements right now) I am pleased = to see that everyone in the group feels free to share their insights, = resources, and conjectures. Thank you everyone for sending me links to = online resources. Winston- your breakdown of the past century was = extremely interesting- thank you for sharing it with the group. Fanus = and Charley- you both bring up good points and if the two of you ever = decide to duke it out in person please let me know in advance- I'd like = to put some money on squares. As for the single digit debate- so far = we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed = single digits- but how about 0%? =20 Well- it's Friday and the market is already down 172 points by 9:00am. = My watch portfolio has checked out and left for Vegas. I think I'll just = go download some pirated music. Have a great weekend everyone! =20 Kelly -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 7:39 AM Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%. -----Original Message----- Sent: Friday, June 14, 2002 8:01 AM Ummm, 5% is a single digit ----- Original Message -----=20 Sent: Thursday, June 13, 2002 10:13 PM I believe what he said was single digit growth. =20 E =20 -----Original Message----- Sent: Thursday, June 13, 2002 8:24 PM =20 Didn't Buffer also predict just 5% market growth for years to come??=20 =20 DanF ----- Original Message -----=20 Sent: Thursday, June 13, 2002 12:59 PM =20 I don't have a resource to contribute at this time but, I have seen two = interviews lately on CNBC one with Art Cashin (an "experienced" floor = trader) and the other with Warren Buffet. Both of these men made = reference to a 17.6 year cycle and point out that the major bull market = that ended in 2000 began in 1983. =20 They both expect the next 17.6 years to be lean by comparison. Mr. = buffet even went on to talk about how the market has performed all the = way back to 1929, and pointed out the influence of this cycle and how = the market was affected by it despite how the economy was performing. =20 Unfortunately I did not have my full attention focused on either = interview so I missed much of what was said about specific time periods = and how the market related to the economy during those time periods. =20 However, what I did hear did not sound very encouraging for the next 15 = years! =20 E=20 =20 -----Original Message----- Sent: Thursday, June 13, 2002 10:46 AM =20 Since "M" is not being nice- I have focused my attention in the = short-term on "M's" history over the past 100 - 150 years to try to = better understand what makes this machine tick. I have found a couple of = resources that cover this topic, provide timelines, etc. but would = appreciate any known quality resources the group has used in the past = for such purposes.=20 =20 Kelly Short =20 Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com =20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C213AB.D17CFD9C Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Group,
 
When I=20 posed the "M" History question yesterday I was simply seeking = information, but=20 apparently I began a full raging debate. (Or maybe no one wants to focus = on the=20 daily market movements right now) I am pleased to see that everyone in = the group=20 feels free to share their insights, resources, and conjectures. Thank = you=20 everyone for sending me links to online resources. Winston- your = breakdown of=20 the past century was extremely interesting- thank you for sharing it = with the=20 group. Fanus and Charley- you both bring up good points and if the two = of you=20 ever decide to duke it out in person please let me know in advance- I'd = like to=20 put some money on squares. As for the single digit debate- so far we've=20 established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed single = digits-=20 but how about 0%?
 
Well-=20 it's Friday and the market is already down 172 points by 9:00am. My = watch=20 portfolio has checked out and left for Vegas. I think I'll just go = download some=20 pirated music. Have a great weekend everyone!
 
Kelly
-----Original Message-----
From: Cefaloni, John L = Jr.=20 [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil]
Sent: = Friday, June=20 14, 2002 7:39 AM
To: = 'canslim@lists.xmission.com'
Subject:=20 RE: [CANSLIM] "M" History

Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and = 9%.
-----Original Message-----
From: Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent: Friday, June 14, 2002 = 8:01=20 AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 "M" History

Ummm, 5% is a single = digit
----- Original Message ----- =
From:=20 Hill,=20 Ernie
To: 'canslim@lists.xmission.com'= =20
Sent: Thursday, June 13, = 2002 10:13=20 PM
Subject: RE: [CANSLIM] "M"=20 History

I = believe what he=20 said was single digit growth.

 

E

 

-----Original=20 Message-----
From: Dan=20 Forant [mailto:dforant1@nycap.rr.com]
Sent:
=
Thursday, June 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com=
Subject: Re: [CANSLIM] "M"=20 History

 

Didn't Buffer=20 also predict just 5% market growth for years to come??=20

 

DanF

----- Original=20 Message -----

From: Hill,=20 Ernie

To: 'canslim@lists.xmission.com'= =20

Sent:=20 Thursday, June=20 13, 2002 = 12:59=20 PM

Subject: RE:=20 [CANSLIM] "M" History

 

I = don't have a=20 resource to contribute at this time but, I have seen two = interviews=20 lately on CNBC one with Art Cashin (an "experienced" floor = trader) and=20 the other with Warren Buffet. Both of these men made reference = to a 17.6=20 year cycle and point out that the major bull market that ended = in 2000=20 began in 1983.

 

They both expect=20 the next 17.6 years to be lean by comparison. Mr. buffet even = went on to=20 talk about how the market has performed all the way back to = 1929, and=20 pointed out the influence of this cycle and how the market was = affected=20 by it despite how the economy was=20 performing.

 

Unfortunately I=20 did not have my full attention focused on either interview so I = missed=20 much of what was said about specific time periods and how the = market=20 related to the economy during those time=20 periods.

 

However, what I=20 did hear did not sound very encouraging for the next 15=20 years!

 

E=20

 

-----Original=20 Message-----
From: Kelly Short = [mailto:kelly.short@neoris.com]=20
Sent: Thursday, June 13, 2002 10:46 AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] "M"=20 History

 

Since "M" is not=20 being nice- I have focused my attention in the short-term on = "M's"=20 history over the past 100 - 150 years to try to better = understand what=20 makes this machine tick. I have found a couple of resources that = cover=20 this topic, provide timelines, etc. but would appreciate any = known=20 quality resources the group has used in the past for such = purposes.=20

 

Kelly=20 Short

 

Business=20 Development Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To=20 subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the email=20 body, write "subscribe canslim" or

-"unsubscribe=20 canslim".  Do not = use quotes=20 in your email.



*****************************************************************= *

This=20 email and any files transmitted with it from the ElPaso=20
Corporation=20 are confidential and intended solely for the=20
use of=20 the individual or entity to whom they are addressed.=20
If you=20 have received this email in error please notify the=20
sender.
*****************************************************************= *



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso =
Corporation=20 are confidential and intended solely for the
use of the = individual or=20 entity to whom they are addressed.
If you have received this = email in=20 error please notify the=20 =
sender.
**********************************************************= ********

For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C213AB.D17CFD9C-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 10:02:23 -0400 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C213AC.1BAD9AA0 Content-Type: text/plain; charset="iso-8859-1" Kelly, I also wondered whether -1% through -9% could be considered "single digit". Cheers, John C. -----Original Message----- Sent: Friday, June 14, 2002 10:00 AM Group, When I posed the "M" History question yesterday I was simply seeking information, but apparently I began a full raging debate. (Or maybe no one wants to focus on the daily market movements right now) I am pleased to see that everyone in the group feels free to share their insights, resources, and conjectures. Thank you everyone for sending me links to online resources. Winston- your breakdown of the past century was extremely interesting- thank you for sharing it with the group. Fanus and Charley- you both bring up good points and if the two of you ever decide to duke it out in person please let me know in advance- I'd like to put some money on squares. As for the single digit debate- so far we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed single digits- but how about 0%? Well- it's Friday and the market is already down 172 points by 9:00am. My watch portfolio has checked out and left for Vegas. I think I'll just go download some pirated music. Have a great weekend everyone! Kelly -----Original Message----- Sent: Friday, June 14, 2002 7:39 AM Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%. -----Original Message----- Sent: Friday, June 14, 2002 8:01 AM Ummm, 5% is a single digit ----- Original Message ----- Sent: Thursday, June 13, 2002 10:13 PM I believe what he said was single digit growth. E -----Original Message----- Sent: Thursday, June 13, 2002 8:24 PM Didn't Buffer also predict just 5% market growth for years to come?? DanF ----- Original Message ----- Sent: Thursday, June 13, 2002 12:59 PM I don't have a resource to contribute at this time but, I have seen two interviews lately on CNBC one with Art Cashin (an "experienced" floor trader) and the other with Warren Buffet. Both of these men made reference to a 17.6 year cycle and point out that the major bull market that ended in 2000 began in 1983. They both expect the next 17.6 years to be lean by comparison. Mr. buffet even went on to talk about how the market has performed all the way back to 1929, and pointed out the influence of this cycle and how the market was affected by it despite how the economy was performing. Unfortunately I did not have my full attention focused on either interview so I missed much of what was said about specific time periods and how the market related to the economy during those time periods. However, what I did hear did not sound very encouraging for the next 15 years! E -----Original Message----- Sent: Thursday, June 13, 2002 10:46 AM Since "M" is not being nice- I have focused my attention in the short-term on "M's" history over the past 100 - 150 years to try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. but would appreciate any known quality resources the group has used in the past for such purposes. Kelly Short Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** _____ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ _____ ------_=_NextPart_001_01C213AC.1BAD9AA0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Kelly,
 
I also=20 wondered whether -1% through -9% could be considered "single=20 digit".
 
Cheers,
John=20 C.
-----Original Message-----
From: Kelly Short=20 [mailto:kelly.short@neoris.com]
Sent: Friday, June 14, 2002 = 10:00=20 AM
To: canslim@lists.xmission.com
Subject: RE: = [CANSLIM]=20 "M" History

Group,
 
When=20 I posed the "M" History question yesterday I was simply seeking = information,=20 but apparently I began a full raging debate. (Or maybe no one wants = to focus=20 on the daily market movements right now) I am pleased to see that = everyone in=20 the group feels free to share their insights, resources, and = conjectures.=20 Thank you everyone for sending me links to online resources. Winston- = your=20 breakdown of the past century was extremely interesting- thank you = for sharing=20 it with the group. Fanus and Charley- you both bring up good points = and if the=20 two of you ever decide to duke it out in person please let me know in = advance-=20 I'd like to put some money on squares. As for the single digit = debate- so far=20 we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are = indeed single=20 digits- but how about 0%?
 
Well- it's Friday and the market is already down 172 points = by 9:00am.=20 My watch portfolio has checked out and left for Vegas. I think I'll = just go=20 download some pirated music. Have a great weekend=20 everyone!
 
Kelly
-----Original Message-----
From: Cefaloni, John = L Jr.=20 [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil]
Sent: = Friday,=20 June 14, 2002 7:39 AM
To:=20 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM] "M"=20 History

Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and = 9%.
-----Original Message-----
From: Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent: Friday, June 14, = 2002 8:01=20 AM
To: canslim@lists.xmission.com
Subject: = Re:=20 [CANSLIM] "M" History

Ummm, 5% is a single = digit
----- Original Message ----- =
From:=20 Hill,=20 Ernie
To: 'canslim@lists.xmission.com= '=20
Sent: Thursday, June 13, = 2002 10:13=20 PM
Subject: RE: [CANSLIM] = "M"=20 History

I = believe what=20 he said was single digit growth.

 

E

 

-----Original=20 Message-----
From: Dan=20 Forant [mailto:dforant1@nycap.rr.com]
Sent:
=
Thursday, June = 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] = "M"=20 History

 

Didn't Buffer=20 also predict just 5% market growth for years to come??=20

 

DanF

-----=20 Original Message -----

From:=20 Hill, Ernie=20

Sent:=20 Thursday, June = 13,=20 2002 = 12:59=20 PM

Subject:=20 RE: [CANSLIM] "M" History

 

I don't have a=20 resource to contribute at this time but, I have seen two = interviews=20 lately on CNBC one with Art Cashin (an "experienced" floor = trader) and=20 the other with Warren Buffet. Both of these men made = reference to a=20 17.6 year cycle and point out that the major bull market that = ended in=20 2000 began in 1983.

 

They both=20 expect the next 17.6 years to be lean by comparison. Mr. = buffet even=20 went on to talk about how the market has performed all the = way back to=20 1929, and pointed out the influence of this cycle and how the = market=20 was affected by it despite how the economy was=20 performing.

 

Unfortunately=20 I did not have my full attention focused on either interview = so I=20 missed much of what was said about specific time periods and = how the=20 market related to the economy during those time=20 periods.

 

However, what=20 I did hear did not sound very encouraging for the next 15=20 years!

 

E=20

 

-----Original=20 Message-----
From: Kelly Short = [mailto:kelly.short@neoris.com]=20
Sent: Thursday, June 13, 2002 10:46 AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] "M"=20 History

 

Since "M" is=20 not being nice- I have focused my attention in the short-term = on "M's"=20 history over the past 100 - 150 years to try to better = understand what=20 makes this machine tick. I have found a couple of resources = that cover=20 this topic, provide timelines, etc. but would appreciate any = known=20 quality resources the group has used in the past for such = purposes.=20

 

Kelly=20 Short

 

Business=20 Development Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To=20 subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the email=20 body, write "subscribe canslim" = or

-"unsubscribe=20 canslim".  Do = not use=20 quotes in your email.



****************************************************************= **

This=20 email and any files transmitted with it from the ElPaso=20
Corporation=20 are confidential and intended solely for the=20
use of=20 the individual or entity to whom they are addressed.=20
If you=20 have received this email in error please notify the=20
sender.
****************************************************************= **

<= CODE>

*******************************************************= ***********
This=20 email and any files transmitted with it from the ElPaso =
Corporation=20 are confidential and intended solely for the
use of the = individual=20 or entity to whom they are addressed.
If you have received = this=20 email in error please notify the=20 =
sender.
*********************************************************= *********

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.= com/=20


------_=_NextPart_001_01C213AC.1BAD9AA0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "rolf hertenstein" Subject: Re: [CANSLIM] "M" History Date: 14 Jun 2002 08:25:46 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_0159_01C2137D.159DD460 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable My thought too. Fortunately, Buffett said single digit growth, so = -1%,-2%,etc., don't work. Rolf ----- Original Message -----=20 From: Cefaloni, John L Jr. [AMSTA-AR-WEA]=20 To: 'canslim@lists.xmission.com'=20 Sent: Friday, June 14, 2002 8:02 AM Subject: RE: [CANSLIM] "M" History Kelly, I also wondered whether -1% through -9% could be considered "single = digit". Cheers, John C. -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com] Sent: Friday, June 14, 2002 10:00 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] "M" History Group, When I posed the "M" History question yesterday I was simply seeking = information, but apparently I began a full raging debate. (Or maybe no = one wants to focus on the daily market movements right now) I am pleased = to see that everyone in the group feels free to share their insights, = resources, and conjectures. Thank you everyone for sending me links to = online resources. Winston- your breakdown of the past century was = extremely interesting- thank you for sharing it with the group. Fanus = and Charley- you both bring up good points and if the two of you ever = decide to duke it out in person please let me know in advance- I'd like = to put some money on squares. As for the single digit debate- so far = we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed = single digits- but how about 0%? Well- it's Friday and the market is already down 172 points by = 9:00am. My watch portfolio has checked out and left for Vegas. I think = I'll just go download some pirated music. Have a great weekend everyone! Kelly -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] = [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 7:39 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] "M" History Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%. -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com] Sent: Friday, June 14, 2002 8:01 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History Ummm, 5% is a single digit ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 10:13 PM Subject: RE: [CANSLIM] "M" History I believe what he said was single digit growth. =20 E =20 -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com]=20 Sent: Thursday, June 13, 2002 8:24 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History =20 Didn't Buffer also predict just 5% market growth for years to = come??=20 =20 DanF ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 12:59 PM Subject: RE: [CANSLIM] "M" History =20 I don't have a resource to contribute at this time but, I = have seen two interviews lately on CNBC one with Art Cashin (an = "experienced" floor trader) and the other with Warren Buffet. Both of = these men made reference to a 17.6 year cycle and point out that the = major bull market that ended in 2000 began in 1983. =20 They both expect the next 17.6 years to be lean by = comparison. Mr. buffet even went on to talk about how the market has = performed all the way back to 1929, and pointed out the influence of = this cycle and how the market was affected by it despite how the economy = was performing. =20 Unfortunately I did not have my full attention focused on = either interview so I missed much of what was said about specific time = periods and how the market related to the economy during those time = periods. =20 However, what I did hear did not sound very encouraging for = the next 15 years! =20 E=20 =20 -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com]=20 Sent: Thursday, June 13, 2002 10:46 AM To: canslim@lists.xmission.com Subject: [CANSLIM] "M" History =20 Since "M" is not being nice- I have focused my attention in = the short-term on "M's" history over the past 100 - 150 years to try to = better understand what makes this machine tick. I have found a couple of = resources that cover this topic, provide timelines, etc. but would = appreciate any known quality resources the group has used in the past = for such purposes.=20 =20 Kelly Short =20 Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com =20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = ****************************************************************** This email and any files transmitted with it from the ElPaso = Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** = ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** - For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 - ------=_NextPart_000_0159_01C2137D.159DD460 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
My thought too.  Fortunately, = Buffett said=20 single digit growth, so -1%,-2%,etc.,
don't work.
 
 Rolf
----- Original Message -----
From:=20 Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
Sent: Friday, June 14, 2002 = 8:02 AM
Subject: RE: [CANSLIM] "M" = History

Kelly,
 
I=20 also wondered whether -1% through -9% could be considered "single=20 digit".
 
Cheers,
John=20 C.
-----Original Message-----
From: Kelly Short=20 [mailto:kelly.short@neoris.com]
Sent: Friday, June 14, = 2002 10:00=20 AM
To: canslim@lists.xmission.com=
Subject:=20 RE: [CANSLIM] "M" History

Group,
 
When I posed the "M" History question yesterday I was = simply seeking=20 information, but apparently I began a full raging debate. (Or maybe = no one=20 wants to focus on the daily market movements right now) I am pleased = to see=20 that everyone in the group feels free to share their insights, = resources,=20 and conjectures. Thank you everyone for sending me links to online=20 resources. Winston- your breakdown of the past century was extremely = interesting- thank you for sharing it with the group. Fanus and = Charley- you=20 both bring up good points and if the two of you ever decide to duke = it out=20 in person please let me know in advance- I'd like to put some money = on=20 squares. As for the single digit debate- so far we've established = that 1%,=20 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed single digits- but how = about=20 0%?
 
Well- it's Friday and the market is already down 172 points = by=20 9:00am. My watch portfolio has checked out and left for Vegas. I = think I'll=20 just go download some pirated music. Have a great weekend=20 everyone!
 
Kelly
-----Original Message-----
From: Cefaloni, John = L Jr.=20 [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil]
Sent: = Friday,=20 June 14, 2002 7:39 AM
To:=20 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM] "M"=20 History

Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and = 9%.
-----Original Message-----
From: Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent: Friday, June 14, = 2002=20 8:01 AM
To: = canslim@lists.xmission.com
Subject: Re:=20 [CANSLIM] "M" History

Ummm, 5% is a single = digit
----- Original Message ----- =
From:=20 Hill, Ernie
To: 'canslim@lists.xmission.com'= =20
Sent: Thursday, June = 13, 2002=20 10:13 PM
Subject: RE: [CANSLIM] = "M"=20 History

I = believe=20 what he said was single digit = growth.

 

E

 

-----Original=20 Message-----
From:=20 Dan Forant [mailto:dforant1@nycap.rr.com]
Sent: =
Thursday, June = 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com=
Subject: Re: [CANSLIM] = "M"=20 History

 

Didn't Buffer=20 also predict just 5% market growth for years to come??=20

 

DanF

-----=20 Original Message -----

From:=20 Hill, Ernie=20

Sent:=20 Thursday, June = 13,=20 2002 = 12:59=20 PM

Subject:=20 RE: [CANSLIM] "M" History

 

I don't have=20 a resource to contribute at this time but, I have seen two=20 interviews lately on CNBC one with Art Cashin (an = "experienced"=20 floor trader) and the other with Warren Buffet. Both of = these men=20 made reference to a 17.6 year cycle and point out that the = major=20 bull market that ended in 2000 began in=20 1983.

 

They both=20 expect the next 17.6 years to be lean by comparison. Mr. = buffet even=20 went on to talk about how the market has performed all the = way back=20 to 1929, and pointed out the influence of this cycle and how = the=20 market was affected by it despite how the economy was=20 performing.

 

Unfortunately I did not have my = full=20 attention focused on either interview so I missed much of = what was=20 said about specific time periods and how the market related = to the=20 economy during those time = periods.

 

However,=20 what I did hear did not sound very encouraging for the next = 15=20 years!

 

E=20

 

-----Original = Message-----
From: Kelly=20 Short [mailto:kelly.short@neoris.com]
Sent: Thursday, = June 13,=20 2002 10:46 AM
To: canslim@lists.xmission.com
Subject:=20 [CANSLIM] "M" History

 

Since "M" is=20 not being nice- I have focused my attention in the = short-term on=20 "M's" history over the past 100 - 150 years to try to better = understand what makes this machine tick. I have found a = couple of=20 resources that cover this topic, provide timelines, etc. but = would=20 appreciate any known quality resources the group has used in = the=20 past for such purposes.

 

Kelly=20 Short

 

Business=20 Development Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To=20 subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the=20 email body, write "subscribe canslim"=20 or

-"unsubscribe canslim".  Do not use quotes = in your=20 email.



*****************************************************************= *
This=20 email and any files transmitted with it from the ElPaso=20
Corporation=20 are confidential and intended solely for the=20
use=20 of the individual or entity to whom they are addressed.=20
If=20 you have received this email in error please notify the=20
sender.
*****************************************************************= *



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso=20
Corporation are confidential and intended solely for the =
use=20 of the individual or entity to whom they are addressed.
If = you=20 have received this email in error please notify the=20 =
sender.
**********************************************************= ********

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0159_01C2137D.159DD460-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: [CANSLIM] Sorry, But Re. Accounting Date: 14 Jun 2002 10:31:35 EDT Canslimmers: There is an fine article in IBD today in the Managing A Successful Company column, entitled: Accounting Analyst Warns:.... In it, Howard Schilit, an owner of a financial research firm, describes the-essentially-7 categories involved in "Enron-ish" behavior. Unless there is outright fraud going on, the alert investor/prospector can uncover the deceit by analyzing the firms books. He has a web site I haven't visited yet, but which IBD posted in the article. It is: cfraonline.com jans - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: dave.bigham@us.abb.com Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 10:44:06 -0400 >Kelly, > >I also wondered whether -1% through -9% could be considered "single digit". > >Cheers, In the hope of putting an inclusive end to it, for all you computer geeks, the letters 'a' through 'f' are single digits too. Right now, I wouldn't mind getting a some f% return on anything! All the best Dave Bigham - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 10:53:50 -0400 Sorry, but it doesn't look like letters fit the definition of "digit"... digit \Dig"it\, n. [L. digitus finger; prob. akin to Gr. ?, of uncertain origin; possibly akin to E. toe. Cf. Dactyl.] 1. (Zo["o]l.) One of the terminal divisions of a limb appendage; a finger or toe. The ruminants have the ``cloven foot,'' i. e., two hoofed digits on each foot. --Owen. 2. A finger's breadth, commonly estimated to be three fourths of an inch. 3. (Math.) One of the ten figures or symbols, 0, 1, 2, 3, 4, 5, 6, 7, 8, 9, by which all numbers are expressed; -- so called because of the use of the fingers in counting and computing. Note: By some authorities the symbol 0 is not included with the digits. -----Original Message----- Sent: Friday, June 14, 2002 10:44 AM >Kelly, > >I also wondered whether -1% through -9% could be considered "single digit". > >Cheers, In the hope of putting an inclusive end to it, for all you computer geeks, the letters 'a' through 'f' are single digits too. Right now, I wouldn't mind getting a some f% return on anything! All the best Dave Bigham - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 09:58:46 -0500 And thus the debate of "M" history transitions to the debate of "what is = a digit". Shall we throw the "thumb as a digit- is it or isn't it a = digit" question in for good measure? Thanks for the definition John! I actually had a hard time finding one = online- yes, I looked... Kelly -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 9:54 AM Sorry, but it doesn't look like letters fit the definition of "digit"... digit \Dig"it\, n. [L. digitus finger; prob. akin to Gr. ?, of uncertain = origin; possibly akin to E. toe. Cf. Dactyl.] 1. (Zo["o]l.) One of the terminal divisions of a limb appendage; a finger or toe.=20 The ruminants have the ``cloven foot,'' i. e., two hoofed digits on each foot. --Owen.=20 2. A finger's breadth, commonly estimated to be three fourths of an = inch.=20 3. (Math.) One of the ten figures or symbols, 0, 1, 2, 3, 4, 5, 6, 7, 8, = 9, by which all numbers are expressed; -- so called because of the use of = the fingers in counting and computing.=20 Note: By some authorities the symbol 0 is not included with the digits.=20 -----Original Message----- Sent: Friday, June 14, 2002 10:44 AM >Kelly, > >I also wondered whether -1% through -9% could be considered "single = digit". > >Cheers, In the hope of putting an inclusive end to it, for all you computer = geeks, the letters 'a' through 'f' are single digits too. Right now, I wouldn't = mind getting a some f% return on anything! All the best Dave Bigham - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 11:01:14 -0400 Kelly, www.dictionary.com. I'm just having fun. Just passing time on a boring rainy Friday in the northeast. I'm still waiting for someone to offer me the middle "single digit" on their right hand. JC -----Original Message----- Sent: Friday, June 14, 2002 10:59 AM And thus the debate of "M" history transitions to the debate of "what is a digit". Shall we throw the "thumb as a digit- is it or isn't it a digit" question in for good measure? Thanks for the definition John! I actually had a hard time finding one online- yes, I looked... Kelly -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 9:54 AM Sorry, but it doesn't look like letters fit the definition of "digit"... digit \Dig"it\, n. [L. digitus finger; prob. akin to Gr. ?, of uncertain origin; possibly akin to E. toe. Cf. Dactyl.] 1. (Zo["o]l.) One of the terminal divisions of a limb appendage; a finger or toe. The ruminants have the ``cloven foot,'' i. e., two hoofed digits on each foot. --Owen. 2. A finger's breadth, commonly estimated to be three fourths of an inch. 3. (Math.) One of the ten figures or symbols, 0, 1, 2, 3, 4, 5, 6, 7, 8, 9, by which all numbers are expressed; -- so called because of the use of the fingers in counting and computing. Note: By some authorities the symbol 0 is not included with the digits. -----Original Message----- Sent: Friday, June 14, 2002 10:44 AM >Kelly, > >I also wondered whether -1% through -9% could be considered "single digit". > >Cheers, In the hope of putting an inclusive end to it, for all you computer geeks, the letters 'a' through 'f' are single digits too. Right now, I wouldn't mind getting a some f% return on anything! All the best Dave Bigham - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] "M" History Date: 14 Jun 2002 11:31:46 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0014_01C21397.10BB6060 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Kelly: I believe that may also satisfy the single digit expectation. If Fanus and Charlie decide to "duke it out" we should ask Duke to be = the referee. Market is down, TYC and MSFT are up! ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Friday, June 14, 2002 10:00 AM Subject: RE: [CANSLIM] "M" History Group, When I posed the "M" History question yesterday I was simply seeking = information, but apparently I began a full raging debate. (Or maybe no = one wants to focus on the daily market movements right now) I am pleased = to see that everyone in the group feels free to share their insights, = resources, and conjectures. Thank you everyone for sending me links to = online resources. Winston- your breakdown of the past century was = extremely interesting- thank you for sharing it with the group. Fanus = and Charley- you both bring up good points and if the two of you ever = decide to duke it out in person please let me know in advance- I'd like = to put some money on squares. As for the single digit debate- so far = we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed = single digits- but how about 0%? Well- it's Friday and the market is already down 172 points by 9:00am. = My watch portfolio has checked out and left for Vegas. I think I'll just = go download some pirated music. Have a great weekend everyone! Kelly -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] = [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 7:39 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] "M" History Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%. -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com] Sent: Friday, June 14, 2002 8:01 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History Ummm, 5% is a single digit ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 10:13 PM Subject: RE: [CANSLIM] "M" History I believe what he said was single digit growth. =20 E =20 -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com]=20 Sent: Thursday, June 13, 2002 8:24 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History =20 Didn't Buffer also predict just 5% market growth for years to = come??=20 =20 DanF ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 12:59 PM Subject: RE: [CANSLIM] "M" History =20 I don't have a resource to contribute at this time but, I have = seen two interviews lately on CNBC one with Art Cashin (an "experienced" = floor trader) and the other with Warren Buffet. Both of these men made = reference to a 17.6 year cycle and point out that the major bull market = that ended in 2000 began in 1983. =20 They both expect the next 17.6 years to be lean by comparison. = Mr. buffet even went on to talk about how the market has performed all = the way back to 1929, and pointed out the influence of this cycle and = how the market was affected by it despite how the economy was = performing. =20 Unfortunately I did not have my full attention focused on = either interview so I missed much of what was said about specific time = periods and how the market related to the economy during those time = periods. =20 However, what I did hear did not sound very encouraging for = the next 15 years! =20 E=20 =20 -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com]=20 Sent: Thursday, June 13, 2002 10:46 AM To: canslim@lists.xmission.com Subject: [CANSLIM] "M" History =20 Since "M" is not being nice- I have focused my attention in = the short-term on "M's" history over the past 100 - 150 years to try to = better understand what makes this machine tick. I have found a couple of = resources that cover this topic, provide timelines, etc. but would = appreciate any known quality resources the group has used in the past = for such purposes.=20 =20 Kelly Short =20 Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com =20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** = ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_0014_01C21397.10BB6060 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Kelly:
I believe that  may also satisfy the single = digit=20 expectation.
 
If Fanus and Charlie decide to "duke it out" we = should ask=20 Duke to be the referee.
 
Market is down, TYC and MSFT are up!
 
 
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Friday, June 14, 2002 = 10:00=20 AM
Subject: RE: [CANSLIM] "M" = History

Group,
 
When=20 I posed the "M" History question yesterday I was simply seeking = information,=20 but apparently I began a full raging debate. (Or maybe no one wants to = focus=20 on the daily market movements right now) I am pleased to see that = everyone in=20 the group feels free to share their insights, resources, and = conjectures.=20 Thank you everyone for sending me links to online resources. Winston- = your=20 breakdown of the past century was extremely interesting- thank you for = sharing=20 it with the group. Fanus and Charley- you both bring up good points = and if the=20 two of you ever decide to duke it out in person please let me know in = advance-=20 I'd like to put some money on squares. As for the single digit debate- = so far=20 we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are = indeed single=20 digits- but how about 0%?
 
Well- it's Friday and the market is already down 172 points = by 9:00am.=20 My watch portfolio has checked out and left for Vegas. I think I'll = just go=20 download some pirated music. Have a great weekend=20 everyone!
 
Kelly
-----Original Message-----
From: Cefaloni, John L = Jr.=20 [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil]
Sent: = Friday,=20 June 14, 2002 7:39 AM
To:=20 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM] "M"=20 History

Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and = 9%.
-----Original Message-----
From: Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent: Friday, June 14, = 2002 8:01=20 AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM] "M" History

Ummm, 5% is a single = digit
----- Original Message ----- =
From:=20 Hill,=20 Ernie
To: 'canslim@lists.xmission.com'= =20
Sent: Thursday, June 13, = 2002 10:13=20 PM
Subject: RE: [CANSLIM] = "M"=20 History

I = believe what=20 he said was single digit growth.

 

E

 

-----Original=20 Message-----
From: Dan=20 Forant [mailto:dforant1@nycap.rr.com]
Sent:
=
Thursday, June = 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com=
Subject: Re: [CANSLIM] = "M"=20 History

 

Didn't Buffer=20 also predict just 5% market growth for years to come??=20

 

DanF

-----=20 Original Message -----

From:=20 Hill, Ernie=20

Sent:=20 Thursday, June = 13,=20 2002 = 12:59=20 PM

Subject:=20 RE: [CANSLIM] "M" History

 

I don't have a=20 resource to contribute at this time but, I have seen two = interviews=20 lately on CNBC one with Art Cashin (an "experienced" floor = trader) and=20 the other with Warren Buffet. Both of these men made reference = to a=20 17.6 year cycle and point out that the major bull market that = ended in=20 2000 began in 1983.

 

They both=20 expect the next 17.6 years to be lean by comparison. Mr. = buffet even=20 went on to talk about how the market has performed all the way = back to=20 1929, and pointed out the influence of this cycle and how the = market=20 was affected by it despite how the economy was=20 performing.

 

Unfortunately=20 I did not have my full attention focused on either interview = so I=20 missed much of what was said about specific time periods and = how the=20 market related to the economy during those time=20 periods.

 

However, what=20 I did hear did not sound very encouraging for the next 15=20 years!

 

E=20

 

-----Original=20 Message-----
From: Kelly Short = [mailto:kelly.short@neoris.com]=20
Sent: Thursday, June 13, 2002 10:46 AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] "M"=20 History

 

Since "M" is=20 not being nice- I have focused my attention in the short-term = on "M's"=20 history over the past 100 - 150 years to try to better = understand what=20 makes this machine tick. I have found a couple of resources = that cover=20 this topic, provide timelines, etc. but would appreciate any = known=20 quality resources the group has used in the past for such = purposes.=20

 

Kelly=20 Short

 

Business=20 Development Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To=20 subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the email=20 body, write "subscribe canslim" = or

-"unsubscribe=20 canslim".  Do = not use=20 quotes in your email.



*****************************************************************= *

This=20 email and any files transmitted with it from the ElPaso=20
Corporation=20 are confidential and intended solely for the=20
use of=20 the individual or entity to whom they are addressed.=20
If you=20 have received this email in error please notify the=20
sender.
*****************************************************************= *



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso =
Corporation=20 are confidential and intended solely for the
use of the = individual=20 or entity to whom they are addressed.
If you have received = this=20 email in error please notify the=20 =
sender.
**********************************************************= ********

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0014_01C21397.10BB6060-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: dave.bigham@us.abb.com Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 11:31:13 -0400 --0__=vHZ1z2wM23PxFD5WjpNUV65ZY07pLm6pUGlTyCmesdIfzfXjrfyx9lKj Content-type: text/plain; charset=us-ascii Content-Disposition: inline Recognize that as language changes, dictionariess are following indicators (investment content.) Most include new terms and definitions based in large part on current and increasing usage. A quick search of Google resulted in about 11,700 hits on the term "hexadecimal digit" - an oxymoron on its face if we are forced to abide by your dictionary's definition for "digit." Common use, in at least a subset of our population, has given the letters 'a' through 'f' some legitimacy as 'digits.' Before the flames begin, I got a good chuckle out of your reply. I am one of the first, usually in good humor, to point out others' foibles and mistakes. I (sometimes) get a laugh when others point out mine. All the best Dave Bigham |-------------> |(Embedded | |image moved | |to file: | |pic19320.pcx)| | | |-------------> >------------------------------------------------------------------------| |"Cefaloni, John L Jr. [AMSTA-AR-WEA]" | |06/14/2002 10:53 AM | >------------------------------------------------------------------------| Please respond to canslim@lists.xmission.com cc: (bcc: Dave Bigham/USINY/ABB) Security Level:? Internal Sorry, but it doesn't look like letters fit the definition of "digit"... digit \Dig"it\, n. [L. digitus finger; prob. akin to Gr. ?, of uncertain origin; possibly akin to E. toe. Cf. Dactyl.] 1. (Zo["o]l.) One of the terminal divisions of a limb appendage; a finger or toe. The ruminants have the ``cloven foot,'' i. e., two hoofed digits on each foot. --Owen. 2. A finger's breadth, commonly estimated to be three fourths of an inch. 3. (Math.) One of the ten figures or symbols, 0, 1, 2, 3, 4, 5, 6, 7, 8, 9, by which all numbers are expressed; -- so called because of the use of the fingers in counting and computing. Note: By some authorities the symbol 0 is not included with the digits. -----Original Message----- Sent: Friday, June 14, 2002 10:44 AM >Kelly, > >I also wondered whether -1% through -9% could be considered "single digit". > >Cheers, In the hope of putting an inclusive end to it, for all you computer geeks, the letters 'a' through 'f' are single digits too. Right now, I wouldn't mind getting a some f% return on anything! All the best Dave Bigham - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. --0__=vHZ1z2wM23PxFD5WjpNUV65ZY07pLm6pUGlTyCmesdIfzfXjrfyx9lKj Content-type: application/octet-stream; name="pic19320.pcx" Content-Disposition: attachment; filename="pic19320.pcx" Content-transfer-encoding: base64 CgUBCAAAAABQAB4AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAABUQABAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAADpD9UPyg/FD8MPD8sPxQkPxQnMD8kJD8UJyA/KCQ/FCcUPwg8Pyw/FCQ/F CcwPyQkPxwnGD8oJD8cJxA/CD8oPxgkPxgnLD8kJD8gJxQ/KCQ/HCQnDD8IPyg/GCQ/GCcsPyQkP yQnED8oJD8cJwgnDDw/KD8YJD8YJyw/JCQ/JCcQPygkPxwnCCcMPD8kPxwkPxwnKD8kJD8kJxA/K CQ/HCcIJww8PyQ/HCQ/HCcoPyQkPygnDD8oJD8cJwwnCDw/JD8cJD8cJyg/JCQ/KCcMPygkPxwnD CcIPD8gPyAkPyAnJD8kJD8oJww/KCQ/HCcMJwg8PyA/ICQ/ICckPyQkPyQnED8oJD8cJwgnDDw/I D8gJD8gJyQ/JCQ/JCcQPygkPxwnCCcMPD8cPyQkPyQnID8kJD8gJxQ/KCQ/HCQnDD8IPxw/JCQ/J CcgPyQkPxwnGD8oJD8cJxA/CD8YPygkPygnHD8kJD8kJxA/KCQ/HCcIJww8P6Q/VD8oPxQ/DDw/F D8sJD8sJxg/JCQ/KCcMPygkPxwnDCcIPD8UPywkPywnGD8kJD8sJwg/KCQ/HCcQJwg/ED8wJD8wJ xQ/JCQ/MCQ/KCQ/HCcQJCQ/ED8wJD8wJxQ/JCQ/MCQ/KCQ/HCcQJCQ/ED8wJD8wJxQ/JCQ/MCQ/K CQ/HCcQJCQ/DD80JD80JxA/JCQ/MCQ/KCQ/HCcQJCQ/DD80JD80JxA/JCQ/MCQ/KCQ/HCcQJCQ/C D84JD84Jww/JCQ/MCQ/KCQ/HCcQJCQ/CD8kJyw/JCcMPyQkPywnCD8oJD8cJxAnCD8IPyQnLD8kJ ww/JCQ/LCcIPygkPxwnECcIPD8kJzQ/JCcIPyQkPygnDD8oJD8cJwwnCDw8PyQnND8kJwg/JCQ/J CcQPygkPxwnCCcMPDw/JCc0PyQnCD8kJD8cJxg/KCQ/HCcQPwg/JCc8PyQkPyQkPxAnJD8oJD8QJ xQ/DDw/pD9UPyg/FD8MPDwwAAACAAAAAgACAgAAAAICAAIAAgICAgIDAwMD/AAAA/wD//wAAAP// AP8A//////8AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA= --0__=vHZ1z2wM23PxFD5WjpNUV65ZY07pLm6pUGlTyCmesdIfzfXjrfyx9lKj-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] "M" History Date: 14 Jun 2002 11:45:45 -0400 Dave, Nothing passes the time like a good argument. And since it's a slow day on the CANSLIM message board, I don't feel too guilty about exploring this tangent. I'm afraid your argument is full of holes. Tsk, tsk, using Google as a "leading indicator" for language? I typed in the word "CHEIF" and got 37,300 hits. This is a bigger subset of our population than those that give hexadecimal digits "legitimacy". Are misspelled words becoming legitimate too? All in good fun, John C. -----Original Message----- Sent: Friday, June 14, 2002 11:31 AM Recognize that as language changes, dictionariess are following indicators (investment content.) Most include new terms and definitions based in large part on current and increasing usage. A quick search of Google resulted in about 11,700 hits on the term "hexadecimal digit" - an oxymoron on its face if we are forced to abide by your dictionary's definition for "digit." Common use, in at least a subset of our population, has given the letters 'a' through 'f' some legitimacy as 'digits.' Before the flames begin, I got a good chuckle out of your reply. I am one of the first, usually in good humor, to point out others' foibles and mistakes. I (sometimes) get a laugh when others point out mine. All the best Dave Bigham |-------------> |(Embedded | |image moved | |to file: | |pic19320.pcx)| | | |-------------> >------------------------------------------------------------------------| |"Cefaloni, John L Jr. [AMSTA-AR-WEA]" | |06/14/2002 10:53 AM | >------------------------------------------------------------------------| Please respond to canslim@lists.xmission.com cc: (bcc: Dave Bigham/USINY/ABB) Security Level:? Internal Sorry, but it doesn't look like letters fit the definition of "digit"... digit \Dig"it\, n. [L. digitus finger; prob. akin to Gr. ?, of uncertain origin; possibly akin to E. toe. Cf. Dactyl.] 1. (Zo["o]l.) One of the terminal divisions of a limb appendage; a finger or toe. The ruminants have the ``cloven foot,'' i. e., two hoofed digits on each foot. --Owen. 2. A finger's breadth, commonly estimated to be three fourths of an inch. 3. (Math.) One of the ten figures or symbols, 0, 1, 2, 3, 4, 5, 6, 7, 8, 9, by which all numbers are expressed; -- so called because of the use of the fingers in counting and computing. Note: By some authorities the symbol 0 is not included with the digits. -----Original Message----- Sent: Friday, June 14, 2002 10:44 AM >Kelly, > >I also wondered whether -1% through -9% could be considered "single digit". > >Cheers, In the hope of putting an inclusive end to it, for all you computer geeks, the letters 'a' through 'f' are single digits too. Right now, I wouldn't mind getting a some f% return on anything! All the best Dave Bigham - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: [CANSLIM] Subject "M" Date: 14 Jun 2002 14:09:48 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0040_01C213AD.24B4E4E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit The "market" or "momentum" is dependent upon many factors. Perhaps, one of the major ones for an upward trending market is whether the big boys are growing. Thus, the Accumulate/Distribution rating contained in the IBD shows that trend. Since this market rally topped in April, the number of A rated stocks using the Acc/Dis rating has fallen by over 50% indicating that the large institutions are having difficulty in finding what they perceive to be quality stocks. We have updated the the Acc/Dist charts on the website and you can access them at: http://www.adrich.com/SI/Info/A's.htm Some people think that we are near a bottom, but the percentage of A+B's do not confirm that a bottom is here. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_0040_01C213AD.24B4E4E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
The = "market" or=20 "momentum" is dependent upon many factors.  Perhaps, one of the = major ones=20 for an upward trending market is whether the big boys are=20 growing.
 
Thus, = the=20 Accumulate/Distribution rating contained in the IBD shows that = trend. =20 Since this market rally topped in April, the number of A rated stocks = using the=20 Acc/Dis rating has fallen by over 50% indicating that the large = institutions are=20 having difficulty in finding what they perceive to be quality=20 stocks.
 
We = have updated the=20 the Acc/Dist charts on the website and you can access them=20 at:
 
http://www.adrich.com/SI/I= nfo/A's.htm
 
Some = people think=20 that we are near a bottom, but the percentage of A+B's do not confirm = that a=20 bottom is here.
 
 
Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals III=20 27
 
www.adrich.com
 
------=_NextPart_000_0040_01C213AD.24B4E4E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Dan Forant" Subject: Re: [CANSLIM] Subject "M" Date: 14 Jun 2002 21:19:08 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0048_01C213E9.1F07AE60 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable I'll stick to my prediction, no bottom till fall. That's providing the = crooks are gone and terrorism calms down. This market is a shorter = paradise. DanF ----- Original Message -----=20 From: Fred Richards=20 To: canslim@lists.xmission.com=20 Sent: Friday, June 14, 2002 3:09 PM Subject: [CANSLIM] Subject "M" The "market" or "momentum" is dependent upon many factors. Perhaps, = one of the major ones for an upward trending market is whether the big = boys are growing. Thus, the Accumulate/Distribution rating contained in the IBD shows = that trend. Since this market rally topped in April, the number of A = rated stocks using the Acc/Dis rating has fallen by over 50% indicating = that the large institutions are having difficulty in finding what they = perceive to be quality stocks. We have updated the the Acc/Dist charts on the website and you can = access them at: http://www.adrich.com/SI/Info/A's.htm Some people think that we are near a bottom, but the percentage of = A+B's do not confirm that a bottom is here. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, = the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_0048_01C213E9.1F07AE60 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
I'll stick to my prediction, no bottom = till fall.=20 That's providing the crooks are gone and terrorism calms down. This = market is a=20 shorter paradise.
 
DanF
----- Original Message -----
From:=20 Fred=20 Richards
Sent: Friday, June 14, 2002 = 3:09 PM
Subject: [CANSLIM] Subject = "M"

The = "market" or=20 "momentum" is dependent upon many factors.  Perhaps, one of the = major=20 ones for an upward trending market is whether the big boys are=20 growing.
 
Thus, the=20 Accumulate/Distribution rating contained in the IBD shows that = trend. =20 Since this market rally topped in April, the number of A rated stocks = using=20 the Acc/Dis rating has fallen by over 50% indicating that the large=20 institutions are having difficulty in finding what they perceive to be = quality=20 stocks.
 
We = have updated=20 the the Acc/Dist charts on the website and you can access them=20 at:
 
http://www.adrich.com/SI/I= nfo/A's.htm
 
Some = people think=20 that we are near a bottom, but the percentage of A+B's do not confirm = that a=20 bottom is here.
 
 
Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals = III=20 27
 
www.adrich.com
 
------=_NextPart_000_0048_01C213E9.1F07AE60-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] "M" History Date: 14 Jun 2002 23:09:13 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0054_01C213F8.7F89A720 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable not in context, because "growth" was specified. That requirement also = eliminates 0%. ----- Original Message -----=20 Sent: Friday, June 14, 2002 10:02 AM Kelly, I also wondered whether -1% through -9% could be considered "single = digit". Cheers, John C. -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com] Sent: Friday, June 14, 2002 10:00 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] "M" History Group, When I posed the "M" History question yesterday I was simply seeking = information, but apparently I began a full raging debate. (Or maybe no = one wants to focus on the daily market movements right now) I am pleased = to see that everyone in the group feels free to share their insights, = resources, and conjectures. Thank you everyone for sending me links to = online resources. Winston- your breakdown of the past century was = extremely interesting- thank you for sharing it with the group. Fanus = and Charley- you both bring up good points and if the two of you ever = decide to duke it out in person please let me know in advance- I'd like = to put some money on squares. As for the single digit debate- so far = we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed = single digits- but how about 0%? Well- it's Friday and the market is already down 172 points by 9:00am. = My watch portfolio has checked out and left for Vegas. I think I'll just = go download some pirated music. Have a great weekend everyone! Kelly -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] = [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 7:39 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] "M" History Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%. -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com] Sent: Friday, June 14, 2002 8:01 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History Ummm, 5% is a single digit ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 10:13 PM Subject: RE: [CANSLIM] "M" History I believe what he said was single digit growth. =20 E =20 -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com]=20 Sent: Thursday, June 13, 2002 8:24 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History =20 Didn't Buffer also predict just 5% market growth for years to = come??=20 =20 DanF ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 12:59 PM Subject: RE: [CANSLIM] "M" History =20 I don't have a resource to contribute at this time but, I have = seen two interviews lately on CNBC one with Art Cashin (an "experienced" = floor trader) and the other with Warren Buffet. Both of these men made = reference to a 17.6 year cycle and point out that the major bull market = that ended in 2000 began in 1983. =20 They both expect the next 17.6 years to be lean by comparison. = Mr. buffet even went on to talk about how the market has performed all = the way back to 1929, and pointed out the influence of this cycle and = how the market was affected by it despite how the economy was = performing. =20 Unfortunately I did not have my full attention focused on = either interview so I missed much of what was said about specific time = periods and how the market related to the economy during those time = periods. =20 However, what I did hear did not sound very encouraging for = the next 15 years! =20 E=20 =20 -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com]=20 Sent: Thursday, June 13, 2002 10:46 AM To: canslim@lists.xmission.com Subject: [CANSLIM] "M" History =20 Since "M" is not being nice- I have focused my attention in = the short-term on "M's" history over the past 100 - 150 years to try to = better understand what makes this machine tick. I have found a couple of = resources that cover this topic, provide timelines, etc. but would = appreciate any known quality resources the group has used in the past = for such purposes.=20 =20 Kelly Short =20 Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com =20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** = ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_0054_01C213F8.7F89A720 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
not in context, because "growth" was specified. = That=20 requirement also eliminates 0%.
 
----- Original Message -----=20
From: Cefaloni, John L Jr. = [AMSTA-AR-WEA]=20
Sent: Friday, June 14, 2002 10:02 AM
Subject: RE: [CANSLIM] "M" History

Kelly,
 
I also=20 wondered whether -1% through -9% could be considered "single=20 digit".
 
Cheers,
John=20 C.
-----Original Message-----
From: Kelly Short=20 [mailto:kelly.short@neoris.com]
Sent: Friday, June 14, 2002 = 10:00=20 AM
To: canslim@lists.xmission.com=
Subject:=20 RE: [CANSLIM] "M" History

Group,
 
When=20 I posed the "M" History question yesterday I was simply seeking = information,=20 but apparently I began a full raging debate. (Or maybe no one wants to = focus=20 on the daily market movements right now) I am pleased to see that = everyone in=20 the group feels free to share their insights, resources, and = conjectures.=20 Thank you everyone for sending me links to online resources. Winston- = your=20 breakdown of the past century was extremely interesting- thank you for = sharing=20 it with the group. Fanus and Charley- you both bring up good points = and if the=20 two of you ever decide to duke it out in person please let me know in = advance-=20 I'd like to put some money on squares. As for the single digit debate- = so far=20 we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are = indeed single=20 digits- but how about 0%?
 
Well- it's Friday and the market is already down 172 points = by 9:00am.=20 My watch portfolio has checked out and left for Vegas. I think I'll = just go=20 download some pirated music. Have a great weekend=20 everyone!
 
Kelly
-----Original Message-----
From: Cefaloni, John L = Jr.=20 [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil]
Sent: = Friday,=20 June 14, 2002 7:39 AM
To:=20 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM] "M"=20 History

Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and = 9%.
-----Original Message-----
From: Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent: Friday, June 14, = 2002 8:01=20 AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM] "M" History

Ummm, 5% is a single = digit
----- Original Message ----- =
From:=20 Hill,=20 Ernie
To: 'canslim@lists.xmission.com'= =20
Sent: Thursday, June 13, = 2002 10:13=20 PM
Subject: RE: [CANSLIM] = "M"=20 History

I = believe what=20 he said was single digit growth.

 

E

 

-----Original=20 Message-----
From: Dan=20 Forant [mailto:dforant1@nycap.rr.com]
Sent:
=
Thursday, June = 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com=
Subject: Re: [CANSLIM] = "M"=20 History

 

Didn't Buffer=20 also predict just 5% market growth for years to come??=20

 

DanF

-----=20 Original Message -----

From:=20 Hill, Ernie=20

Sent:=20 Thursday, June = 13,=20 2002 = 12:59=20 PM

Subject:=20 RE: [CANSLIM] "M" History

 

I don't have a=20 resource to contribute at this time but, I have seen two = interviews=20 lately on CNBC one with Art Cashin (an "experienced" floor = trader) and=20 the other with Warren Buffet. Both of these men made reference = to a=20 17.6 year cycle and point out that the major bull market that = ended in=20 2000 began in 1983.

 

They both=20 expect the next 17.6 years to be lean by comparison. Mr. = buffet even=20 went on to talk about how the market has performed all the way = back to=20 1929, and pointed out the influence of this cycle and how the = market=20 was affected by it despite how the economy was=20 performing.

 

Unfortunately=20 I did not have my full attention focused on either interview = so I=20 missed much of what was said about specific time periods and = how the=20 market related to the economy during those time=20 periods.

 

However, what=20 I did hear did not sound very encouraging for the next 15=20 years!

 

E=20

 

-----Original=20 Message-----
From: Kelly Short = [mailto:kelly.short@neoris.com]=20
Sent: Thursday, June 13, 2002 10:46 AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] "M"=20 History

 

Since "M" is=20 not being nice- I have focused my attention in the short-term = on "M's"=20 history over the past 100 - 150 years to try to better = understand what=20 makes this machine tick. I have found a couple of resources = that cover=20 this topic, provide timelines, etc. but would appreciate any = known=20 quality resources the group has used in the past for such = purposes.=20

 

Kelly=20 Short

 

Business=20 Development Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To=20 subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the email=20 body, write "subscribe canslim" = or

-"unsubscribe=20 canslim".  Do = not use=20 quotes in your email.



*****************************************************************= *

This=20 email and any files transmitted with it from the ElPaso=20
Corporation=20 are confidential and intended solely for the=20
use of=20 the individual or entity to whom they are addressed.=20
If you=20 have received this email in error please notify the=20
sender.
*****************************************************************= *



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso =
Corporation=20 are confidential and intended solely for the
use of the = individual=20 or entity to whom they are addressed.
If you have received = this=20 email in error please notify the=20 =
sender.
**********************************************************= ********

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0054_01C213F8.7F89A720-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] "M" History Date: 14 Jun 2002 23:12:55 -0400 I think the market already did that to many of us. ----- Original Message ----- Sent: Friday, June 14, 2002 11:01 AM Kelly, www.dictionary.com. I'm just having fun. Just passing time on a boring rainy Friday in the northeast. I'm still waiting for someone to offer me the middle "single digit" on their right hand. JC -----Original Message----- Sent: Friday, June 14, 2002 10:59 AM And thus the debate of "M" history transitions to the debate of "what is a digit". Shall we throw the "thumb as a digit- is it or isn't it a digit" question in for good measure? Thanks for the definition John! I actually had a hard time finding one online- yes, I looked... Kelly -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 9:54 AM Sorry, but it doesn't look like letters fit the definition of "digit"... digit \Dig"it\, n. [L. digitus finger; prob. akin to Gr. ?, of uncertain origin; possibly akin to E. toe. Cf. Dactyl.] 1. (Zo["o]l.) One of the terminal divisions of a limb appendage; a finger or toe. The ruminants have the ``cloven foot,'' i. e., two hoofed digits on each foot. --Owen. 2. A finger's breadth, commonly estimated to be three fourths of an inch. 3. (Math.) One of the ten figures or symbols, 0, 1, 2, 3, 4, 5, 6, 7, 8, 9, by which all numbers are expressed; -- so called because of the use of the fingers in counting and computing. Note: By some authorities the symbol 0 is not included with the digits. -----Original Message----- Sent: Friday, June 14, 2002 10:44 AM >Kelly, > >I also wondered whether -1% through -9% could be considered "single digit". > >Cheers, In the hope of putting an inclusive end to it, for all you computer geeks, the letters 'a' through 'f' are single digits too. Right now, I wouldn't mind getting a some f% return on anything! All the best Dave Bigham - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] Worley's Weekend Weeview Date: 15 Jun 2002 10:39:25 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_01C0_01C21458.EB7339F0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_01C1_01C21458.EB7339F0" ------=_NextPart_001_01C1_01C21458.EB7339F0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable M What is there to say? Fourth week in a row that the three major indexes = closed down for the week, losing another 1.2% on the DOW and 2% on = NASDAQ and S&P500. Russell did even worse, down another 2.43%. The often = predicted test of the September lows appear to be upon us. Technical = support levels continue to collapse. #@$!#@^&%@. = Aaaarrrrrgggghhhhhh!!!!! This is no fun anymore. Naz 100 traded below = the Sept lows during the week, altho did manage to close above that on = Friday. Volume was heavier than average on the DOW, NYSE Composite, = S&P500, and the DJ Utilities (which closed up for the week, another = defensive signal). ------- ECONOMICS Retail sales dropped 0.9%, partially due to cold weather. Core rate = (without autos) dropped 0.4%. Expectations were for a 0.2% drop overall = and a core rate up 0.3%. Consumer spending, which is a critical = component of the economy and recovery from recession, grew 3.2% in the = first quarter and is expected to only grow 1.5% in the current quarter. = Discount retailers, such as WMT, did well however, suggesting that = better pricing was as much a factor as cold weather. PPI (Producer Price Index) fell 0.4%, and was unchanged on the core = rate. Expectations were for both to rise 0.1%. Inflation remains a "no = show", and continues to confirm no action by the Feds on raising = interest rates. Consumer debt service rose to 7.93% of disposable income during the 4th = quarter of 2001, highest rate since 3rd quarter 1987. Percentage going = to mortgage payments also rose, but so did savings rates, to one of the = highest levels in history. Consumer sentiment - Univ. of Michigan's index fell to 90.8, down from = 96.9 in May, surprising experts who expected only a slight drop to 96.6. = Expectations also dropped, to 86.2 from 92.7 as did current economic = conditions expectations, down to 97.9 from 103.5. Industrial - production rose 0.2%, capacity utilization rose to 75.5% = from 75.4% in April, both below expectations of 0.4% and 75.7%. In = April, business inventories fell another 0.2%, matching expectations, = while sales rose 1.8%, sending the ratio of inventory to sales to 1.35, = lowest ever on record. A Reuters poll showed that 12 of 22 economists now think the Feds will = not raise rates until November at the earliest, and there is even some = talk of the Feds cutting rates one more time (I don't believe there will = be a rate cut, but do think we may go the entire year without a rate = hike). ------- WORLEY'S WATCHLIST WANNABES As always, I will mention specific basing formations, such as c&h, = double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat line bases (marked as Bx where x indicates the number of weeks = IMO). Most stocks in this list will have both RS and EPS of 80 or = better, and be close to their 12 month high. I try to glance at the = earnings forecast, and eliminate any less than 20% for this year and = next, but do no other due diligence. I exclude any stocks under any form = of merger / acquisition.=20 The population of stocks I am reviewing this weekend continued to slide = further this past week. Daily lists were not even a page long, and = little of interest. The across the board slide in all indexes hurt a lot = of otherwise good looking charts. ABC - held up well last week ABCW - B6 AMSG - B6 AZO - high handle forming on the cup, volume declining CECO - B8, volume down ENR - young LLUR? weak earnings next year ERES - another possible LLUR, good earnings, consolidating recent gains FNLY - nice B5, fairly tight, volume down last week HOTT - volatile, but potential HTRN - interesting chart, small cap, good forecasts HUG - nice base forming at 40 KFT - surprising growth for a big cap, big name, nice chart in turbulent = times LION - nice base failing, but closed at high end of range on Friday and = almost back to base OVRL - B5 below the high, lot of insider selling lately, owned, in my VR = Fund PETM - LLUR but getting volatile PFG - young LLUR ROST - LLUR SSNC - nice B8, small cap, in my VR Fund WSH - LLUR Happy Hunting, and good luck Tom Worley stkguru@bellsouth.net AIM: TexWorley ------=_NextPart_001_01C1_01C21458.EB7339F0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
M
What is there to say? Fourth week in a row that = the three=20 major indexes closed down for the week, losing another 1.2% on the DOW = and 2% on=20 NASDAQ and S&P500. Russell did even worse, down another 2.43%. The = often=20 predicted test of the September lows appear to be upon us. Technical = support=20 levels continue to collapse. #@$!#@^&%@. = Aaaarrrrrgggghhhhhh!!!!! This is no fun anymore. = Naz 100=20 traded below the Sept lows during the week, altho did manage to close = above that=20 on Friday. Volume was heavier than average on the DOW, NYSE = Composite,=20 S&P500, and the DJ Utilities (which closed up for the week, another=20 defensive signal).

ECONOMICS
Retail sales dropped 0.9%, partially due to cold weather. Core rate = (without autos) dropped 0.4%. Expectations were for a 0.2% drop overall = and a=20 core rate up 0.3%. Consumer spending, which is a critical component of = the=20 economy and recovery from recession, grew 3.2% in the first quarter and = is=20 expected to only grow 1.5% in the current quarter. Discount retailers, = such as=20 WMT, did well however, suggesting that better pricing was as much a = factor as=20 cold weather.
 
PPI (Producer Price Index) fell 0.4%, and was unchanged on the core = rate.=20 Expectations were for both to rise 0.1%. Inflation remains a "no show", = and=20 continues to confirm no action by the Feds on raising interest = rates.
 
Consumer debt service rose to 7.93% of disposable income during the = 4th=20 quarter of 2001, highest rate since 3rd quarter 1987. Percentage going = to=20 mortgage payments also rose, but so did savings rates, to one of the = highest=20 levels in history.
 
Consumer sentiment - Univ. of Michigan's index fell to 90.8, down = from 96.9=20 in May, surprising experts who expected only a slight drop to 96.6. = Expectations=20 also dropped, to 86.2 from 92.7 as did current economic conditions = expectations,=20 down to 97.9 from 103.5.
 
Industrial - production rose 0.2%, capacity = utilization=20 rose to 75.5% from 75.4% in April, both below expectations of 0.4% and = 75.7%. In=20 April, business inventories fell another 0.2%, matching expectations, = while=20 sales rose 1.8%, sending the ratio of inventory to sales to 1.35, lowest = ever on=20 record.
 
A Reuters poll showed that 12 of 22 economists = now think=20 the Feds will not raise rates until November at the earliest, and there = is even=20 some talk of the Feds cutting rates one more time (I don't believe there = will be=20 a rate cut, but do think we may go the entire year without a rate = hike).

WORLEY'S WATCHLIST WANNABES
As always, I will mention specific basing formations, such as = c&h,=20 double bottoms, or non-CANSLIM ones like LLUR (Lower Left Upper Right) = or flat=20 line bases (marked as Bx where x indicates the number of weeks IMO). = Most stocks=20 in this list will have both RS and EPS of 80 or better, and be close to = their 12=20 month high. I try to glance at the earnings forecast, and eliminate any = less=20 than 20% for this year and next, but do no other due diligence. I = exclude any=20 stocks under any form of merger / acquisition.=20
 
The population of stocks I am reviewing this weekend continued = to=20 slide further this past week. Daily lists were not even a page long, and = little=20 of interest. The across the board slide in all indexes hurt a lot of = otherwise=20 good looking charts.
 
ABC - held up well last week
ABCW - B6
AMSG - B6
AZO - high handle forming on the cup, volume declining
CECO - B8, volume down
ENR - young LLUR? weak earnings next year
ERES - another possible LLUR, good earnings, consolidating recent=20 gains
FNLY - nice B5, fairly tight, volume down last week
HOTT - volatile, but potential
HTRN - interesting chart, small cap, good forecasts
HUG - nice base forming at 40
KFT - surprising growth for a big cap, big name, nice chart in = turbulent=20 times
LION - nice base failing, but closed at high end of range on Friday = and=20 almost back to base
OVRL - B5 below the high, lot of insider selling lately, owned, in = my VR=20 Fund
PETM - LLUR but getting volatile
PFG - young LLUR
ROST - LLUR
SSNC - nice B8, small cap, in my VR Fund
WSH - LLUR
 
Happy Hunting, and good luck
 
3D""
Tom Worley
stkguru@bellsouth.net
AIM: = TexWorley
------=_NextPart_001_01C1_01C21458.EB7339F0-- ------=_NextPart_000_01C0_01C21458.EB7339F0 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <01bf01c2147a$7284d9f0$6501a8c0@TOMSBOX> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_01C0_01C21458.EB7339F0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "oaktoad" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 15 Jun 2002 11:34:16 -0700 Yup, it is not fun at all.. That may be the sign that the bottom approaches. Only the strong will hang in there and be around when it does turn. I just hope we don't repeat Japan !!! . #@$!#@^&%@. Aaaarrrrrgggghhhhhh!!!!! This is no fun anymore. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Norman" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 15 Jun 2002 13:45:51 -0500 THAT'S IT!! If our perennial bull Tom is frustrated then can the bottom be far off?! Thanks Tom :-) Norm ----- Original Message ----- Sent: Saturday, June 15, 2002 1:34 PM > Yup, it is not fun at all.. > > That may be the sign that the bottom approaches. Only the strong will hang > in there and be around when it does turn. I just hope we don't repeat Japan > !!! > > > From: Tom Worley > > . #@$!#@^&%@. Aaaarrrrrgggghhhhhh!!!!! This is no fun anymore. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 15 Jun 2002 14:47:37 -0600 At least in the short term you may be correct, good chart here on market sentiment, also I notice the Vix is getting up to a fairly high level, back in April it was near several year lows, and we know what has happened since then. http://www.vtoreport.com/other/sentiment.htm On 15 Jun 2002 at 13:45, Norman wrote: > THAT'S IT!! > > If our perennial bull Tom is frustrated then can the bottom be far off?! - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE:[CANSLIM] S&P index "M" Date: 15 Jun 2002 18:01:24 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C214C0.928DFB50 Content-Type: text/plain The next significant low turn for the S&P should occur within four trading days of 6-26 with the turn most likely happening during the last half of the window from 6-26 to 7-2. The target price range is 965 - 958. If the turn comes early in the window it is more likely to be in the high part of the range and if the turn comes late in the window it is more likely to be in the low part of the range. E -----Original Message----- Sent: Tuesday, June 11, 2002 10:10 PM Today's market action all but confirms that Friday was no aberration, but was indeed a warning signal. I believe the high turn that I forecast for the time window of 6-10 to 6-20 was made today and well short of the low target of 1048.41. Even if the market should manage to make it up to 1048 over the course of the next few days the risk is far greater than the potential reward. The primary reason that I think this short term high turn has been made is because the S&P has closed significantly below the target range of 1034-1027 that I had forecast for the low turn that I had anticipated in my post from 5-21. Also in that post I had mentioned that there were two time windows that the low turn I was looking for could be made. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time window for the turn occurs, but the next high turn is made early in the window is often only one or two days up and is very weak with the market turning below target levels. When this happens the second time window for the turn should be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of 6-4 has blown past its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect that this down swing could challenge last Septembers lows before a meaningful move up can be made. I wanted to get this post out tonight to warn those of you who give weight to my analysis. If any of you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happen. E -----Original Message----- Sent: Sunday, June 09, 2002 4:06 PM On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the highest probability target day. The next day it closed above the high of the previous day, signaling that a turn had been made. Then the very next day Thursday the market dropped again hitting an intra-day low of 1026.91 right at the bottom of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday! First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a market aberration causes the target to be overrun, yet prices will still close at or near the target levels. This could have happened Friday with the market closing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 will hold through the next low turn. Now for the much grimmer forecast. If Friday was not an aberration then it is very possible that the next turn low could break the 1012.45 level and possibly challenge last September's lows. At this point the picture is very muddy we will just have to sit back and let the market tell us where it is going to go. Assuming that Friday was indeed the low point of the current down move (hopefully Monday will give us a confirmation signal), then we can anticipate the next turn high to occur within four trading days of 6-14. The most likely targets for this turn would be a .382 retracement of the last move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .618 retracement of the same move. This would give us a target prices of 1048.41 for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating. In either case the next turn high will likely occur very soon and without much strength to the upside. Sorry Duke, it's not what I was hoping for either. For those of you who are strong optimists there is a low probability target of 1104.60 which if it occurs it would be late in the turn window. Of course if the market breaks the 1012.45 level on Monday then this forecast would no longer be valid. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C214C0.928DFB50 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

The next significant low turn for the S&P should occur within four trading days of 6-26 with the turn most li= kely happening during the last half of the window from 6-26 to 7-2. The target p= rice range is 965 - 958. If the turn comes early in the window it is more likely to be in the high part of the range and if the turn comes late in the window it is more likely to be in the low part of the range.

 

E

 

-----Original Message-----
From: Hill, Ernie
Sent: Tuesday, June 11, 2002= 10:10 PM
To:
'canslim@lists.xmission.com'=
Subject: RE: [CANSLIM] S&= ;P index "M"

 

= Today's market action all but confirms that Friday was no aberration, but was indee= d a warning signal. I believe the high turn that I forecast for the time window= of 6-10 to 6-20 was made today and well short of the low target of 1048.41. Ev= en if the market should manage to make it up to 1048 over the course of the ne= xt few days the risk is far greater than the potential reward.

=  

= The primary reason that I think this short term high turn has been made is beca= use the S&P has closed significantly below the target range of 1034-1027 th= at I had forecast for the low turn that I had anticipated in my post from 5-21. = Also in that post I had mentioned that there were two time windows that the low = turn I was looking for could be made. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time window for the turn occurs, but the next high tu= rn is made early in the window is often only one or two days up and is very we= ak with the market turning below target levels. When this happens the second t= ime window for the turn should be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of= 6-4 has blown past its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect that = this down swing could challenge last Septembers lows before a meaningful move up= can be made.

=  

= I wanted to get this post out tonight to warn those of you who give weight to my analysis. If any of you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happe= n.

=  

= E

=  

-----Original Message-----
From: Hill, Ernie
Sent: Sunday, June 09, 2002 = 4:06 PM
To: 'canslim@lists.xmission.= com'
Subject: [CANSLIM] S&P i= ndex "M"

 

On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the high= est probability target day. The next day it closed above the high of the previo= us day, signaling that a turn had been made. Then the very next day Thursday t= he market dropped again hitting an intra-day low of 1026.91 right at the botto= m of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday!

 

First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a ma= rket aberration causes the target to be overrun, yet prices will still close at = or near the target levels. This could have happened Friday with the market clo= sing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 w= ill hold through the next low turn.

 

Now for the much grimmer forecast. If Friday was= not an aberration then it is very possible that the next turn low could break t= he 1012.45 level and possibly challenge last September's lows.

 

At this point the picture is very muddy we will = just have to sit back and let the market tell us where it is going to go.

 

Assuming that Friday was indeed the low point of= the current down move (hopefully Monday will give us a confirmation signal), th= en we can anticipate the next turn high to occur within four trading days of 6= -14. The most likely targets for this turn would be a .382 retracement of the la= st move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .= 618 retracement of the same move. This would give us a target prices of 1048.41= for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating.<= /font>

 

In either case the next turn high will likely oc= cur very soon and without much strength to the upside. Sorry Duke, it's not wha= t I was hoping for either. For those of you who are strong optimists there is a= low probability target of 1104.60 which if it occurs it would be late in the tu= rn window.

 

Of course if the market breaks the 1012.45 level= on Monday then this forecast would no longer be valid.

 

E

 



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C214C0.928DFB50-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] capitulation??? - was -Worley's Weekend Weeview Date: 16 Jun 2002 08:16:25 -0700 (PDT) I have been noticing a trend in the business news and this group. I feel that capitulation has either happened or will happen soon. How's that for ambiguous? Think I have a chance in politics ;-) Does the group think we are near a turn? Kent Norman --- Patrick Wahl wrote: > At least in the short term you may be correct, good chart here on > market sentiment, > also I notice the Vix is getting up to a fairly high level, back in > April it was near > several year lows, and we know what has happened since then. > > http://www.vtoreport.com/other/sentiment.htm > > On 15 Jun 2002 at 13:45, Norman wrote: > > > THAT'S IT!! > > > > If our perennial bull Tom is frustrated then can the bottom be far > off?! > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] capitulation??? - was -Worley's Weekend Weeview Date: 16 Jun 2002 10:19:22 -0600 There do seem to be a few factors of a technical nature, mainly sentiment, that would indicate that the market might be ready to stop going down for a while. But that doesn't mean it has to go up, could just as easily chop around for a while. Right now I don't see much that would cause the market to blast off. Valuations still fairly high, and the traditional drivers of the market (tech. stocks primarily) don't show signs of coming our of their slump. There also seems to be the problem of getting rid of the weasels that weaseled their way into CEO positions and were given these outrageous compensaton packages when things were good. That and the general perception that Wall Street is rigged against the little guy (those memo's that were leaked from the internet analysts) seem to be weighing on the market. I'm wondering if once we get through the seasonally weak fall period (Sept., early Oct.) and into the historically strong part of the year maybe we can get a rally going. Hope so anyway. On 16 Jun 2002 at 8:16, Kent Norman wrote: > Does the group think we are near a turn? - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Dan Forant" Subject: Re: [CANSLIM] capitulation??? - was -Worley's Weekend Weeview Date: 16 Jun 2002 15:22:00 -0400 Maybe the group thinks we're near a turn. I don't see it. I'm relatively a new investor, 3 years, but old enough to put some economic signs together that spell less than moderate growth for some time. Shorting has kept me in the market. DanF ----- Original Message ----- Sent: Sunday, June 16, 2002 11:16 AM > I have been noticing a trend in the business news and this group. I > feel that capitulation has either happened or will happen soon. > > How's that for ambiguous? Think I have a chance in politics ;-) > > Does the group think we are near a turn? > > Kent Norman > > --- Patrick Wahl wrote: > > At least in the short term you may be correct, good chart here on > > market sentiment, > > also I notice the Vix is getting up to a fairly high level, back in > > April it was near > > several year lows, and we know what has happened since then. > > > > http://www.vtoreport.com/other/sentiment.htm > > > > On 15 Jun 2002 at 13:45, Norman wrote: > > > > > THAT'S IT!! > > > > > > If our perennial bull Tom is frustrated then can the bottom be far > > off?! > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > ===== > Opportunities always look bigger going than coming. > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "oaktoad" Subject: Re: [CANSLIM] capitulation??? - was -Worley's Weekend Weeview Date: 16 Jun 2002 11:48:54 -0700 Nope, you won't make it in politics.. You should have included "but we don't know for sure and it could take years for this to happen, or then again it may never happen as it depends on what the meaning of 'capitulation' is " > I have been noticing a trend in the business news and this group. I > feel that capitulation has either happened or will happen soon. > > How's that for ambiguous? Think I have a chance in politics ;-) - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] Little known historical facts Date: 16 Jun 2002 20:01:27 -0400 The DOW has fallen 11 of the past 13 weeks, which has only happened five times in this index's history. And NASDAQ has fallen 12 of the past 14 weeks, only the third time this has happened. I love records, but not like these. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] capitulation??? - was -Worley's Weekend Weeview Date: 16 Jun 2002 21:47:56 -0500 I sense prolonged frustration with no capitulation in sight. I can't comment any further I am starting to get depressed. E -----Original Message----- Sent: Sunday, June 16, 2002 10:16 AM Weeview I have been noticing a trend in the business news and this group. I feel that capitulation has either happened or will happen soon. How's that for ambiguous? Think I have a chance in politics ;-) Does the group think we are near a turn? Kent Norman --- Patrick Wahl wrote: > At least in the short term you may be correct, good chart here on > market sentiment, > also I notice the Vix is getting up to a fairly high level, back in > April it was near > several year lows, and we know what has happened since then. > > http://www.vtoreport.com/other/sentiment.htm > > On 15 Jun 2002 at 13:45, Norman wrote: > > > THAT'S IT!! > > > > If our perennial bull Tom is frustrated then can the bottom be far > off?! > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] Little known historical facts Date: 17 Jun 2002 05:34:39 -0700 (PDT) So another way of looking at it is that every week is becoming more un-likely to continue in the same direction. Kent --- Tom Worley wrote: > The DOW has fallen 11 of the past 13 weeks, which has only happened > five > times in this index's history. And NASDAQ has fallen 12 of the past > 14 > weeks, only the third time this has happened. > > I love records, but not like these. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Little known historical facts Date: 17 Jun 2002 08:54:39 -0400 you could read it that way, then again you could have concluded that for the past several weeks. Until it turns, it remains a trend, and records are made to be broken. Likewise, the further down we go, the further up we have to move just to exceed the most recent prior high. ----- Original Message ----- Sent: Monday, June 17, 2002 8:34 AM So another way of looking at it is that every week is becoming more un-likely to continue in the same direction. Kent --- Tom Worley wrote: > The DOW has fallen 11 of the past 13 weeks, which has only happened > five > times in this index's history. And NASDAQ has fallen 12 of the past > 14 > weeks, only the third time this has happened. > > I love records, but not like these. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: [CANSLIM] FW: [RT] Dow Date: 17 Jun 2002 07:27:25 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_000_01C215FA.56582620 Content-Type: multipart/alternative ; boundary="----_=_NextPart_001_01C215FA.56582620" ------_=_NextPart_001_01C215FA.56582620 Content-Type: text/plain; charset="ISO-8859-1" -----Original Message----- Sent: Monday, June 17, 2002 6:00 AM Cc: Jim Spatz; Debbie Sevenpifer; Anthony W. Pylypuk; Mark Newman; Doug Frazer; John D. Finley; Spencer Dane; Catherine Cornell; Janet Allan Attached are three charts of the Dow. Figures 1 and 2 present the Dow since 1900 and 1977, respectively. Of more immediate interest is Figure 3. It shows the Bear Channel which commenced on January 14, 2001, and the intersection of that channel with the longer term Bull Channel in existence since 1982. Shortly after September 11, 2001, the lower bounds of the Bull Channel were penetrated, before the market rallied and ran the Dow through the entire height of the Bear Channel. Since early March 2002 the Dow has trended down and on June 14, 2002 it plummeted to the lower bounds of the Bull Channel before staging a strong rally. Bullish? Perhaps. Certainly a going long for a short term trading opportunity seems indicated. What is troubling about the longer term prospects of the bullish scenario is that the lower bounds of the Bull Channel have now been tested twice. It is not certain how much more testing the Bull Channel can withstand. Decisive penetration could result in its lower limits becoming a ceiling of impenetrable resistance. More importantly, the loss of support provided by those lower bounds could send the market looking for support at substantially lower levels - perhaps the mid-point of the 100 Year Channel which presently sit somewhere around 7,500, if not the lower bounds of that channel. Those lower bounds are presently around 2,500, a level which is unimaginable except in the case of cataclysmic disaster of global dimensions, but at the intersection of the lower bounds of the 100 Year Channel with the upper bounds of the Bull Channel which may be projected to occur in late 2014 or early 2015, the level of the Dow is a more believable, or less incredible, 5,500. FWIW. I remind you I am not licensed to say this for profit. Tony Pylypuk To unsubscribe from this group, send an email to: realtraders-unsubscribe@yahoogroups.com Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C215FA.56582620 Content-Type: text/html; charset="ISO-8859-1" Content-Transfer-Encoding: quoted-printable

 

 

-----Original Message-----
From: Tony Pylypuk [mailto:tpylypuk@niagara.com]
Sent: Monday, June 17, 2002 = 6:00 AM
To: RealTraders
Cc: Jim Spatz; Debbie Sevenp= ifer; Anthony W. Pylypuk; Mark Newman; Doug Frazer; John D. Finley; Spencer Dane; Catherine Cornell; Janet Allan
Subject: [RT] Dow

 =

Attached are three charts of the Dow.<= /span>

=  

Figures 1 and 2 present the Dow since = 1900 and 1977, respectively.

=  

Of more immediate interest is Figure 3.   It shows the Bear Channel which commenced on January 14, 200= 1, and the intersection of that channel with the longer term Bull Channel in existence since 1982.

=  

Shortly after September 11, 2001, the lower bounds of the Bull Channel were penetrated, before the market rallied= and ran the Dow through the entire height of the Bear Channel.  Since early March 2002 the Dow has trended down and on June 14, 2002 it plummeted to the lower bounds of the Bull Channel before staging a strong rally.  Bulli= sh? Perhaps.  Certainly a going long for a short term trading opportunity seems indicated.

=  

What is troubling about the longer term prospects of the bullish scenario is that the lower bounds of the Bull Chan= nel have now been tested twice. It is not certain how much more testing the Bull Channel can withstand. Decisive penetration could result in its lower limits becoming a ceiling of impenetrable resistance. More importantly, the loss of support provided by those lower bounds could send the market looking for support at substantially lower levels - perhaps the mid-point of the 100 Ye= ar Channel which presently sit somewhere around 7,500, if not the lower bounds= of that channel. Those lower bounds are presently around 2,500, a level which = is unimaginable except in the case of cataclysmic disaster of global dimension= s, but at the intersection of the lower bounds of the 100 Year Channel with the upper bounds of the Bull Channel which may be projected to occur in late 20= 14 or early 2015, the level of the Dow is a more believable, or less incredible, 5,500.

=  

FWIW.  I remind you I am not lice= nsed to say this for profit.

=  

= Tony Pylypuk

=  

=
To unsubsc= ribe from this group, send an email to:
realtraders-unsubscribe@yahoogroups.com



Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.




******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C215FA.56582620-- ------_=_NextPart_000_01C215FA.56582620 Content-Type: image/gif; name="Figure 3.gif" Content-Transfer-Encoding: base64 Content-Disposition: attachment; filename="Figure 3.gif" R0lGODdhAAMZAncAACwAAAAAAAMZAocAAAAAAIAAAP8AgAAA/wAAgIAA//+AAAD/AAD/AP+AgAD/ /wCAgIDAwMD///8BrIT2AAfJrIQACLK0AH9qANFxAGwtAAAABHQAAAADAABxAAAAAACAAAD3AOIA AW/3ABEBrIRs76wBrIRsYAAEAAD3AOIAAW/3AJoBrIQBrIT3AEdsAABs8VAAAABs8RwKAJEAAAAA AAAAAABs8VBsAABs8YBs8TRfAEwAAAYIAAADAfwEEVGPAEgAAAb3AB/3AOIAAW/3AJoBrIQBrIT3 AEcABHQAgMBs8Jxs8EjpANgABHQAAAgAAAAAAAZs8FDwAMCkAP+AAKAAAIAAAP8AAAD/AP//AAD/ AP//AAAoAP8AAAAZAAABAAAAABgAAAAAAAAAAAAAAAAAAAABAABscAAEAAD3AOIAAW/3AJoBrIQB rIT3AEdsAABs8lYAAABs8iAKAJEAAAAAAAAAAABs8lZsAABs8oZs8joAAAAAAABs8VBngTifAKYA AAMABHAAAAAABJz3AOIAAW/3ABEBrIT2AAeyEMl/AADRgYZs8TwABHB0AC0AAAAAAAAAAAMABHAA AAAABJwQXKMAAABs8TwABHAAAC0ABHQAAA5yQGf/ABuGQGefAHtn//8AAAAtQGesAAADABYKAPBn AHT3AOIAAW/3ABEBrIRs8cgBrIRscAAEAAD3AOIAAW/3AJoBrIQBrIT3AEcDAABs81oAAABs8zgK AJFs8fgAgmhs8kQAAABs8hD3ANkABLT3AOIAAW/3ABEBrIQAAAABrIT3ACYAAAAAgoT5ADT3AHxs gmJs8/D3ADFCAGcAAACPAEIAAABGAADiAABvv/cRAAB3v/f2ADQAAApC0/sAD5QAAAoA//8AAABs 89AAAABs9DAQGUBELbNs9DAQGUBCqGAAAABs9DAQGUBC0yMAAABs9DAQGUBs9hZs9Ny3ABtaBzi3 AChs9ZQAAAAAAAACAAA/AN4AAAAAAADiAIJvv/cRAAB3v/fWAAD3AOIAAW/3AJoBrIQI/wAbCBxI sKDBgwgTKlzIsKHDhxAjSpxIsaLFixgzatzIsaPHjyBDihxJsqRJjQAaOFjJsqXLlzBjypxJs6bN mzhz6tzJs6fPn0CDCh1KtKjRo0iTKl3KtKnTp0EZpHRwsqrVq1izat3KtavXr2DDih1LUapKsmjT ql3Ltq3bt3DjyjVplmqDAHjz6t3Lt6/fv4ADCx5MuLDhw4gTK17MuLHjx5AjS55MubLly5gza97M ObHAugI7ix5NurTp06hTq17NurXr17ANf54aOgACBHpv47Z923bs38CDCx9OvLjx48gp4wSwHG/z ALPP3sXbm/ru6tWTa9/Ovbv37+DDB/+3u1AqeYVSnTdMD70B6Om8ccu3nnd33pV68StuuVh/YZYB +PeXgAMC6JyBASLIH18LJuhfgw2K5hKDDlB44H0VOijggxkqh6CFGm7YYX4fEoghhRya+NKBKXa4 oIniDRehihnOOOKFOLLoooIfCkbjXvpB2GOQPLaI4YbrMScQAEw22eRs6jHEXnR21ccbdVIBkB2Q I8KYI4hEGuZlgWLe2FeYaNZYYZgkXpimm2qSxuaJXLKI45wcVjYniWamCOaaPX55J6CCEvhmgogm OmaMsKX5o6N9AponoocueuSNQxJKaZwnVqopfngmaZeTpEIZ4EBMEpSqewDgRWVtvh3/kCWpWx5p p19j/vifmYFZWueuin4qLJme/irhjm3+aiCenCY62Z62JnsrrsiCSG2wxg6KLZu+MsoasxaCa+yk oMYJLWCGprstr87C6W67zp6XkHlLHpQSq1Euee+q+Lb3Xn2kOskAA7U6OO2LRJ67bJHmsvtniJcO e22x53bacKGYrrhpsN3G22WkOmKrraCQKZzppehWm224zerIabnvVuxto82qKzK8ItIJ88bwpszn x9rC+OjFOLsoar0G3cuevE4SNCWr0uUFQAGkUs2kVLXGFDTIGupMdLkdr0tosWe+PKzM3EpMMsxs j90ymV/qyp+4k3oYqI0/w01yz3R2/62smi0CrvLMwInrdY42xz331w5b6/fIYOecLNlxH93AvQUp 3eqpmWNu6qvTzTprk1SlyqXGKwb+99anU5txzGc3rDLFsvdNudBuhwhgrolLPrmkNQefmbq+7+w4 3wnb/nab0O4sM+GtGe4x4kBLyzzjrVtrPLkS9459oZZ7jqqpTD850NP/BgCAVAMXYDVzTR7A8s2Q vy6y8SETRjvsju/fs+TOW567Ire4w+QJf/UT3vQwky6E/UxX1uub9Z4XwDqlDXrjUSD1NihB5MVu b9dymQIr2C4Adq9P4bMX+VS1L8yhjzbTadXU1heA9zHpAPax2P1OuEPWbaxj/mub/f8ORzmM8Y93 PLsg3x7Gs9/dynBhKxMI6xZBD5bteM3DHtmiiMHRQLF6dYNgEBu3Mvr5z4hJ1BSQUFWq8ynpcirs F3n4dTnNuQpqVVKfHtlXw/UxKYTU497CTGgk+sGNhBOC2AMFh7L8LdKRCCvgD83WSB/ZiFd0i5Ai e5gYIUkLd4Py5PF0l79CPk5IVOzia/CGseJxDZIMk+Lq8lbKj0VyRwlTEBub5sZRBWxVS0vSHdOH l83ppVUDgx4XVclMPZGRgc/0YjSbSc1q/sdy5dmcvBDywqgdcy+bM6a3AmXNcs5smZdBpznXWU0H DOyd8Iwnc+JJz3dqs5713BzoBCP/Tnb6858ADahAB5qYXxr0oAYtJkJJNUwYEvShEI2oRCdK0c7s s6IYzahGN8pRiIJuLiANqUhHStKSmvSkKOXKe1LK0pa69KUwjalMZxqSlaJKjzLEKU5pytOe+vSn QA2qUDdi09pUSAABQGoBasjU9gz1qVCNqlSnSlWELGc5AsGqG6WjKp3m9KtVDatYx0rWsoJ0mweh l5TuhVaDmGWr22ROTcS3y1SlhK4NaaOq4OgQ8d11I3j1iF5JMliFBDYhh/2rYQG71zia9bGQRWlb C6JWffESalxFj+eKejkHIJQBnkUIXg+7WMSOjyF+7QhpUdtXjqw2cxB5LWxFm1fG/542aZHNrW5D OlmnvdGy5sPsHD0HzM3CUFUVQkAClIsAAwjAuaAN7GgnQlrMyZav2LUtRa573dY+pLvZ9S52uavd 8N52t+hNb1p628vGIk24LNTXVuGatAot977PfS78aLvXFpI3aU+6q2ytizTz7eu9pRUwG3cpXzqa tnMtrKOCLStf8VL4whGu7XsPPGEJ+7fACH7whlclYAer98Qotgp7Z+PLprmQrRA2rm8zu6Tk4te5 0A2tvQwMRwKjNrgEVixrQRxkEA+ZxHwVsmK5y+N6HTjJsAUvccdX5CcvxMdQRnKRnWzkK7exyudN sZjHDJIVs6rFAZ5vXMX31o+iyv+zB40uf6ns4QHjlsvdVXKde8znI5/Wui4OsYg3DOVCB/q77tWz lWv71y33+dGNfnRpCxxoLJP50pjGiJnVSlx+vbV8dGwzHuu7EB3fmc7gNS+YW+toPJs3jlhedKGH fNslE5nOiK71eHfNakjv2tGRFvKkZ81lQWf62MhmyKbfOOUZZ5bEL55xXCukgAVUWwEEGEC25exY Vxv71LoWNq19zWs/F1vR3wb3r42M7lwTetV5Pm+7yW3pYVs50ulOtr73PdzLnhnBbIZxhSssas4y JwDWtna2F77fbvc5uF4GcppfPeck86veD/bxxZGc7zBLmN2U5riGGYzhgY98yhr/N/DFPV5xQHMY 4vuOucz7DXFOF/bTSZJ2fQNw7QVo++fclrnQK5LqoRsdvctedlZzTt/MwdmgQWehvyXyy4tUHbAm HknAQHJ11SK0KgYd9NHHfml34lOeZj+7PbOqdnjKeNpzJbvc5073mC/07gcF7t11Tlm8M6DugA+8 4Ad/Ec4S/vCIT7zic27mxTv+8ZAf+3tEHfnKW/7yZQedWdrO+c57/vOgD73oR0/60pv+9KhPvepX z/rWu/71sI+97GdP+9rb/vatX/qooYb73vv+98APvvCHT/ziG//4yE++8k8/k/WBVibO1/3kUzK6 X77TafF0Dzy1r/2Bcf98199+/z27333v/x37lBX/9sF/fvaHv/34JP9nvD//9cu//Nmvf/avX3/3 0//+Z+d/8Pd//Id/A3iA9CSA5td++meA7meA49d/+seA3weABPh3y5eBGriBHNiBrtdW7ANa3BR9 0jF9rPJZC4iB6vd+/ZeC5LeCK4h/7uGAMFh+NpiCCeiCCch94feC74eBPrh/OEh/OhiEKgiEPxiD SviCRsiESfiDDkiDRLiEEzh+PZiEMniF5ueDEOiBXviFYBiGyIdm1Od8IEiCdmGC5hETzneEbpiF 58eC6neD+xeEPCiERfiEQziHejh/ToiDRuiGULiDeQiITwiBgaiFgziIiXiEUf+Ih3EYf3qodjOI hXhYiVsoh2K4iZzYiZ4Ye6MyPiFYOhEWgtIHQ5snVzDRhnQ4hDx4h3TYiorIhTnIiJPYhSoYiJj4 h294iFboirk4i0oIg4uYg3DYi5m4h45Yh5coiMPoeZj4huDHi9F4h594jdiYjdpYT6TYNKMIXLNB f2mIimUIfZboi0gYjJoIjAvIheyXfsuYi34ogPeXhfV4gfYni/k3gdU4jVWIfcr4f4gokDqYjwQZ gfyIjMlYiwH5iwgYj+/oj424jRRZkRapgaWzYN84cKZYguR4Zmx4juz4ioaokAWZjs4Yi+uojg55 jjQ4kRMJidYojA6Ji8QYjyj/2YXHKIkrSYsM2ZAteJLMCIw+eZFGeZRIKXwZiTQbyUsdOY4eCZKr aIkzyZJ+yIeHCJDV+JMVeJUrCYmACJALqZMNKZNimZM8aZPE2Ipb2ZLOaJbTmI87WZYiSZa6CJFJ mZd6uZew143FNTCkKF9PqXnlGJIFWZXW6JU4aZKLKYULOZZViZVvmZiNqYg8OZmFqJDReJn6SI1L eIugqYxzSZeC2ITC6JlvyZequZqseXZnCJgjKI6EKZUvwYoPKIWx6H9neYw2iH7iB4fn05W8GZQu KIGJOY9xaX91aZzFKZyu2ILpF5HHaYGlSZyLqYnwqI8CWYHNWYDeiY9q2Zri/zmeSZl29GSGZ4eG s1l9AUOelwmWrqeW4Xl68jl79Sl782mf7rmf/ImUCzUw/3l+UAmV/Rl6+VmgCEp6B5qgDNqgFHmK UYl5EjqhFBpZAxqODpqhGrqhHNqhHRqV44h3IjqiJFqiJnqiKJqiKrqiLNqiLvqiMBqjMjqjNFqj NnqjOJqjOrqjPCqiIMpiUNF8NaESQ5oTRGoTR0oTSaqkOLGkTIqkNiEAUiqlUHoTThoTVwoTWSoT W9oSXeoSXwqmVmqkY9qkZVqkZzoTYeqlafqkVfqmcPoSa8qmccqlZoqmeFqndmoTqhikWnqhtOmn LtGnWKqne2qocnqniPqni//qAFNKpW2qppFaqGSap27aqCwxpysxp5pKFZPKqJjqqYp6qaQqqZ9K qah6qmIaqpvKqp2qqXNKqIKaqYC6hrM6qJaaqrl6qKXKq73qq8DKEo8qpbA6qqa6q8earL+qq8Ha rIlqrM66qqH6qqoqrcgKqovaqaJ6rda6rHTKrc/KqrJ6qz8aqLfqWeDaqtAard+arrS6rtjaEsOq rqy6rd7artMKr8y6r+z6rtXqr/eKr/w6sN2qrAbbrwKbsAcbrwhLrwsbrvUaq+cqpoQ5sS0xrhab sbM6rxrbsR77sSAbsiI7siQ7FBgrqOVqqxZ7siXbsjvBsS4bszI7szRbszb/K7MsG6Qpm7NQwbM3 O7MwK6w/O7REW7RGe7RIyxI+6xQ7u7Kkk7Q0O6wC8BKQCrVWe7VYm7VaSxROYrFNq7E8u6bU+q8O G7AA665UEbTCSqz6CrEPW7BmW6xtq7AES7cMW7dn+7Z5q7d7i7d9e7fRqq2cSrZl67f2iraHC30d +7UZG7b1mrgNK7ePu6Zqu7ZsS7iQC7hu666S66qViriZu7mGG7p2K7qaa7qnC7eBqxODG7GeO7el q7SLW6tL2xSOC7qdy7d/i7qp66iPGhNSG7xVu7uqy7uxW7zHW7i6S7rGS7zIm7y5O7rM67zUq7zS 26WCS7jR27vWO7oSq7GM/7uynPu5aLu91zsTlWu5wlu5RFq1w9u9z7sSUpuv8ju10TqlmTq/jAqp 76u+9tu/Y1sT/cu98Fu9BWzA5kvA8Ju9r0u/uAu7K1G7TBG+snuxTGLBffq0EXzBc7W1Hau/MLG+ wisT7mu/SlHCRzHAUWrCa9vCJPy/LOzCvjvDTqHCHnzDOJwUS0uoGvx0GPzDFLt7KrvBF1vBqihX RxzBFSykOXyr6esSIgzCVGvCNjwUKGwUVYy+MUzDXBzCMDzFXvwUWdzEZFzGOuGzHKzEapzE6LrG S9yqFVvEGIvERlzHaszEZlzDv3sTUbzHYVy/gIzCw+vHfgzIhuy7V8y/U/87yIsMwwO8x4XMxYps yJMMxVs8w4wsyFTcyPKKv4ecx6AcynzawXN8x3TsxncMx0I8rqXcxm3MxmystF2XpAThpQNhy1mV qbesy7m8qbvsy718HrhMy78szLxMzMFcy8fcyZ5szMDcvlOazMVcy1QqEIosAA1wzdkMw9bMzb8M wsS6zfXbzfWLzYq8zY1Mzr58zuKsy1I7EOzMzkcazkkazfwLz47czvbszew8zP68zAD9zP8s0AHt zAatzASd0Ac9zQwtzQ6NzBA90Av90BKN0BMd0QVt0Rrd0Bh9ULXJhqYc0q5MqBScyksMy3bsyoob t+RrttOLwJWavmEazXf/mshfTMOTrM+XbNOUjM04fdOT3My0Wsnv284/3dOfPM5gTMMqAclA/dRI jbhi29IN+9IHbMCky8DlC8Gti7nf28EfLdIobdIlrdInndKnbNarOL4QfNVW/davKsXHe7lVytNH /dNO/cd3fc57DdWIzMJN7df5u8lRXcmd7KSVLM5E7df6O8ZwPble3dZvndWsq71cjbmPPcqajati jdZBPH1rzdmdjcpqHda6G8BbHdk48cRu7dNlateLDcj1vNOE3deBXdg3Xc5DLdibCtu8rdSWjNvC fded7LoPbNzIna2V3cBsfdziehOymsGePdKfTY6h/cbUnd2xvNKnTdWR/yvZc8raMP3atY2/13zU Oq3Xse276Czc5p3bt03cvV3ejfzbh0yl653fjJ3by/vSqN3fCdy8dqvVLh3g1fvfy7vDoj3ar4zd ZZ3BXbvBED7hmy3KQCHeUAGz+E3YmVzbllzIIM7JxL3h5UzbV8zMQk3i8o3igs2x+q2+MmzhMj7j pX3dT5fGPZzjaUyrcdy4NN4TGJ6x/evYP17kRn7k4gu+tNuxEmzkQS7kW0zkSD7lVF7lR9HkSlHW QRrhVj7FQl2yQ37JXT7mZF7mZ9zDs6rlgnq7Lu3WVm3gAivFXS3VbT3nDuzcbf7m3k3AcD7Zdg7g kk3Zey7gmV3gg07oWP+eFGrup2ze34Xe5rnLvqqd3MtL4FWN4OcL2czN0nUO3oGOvcud2nfu6H1e 4yi75GDb3JR+6Yr6xH/O6pb9uP796Zj96t+96gqs55OO54R+4Lt+67/O3V6L6j7O6cHuvTUdydDr 6bEOurNe69Cu6aKu6tMO6bRe1W5t69yr7Qr81cPe40lO5U9u5uRe7uaetImOFIu+5eI+7uf+7vAe 7y2b7kex7j075e4u7/q+7/x+q/RuFPbOFFz+4/ne7wZ/8AhvFAOf5sQe7giL6YYb4MMK8b1e6rru 7FMd7byO7dyevM/e7HSu8bl+8dZe7SUP1hkb8E7R6Bzf6Z/KsRQfv+P/venY/vEbn+k3z+eX7fK4 jvMj3/EzX+mHLvOm7qcqb7vUfvJKX+JVG/Meb/FLOsBAL/MWT/ImL/Q9T/TZzuzS/vMgb+x5Xur/ XhRHL/BJD+iUrrZOH/RLP8JTf7xV//Zbz/NL7/Non/Wna+nAfva5LvazC+4TO/ZFW/BQ28cJf/iI P7OCPxRlvxSL/7OEb7V9KsKJX/mWz+R/v8qYb8aRf7U77r+dT7InnhRybcVivsIsXPpB4eKnj8Wt f/lcm/mgnepkrPp5/PleHrxHO/pIwftCIeXBHfxdvPoc/vpEAfyw3xOPHxSNf+Vovu1Dv+wCrOx9 f+zIPqiymqWUP+qk/67erh3rvm/1SR3eUb7JFN/0MV7xNAGpMa/3Eb/zOU/AC3/qgH+uLG/3WP/C X979eK/1TgoQAAA4IFiwQUGECQUsZNgwYcKDDx9GlDixYkWKCBcWXHhw40aCHwUQ9MiQo0kHEUE6 WNlQ5UiWMEVqHAnS4cObN0+efLkyJsgGOkPCTLnTp86ZQ2PSbAkz40WDUJ9CJUk1qtWiWLNSnYpR a1WtXSUO/FrWbNEGDRgAOJh27Vm4WMlKxSrWa1i8FxsKsGvxa1+EgAP/JZxQoF+rJfeiHJy4cF6F RDv+XEp5Y1CZmRsv3lnZZuaamk1+jqy0MlOTJU1LHolZ4kqKo2V2lv89NPRqzVvr0i0rGKxjyLyB B+eqdW5c5Bbdsk2p9nhy6A6eS/Tt++pu7DhvWtc9vDhx4d4FHoZIfPH27N7Vm46p2rNm1+83s8Zd X7781Nrt0+R533ZrnzrbirSTCDQwNwK566683sC7K72LrFOQO+umiy6utpzL8K0Lo7OwQxCT2ytE Eks0a7wPoTuPMRPhasq+A3Miij8YEbSxxgDvy/HFnxhLKsfTaHzxQBxRArJFJJNUssQUlyxvuQ2b dLIgKac0cUQrs7wQxSpVXHFGLWnU8cYg2ROTyDFrZKo0/wQkUMjc2GQTTTrjFDBMPPO0sksno4xS T8MAbZEzQQuFikv/K78EM0sea7OMTCAbvdHISX8EE80zISVTP6XqVDPNMg0VddSy+FzSz+Y4LNRU UqHCstVWx5MOT0UXVfLVpJY6ykdbCf2PP0wtjZRX7YQyVka9kD0NS09/NRNWaKMliNUkUV1OUBTX o65BB6l7ddtuH/wOwvDGlXU6Cc3qqtZxyfVqRzDTfazdcusFN1wG3RWXXn4bm9fee7VFrN8I/70o W0CtdU7UKqvjVt9ij7xO4H0Lxjff4RDFGGCLXf0yYIrLg3fjjiEmueKSUyZ44JVZ5hjkk1/2t+WY a7bZZZUrohZJhVXFNuSJgZ65om9zRtlonI+GueNzn5PXYHAVDZrm/6hGHhrppbNOWuurZZ4a65u7 xlrBBZUO++utz0aba4R2brFnt01s2OS0bfaV6rXZzlvtsseiqGm1yXY4shUfxntvxMWuO/HfvFac bwqhHlvdixnvO3DDD4+7RLgZltaqoj9ftW2NRf/vbtNTV3111lt/aHMSO399dtLJk87227uEXc/Q Xc9S1mkPw311qX03/njkk1eSz+meQzj32pXTMNXmnXc+0Gmz1/5Q13tXPkngByJv90KL//589NNX X3frsafy/Vm3rwpK6gM9Tvy2aY9/rirJZ1Qo9SEJYQNEn/kCeEAEJpBU/Ytf9u6nP7Lw70nTu5b+ 4Bc820mwgdbjEv9b0pKRD6bFIB8MDAlHKMITgtCEJDHh3UJYQhSyMIbNmeELUwhDFdZwhTTMYQ9x +EMMMkd8HzyODWXowxsm8YhAXKISaWg+I/KQiVJ0YhStuMMr6jCGIUQiD30YkSyCkYpLBCMWSVhG LbaliWRcIxUzlMYphjGOZoRjFVfIRSC+sYt4VCIfm9hB4OXPfbnT4P4uOD8KLsyC8tNgIw+pM6Fd Tm9VA6DlIie5xVnSKoi6H+6eVjlJqs2AlgslKT/puMaBDXOgTCUqW/m4SZbylWZj3IQwOUjuDdKR 2iskItfyp0U2EHu7FCYk8WZLrXhvlrGUZS1vGTYCCtKZmaMlLEX/9rFlxhKZkWymLLd5uG5eEl+C Y6U4UflNzRknmLyEXy/RkkifPbKY7aSn/IzpOHQmi0XMNCc3++m1aD7ylJH8Z7nYVU5qVjObShkc QlkZzoSSspkDVeVEIxpL5q3TkOy0p+xwKUxiRlCeGi1fJRUIvvB99KQRO89Ke+RSmMZUpWOxYEi3 5zTqAfOjHIwelYZ3z1GhTqYkOpc9/VdAbAZQqENl6vrUictAQs+n6Mpp/Qx1VBAps6keEp5Rtwq6 pLZuUUv9almPh1XoePRnotKqWZEzPq866YHEC6vpdmVSt+aVdWhNjloBNTdutvJbFFXoQldJN1jC tZg4RawuC9tN/4t6rHAVnSZwKIWewEa2sYY1pSs5q1mCPhSichGVX8P0vIp+M3SE5edFIfdMxV7P mp895IcKSlnujBKyrGUQFDf72du29pbk3GxwZ7vbZ06Vr2cxbZ4AC86sLJW3r00ubW8bwa4utoii Belj8/nYogCgeN/V5umE0tDiVte6riWuP6s7XepusrRVreDojtkgZcJXk+o1bsxEylGfHpdsc80k bUHrmOPoFrd5mWziyFvg0f5Wku09XH+B61q1LRdD9FWkfbXUVtFpmKg3NepPmRTg831IwU5qqV5d nDwRM5fD8dRTjPUpMdXZuEP/vZ12dbzBH+8JrA1mcYtNF+QXG/8PyY6hX33XOiUQp27JpKUd//DX U/Ch+HusWnGI6gotEyc5r1OmS5M7/OQlRVnKYT4tTYHs4yVZGX1x67KXiAyrqIrZxWQumJlp7NzQ 3rg1/FVvKIGnX+taiMfZnWpln9pj4TqUKth9LtG6jGhvYhhtUbVwZynraFei17OdnmeemounShuN UKQmtaHJg2kKKfrKKZk1BkEt3+B5V9OcFR9qmXnQW6d2133jdKEfDNkDf1rUn47wpOfrZz4bJs+T XNd5Cf3QviAM1n/5KaMbUGupJtvZuY50euXra2YO6GPbzixhi41t9lLO3I3FdLMPNW0tnbrN90XN olht7Hu/Gt7/YcFdrxv4bThfuFS2Lrd7z11UZlf7zg0Hr7s9CfDhytvh9BYtqaO9LWh7rkRq9h26 nStSgz+wenFmuJIJWepBfXnLbNbzVz8uvV9a1cMdIrmS8Y1qlJduVitfXstLDkg+17l1Jq+5zZ8N z5vP1EU9F/lXmH5a4QGydu0reriPrnXeyXyvP296U6M+mJBfled4jRVJdUZ2LTUt6yp384jbSfMj I/3s5mW7tCBedrfu3ZfMcfJfgabmf+Nl0WnT9sDrIvdezwXhig62++Su62tPOltkP7Y1V7zsc47F 2xgfp8Yr/N6Oq1fw78x54WscMpInfjdz/2m2D+34xEA+3N82/7HkK9dJrx8XuYjt4MvTjWjFGDnT mY+e73EfMgqHHpT19vjTW39moOO9b3vpvIAJQ3uqHixb7H681gPJe8orPJdBDHOrxS1t6Uz+591X P98ZAvoFv270z29Z9PPPcQnzOLjrkxlbvVTrkcsYtvfbFr2zmf8iv9wjpKwLDHxzPqHpJKZzP95K OYQLPk/bOJbSKvorG8UKr986Nv8rrE6jPtWzPsLDvtczC6pbILCzOnt6veKrnvSzO/ZbvU0an7/z QLoSO7l6JO0DvABaPX2Lu7KYwVipwacyQOhhtEabHb7KIKELsSrEwO8BtimRMy1DQphSwgKsuiHD sRyDQiqTwv8c1D/Ku0Iruzo820IsQ6qJk5swPEIxnDMX1Ck0E7SZm0Bq4bGRYjnI4ykrJCr8UUMf tLwSJDcEUrrkAENI3MOVIsO027nXyC8FfArb4jaICz9jIou/CTVukypwQz/RG4jpKiooPAwNBI84 nJaMaL9hg8AI0S2KAsOD0L5YZLYFjC/p4z+gSpgyVDtAHLV/+USCC0WcyS5YrEQIizVIE6gKhMUu AQxXLL4A+8X1oETmCEPhC0bhQ6/xcpBZ7MUDjDjPIsf9Oj3SG7dCWcLfsbR9qrhltJBYi61nvLJo rEaKkyZaA8hiUkU3HEigOUQq/McAlEWGEwhP1MdbJMakkUT/EkQxdQwsFDS9YQy0dmtBQ6HHOMM3 7mtIyDC4afTHG+wKTmJFIXxH0TMIQqSOMJOVDqQZvSNEhvxIcqE0cTSxEcTFarq0uosfdZQSb0w3 d1wvENRI4xjAUzlGTXTCLNND7pGtH9wfSguygrtB/Xs7lIOOnGSkRtw6mrNKmLJIAntJS3SqkJRK NKPKqtyd3nvKDQoiuVK5/vkQ3ZvEBgSpslSuswzMoCJCApPDtkyxPtS5tZLLokPLmHQ70rlL41ue ucK7mqQ9sUS62iLMLCzGmhsl4KvMxEQgTIQ6hiErtYNMjdK+v9vKkVRJu1xF0oSLvwRMMENMryw7 qRlN3SxN/+Q5zev7M1TDK/zDvNqkLb68uK+UIPRjs+C6TanIzMhDSmerQeBLynLhxqmRSOYzRZ5M jOIZD/kDp42cyBOct/SksnmES3lCRKODSunAsePkp+r0TvaUtitjyVljRe4URv0kTz7hPbD8zJu5 zwyaTO1Mmc+cCvxUT7rIRpj7wHaplfIEz9JDT6dsSvN8NHk0woILUarKxJ88TBKjzEOxldkawR4z UO5YToPjz7tURVsMlw66Sa6gzv+sGwQVyJ2ErlNq0HUKymYsPyBFx1qxztQDRuRDPZPcLPaBvwta PBQdPD8cuvwxUcp0p6JUKBYFP2aCUZuMSedcRGaEmBsdUP8dNdC96dHOtDd4fB+gHNIGWUeazMaU gjBxu5/PK7QJ48j/88gjZSUGorspPVF3aq7mkSYqdSekkyM7qqM2yiLw66Ixao5wlKEb1SFt8yAz ldRLDSPOjFTbeaG/hNQjus9aJCFYpCNLRdVQNaFeA1UPetUdgshSddUpgkhLJU+j1NVI7VVW1dTx UBRgndRjjVVQhVVmTdZmXVZnjdY6ks4b1FKbQjvUDCZrracJLcRRmbtuzU+zFFM5k80WUUPNK9DI m0S89NGyXEQb9EuClNcffMQvFEjjGwiLBE6/81BG4lYqjQoSfU9GRVRvPdir4qTNVFdZq8aumkm7 +018FUz/tlzDPBvNLs1LKvxQ20TJLWEfey1CiA0f29lXfv1Wf+0uAAtYK2VMgj3ULUXYcMWWNnyr FNnRXMNClT3Xdo1XNwTXt+pZsuRLVJtZqbNL1hQ/udi8uDPXLTQxkz3ZGMQ1HwXYExXYbN2pgo3Z 3ZzYTBpBhX1Qjh1XByVLHD1TiplFxVPX5GxToQXMTPVaInWgehHbe6tYCXFNdB0+BMvTnspABBys eNPQDuVQDB1b0NzWlZ2g4dxBEOXCKkTcswFbpiXEFw04iKyyrfNaOA03+cymsaSl+9SlzKXTzIM7 BxXFrMS7vN1LnOXbHA2oPEyRpzDWwf1OZYPQwqXasYVP/6+bNpG8V34DJY1JOeFrknMpW7hdy3Kk TaNrmZaEznHzNQxsWL7RLNT9Sr6ZwHPS29cNyuLVXmlUHIvsixQsr+lbUihdTNcDtOFtrPClwohg IPEbIs1VLs4tqED6XENrUc6726GDXAOtPQ3N3mB6UY/1Ci5925/dUfBF1xCtKKJkUkkTVGUkVPaF QffNTZLd2PE92iDk1srk31LBQqxKORKeTHyNw97jsxQ2WqWFygVu28193RAJXSxLWntUPqntuvYc WKzTYY2FK5PDzICbJ3uNKhHbXyG2QuPtWKiiWPH9wqSF2KX1YO2VtQHcPDYFES6etggeuajt4RN5 4dhxz/+pxTMCKmKs7NqczWL95Fyuwtgde+KzGB6sXNcpzsu4sOJ6BbfI1OJubcmK/VgwldIP9rIx JmPJDZPgLcJoid9rVGGE9WDqlGOx3GOuatE+buO7nGQ8jMw7dmO23UuvDOGf9V8dy8Fu47oiu0NG Xri3BOINFrbqkuTzq0Q8Tte4ndf4nCf9DcjmBOS8YWLLE8I868VuYSxfdDPJA1ksjoqQncJJI9AA 3q5ETpwvrktKBtDiGOMmTd8n5SbhfEHi3Dd80rTSGV2wEFFM3p+IfDv7mcaM7dzm7Frbi2IHamGn kc+yZc5mduIh8t5oroppRmXDqEWv+xsl1byH5WZxhEn/9SjfCn7fC17fWc7aP6Q2dX4eds6KMK5k WkTkOJZTxsIO5mXKdPXWfF7hnOVniPBnJ24MCb1fttBbAm2SjCw1hG4bhX43X56typ3Tbm5eTJpg w/VS9SXnDD5nJrRoqllnCbyKkCZlKlHmRN5loAaOlLZnkqZdADbCl27lfj5Chg5gmnYXaJThm07g 8ghZpj2Un2bOoNbmbRTbGh1nvxilcAbA8GTqjG5cM6TBi0U3d87mYcIuec5S8ulqJnHsrHRpVb4e smYVLq5npAUcXnZrOA7QcKXszJzjh55NaVnksivnK03jBQq+zzzsuk7srAZtD3nnOqbtxRbryfZs 3X7K/wHuZON1TV6SElSO64Oxn9DezG0kbbsiQktEbZcNYsK8ZvjDYxOmxCMG2j2W2PWD4YWV2duO K81k7FS2utfdHEF8bY4q6B0l7mLUY02+Y48mb98x7TEz4xB5ZJYDM9aeyf405qVV5eIu6VH+15G0 7YyVrfA26fHm7SK22bue3jdmWCAr6BIL6iZmP+/O8NJmbjFz7vYtWqgGqHktQWVm4YiWZwpH4uGp kPlVbHqObHzebq/qS5MuIt1kaKHb6X7hJIMs7g7E4qN8TU525rMGyCJXpS6+GrQdVPDSDdtdzziF 8kbONzSuZaWGGr3s7PDqYOu+W8TUwQxrcfeW6O+GWP+xAGTQrk7jjmnZ9Rco1HGA2bweh6QfH/Mt J247HiaFNvITt6Yk785DWtBx3D4OX8GlTqfANmcpDPGcCctehjSB6+83++8vP8jjuukptNuK6kpg hqRFZWyfFKR+RsUHgU1prulUbmvh3grsNmiF3WeYiyAZvQ7W/WNUh1mVNpnz7TehMnS9RiUP12AQ T2csp9tHV+ESD7Auj+EttnTGuTyihl/gW3FPXyQ9vtiOWte83spnHtACjb9mP+tklsD+HPK7iz/n ZfWGrl+zTkRs/vVBT5eD8vW/RvQf1mjD8xz2FmUsfWmrFkzWJOYrznTh9feBj2IuF/UGLuRDRuwr NtP/VR/XVRTyjTV1Z49cB9dhM40p+oaxpl50ZOzpyC13SCfvP6cp5K1fgodkg6/Xh2Pekc105OX2 oobvhm/vAX51tEZwsiPrTebuOL5w4+l41wl2p65HkZvmHEZRP574Fxb4rjU/IVN25gFuJR4mga7Y 6q75MubeiAf4ie/3nVdhOVxU877arkfvlSJ6Kft4mhV6LyY34U4peIV1Bn/6QWZ3kbdMtX9elPfk mAdwpcVwh/9japbx8nZFf/dNuFu8uAHaxz95judwn4P7vqryYbdldJR723PJj57Vuw/Xf8aYm63Z F1cPtz5zAhZvmUzvmB5rcKFuUtRD1fd6Z8Pxca/c/8UHwzEdxbC0l5TCan7hTkGXqL7m9b6rvw3l XWOk5cy/8s2H9M43wRG+nQrZd5dJRTmWemFmmdQHS+/fvf/ib8XGtxZ3Ztpn2KbPHtyn9g7efYB3 Sd+nW+CHq38iftA8T9ylpT7tUhYFiAYOBhIsWBCAwYQKFzJsaFBggwYMAECUiNAhxowZLzYUiNGj RpAHBwK4SLFhSYQNSpJMSTDlyY0wHXBcKJIkzYcjF8J0WbPgzY4hDSJkCZSn0aMjkzpYiTMnzZoc WRZV6JHpy4FOhyosOhMqQ5Uve+p0mdOkV7M+XQbNGhXnz4Rt1TbVWDchWa085dq9a7OvX4dtrdoV YP/4MGKlYBcH/mh3MF7Akh83tVhx4uTMDuPydUw58mLIUVVONTs6JsaZpgkTZQxy9UHVjAmK1pnx plfbeLE2zk3b5FOmRmXzhd2yKee/XU8DR+m350+Baofnpp5W7N63ZwV3Hd5Y6G7Tg+PW1s36s+f0 6RGzF/B6J+2+5eNv1GyfcMSJl5Pfn8y/v2TNySTgV6f1RRdgVSGVXFqjAehfgZvxFhlWzaEFH3Hd cebdfdddGBZRPu003VdUXWegc3RNKGGEmuW14n8PyjhjYe0dhiCN9sWYI0P77cejf0AGORtKBJpm HItPBQjihr4hKWRrK4YoZVZxWXicWy0p2B1S2un/iKKXy8V2YXWlkVkmdDE2eNaO4T2ZYIlNQjkn nQbZeFiYdW6mp2P5neQnn3sG6hyRYRkpXJshKpkgkwuilSiPvqVGJVygWSjVmIslBaOkLmbpYHax aafgkZe+Bd2iy6kI6VgtZvainIPKmuOdeM4K2q1H+fljrvD1GtyBh0rFqlvEjsUlg8xRCmWnRe64 ZZUNCieqplMZmueQ1fJn5aV5YXlmmhqt2eyAy4pL1oTGGfurrCnValiv6/LoY2WYxfsmfdyhN6Ji XW66Gkvz6SWgcrspRRVPKz1asHrgRWsetRBDi9xxHy7K4XHSGYovxFli9yZ232oZIYcmhpsvhd5R /znXVwJ/5+DCY/4LqWgu63UbVzh/hKq7teqr86TmQkkvoOwW2m+P8olZU23ewhYwZQSfp2h8Inal sJYM/7w1mx2nijKov42KZaoEQ70tx16D9TGnvQXnbdYXOZUmU5BJ6yrSI8u9b6tQqVsqzQ7nzHXS g/fIM1PvTk14qL8SbZHRR4OtNeOdNg3rT1APJXVn4dGH8NXWUV54w82OpzVsczuJKb/HYu2o0mJ+ DuPNxert+d7Krma3sl/nzVztDced9ZRm8q026YwvLvjh6NZNkOLBK4+r4/X+CbnRO85n81yusTjz sC8zHON4SV018UsiPemywLiFLX5yuJFX5qfDrv++poastk88aO6fCjfMboa43+kNR8sDnvgOuBSS FShtkyNg8pgXQQlaBXFMU0j0gCYodj3OXuySV6Qklz/jRSxbAeJWoTIntBAKLVHp+l/fGPOhtaBt hRBK1tI8hLvigW5AYTMW/mT0KDMBDoSRExLdbJjBDkWug0ac0ROhKEI3kZBs7UIhDj81K7zJTkKq kpQB/bYwkDnQU1lszf/+NrEX2YWGWqxPGQ80slYB7oh2LCAXMbLEJRnNiV18XwMR1aYoCnGKPIzh sbaIxcZlr4wu3BCYejeiMUopjwBCn++og8BMZQ5UkHKj7/YUxzZmqJQ2vCOdaDjKheyxPq5EJJj/ AMYbP1JNSdbCkC1Tk73twAlRaFSkwTppyEABkJHXoqL9ABk3VMGOWS/M4Sbp2MkwOuuHS1plubaE I2yiEoluJCT0fPbKIuGybLZLFS2rVE4rnXOK2tNg6Xj5wOKVECrsix2XBtbD4NzTcBGE2+kWN8u1 cFKY36xkSbg3OBzKL428yYv6ViQak73xd2vq58Z6uM0y1gww+4MnBeVCotDgE4PiNCaF1okrAulk V9br4i0b2E4VQiciEQGKTUGSU5zelDY25alIFGaWnfq0p3Mci1Ep8tOiBnWpWnFqZYwaVemoxKbD WSpppErUp2oVqludKlClGdbfdFWqCQ0qQa1q/yKsIqemu2PrV+Pq1bneVG5wdapSTXZWmdlVrVU1 ak6bajKrjrUiPU0LRLja1Jt6JK7oikiJ/KrUsjYWrEwdq2Ixa9nMXraznP2sUKna1qtsdrOBHeu7 iJpE6sX0SDNtqWVeytrXri2XG5ygAlHXovIwEI0YBSl8RCtDkvx2ehKzHEp7Mz8TcbJ8IsJXyIA7 NYaiUTUPbVk9IShJyXVvqMc75BBtydGQ4ja3yOtcR6aTSP19JnouVCmw4us9lxbtl7WtLm0JRV7t ojeaCaSjr55SXONyRLgGHXB5+8vcecavlr9ZcNycizDo/re/yaPuJDVJz+BJaaL4+0/3tINgvv+q 0pZY49w8pSe80Zn3vA+OFXv9eaf3esxS+dULfbFn31u2zm8VtW+uihk0IH+QaskEpxDJ9cdjTilM Vhth13a55LcRdMNQ/DAfT3mubrG0RN28FZIwFijE0Ni2PWaprmJbX1/FlLY8BtEHLbkXYR5RheYc Jp/EDOdJacjJ+wQvtsCMwhxqWGY5gjCei4XkTIlRZXoN5ZfnFGYlE1Nc8PWxfKNjPV4BWZbJhOWe 74XNNd7RzsNNdJ30PJtH9lmQKXSeloF03VCp18pJdjIfvWkq4JQ41pHuULoonWdLM5p/gJzlpmVb 5Dhz89R1NjJ+7ahqdsqk1Ud21oka2WTZ1dr/0DRCNBAlXbIoWedpvxZ3k5pdyD4me83xWrGFmecq gQXOn/st8NhGNOIWg03MGiOy9AYKbqrYbS1bMW68p0vTgMewbSpOsBgD7DXyfFdR/7ZfSqjKwNyx GOL8TXHCH1JDG+4b4LNK56/eCe/xzZvY0uW3dgsMSrigZuUhl9in/i3xgC+3U1WpObmjcvD93rxf FTKK/yrm8ArH3IogXnLJM4bpaJ3kZErqaEmJDnIXa2XkMX65yWWFckUua3slLeZHwc71mIdXhhmv OMzdtiid/7ihZfH5WS4n9DYpVINH5/jFLFbLkgv+6dR7eMfdcnEeatzciH984j8O+bUPnYf1/1Y7 gHs19iDbfOvmQbu9Iy95kItOvDCJ+uiTfkFqK5jiUa4U0C0Ve9Gnvp7eZXMiDTb5puMat67HfNXK xhbd8RjrcF870z1PMUfROe7JR7WQNg/mOEP63NW25u1K/cYKnYtJmEqb4Knv7R3n3sEPKnyuUy18 8MHK+rLO6Kf1tGj7SH+Ly4a++7+1KbFq/2vcvz6TgRruzB+wbRspdcm3OV36pdL60VSc5N+3eV3Y vR+75ZgHpdz9EWCdxczayBkGmh+r6Vex7ZkGugjGwQkCSlHvydGwuR0WdRsEXhK2TUulVaCa6dgH vlv1xWA+uVb2fdmg/ZjuhZoArlT/HdUB5v+TCtIgC8rf+gUTDPLgl8zgzqWIvJSgZNRfu3Te7ikG NaUdFyof6WWbQ2kO8HVhAnnX/7UeeqVb34WhGCYditAbg+Bb6L1NFT7c78FhXTTL7TkUlhjfHSIf 6okQRVVfUJiOy1WPBWIhoyAcGtYOvHicGD6fJf7XoyndTBQiGhbc3qzhcbWhhrwhJNYem/2hFykh 4Smg7xXd6PVhnvxh6SGd1hHiIK6dmmQbiiVintBbE7UbDupgLb5he7hiJHIi5GViGUZXKXbixuiT ydmd0Y1i1lGiKdYPKorg4B0f+rUi8lli423ba4QXLVrjNTZj8uUiiuyimyCfIypNI0aOyqH/o1+c FBiiIykiU2n0DjLeI6MJV92ZX2C4YTXSXhzumIL44p6t4goe0B7iYySByjjOUTka5EGeYTp6kXX5 TiKmziJqHjBeINm9oyvdiRTO4D4yExD6Uh4KJMCp2y6RySPeXxsR09PMmoH42vTJIDltpAN5YDPl ihYOCknqUkGY5ElanjSh2AaGT0tmFwAmJalgkvudUlFmXvkRj9VZn05OICCqGpSZEEjGo5QJo53Y SFJul1pGmix5ZVZ2X1ryElNyJbFcJRJa0XqpJF2en0ZW2SP5ml1yB1nS5E4yBFLyYIvoJVuypBC6 5Did5FTGpVXa5NEp4Vb+Gkw2JhVVyve8/8ovDmYOWiMpGp4DHGY/FuT4FdArcqInQmMVSmMl5qM5 OuNSoNMtxiY8dRjUHd/dVWbtsJ8ZOh9tOgbH8FaiNF7bqdifKSQHhWRgaiPMjaYE3clp8mZiAhRv nqM4xqJuGWMkPp9s6pbU+KNFmh1U6qF3gmM0mU/uhYsgnuH+FCef4QzmXJCiaNpjCqVzymMYSmeC HWYtfufl/N3uZOdF9lkfNh/ScAYygidqKlhEkqfzmedbPtBDBmiCguJE4tF/2YyD0ielGOfmwJp9 9hgaPmfSgKZZ0p5/ih6Apmd4puYPqudtPt4mcqdATeiDfuOHqlOYSCiM5iZ/8GKQ5oyGtv8nqrwn HMZniM4ncSZRiVLd6KHoX6go5wVZVx4lWjYlt2Sm/M2MW+5gXOrSXOafDWUphJgcmIqpPKLpmdKN IdLcTDLiDYrkFaGpjuCplhYj9XWpnqZScrLpmPYHNcXgKFHpClURld4QobIKlKqJnAbLn2bGUNag oJXgixIl+jzZuZVbmA4qsJVpVToqMJ3Qm2GmmzqqXlGl7UymDeqHsoXmnc5Jpjphq5lpoE4qqCLo ot5aTV7Rq1hLrxplZh7qqsbp632kflppYYpm7OALkIYTn84m0zHj+xyjgWLimVRo8jVotHqn/Ixn jdIo1+imj34jRq0Mk7HqJX5oslCEnHn/mNBoHPBEKbBU5G2NZZ0O61N267OqK0bW6iXy1ncYR3Xa nKdyK4XyYY/C57bh55IaKGx+HrYcLHet68Xu6MHMmeoQ2Hj93EYq51ExJ53Cqrtd6TD+K2lCZGkC aIyOREde6GxGK0U5pTF667gOp1baIkYubKD9JpJY7Moa4dBG7KvB68+O4bzKZZU9B5UBHnTeSqW2 YMp+BrTm7E34zMtmRcwWqcNeC6cOac9qbCU2LMxAbDMW4sR6ISYJ7b2dq3A6KKc0beIBpdOqpgCB Dnblp9TuZ1mS3REJrGem4KhmSNLu6iUhGmQOkpcOLhP16twqbi+F2zItzV3y7cn5LWFq/yq/mtS0 TiGCFm7YIq4zCRuulotk6mqwMJ+gBiWj0qA2rVLn4ti+8ieWzi4rbanjDqHo7hPudqrkSiHjqi5l Yqm/iOr3gBDd8lqgYq7Yae6lDuvvOoTgRi1e0qWYTe9imu7pdmZaNm6wyknpmerj9l7sGivxwmPt /i2LEmGCGu3Y7il7eJ61Vmy2mm07+pjY8uHWvqLZKua34qbwSBRWrub90mHRpi2OLtibyCt5Nu1z 1ebz4e7U2mrV7mbZYW3FUae9IZsGq52XydPN3i/+Bmi4euTXAl9HFgzeWGwzXi3Z6lP4zJC5LsgD d42TaIo9KWvfMqv9lSLv3B388i/16v+u78lsed5iCLOqz2JoCZvjCSMxuEos77LthLgwhjawR43o CXpJDVPjy/Ha2FAbyeqryQYjyjqrMdEdFB+wRgguy3jtEOfPvaoxRj6xQUbxFMcv4RDw5WLrB/uQ RTqjp1nMFxtMAIOssQkYD2euD2+hpCVXXFbveW5vt5CurqUv5ybJmIIv+Waezb6SrirytaIaBUPv ioZQjWGytM4vORkqgngyK/MVqHKMLEcv4IpVKBsl/iXJ+LZTvi7r+naaq8HSTzKgos3yWX5uJa9k a2nvSh4uBNqyJufZLW9ZsSmooKjuQVFbmeWrp42gwaLyCqJZm4kpSbJONd/Ri67zoe3/XykrM1/W MnS5M6Dac/56EhO6EvHW7EMJKuNemjlr0dhByzlPHZpZr+R1V2y8jgIHMuYhpQfzMcK9HZscchJn a/8yWNwFsPLF7O+tjxvnLBd5aHx6MTwL4Qrjay1akI05L9we9EDbJrOyDkLb1qnSjVw51U4L1lAl FNLR1WINtWb1dFEL9VE3wIwlNVF7VmkZ9WVlHGSdBlI7NVR/1lNXNVZfdVZrlVIxNVgrVlNPFVE3 lmSpVmWIx0+ZNWXdhVGzdVlv9U+dXltbtVZPlupA1k8n1VVnXFBXtWENtVv99Vbg9VitFvllGk4T NDnrsGLf16lOGeWpSkObi0cD8riC/4TLjnTnWTQZjnDO4nFHo9Rlq20+e4wfUzQ6lvQWk5PGrKm2 iKeI1ahL32cjz9ZjyzRsnbGdOvZNQ7ZmTlETizBQ8x1E06M/miQWR55nR+RCk/Bl62x2lTYV25rp ZbRqY9sgw48aejExyzZLW2Nti8o3i6BuAzdNDzPu5faNSXKj+tI1jyklixrVQTNm7ioYXXcnx/ex TEtKCx82X/N4SzAv39Z5n3d81LRALzY6ZzJ523fkzPes0hw+47eFw7OwDqrdmtH35bRjpkw/wxpl w/R6/zaC0y5vQ5I4F/Miu3eozjCE25GEW3N9y7MqazhK11aMk9I6491/ux0jfXaSTf9YsJU3EYaz MSPbIxOlrDkN99q4ZMy4uNU4lKsgjv/LfWk4fz8Ml1MK7SxQiBN5ut32oFSw+gHxfVqHQ5swZ6dw wyAla04KaeXRcA9ydD8xg2Z2dS9Qf4uwHLMs6sbt6dDi3RxXEFI41JpjBLuu+/aweqcyaPd3uR3n cTtxdA+GlCdyTCjmc4f2nUtonrs5mgddxcSzAGc36wr6nH2i0hl6FWebR1tXDZF5oJi5g4+6pD9K 5bVxpbP5Lc63pp8PnaM6r+v5lFF3jfIi+Jg6ZhPxljVYNTLTxSniCMYSrI/rzCmh9wpzitvuBWsi YlE6sQvnpb+xEfNskQi7Fju7sbf/O8AhuwqnoKxj6HInTGr7EzORCFaE61IuZaIbZLZXcaM78qOn 8ZXl5J9VuZ5IeZrircLzJH4TEbMjZuuaarclvGVijnOf3yESrkKXeWP/8Ds/F8Y/fJ0wfBKupcnv rpYD2JY3awQifJ87qUoqYwQGkcC7OJ/YeiTfOMiy68rT6rkXoMMHPcvvt8tXuAXfvPMQ+AaZ0sYn Ls5/+KfSCc8zCwVuB6cavaygvLwLGdfTOmJK/MuL/M3rjtNXUyn9McdPfTP3q55cPRL1JzGD/R6P +2j3ekLAsS6pO0brqEbHMPzkPbuH1LIPu96Te9C2dt+EbIuzzHUcXNtdNt1q+8fX/3rIQ/K3u6Dd lrunJz6MZupHcfpHQ/fnS1eoz/HmI2nHAz7eF8d287vNj/MAArWihTfAVx2VtNBnFjzMR2fdx5Hn 3/Hws7tpcgXpdyHOEn/opf5Dx7vnUCTAvr7/snHZKtdUsriF6pXkl7poN7Q08/6rXk9vm337Bljl +zr1aye9H89J6Uvy++vpMyyoEz6gGz7ZT3/hI3ehmHSTAQQABw4AFBQ4kGBBhAgbLERoMGHBBgcJ DlR4sKFDjQMzbtzYkKLHhCIdhiR5EmXKhg0aMACwsqXJlDNpGpRJU6RAkxAV4vT5E2hQoUN/CjB6 9OhMmz2JNnX6FOVNqFOVUrQZkf9q1p9Sm+qsGDEk06gXR1q16FXrQrEedXI9uzYtSZgu57qNu9Eu ULQPL+a9+xdw4IFIkZ686ldw4qGIFRO1yhNu46yMfcq8yrfmUrIWz0om2daw548OWNIlHVO0RspK v/IFnRp27KCEk+LlKRt3zdxQH/ddvTtnWssQMVf1uvlr5NSvg+OuWzf377E7e0oHfl0wbaMliWP3 /vC70N6Xw+sVrrr7SON91R9ULpo529zPT7uMjrKj3OJqe+Y/6V8kAAOkScABVSIQwZkK1EhA7QR4 y64FF5LQIQorVBAnCzmSj0EMD/Twv+bKSm80EPFLEEOpNJywJPTEikzApcByrzP/hkw8kTXkVJuv vpd6vC9EHNXjDyMUg/wQyST1u3FJJQ30yEESOxSSyiqfdNKjAm9akUsjr2yxM/Ky9LJJK/VT0af8 SBQTRtsgm4jGIUljsszQdARTNvpKs24yM6eUkrgV58RyTDq/PBTRQgmd8iQHj6wT0khLNJRRPFlc 9EJKL8ULMzEn9fPTR09EM0NL39qxUtf6gpM4sbokM6fbOMyzR+hwy0vDjADtD9ZQJfX110wxFRZU YvVzFNhUg1VW0WFt5JTZZKOVdlNUR3xvQ02NXfZCUr0cDrEYD3tJRmqrLZa7O9XicU9bZeOTLbik LI/e8JCtFzZ4vfMNLHwroypO/yIXa7WteW+VFVpa2/3xVoDlxdbfiGW7V2LB9MWOX08rnvWpgF0b uLqCL45LMxFj0xO1fA0W7+GNXcaO4pf7lFk+gke+7mbwWlu3K/dELq9cN3MOCmX7Gp5qV5qVxi3m pRdzukWCoTa1K85IDnPlg1ceeqiiuRYP3WyTztZZssN+Vlu0zzZb1ESn3ajpQctWm9tzE90ybbbr lvA1ONeW+29B5/TWQ4/tbjZWVrl6NW+Ogrb25FoZfvdsXeOlu27A23bbXMw53/Zzzzu/kGJBBWd8 bi1H1zx00UEHrz+IWW9db9o3bLPU5BBvXSKsdv/d9ol8TzjyhfcEcm+rXawd+P+3X1+deecPb176 6J9v1lHTc/979mTxTr3X6/uWXfvGux8T9wQNd/16vkB6D/XACzYZNq+Rb91y29hvf//poT+ff/0T oPX8F8DDxe1/8dtcAhtXvgVyhiJ+e2D1CFjADqWvcMozoIZ6tzIFZo408+NY/SR3PK3x5nJTU+F1 ELhCF+5FTlOTHU7Wp5WQfQ1pw4McCY2XsnfNkDUjdOEQYdNCIioNhkCsmBJToi4b+gyHKNwau2Li rthoLChRPOIWn2JELkosiVpUGdJgSDIoAq1fxONhFSd3xax9hmpflCPTtDPHl4VRZg9KYcfKKBwa ibFqj9OZwthowuWUjHoKyd//BDcYPgpWEJKRBGAj5ybAAnmRkg3cHiMHOEnr7UWCdSvMQvTogO1s 6JSSSqWNpCS4wWHRk5H0kQYzWUnhwRKWibGf1hb3GYEsEoQfpJ4BI+nAwGlyk5/DZCyZWcxk0s6Y nAMl+VCynQasUo+1IY02E8XNV66uSIIc4IpmubNaHlOctEzNLn8IP18Oyi/RDJ4jKSjPeYLvmasz ojCH2Ulm8rN6fGtNKENnzVRmU5ujVCU33ycTct4OlgBVS67M10xdGQyQCOqh0drZy1jB05bmsyc0 6WlBkzozn49sSNwkek5OorRsAo0gNRv1oGuWMpumxKlOa+ogwrASLg99pcFa/2oRilbSohASomjY 6UYm8odndpSqv5Y51cDgsSmnPCgpSzmYrsLNp7QRWBaJ9FSwgTGGgyxeIX3oVOmkJ6NWlatTqjrX PoXlZj81pUNWyVOShLWO+9lKWeNqznrFJ6prNY0h3aqXF9kVsuWpa2QdszOz1nQwfP1qXzUCWL0K loZMyeXMIoZYta5xsW0d41sfS1nXwiywr70rVKeiVc3e9q+e5exlNThagC0xrepkaglVGy+8ivZF M6xh9CACzHses6JFleRI65mmkNKEpSl95D9FiqnuCC9sBs0sbufE2WgpFJ4ODSJIggvTykVXfe21 Dly7Q1/1bjQvZqGlfvULR//Duq65wlVpd+F7XQO/tJmQpG6JSqddYnL3wNJkCkH7qdOdknelX02W Ny9KwXAKGMIxLfCHTAti/7ZmJzrr74bwGxUVWytg+QXxggL83wFHGIQhhi4+uRfLBacqew4+6TgJ PMHvxrOknbykhjtswA/bWMcvle50rRaZt74YTzG+UItDU+X6YtmcmpHIRPLDEjMz5MwROTNG0syR Np+GJRN6s5nLPGc7xxnNeHaznuFcZz7TWc5/vrOfCR3oQuf50HtOdJ8N3WhEO1rRkGY0mh0kaEsv GtCP1nSkNz3pPieazoXOSKbPgmcyD3pQpGb0qFHN6kunOs02TTNMyulpW7//JM7uQXWnVd3rXX/a 0TB5taJBzRIfKTLNYoYYf79c5dM2lUPVAbOWu8zasMgW2xLzababSJ0jMibFYOa2z9QYRGk7G93m hPblLKM8avv33E1EcWG5XW+ibNve6KEtEcGd5eViG1BZ7CO1VzwnLgeRZ/w9LbTi7eLH5Bvi9Jrs XNdCb8/0ez8Nt7eVKwsmhdNy3TB298hR7OL26KbgEVc5bMWa73DzWzcZ/7dsOT7YdBP82cTlqC+P O9ZTmVx3/vMKe3FcYSonOalFRrArj4pUflb1dMgU8YlDWHSjJ7gj6iVe7P495aYj+OiJXbhxfK7D Vurc4ic2HI0rQvQdg/3H/y597tqmrGCkuxdKsb16lOf+uZCAF+53j7o6VVcRrs9Y6SQV/A5NrJiQ X1zcUB46lInp9bvzve+Zq7uPLz9lBA6e7kmm0N+RnPgcZz1VcRpf102/OtBb6SZpH9DBrxh5rgwd iHEPO/cs33rXW/ftoUdQzF6vedF32XFWhx7otY7l1SNe+UMuPqRiT8XU7jxftg8OuVfe/Tzq3Y4v H2J+0cIc3lK83MOl/cW/XPGHQcb78f9+y+VY8S2SX3fIjX/s3wiYx0vGLM6tvkCDPeTPAF1m4u7o 2r5tOqAo5SKu+pwD7ZDnNX4Ga0bkADMQAcFvhWQv+wxDZJrN+yKQkK7PA/8TpgLTCP4kIveQTvck CfOu7gU37+vALgaNLsPoT/p8r33+jgdvDESaL0yUquqEb+p4j0xIULF8hLE+0PD+aADfpAWlLviW bvGoMMc4D77Cyp9Qp8F47L2orveij1GEsCyIEPCML2/qTp6UELWYsLjgA0Kg0GZ8YwrBMPBc8Arx 0HbsrsDwDevoJMj4EH+Q7waBEAkJL10cMPmMMAwT0UlkQgBOsEPWbzlUBYIuQ0bSafl+8MHGsApx EPjyEETuZfqoZ5lA0e920BOHjGzMUBOlxhGlbMRgj6sm0frgEPsucQ6fsA57UQODUSg40DMS8Gjm iPxuiPtGECGQghK3jK3/dlEOlUrZiJAThREbRcIY42IbpxEZG9Aan9FlBOKnxNFGLNEbNXFGwrH/ stEdARE4ulExzHEewVEFDRAA9IoeDS4axZE8YrFkAPL83NH7uNBeiHE39tFi7FEd4++z0midJvAY BXJcIKMdky4U904VgwkLH5H3Wk6bTpGBwEoHM89cfJAMXZH5Uu8XKY8Vj9AGHagk9/H/GmM85tAi HTBc9LAVXzIjfw+ptBCpdDCVRHK7KGSfjk8Me3L3hAQWW3InU/IQb+whx84zarIe2ZE9KJIpXzAQ pbIpFU8pK6kk9woG2XAmsmsNDXEjTfJJnlLaNE4sPfL0CKQc0+8qJZJy/3pxEy3Qt1SSKb/yJxFR DcdybcryE2txSb4QJomnLWVwe+CSDtvxMeXOdqoyjvISHSGPL8flHgeSICMOvVxIHs/qG0EwLg0v 3zCT8dSvHymwIreyVdorNLPRvIaoNP8l/FAzNfvotVizNTXzNScyNocwuWoTOe0qN+VtN0HwDI+D 24ATLyUDKxOjN54wOY4Dr5KTO+dqOemHi/CPLERItqRzOhujOhfyVAjQOElvD0kREuFTPueyMevS 6RRT8YhvWFByMCsvMllyPXWoMOmyDxtEoYSqBHVxHx+uXwJQToyyugJzKgGzI/dOKOPTPjGUPpGl BiGnMgnzSJ4yQC/yQ/+JzEt0EEGX0IrYT//6BfXiA0ItsxN5EiwnFAYvNCbxUyMr1MLMc3/4cz7d UlFEFCvI0wrX8j6bcTSZ6S//Ij2vqjgmDHbUTch8MkjpkyN5dLtwNENzNElnsbMQkoCANEtrVG60 LsbG8w6vVEYZbEllKRdXlBfbg/8UsjvvFF+M0U4B4/bcDbn2VDF8lDkTVE7TcRnLDk8TVTTF9Dxf qDkY9OemSlARTkXbyAlDxk0UVVO7Dx6XigGjTbAuUoUmlVLfsFA5k04zdVNXVeU6VezCM4UgVUC5 iFRjjlAtdU4x9RUJpz+VrPMCc0VuM0Jz600HTFgPCJt8lHH0apWkqyP/jhUpOZBMhRREm0S9ECa5 orJXJ7RWU9RUcdVQa+RMeZVN/VNHZ3RujtVKwUpJj0ld9YazDkrDWFFe/QrvngRaVeJephUyJRT1 ukVHeo4QKwygfuoFaVIva69GpNQqY3RdqXVYt9VejzS32jXw3pV14hWn5pXIzKtZpS5fhSRKHrZf v/RaAxZRsbQQF0WvDjZOwRVVIVVNdlRLq1VlSxazwlSrLsyvFGo069Wr5DXDvGpit2NnPbY2fnZj lbQofTYkJ7ZdrSlol9YoMsJou8ppk0ezWq5EKTQILwhlP2ZgR+eDHtJlJXAzAXCQlANQ5U9jifZo 4RahiFZnE2puexah/x5kZy0Mb3Frb7fWbul2aaGWbre2Zy02KeL2b/82Lb4zPKQCYSwLNA+yWHMI bYfzkEQLtFj1Lt62bxP3bhmXqxA3dEtXcOfWm0i3cC22b4s2aecVaVd3lBbXdFv3LxwXZ4zLslLW aWrVMUQ1LZ6UTz2Vc7PCc/dWb/F2dmF3cGn3dJ9XeTXMecnraANXdFl3dO31aqGXdpc3UBl1HI2r tSIVany3ai7XBO/nVYtXK443b/X2dcOUXbm3dqc3WTerdrPXdlWXcPvXfus3f7E3MXDXCRfx9iY3 Hiv3PNBXQdWXbKvURM20awfIfTkCdJv3bqkXgG9qg0F3dVvXc0EYgP8zpV53dmhFmH6hl2A3iUPf 00sNq6GWrWYDKFgVOCyJFz0TtoBX2IUh1hVt9IZJ0m6bdnCnVoCn9n6xFn5VeHt7VIiPmChDklm/ 6lm9V6es1oqn14k/mIbzqa68ciUB9o20tVwFaFLP9labcE5Xtit7eEDLmGS3tEML9FyPcoZPCkIx CYz/U4xleGwDqqcwNoiDkzp1eI15uI39FVhp1Aa5lI6/9IUplkBFSUz3GEVOdozv2JKIVZAHOTML OW3Lzr54l5DZ15RPWYhteC9dxI83xnwXeCuyVZSDypBFruRu+QE/GZV3mZd7VJXho05bWdt+GUpt LuiO+d1YDHNFBOf/bg7oehmao9mXU9eN9AeBE5iaDxnhmhmZoTF9kY+bk3lGDMLXho3TztnWyhnT fi2d2VmdJe2dec2d59mc27me4xmd8dme1/me6Zmf/xme/Tmg+5mg86PSBFqe+9lVjC2CEDqfHXqf A402IFqf41nZ7OLjuvmWz3GZoy2cSY7qEBksLVmTPblNf9iRaVZDVVqSaZGRtZFRvXJcAbakdQ+L qdlhB+jKTs6ZN1qZv9k5P9qncdgPE1mCF7mmR7FM/zhiwRRnHzlw1NJkTeJ9knoNpTOn4dSxNDqj qbqWH3XaQBo8AdmN0XWlzRqO79WlIblL2/pmH/ilm4QxIXEtqpqp/321mhQ4q5m047parPkRqJmZ 5PzaEEVaYkn6rvE6sRMspUfyrO14sRsbKJ1kEKeaphf7xwR1r711mwc7rFkklMWWfEf5maXZtE8b phGTjPSHZl4ZVStDlkV7VoX3L9oWtW8b4gh4c69ZNFzbGytVjX8bt4ebuAm4ZV7Gt4U7IkPbOonb uZ97mjvZObljA7MZjRj4VNV2rUe6rEURqZ1aa9kaqiP5jcM7sqOphS+ZqpXIWVEERevYw142uF/b sNMaIx/bXLk7KOeYpd26v9+arEv6vm/Rd7NuvRmjvT0EM9GycRCWuWu7//j7qX24C78bvOX4qMX7 v727PssbYlNRtv8pzMOXDzgZfG6a9C5o+y5wRcM5XGLVesIBHKUlHLLx+4cTvMNl3GsDWa9BS8R1 XJKwGr6dTL7jkL6hG8mTHImte+F4u3GJ+bCKXBqPXMmrHLpbaDgkC8qjHLthVrutHMyVvGmy3DuS +zscvKO1OczX3LnxzdvKfMv9Bc0De4fh2qhfHIgHfMQxHM9NnLyBvKjPu7sJ/CGBF8cJfZNbHJyk fEEnmcL1fLyX2r5pMMNtvMIF3dJNesfxA1mY6NCRGI+HfMjmvIGPkY31u9LtG9InG0kVPTFdPY4D HNMrfWTjGnuWlMZvHOlIPbtt0tFjHK39O9gfndL7XNTPUsBz/aT/N71LyRF8IzhIEFPZkb3BGd2B 2RzbrTwkdDslzBytuny+rRN4s53cTTvFuD2VpQrF40LFr6bc3z3JxQ/dQV3drd3U4R3fcVv8mNbb 65ZjYRXcjfzLT/2wB72pJX3PH0yyXz3TBbOlzfvCbdaxw4yTiVlCujWyV72UHe+rB76+ER7YJx7k Q37Zu/jYHV7YD57gH/7RHX7f8061RcdgDTPl4zvgp9zj7RzVjb1GZ7CiFl7XYf3SI97kk93giWV8 ux0hDbQ2bPrk+frmG327C16Re97W/wfoh/7PN5zVp57lSZ7h5WQ1crAq/cNsaT7SM4fXvdzX893t bzvpi4IDY36q/9Y+3Nv+7fM+muN+NgKr31XI7gUe7/We8FE5NaHCIAHO3le58Bu/eA+fKub9jhYf mGlq611c1fMcsRNe5y+/xj2/5AOd6Jl9vCE/bTwrvzk/9XlOHNsdlld+5CX+82Nf9mO982s+6Bt+ grN685udPYXss9I7x2df7Sm/zmWd6lOd9lcf0BNd6Kld93uS949e6+1QqQFXAJge40ef9BtVlzp+ 8D+e2Kkf2lX903+d+Lk+/bse4r9+2FnaN5gO5qU2tTU749EYuAU/Kx2f/1eVXwDCgcCBBAsaHCgg YcKDDAUqfCigocSJFCtavCgQAMaNGxs4aNCAAQCPIEVyPFlRI//KlSxbSoQY0cFCly8V0ryJM6fO nTx7+vwJlCcAjUNVsoS4EubMoEwZGm3akGTIkR+nQp349KpWiksRxuw5s+vWsWTLmj2LVutQB0WP Pryp9GvanFnLShV5ty5ZvXOvitX6t6/gwYQLG/a5tu1JmDvjHkbJd2vevHMjD/RIEbNFzZk3X+Ts UG5orzJjhhXg8W3ppaBLH2wd9bPnirAl1i5422Bu3bN7T9yN27dt2Z2JF6dt/DjygYmHAseNlOHz jzUZD18u/DpFy1cnVzWZljt15eS1/04+uuDp1ekTpv66fnxo0ZfRm78fG+Pz6fKxn7cvnX7ZBTgg bwC+diCCBRL/mBFRzmEUXX7lHeSYghNKeKFB4jXlXUkbMiXefgIuGFx21sWHImqutRdTa4HxByOJ BPEnkIgylpihhf/dWCOPPeZoIJAzJhikf81RZVGEGOIXVYX1+Sfkk9vN1aFV4UVJY4xQ4vdXiiy+ 55VqLtLX345RlrkklkQWyWSaDG75Zps6ukknm3LaWaeORRX1nJJ3DtlbhdNluSZzVH5HlYdn7fkY VF2aBimL6a04UWCNXoppppqidWRFfqLlZKOMmlUleJxu6tOjo9nkGqtLxUcapajOSmuttrLUaXWW zhVqYR8GVeqvQAl7a6X0vRoRsit2pZp6rBYLbbTS2porQ58a/9ZrX8T6FGxl0za167fijktutNU6 ++ym2S56qIeUXWlmnnjGKS+gy8FHJpr01ivlmYN2BOe+/Oo7MKEBzzunwArjeCbBCZt35Jjp/uhv of3FFZHBBxe0bU/dwvsnxRszHHK/OzaLMMklixxvwQA3rHHLK8c8s8U0D+xwyipD7CCS81n678j2 MomxxSw31DFPH58qs847Lzx00w+77GPOTzt9tNRRr5z11FCbrPXWX4Ptddlij9212QxH/POuQcM8 8rpXY81Wu1O9y3TJN1MtNNl8w+3j2zxqGfiIDVvtN92IL5743I6frfbQbF8L+eNpYz2d3IwznvRO S0ukWINrif9OUOigl4t66qqvzvp2RLFFueqa0wXZ6KIbZbrpPbqL6JQZGVo68Lj73nrxxh+PPKqJ rRYu67O71PHwvwc/vfT18a4oVsJruP30pycPfvjij6+WRrEn/zxkJ0lfF/vAX39379pXH7r73t++ J0ggzag///tf1j8A/q9GASTgAKtyQP1xRoH+W2ABEejABD6QgQKMoAUbiMEKZtCAF9SgBzm4QQiG kIIg/KAITUjCE5ZwhSpsYQpfOMEYSnCGHWQhDGk4QhnW0IU6zOEMhwIRHKKwh0MUog2JeEQJxsWI PPzfnp44v7qxpX7dkyL88CI/rNjOflK0HtLUZDTGEe5wggv/W+UsJ8aXmbFxdNtb5NgIx8tZzo2K G+Ma+wURnxWub3Lsox+ZhzK6JY2K1atiVj7nlPcZ0nviCREf/5jGqtERjZuz49/6ZsmaGW2SZ4yj HznpyUqGUT5I0SMfy6i3qn1kXdOJniILCUsr7i5+2fueLGOpEi8mco2g9GQm0fbHX74xkodbnDDf 2MvNEfOOxjQcM49JSeqUEpLBlOQpDReqVq7vlV1c5JCwZyVb5tKbujyII8m4yTAmE5qd9KUqm6lK VGpyj4Bj5jKfOUqYvE6Z98SZjdCJLqRokyNcHCcugwNOU4HOdlN8Su4Y+kXySXSiFK2ormKyT4su RikpqZ1D/xn60Logsiyd06hJT4pSdaEsoymFEEcjipaR7qWlNK2pTVU6Md3dlCsv5ZjdsFhLdu10 qEQtKmACSTqjJqmnt7QLovAm1FSq05rxpOoj5TnMT44Sq2hbp1W51k9/Jig6oFEMjcI6zH/a046O KWlOZDqWc641nV+tWF3naU94PhKtXXUmXnnpV7HeFZBRM6sa78hOvqbVWnn8aaLCGVV+JVOxlPTq YPu6V70CdLNzvebgAgvMxB7NT2Ud3Vm5WlnPXjZMbsUJXKEyKqmuNrVVvepUVfvZ2nIWrKhtp1bp alvfXKu0KjktPcG425XFliyvVYtSnwvd6F7kfKWDqHQ30v/amzT3Ktm9rne/Gz7qcsy64CXeWbYL 2/Kqd70ntQ5GyMteczoWqmbpbnzvi19Uidcp9jVqf1mC3qbIlbfArSdu8XlcsGq2s8kFJmVDqVa7 Bvei6DEsaJFpM92e6b8rCTCIkDthBO+1t74V5YFBzOAUE/jEkr1wHde0X7CZ9rB/la2KlTvfLEZ2 bJMlMYRdTNsQ1xiwGl5xgzGc2wRz7TYCDeyMgezbxPr4xx1Ni4eDMmCcmdjANw7tbSWc5CMr7sFR nm0oyQzJ2pDVycWl8SVtbOQN5zio9c2vne8srRhbBL535jBKrjwsPAt60DhtHkH9vFNEcwTQQtEp oR8N6bP/6Pm9irbpcsfCaMREetOcHsukKb3pSgsooaK+SJYdLFrRKnPKWwazgiMc51hrecpShjKV aXO+mz25wEtmsWDNS6qn6rjORDbzrcUcZC6/udjILjGaqylkVBu7bfk6c2t2rWQvu1rEUTyvsOlM UhRzu9dF/rWyMZvhckt7xNnmsa3T7CmkZvXabX73s2G9bj6W2jOk9hazz71YdQc82ugOc5fnLfA2 prvdZtOzruvNa3MvW+Iw9Xa/QdbpjGu8JZ9uCZ/tvG/kXDxvGy+5yXk6sQ+Hes6QJfbJXw7zMBm6 0Su38rdbHu6Y67zkHcdJyFP68/OMfMeR6/G0qclqVdPa/80D93XBt63tg79Y5vRRNZqMYlynYy7h gmS5Ql3e4i+PW9ZRB7jC3211Vj8bzbWOeH4ol3buUZPtC5d6120+9Lg6eo72vvdWj97qIcOZ7Ahn t9b57nbpuHfq2cE605GMSa6j8dKSufnXcz54cpt9zEkXu+DDbvhmW5vhW088heRdYl2fme4Gn7XR gj6cvGN+57S/c89/AnuT5j5Asp9p7R1V7VTd3lhJYRZ1YRXQSDFl5jQJPsqZz11O7x5BvY/r74G/ FWXpBPrOMoj2GTspgiiL+24Bl/MZm3J/R3r6vKn+VtgPc/I3H1+NOT/4ux9+7ytf/GSSP0r8v1H2 x3/pp/9+kAZ/30RLOOd7mUdxZWd3qed5+lcmqrEQqRErzRJI34eByrcQxlca7xEYFDgxM9EAXvKB spJ/YGJ87rEq9LeC9LdgZoJUsBEhSudkq7d0rZdvcoZ3CXh5Cwh6BNd0D3hsY9d9nLEeFegqycKB /RdEkrIskMKELYgayOcaJbh/VAeDpwEm+FcfNhEWF9iBUhiFUIhvA4gxEyMxXWGD9uF49tZ5UNeA 8tWDQKWA1vdvRjiEhMd4m3eF/PclYNiE+TcpJmiITYiF+aKEWZgeWAiFLKgqQ4J8IviIg7giZ6iF aTg0n9KGjYeDpId4oudJB3hFj/WDeMiADjiHheeHEFj/ExeDiMkShZQogZVoi2V4gki1iIRIgofY hYAoifs3hrd4GrSIidSWhl+hGcMVgfjxhqaXbBOnirsUU5ZHivdzfT8RicXIhFaIgoVoiYcIhfOB f96ofeLohcCIjugIjHCRjLqIeodxjeMzj5nWE/O4cduIL90ohoRIKeK4hJIiiPlngu2YhAVpkFOI i+sYjgK4VO8oGouXKfgYPvVojYuyd9m4fRGCMt/HPLGSfHLRkQoJK8P4kfrnkdQGiAiJhpZIWAsp jM8CgByRgfEoKtKXkRxykRinkT05UekyfDxJaBbpfs6Vh5qnh6yYlH34ee4meaMXeohVd8rxgg7Z iVvy/4ygWIRPt5TUU41FGX1HuYrRyIdkOZZlhnZ/F5VliZaRlxz7WIHNuIPek3VyWHRPOYpeN4+n ppRSCXh+d3RqF4Out5aEaZelNyBrBniqN3c56Jai+EdE6YN7KW5IaZlsuZVn6U5piZer1plxqGJK cpV2V5d++ZhEmJd1aIqU6ZOtKVFB6Zq4p5cFGJu12TqwaZv3OJtCmZu9+S0S6ZskF2xgmVTF2VDV tSEUGZzLyXE2yZzv51HIKZ3MYV3oVVCMhJ3d5pSBKZdcqZmbWUzHGE1qR55aGUeZ45yBd5l3UppN GYqoGZnbdFBWZFC3ZJ3k5E22FIStCG+f2Z1nF55C6P+d0gh5XelH+zWaZdmeBPqemJma2IWf81mK 9EWH3TSfuvREfKJDmnFDO9ShPuShSNREIcpEH1pEJIqiIKqiJ7qiSZSiLAqjLtqiI1pBNaRAF4QZ L/SEH5qjPdSjOPSjOCqj1GGiQ2qkNBqjKnSjGSQVRrSkH/SkJZShOUmf2XmdCGiHpzhe1lOfXQps d/mfrliY00imAKqDc2mY8Amad9JkAsqUWrOgAwqmkMk50Wml+TlLWdpIEWqhTSV3zwmojYKbgapp BMWnXoqlq0k8iHql+kmoj8or6QmpqPheh5qdEzpsFcqoeEqNk+qpniapn2qUEHqhnBpgITWdxllx osr/qkAxqK3qc3ZqnKiKUJNJm3PqpmIKmQnKoJ/In+B5eGi0pm8Xj8O6nnkSpwUqlpz3erspnLj6 q7zaq5kpp9E0mGiKrX05rZ8EnG35q56pZax3mg4an6pJoUC4nblKrdpapm9ardBKrpZlnup5egTo rQYKlQ4mrpXJrmgjmXp6q4iprv05pnv4nWt3rf3KrAVrpmETY8Z6sJeTrA2biuPZrOaaqegKqxv7 f6HKsZQ6nLbKmx9LshRWsr7irHtBpSd7sq/KsjpBeVphj0LxsjXbkjZLGP+qqCPbTkY3sEi3mNDo bAm7sLsKh18lmkcbtEQyscI6lWl6Rzp7riALr8fq/67ZerUGq6z8qrAWy7BOOxucqLQ/C6766phc 67X6lrJgl67RGqZgS7ZnO67xOrbBCm/MKLS6SpqPR7H7CbU4hrHgprEC67Z/CbHteq9om7ZqWrdc Ezvy+q2T1LSJ67dYe3dfKbLPirOf2q2bKxhSm7FU67mQ6rKjq5uBe4fQabqTWrqrS7Ooq6Wj6rqA 2rqzC7NrO3tti6/0arl6a7Vwe6Zd62zlyWI1+LW+G7E5M7nAuqyLG7W4O7gNurvS+q7IW72NSbZr R7zblrRGu7QksrzQNre961ugK7iiK72/a73Cu65ZC7zjS75Ae7zAKrbeG7dAFr6AaZo/a76pK2Ar K/+eZqm17EuwhRug36q9/okdeMu437sx+Xu477u7MdsdO6m5ttuTtYvBsgm7rLnBPtm5H4yyHRyw IrxzGmzCp4u5WXqjLezCLwzDMdzCU0rDNWzDN4zDOazDO8zDPezDPwzEQSzEQ0zERWzER4zESazE S8zETezETwzFNizDU0zFVdykdtgXsYuNnfqlq+rFX8zF2gnGFdrFYWzGZFxlYjzGaLzGf6rGbcxN Z8zGcwzHW1zHdizHdIzHd/whv5Kce1apgJxZQAFOVmzIh6w/WqzCZezGb6zHj+yVjNzIjgo9pOrI k0zJeYzJkOxTaXzJ8inIktzJnvzJo8zJppzJpxz/yKKMyqncfogMy1Zsh7FMyzGsyK9Lynfsp5rc yrwcx768x+qzyq68ycAsLH08zMQcyTRxzKHMyr+sysFMLMicyx7nzM8czN/EANvMzd3szd8MzuEs zhBUyLVszjd6yzvhx9eszMtcytnszrr8X9NczcAMz/cMzb3Mx+xszabGz/a8zv6sy/hMzbFazwDN bwxwzrFMzgm40A8NHllBq6rqyZZRn9go0asaGQ4VRTH7UXxx0U2VSxSMOyBl0h+Nz4oE0hjdyBat zxwtTo6G0ruU0dQDRX860cfplc0MzSHdPvp8SxsdzztNSAJd08Lj0dQ507M6OgW9y1W0xUeNUAr9 /9CH3NCzXNXmbBIgZamrzFKdvEVS/dRivdNP3aci/T56MdLufNFqfael+jv0HNd0GNYt7agrPdcR BdNljcdr/UptLXdXyqXlJE677NdTZNdcLNR5TdM2Tapc7djctKlwXTcF/dVgXdKJ3X5UndVVfNWP 1dm1LBIsJdj5rKlj3SDUicqL3dOG4tKy9NNBHdhVCtatHNulzdihfNldlNmrfdfUuNtQfdu9PE4Y ytJs/dbdRNgwFdyHbV1k/dfMbdaAbdZ0TdtQLdu1LaGurdvTndrfvcx8QRKcHdoy/NlNWt6wHNF8 3ajdvdiv89XQfdyn/drc4dOzXU73bdvJ7aVyXf/Z1g3fmo3GeP3fej0/0F3c0Z3dks3ffO3ejR3g vq3Y0l3f0VxIxr3gUd3gPmXZ3v3fly3f453eU3zeDT3iVbzeSE0/Kx7Iy53g8Q3U8t2nrJ3UGQ5L IX3WaO3gk13gRs3gH67j+SzfiKqpMj3fka3fYn3U7b3cjW3HLx7keyzjRI7TRS3IBlXTSj7K7Z3j Bi7lcw3i+iziJw7DJU7miJziqp3Za/7YJA3mNs7aX95QfObW2v3jwzPcyL3jDS7XN+3YER7ev03X FOyneR7H/W3nR37dVN7kg27kQB7brT3UvJ2Rdd7n3B3ZCp7WnIrjNE3oUB7peDzmZ97CZk7qstz/ 6VGe0tv95z3O2ELd5FSe6Iau4VVK61G+1zwe3F6u4wH+042eUXgd6/dz65aO6dgt1bl+qdddZYQN 6twz7MPO7LO+6jOe3Vqu0nja6Jn+3kDO4b886qfePy2M1eJuy9Rt7dM+JQh+49/+5dH+0sSO04dO 7LRe5wuu69UN7RKO5fsuzeqe24Yt71v+y22d5XqO78u+7e5+57F07LDe2kM+8Jeu2pke5Et+qXut PRJvob8O7h9B3uZu6uYuw2nO1Evtz+ze8Zhd3x8H40VOXihv8b3u5nNe0iivGPSM7f3O8gdO5zae 1o9O0cjO8jGPP0qdqsu+7vu98j2v1y4P9Ixk/+XNzu817ucTDUXIzPE8b9N8Fu4iT+6gTfIwnM63 +8/FjPZArcoBfdBpb6jJjNACjc0EDffGbPZnr/Z5P+luv/f+/c76bsl/n9IfQhKkgs5iP/YuXPa0 g/d7r/em/fiAP/hyfxN+L891b+FOjc2aX8mU386QD/qr/tqev8+MP/eSL/nonfhhr/qrr0CLb9Bt 7/izH/p03/i0X+2nD/hsL/u1L/k8vfl33/uTf/u+P/rF//vC//m1T/gm7voO/fyvH/3TT/3Vb/3X j/3Zr/3bz/3d/9DO7/rlPv0pTP7lrx/XL/7er/7rz/7t7/7vD//xL//zn/3pH8OJQqT5X/j7r/// /c//ANHAgUCCAw0WRHhQYUKGCx02hPhQYkSKEy1WxHhRY0aOGz12BPlRZEiSI02WRHlSZUqODVy+ hBkTQEyaMGfWxJlT506ePX3+BBpU6NCYDGYOdOlA6VKmS42uhMoy6lSpValetZoV61atXbl+9RqW q8CmZZUaJWuWKVqibd2+hRtXbk+0SAnurCtWL1i+e/32BfxXcGDCgw0XnsgzL96bDOzOxekY8uSf kinLXXxX59PDnRF7Bv1ZdGjSo02XDqt581HFjR/TvBnXck0GDC43qG2bbu2cs2/LBBBceGyamV83 II6b9WnmqJs/dx4d+nTp1Te2Vp3cJVvfNoX/7xwOQDft4y+DA9WOMzzP9eTB90xfE0DZ+Mo1vz4P kzN1/tb99wfwPwEDJJAh1XpjzTztuCtPPOTqM083B92T7zv48tNpQvtyctA2tooqT8ELLwyvPuO8 Sy6vAlccsEUWX3QxRhhHwu4xC19iUD6XIIywx+IabI89IWFTzzwjQeQQwwyVVI8+BO9TkMn9ZKRy xiqvtDJLLA07MLIEd7xxw+52RG88DfUL8UH4yESOQ+WCsy2+mYyCs00kK2RSvTDlcyA3x0z80kYp l9tSS0MLRfRQRROFqEYUi3LtPfDMHA/NJNkrMU8y/YyzSOV4WxDIPfUc1SYnvYTSO0gXZZXR/1Zf dTVW6rqk7Us1Id0uxJt4RI5SCoEbTtJdOayUTdgkPNJSPHl9UFNT/XQA0FRtwhVWa2XF9lpts83K 0WT1ixS2OXmd8ExlxXVWR/YqNdcmdovFLc1S0WXv1FqnRXBbfbndt19+/6W1OFtRjXdZTIWDF0d5 mQWT2fASRrHOH5cc8eAgBcYXVX83/pdjjzuO0dvVcvV0rjFxhLhkxXjbLeWTqR1yshMZ+7hmkG3G +WbBAq4Wu4J/OxdooV8W2qfMOEU6N0JzZlrnpp92GqOkp55zak4ZLjprrbdmjGeuvwY7bLHHJrts s89GO22112Yb7czahjtuueemu26778Y7b1i9h67aar//BjxwwQcnvHDDD0c8ccUXZ7xxxx+HPHLJ J6e8cssvxzxzzTdHPFPPPwc9dNFHJ710009HPXXVV2e9dddfhz122WenvXbbb8c9d91357130AMC ADs= ------_=_NextPart_000_01C215FA.56582620 Content-Type: image/gif; name="Figure 2.gif" Content-Transfer-Encoding: base64 Content-Disposition: attachment; filename="Figure 2.gif" R0lGODdhAAMZAncAACwAAAAAAAMZAocAAAAAAIAAAP8AgAAA/wAAgIAA//+AAAD/AAD/AP+AgAD/ /wCAgIDAwMD///8AQGdsAADJNQcACLK0AH9qANFxAGwtAAAAAxQAAAADAABxAAAAAAA0AABcAAAA AEpqAABxAGwtAAAUAABsYAAEAACfABj3ANl7AW9s76wAAXf3AEdsAABs8VAAAABs8RwKAJEAAAAA AAAAAABs8VBsAABs8YBs8TRfAEwAAAYIAAAC6jwEEVGPAEgAAAb3AB8AAAj3APf8AKAAgAz3AC73 AEcAAxQAgMBs8Jxs8EjpANgAAxQAAAgAAAAAAAZs8FDwAMCkAP+AAKAAAIAAAP8AAAD/AP//AAD/ AP//AAAoAP8AAAAZAAABAAAAABgAAAAAAAAAAAAAAAAAAAAAAABscAAEAACfABj3ANnwAW9s8LA3 AHf3AEdsAABs8lYAAABs8iAKAJEAAAAAAAAAAABs8lZsAABs8oZs8joAAAAAAABs8VBngTifAKYA AAMABHAAAAAABBwQb4ds95T3ADEATodsAACyEMl/AADRgYZs8TwABHAUAC0AAAAAAAAAAAMABHAA AAAABBwQb4cAAABs8TwABHAAAC0AAxQAAA5yQGf/ABuGQGefAHtn//8AAAAtQGesAAADABYKAPBn AHRngewAAADQFn8CAC0CAAAAGYdscAAEAACfABj3ANn2AG9s8cgbAHf3AEcCAABs81oAAABs8zgK AJFs8fgAgmhs8kQAAABs8hD3ANkAA+gAAIIAAAAAAABCAGcAAXds8iT3ACYAAAAAgoT5ADT3AHxs gmJs8/D3ADFCAGcAAABXAEIAAABGAACgAAAuAAJ/AAB3ARD2ADQAAApC0/sAD5QAAAoA//8AAABs 89AAAABs9DAQGUBELbNs9DAQGUBCqGAAAABs9DAQGUBC0yMAAABs9DAQGUBs9hZs9Ny3ABtaBzi3 AChs9ZQAAAAAAAACAAA/AN4AAAAAAAB4AIJXAAIAg4R3AAbWAABVF1/oAADbAAIog0wI/wAbCBxI sKDBgwgTKlzIsKHDhxAjSpxIsaLFixgzatzIsaPHjyBDihxJsqRJjQAaOFjJsqXLlzBjypxJs6bN mzhz6tzJs6fPn0CDCh1KtKjRo0iTKl3KtKnTp0EZpHRwsqrVq1izat3KtavXr2DDih1LUapKsmjT ql3Ltq3bt3DjyjVplmqDAHjz6t3Lt6/fv4ADCx5MuLDhw4gTK17MuLHjx5AjS55MubLly5gza97M ObHAugI7ix5NurTp06hTq17NurXr17ANf54aOgACBHpv47Z923bs38CDCx9OvLjx48gp4wSwHG/z ALPP3sXbm/ru6tWTa9/Ovbv37+DDB/+3u1AqeYVSnTdMD70B6Om8ccu3nnd33pV68StuuVh/YZYB +PeXgIAJyF+ALiF4YH4AOteggg7c96BoCe5FIIIOSujghP5dmOGHGb6U2YJ86SeihiVyGKF4LDJ2 IYEmqpgiihuuCKGEHg5oI40fLkgihjfWiKONJJ6XkHkCAaDkkkvOph5D7EVnV328UScVANlZuGOO QPYVI4iDcemXmDMG5uOKMO7YZY8Rfukmmmpu9iWDZTY4Z4dExgmigW3qWdmcWsaJp6BwBtniof9N qKCWQOL3I4ZnhlgooAUqammfkoLp6KScZtqlkQgh2QCTpDoZ4EBKEpSqewDgJWVtvh3/cCWpWeK4 oY64MproYWTqKhiemqop5qaepkkasDyyWeiny645JIqUYhbtrXTamquziGZbaaCMAvpintBiCmmz vwpr7JtjmtuouMY+WR5zSR6UEqvujjrvqvS29159pDLJAAO1LipwkHYWnCKcg3YaJqcPJjgts8H6 6iW7FEsMocHEGmomuMmumzGyyAbK8cN/kitktRqXia22LEtc5LIhR8zmujQTxiefM3v4Lc3Rdrge vKPKa6qRTBIUJavS5QVAAaQyraRUtcaUM6En1/xxn72Gu+jVNbscKcoTTy0zncSWXXG5PO58o7fN qn0nwlk3ViGDOD+bLtgt5522jF23/xssgOiufLfdM4/Lt9bjjn0qlEDPW9C87IGKr6mvTjfrrEtS larIB4qYsLpWi2vtwbpyHfimHPvqd8Mjn72y2RcD7ufAe25JteFt515nnjFzdq7tGubot97EAxsy 23jrXHHPygef+ukmg+w6jD/b5biqQz/e5EBH7xsAAFL9W4DTzC15wIxcV8t84RkTjnbi8KdvceEd 712syc7jzl/cNMJeOsK1CyDneJe6zqSpc7Z7lNqIVzwCIg9iyWoe9HZVowemr25i69p9qhcvg0Cu VYtL0r0c1z3aTKdVSwNfAMinpAPYJ39vC50MedapuE0QXYoS4PrCpr7lzc5/MRTc//881UNqPdBZ GMTgiPAnwPk1j4EN3F0Rm9g/hcnvfVPMYPuQaEXR5QdVpeJe44SWL/JMblUlTNr31hi+FYJPSYOr nfQKVrczBXFj96ugHlVmqOHRjY4ErKAPZ5gyHalITxb80dzs9zeDaTAxX6Mi4k4kRCi2yG3mSuLt qmbH2fEwi5x0pCBDGSMfgbFoYrRev9AIQlAdJI1TUhpfWvUvbfHPkriEzS1zyctebseVBhHVu+p1 JBBWbi8glOUas5VDXzrzmdCMpjQd44B/WfOa2GQONrdpzVZyk5vGRFosAZPMaZrznOhMpzpbtMp2 urOdeHlnv1wlTlit8574zKc+97n/zmPy858ADahAB/qdys3loAhNqEIXytCGOvShXHkPRCdK0Ypa 9KIYzahGQyJRVK0RhR/96EZHStKSmvSkKE3pRjpamwgJIAAvLcAKZ9oeldr0pjjNqU53ipDlLEcg PxWjdFQVUpAaladITapSl8rUgwKzIMJEz7yearTrsXRUNrmeqoqWEq06JIzY82pCtNrVjYjVI2Al SVoVctaxurWtHczI9c4K16ba9a5O5eApt4e0oUq1qn5NkgPeyYDBIkSsdT0sW1HVELJ2JLGLbSxH IMvYh1C2smRcyGUZMlfF4vWzoM0r487TL6EO9YwfBKzkIoSABLQWAQYQQGwLS9fM/0IEro6jbG7R ahHdTva2wI3IbuOqWbNiz7ahTa5y0ULVVB43rmbx66rwFV2DoipCrs2ubGVbPs8ydoS+9WCTugrZ 4YK3g/eSbNDwxd7pkle9Wx2hvd4rQvl+VXu5na4I7xvX9NJ3vucNmoDL+9ztkXdyy02wgq/S3Nmo kqumJRpf+2pdwdpGu7GdrWHlZeD1YpatfN1tWeHr3++iV736LXG80tvYDq/4xAI2sWULHOOysri4 /V2xij384gG3GJUirvGCh0xkkjSYVQ8eb4TFC1WrmlBVg3Unbb374rVSOccjlqyIIWxjFFc2v0qO MY4xO2IWgzfL8BVykMXMWQ+vmf/HcO4ymt36ZS5/uMh4zvNFjiyquVJ3qvh1smo92NwNe/BxcOYv jee82DdXmc2eHa6PjxteMk96x4yOLJZlDOm3xlnNnJZzpw/9ZURLWs+oTvVD+DzGO0eXtPalcD0f FyEFLMDWCiDAAHQ9ZeR2mbh0XvSoqZzlG4d3zcWedJuFfWlQz9jSQb7xssWc7DcbW9HK/vWwVc3t bpsxrX1+bnRO6+dxVxirAbj1rXXN7u76esAIHisqAazsacNb0seu8ylzbO/6wtjMLk7zfPcN7+BS W8j0Hji/7Q1mHce72xD39l4n1+e1vvpng6Z1AHC9gF17vNcRD3lFNivykiuX1az/BirGhbpawho6 vhOWyCovMnOzPlwkpf1IzR/7zqq0M9gmD3qeq/nNbBK96N0EKtKvKejV1oTkQo+61KeeXHla3Z31 vXrGq2p1BlD962APu9gvctWxm/3saE87xo+s9ra7/e1Bf0914U73utt96JUzy9L3zve++/3vgA+8 4AdP+MIb/vCIT7ziF8/4xjv+8ZCPvOQnT/nKW57xKp+13i/P+c57/vOgD73oR0/60pv+9KhPfeFn Ar7CyqT1mZd7SjC3SmsaDZvuuWbuc/+v3XPP9rrnJu9533uv3x6qwdf9742/fOAzH/fH/wzzpW97 6jcf+sSfvnuQf/3n95762+z+//LHD/7vD7/8ys++85FffOwnf+/ZP3/3vV59+bdf9fjPv/73z//F AzN8hRUqsCcdsscqhHV/8Yd737d+zkd/Dfh+Cah+xDeB7+eA6seA9+eADZiAG6iBFzh837R9CpiB IAiC4feAJQh8JoiAHih8D7iAI2h8Mbh96Bd+1md9SCd9Kdh+F9h/PviDQBiEp5dks9d6/zeAdlGA 5hETraeBTsiBOPiEJHiCK7h7J9iBK1iBI5iFHCiFIdiCV+iEGNiBWPiCLOiCXUiBxZeFZKh8MSiD X5iBOTiDOWiFECiHQpiHeriHfMh41sNYAKg58gWAsWdCesccTIiCWmiFdqiGav8YfFWIh48ogngo hsnHhb/HhUVHiZYIhluYiYq4hmboiQqYhnfIhmeognTYg6Q4hxAofhZIh53Yh7RYi7Z4i/8iiEUT iFk3G9+XhIZYhK8XinLIiDx4iYs4hr53g+OHgZkIi+Y3ieanhdVXf5sIjWAofjo4itPngt3YitFX g9+oiorYg4+4dKZYjBYIiseIi+74jvD4g5oDRqySi/Toi8YHjAQojIk4hS/YiLE4hmIYiajoiAJp h95IjaKYimjIjWb4gaS4g7P4kGVYiQOJjshIhhCpkDB4kWEYkBKJkPE4kiRZkqA3jx3EiwlHiPvY kksIE01IgSIZkHBokP94e/T/V5CXeHwZmZDcyIkzSYUOqY4N6Y85OZQeyYKoSJSbmH7bWH/lJ4F9 14UVCFUhaZEmmZVauZWHp4usZI/uVY/5mHf8CJMaSZTnl4rnmI6SCImlWI0TiZDSaIIbeZSVyIZz SYxAmZDn2IKauJCduJSC+YZI+Y9t2JN7OZFcuZiM2ZjcdIT2+EpISJZI1o/jCIc9uY5ReX1sqX1T CIWfsYxRaY08yIx6aZrFGIXxh5r2N42pWYLhSJqt6X0DGYUM6Yw42ZfJKJsziJqK6ZjAGZxZeXTb ZIRFN5maV4QHKJwfyZGKx4pYmXjQ+ZuHN53TWZ2jd53MuZ3c2Yfy9C/fOZbJ/6md3emc5XmeiEee 6Lme7PmOhdiSdxef8jmfeKWPwNie+Jmf+rmf/NmfLQmMVxegAjqgBFqgBnqgCJqgCrqgDNqgDvqg EBqhEjqhFFqhFnqhGJqhGrqhAfqfDgYVrCcTKgEUI/oTJeoTJ9oTKaqiQbGiO+GiOgGjOSGjOEGj NdqiOEqiOaqjPOoTuvGjujGjO4qiQmGjNmGkNYGkLCEATMqkLKGkgwWiM+GhlSmlMCmiQ8qiPUqk WcoTUIqlW6qlJlqkXfqiZRqjZBqmOAGkQSqmXDqmZyqkahoTTeqkLQGliGilL0GlL6mnLZGnexqn NzqnaCqoN/GlMYGoMKGogf9KqIUKp5D6ppI6qV6aE2zappHqppq6qWbqqEtapwLQqFnlp4FKlqTq EoDqEoyqqoZ6pK3qqp56qK9KE6t6p2maqZUaq7Cqq0lqE5d6GytRq086q1N6q5TaqTIBqonqU6c6 rKZqpT83EHcqrU9KrcFqrecxrUBVrdt6rd2ardx6ogShreKKreMaruSarui6rt5art96ru2qrvHK ruA6r/Zar/gKr/lqrvz6rv3qrgArr/vqrwQbsPSqrwj7rwKbsAUrsL/KsAZ7rxC7sAp7sBUrsRc7 sBGrsfKqrBbbsFG2SlbKp6lKqiXbrCibsiq7sizbsi67FL+KAC87szTrAB7/KxQnq6ckq7I5W7M+ +7NAG7RCO7QvEbNEe7RQcbND0bNSurMpy7RIG7VSO7VUW7UzYbRWm7VCobRLq7JOi7I9K6zBSqxg iqu5araPeqxpy6nIqrZyirZvC7c1gbVre7ZuO6i8Sqs7yrV6exNQCxVf26xhS7bLmrfFSriLirii ereyqrisarhly7iNa6mXCrmFK7eTi7m7yqV827ejmrKBe6qDa7mJS7qLK7m9arqPq7mpq7q26rrD CruxO7e/ShWO+7qs67m5e7gm2rmt+3Rea58fCraRy7Zxa7x4u7vFa7fIm7nN67zMG71t+7ybCxN0 a7uyi73Ke7nbW7o+Aaqh/yq9TBi8z0q8Wnu+6Ju+6ssUtbu+7tsTvnsUf/sUoQutmfO++Ju/+vu+ 1+u+4HsUHmunTSHAMxG/SMEkzVq/fjq/+9vADvzAK9u/+CvABBwUFByqFawUGfwSBnzA5JucPAvB IjzCJOynEry/F0wUG7zBSMHCK9HBScHATaHAejq63Xu64nu81Ku7O8y7qMvDPby805vDyUu5lRvE 3IvEHBy+NsvEddoST/zCTeoSK4zBTNzEKZzFVxzFTZysXCy22gu8oCu8VSq4Qly3Q5zGaKzGOszG RUzE0AvH1SvHv4vED3u7s/vDXszFdtrHnyrFMFHFVvzCI9rHTmrIg9zEKv9hyIHMxWNruDLMFDQM rWfcxmtsyZicyXF8yW/sxpvMyZ/cyaA8x9bbvmGsxDjsyTWRwl3cylLMyEvcyIAcrFEMy7YsAIsc vhnMt2CMpx8seyGcxHQMxKpcx6i8unpcyaKsyaHczKQ8ysbcEhLcy3j8yN/rxLp8s4eczbIcy668 zbN8y688xa6MxSxMzX77y8EYzCXczu78zld7xPDsxX9czuHMzd5Mxfgszq3Mz1CczY4suuq8j+w8 zwZ90A18wghdz/28zw5Np9jc0Pc80RJd0dtMzgV9qpMspZG80B790T6r0CBtzgTsyAF8xfpMzrBM 0hS90nwMw5Q8xuW7wPf/O9I2fdM0K9I4PcEBzbM17acbDaI2nMzCXMzEbNQ+fMy4S9Tee8PIrNR5 fBM6/czMHM3QfNRVbdVvC9NRPcxRKtMg/LTK7MxavcxmfdZUjdZlTdZYndVJ7dVjLc2VC8anDNdF fdVvjdR5Xahc3dVI3dFKEdRQMdRQbc1Mncp6fdduHddrndZq3dZsvdcscb10jc5OvdSFXdd2vah9 jdleDdhJIdhPQdibjdiLrdin3dSZbdmHbdqPLdmifMKVXc2ajdeMDdmRDdE9nduojaoDDYwZPc+s rMGdjRMuvMrHvdNOYcrK7c7FLdBgDcxivdDDnRTVPRTJTc/NbaVTvd0N//zcZhzd6zzdCH3dABzR RpHdEO3dT9Hd7I3Cu+2zoI0Uou0U852/rAzOgFzSGB3Qw/3SE83fDS3IAI3S7z0U7n3g+gve5J3A ZNyn0K3apf3UpZ3f+j3Ft5zLjQzgFg3QEt2kDbDSLc3ErJ3ZtZ3arl20zG3iJT7hnp3YEg7XN9vi f/3bw0vTSnLbsM3bMY7c9czPGW7Ps9zhIz7iIc7C/kzjtq3jTN7bK2HKSr7kPY7iFA7jKc7BU57S FRzlr43AGv3g920UpG3lVS7l3/zQHV6nGp7PQI7mQd7TSU7bs529MjrNtH3ir93kWc7jV67Pfc7L cs6sKFvfTTHmZl7mKP9u4UVezmvu54ve5vdcohi96HjO54hO5S9etyLN5Xnu5I396bgN6p+K0jbq u+q94479pzZexhF+0BaeyBju5gZ+5kWu0g8d60NO6QpOEyu+6+8b30sM7OB76gu86hBush+tzYnc xfxt3iS9xZN+4fjM7AW+4ejt6youz9iutcPe7cg96dbu7S0b5kVB6ExB7hC8y7O+7eub4OxOtN0u 7uGeVYAa7+se04MO5sE90ur+7u7r7v5+tPY+7PP+dDke7gzeteJN0A1+6Zae6Zg+u/0e6hSP6qKu 531+8Z7uAEbL6an+8RWP8Q4P8nk98B4r6cD+Ej998P/s7R7PEug+FOb/vhSGHvGGvdrGivN0fuec vuIvH/IiD/GdvuckL8Qmj9GFHN+p2i8w37MAYO8qz8C+vPDA3fBC//B+fehXj/U37+JZb/OVzvWa rdA/b/EaT/Rnn/Fmv/bjfKedm+MlSypNz4QsD/VRFtkxT6Yz3eojn/Z9D/Ro7/dbL/hfP/Rqz/bc O9VlH/SDD/iHv/GIH/ijruVXjIiZw/IrcflNf7I/TcvxPr9Tn+97j+zljc0XPPG5bsG1fO/pzfok 3OsB7+rQDu4HXz5efvflk/mdH7JO/+wpnxN5j6Ojz9G779ziLOLlTOw+vt+ur8LNn9CwH/vlPerg fvdRKvche/2W3/lw/5/5MG/9mW/3PXH7QK3vVt/Oq8/8qV/RWzvryv8T76++AC/98Oy77fTVuj/3 vP+ntp/7lw8QAAA4IOhA4EABCRUuLNjQ4cOBDyVOpFiRYgMHDRowAIBRI0eLIUWOjDjS5EmUKVUK cJCQoMuWLGHCdMiwoM2XCm/qbEizp0yWO2m6HAr0Z1GVSZUurYjA6dOnTKVOpVrV6lWsWXPylHjw oMGBAsGWBDvW61iCXtWeNVtz4VuSWlN63NgxY125KMk6xMi079K/SgOPnCkAI9GgPoUGjZnz5U7H DxVvbdwSckyjmCsXzjlYpee5U0E7hFq64OiTqE2qHsm6tVTXIWNbnP9dsfZFlHAJehb7de3XjL7X tu39W2zZ45Lf4uyaN/VdjnRBOo878bZ12NlzJzbcmLNEn9+3cgfP+Gfk8ZG/r+d+XaL7h/DjUywd db5f7YBF5xfMP6n8hmrT7TSIwiouLeAySsus3xA07qyI2JpoOeYWpE4k6ez6aK8LJ+KQQPxC1G+7 zrwjr7yjuEIMvfOUQ2/FzU4szKaEAARxRBEJqs8+7HL8z78fffwMyNCEnLBCBR0yMMG2dlvwweTW auBA4Zjka7HlLOzQNug0xGvLij500kiUbBzzpMIOy2wyFidjD0UXY1RPRjqVMzNJHEfc0SkMiSzT zz/JfE7Q1QDFssf/gqpUMsG+wmJQQoMeLStSB5O7MlGEKBQTTCc3zJBTijYFdVSK3hTPrRbfrCxO E+d0VU5YTyXVqj1ntfVWXHNdacCQ2MSUQwiHU7JJ4MhSKyQmFxIVzAw/zXVZXUEtalrzUE0xxRPL 40k83VSl9rJoVdoTgXDLNfdcaZG0KMtFP6xy0yUbOs5YSLtqMFFdm+2yOXktZfJfS0NFd2CCC851 XIMTVnjhddXtlcKg6q003gLFjPBXKxF8sl5otXSwX3pDns/TfReVF19KKS3pYo89ZPhlmGMWCWGZ a7Y5XF5POg7ijNFCNmB8/dW4XQt7G/bnk4tGeWUt99J3w2GNXXpq/6Vb5vc9Q18jVOut++xatqy9 pq/WAMMG+2va9kOby7VxyzHntDFVjt0zgXb5xkjtTvnXpv9Fdm+mU2ZZZZQJJBlqiJImvOrF935U II00CjDyySU/jfLLLd8N8801v8vzyAMLvXLNR89cdMr7Mr1z1Etf/fPWYyd99tNpZ9122HF/fXfO Yf9rdLJzV5B30DkPXfbak79deeGXd7556Il3vXjqPXpe+k57x5515K/X/vvqMauxe+ghb51Czs3H vSPJVZ8yOdMHCt2r9xs9yPIHEy98cP6bvvLwLx3Nf4IbYODC5LY8BSmBQzJb3BZYpAcGSkfBQ2B/ 2oYoC14Qaxq8T/8EnwM3sfXMLQMSoQDx5LOKYexYDCqcRaTGuP4RsGwAnI4JA3dDqjnuah3MYA8V 6MMfBpGBHiwUfmgmNiBCMIkSJCLXljioJmIIhCHU29zeUkUTBqaEIXtflBzVwgPur4A5dFqXnGVD Mo7Ravq7WRvdyCkKvlGOcwTTFFMisYpATCTwEmHIVqg4Hd5NjY2LoeHqckZA4hCGAwwjHR35SHHF EZKTpORS6MaUEj7skmy0l8Dk9jGTrXGHiiQkI7MXnZKZEIWrBFjHOlZJWLbxiLGkZS0bxpWlzGsq etQLH1tot529ci+tBFkx/3fIVN7qlbZk5sBm2UxoMtOOdzSQVXj/uUc+UiyQYFHIMp3ztAAqs4JC VCI5mfjEUl0qimfz4DNPiE4nmhOK8IznEOnJznti60y5rKY9rYgkLWKRYqoBgLLyZcZk2mpTd2Jo A9l2QVw2lIPqLIgky+bQcfpTo+WUZxHX6cB8is88d2LhRv/JlcEI1GeogYs38wLOGooTgx2tJ0dt etMjoRSjM2WgOzc40Yt+9KEhHSpNkWhUfOaxQq7pWYTweNRbMiSlLmTLaHTjUrnAFKtaWehOf0pU npo0pzyRqFDHtqN5gvWrSAUpW9sqVo+qlYdjrdY+PVmgkuJUqbxa1kD/acBbaVVXW41muipU14RZ tLCLbeY0UyjK/3txSo99nZS2FENYrAj2WYwtGN18dS6fcla0sXRsxXRp2qd26Jr2shsIMXsVzeLq taN1TpZwia7Q0la3j9wkNiNbTCzWkUKs5dAUZ1uV2JIqtbu1FcQQezDFMle6cyyth4xjWnStFmjT XO6FkqvQjOq1pueEa1y309vxpnWCaF1redNrXvcmNb7yFS9U64vP6to1WFZSS1mXONm9OPa4VPnu rLoKVLy5Nbz3LRV67cvE6CZ4vm9lcFEnvGDyVhjD8IVgfvf5Lo5198HqHeGAqjvg/dAQxVI5sFnD mmEYx1gkw72wdXI71xq/mMQyfm+PfUxfHo+4UB5OsBe/eDLIef8Vx3Sl8d9yVWDlbvjHFA4ykKvM 5M9SeSQ31jGHNdzlKVv4y2AWcpilLEWHtXWY/VyafxUs0ts2MrAIRZxsp4uz1VInwnfmMx2JHKY1 ozC4BitongU5ZxUPts+4cu5zabXnRUf6Zg5WScCcurIVj6pblN4mqKA8qkxL2mBcFnWpY/Znqlos SjbLmaE7zalPgyrUpg4XqWl9a4WhGmnWBSzDrtjgS876R4neLJmt7OUdJ1vZZp7pjd2c4/aOeclX FrO0KfrmaO8VJhLd4rzgp+RrW1YAAfPMZA9KbDsbW8vIZjez1V3tQUHartAON72DKtd6Uxve7S5z vw8l4SIF19v/98b2tMcTsTIyWdhDQrdMs71sf6/b3Q/nt0VsTXB7A9zaGN+4xiEe8X1PPN//HLkq L+rKlj37pnQjtyYXHpqGg/fdZz62yDne8XlvWd4Ut7nHPy5xkNMc6EGfedF5LtKjizJJKHecyjOc s5ZXB1ex5tTLcX2VnV9d675Os2+XVhxosZlgrs3luZFZZ4dvvdZZV3vbx951kgzclKHKpK6MW/Yn 0zmcMnf7rS7ed8Cbi9MmKZa3j0z3ut9K11JH9Nn3LuvEBx4rf5d85e0Od8I7ii1/BPSgZ7X4uHv+ pXqPKd8NXvGhpz7kPT8TqZ3+89UTPemqF3rsay770zvRw6wB//GlPV+v15tk8bWx+nNibuDaJ9/o ucc982XD9uCz/p0FL7n0o299cAeVyEyFkogndnPY0zWkxS/U8aO8/Oo3H/yopz1p2O5z7CMY/uqf /+3tf3/b5x83qCao4ZHj/Sapv/bTJ6Eiv9cwP1BTvtnTP/RbP/arqPdLP/xTQOebwAYUQAZcwAys wA3kC13rvyUBOwAEPnADPQw0wD5BQFmzPKaIQBbcFXDRisFLiiy7pezCvKQovBDkPMRDwahyNLnw wbRRwap7QZSgPCO0JMaoQalAiqtgwiMZGBOkKr5BC9ELwM/DQawQQi4hQjDhQulCwiRkCieUizKs CiiEk3KZQv8nY61V6jwwJMAEzDsv3JI4FC0xHMNdWkLyQIrwUJHbKkOcMBXzgBF1oZE4ay42bEO8 Ujr9uUOkQz46dLzSk0QNvMCc0zdMdJKLuz4LvERQDEUJdEKdmJFYIY/B8Cw6URPK4IxSzJZX+SxP JMDXq6LjuA0xuT4QmsVXYxbSg0STw0AKlMAB5MCzMg1NFEUHpL9MTEbnI8Xu8JY6SUU+jMVorBM5 IStrkZVlxD9eCT69uUW1aaIp4kVgnCFKPEcw6sZiJMYOZMeHyMNmfMBN5MV3rD9oZMVTRMR3gsY5 0UdpHA9qfBVlFMCcqcVwFMZhBL9pMkezQyW0Mz13XEiFLMj/eZQIeYRHirxIZpy+jOPIVUmTU2QR xxhIayyRgFwVzUgVWJxIMttFQLHFirRIj4zEjazJHbIVqvtCwHNBPRSuy3jFVsRGNvHHbAxIoVTJ kczCRHQOlTKYRbwKdTwlL6nE89O6jPxJyRrEzGiVxYhBLClEXDLEbCHLogREUolKaoIXqNTCIpxE iHy8q6S1rNTKy2OVvptBqVzHYIwWtdzCh6zKqexF5qpLu8QzvGy7v4w7UDq0NXTLOZy6X1S0esy+ meQLyrPHypQ/nAy/C6wRa6FHmuzM+Ds40byPBKEskPzE+PhAhxrMnaSO1NJMmrQRn6RNY9xMF9NN fNPITSTN/478i+3Tjs07zdwUN+qDRwDMqsksttq0zNVsiLrETZd8Ts4ETtaszuPcTu70Tazhv+xY oWUiKRsxQYeES8GkTOvcTQ4cF/KETuxsR+/szvnUTvusT/zMz+i8CNfEj2O5wvekQchcT0bUyeZM N8byycN0o8HjRtNUSjMEwtoa0C28rrZsSoKBzQNNO2YyzAWdtGpsMJJ8ka6c0LSk0Ar1vQtNw3LR 0DrskMEEEw/90DY6wzhxE8RiUTKU0KxYzBzUwRhFTplx0XRUz0qaURp9I6NUlRZBlT/0w2p80hBV LR9VCn8JUpKrGSKNS6uMTPrcT0xEwgBlz/u8TP2MT/k00/+wDEpsFM4cNUQ2XROyREkeVT7doM4F mZJQkj7shBs8PcHARCSJPFPqVNAx7U01BVMCRVRFZZWU3DawJEjxOclT1McJ+0bLhJTIS1SOhEnO JL5ATShL/FI0TT7DPNTk5NQ/bVRSvZMlbdNIhRWvfNS3sFQGO8jsk5grLNUNs6NVRdMtTU/nbFWz oZlf5dVF/UhkJdVlLVMSpVRIHdGlpFUWsdUg81QyxcKh4VOW6rpfBVX0FNRRhRkFTVLG8sdtacln pdZpxcYeRVHZzJhdzYsq5dBZiU0YJddyNVfOuqQ5hdAH5RZ+XMpJldYmhNd4BaaprFd7JRV8vRAs bYp95Vf/is01hIXYTd1KDG2jYBXXuQStia1Yke2si83XiNVLLQ3ViBxXQlWKPDzWb4VPmJVZmq3Z g6vTZq3Pr5hZ8PxUwlNZufRSZ0XWfZ1Znz3abG1ZpGVUVtU+yMTTiDjW4bPZAr3XDR1UVdU5tIpZ qk3Vps3arlVWo9WPniVTceRM0OPaPQLaLl1B3sRIClLbpP1aus1ZsF1ar7XbutXbjOhP9gSOP51C uXUhth1MMETSkU3chGHYIJxXGSzZmOlYUa26jJUKxFVczH27jUWX5XzczZ2kzs2Kh5VNPWOvzD1d SmLcvKjcd/1c0C1cI30000Vd2nUklDUXx31CyL0ZyV3Z/4+dz4wc3LwVXpzjW74lXsm4R4W807CF Q6WdsaVqXmrr3aB1Ww3cE+T1zLcVW+l1xqHVRVkcR03yiex1F2IdX8TKXvaj3rZ9y6M7IvXl1u41 zued2+PNmnIUX22rFuSV1/Pd3+0tXnCVzBeFWAxzp/jtyPvFW+6d39JkstF0DWxl2qmqFG1dYPG7 yQTmy1EZXac0icutXRGG4J6gUtcdrO7LXSU8YVtiX8MNiRAeYRkWtymNUBaWrf0yGhXelRtuYdgd VverjxkeYhN+RZxVCtWVSmGRlAtJ4pQN18kV2hgmYiqm4R5Gk939wnsxmiI+4mhyYcqcTgdW4A1O 07pF1f8GNiuIOVSU5dp3acz//bMyzj8wfhb2mmMN1t80pmD4xGA+xuJaHcfhPNrfqqKG8ts/LsAf li2o+N4xzk5HZmAB1uNJhqjleM+y5WNLq8LanFpJnt5FViZySdZKtl8/Ht5HhuS7Jao1Fg1ERuVN 5mC6Nc9UpuNQxtoqzmWNvV0A5ljC9VwdHa06RlBdLmbhcrXzCuaBUU3dvWJhvmWWNWZpfhknhtGn tKYshqZhbthp7maSdeZz6a5Mq+bXhWLfFdr6ReXrxOMA9t5Itl/aZN5PDr0dLtUBQeNSHj9o/t1V VmdTZmdSdud03mMFoxuABpnZmg1creU8ZjwDfVEJISb/Tpazd05kpj1lgs5ojRboMxa+6J1n30po 6I0zfOZojL6rXjIyY4JjqvRYTpIhUgq7hobnPj7ois7bkzZpT5xgf15L1q2+/GXods7Jn1WcGOq1 2ASWNJIhivZmp84VcqZcRzxYcOazrVLqRWLqlo5ihBYjmAYj49ge7wkf5hHr6AEf8jFrtUZr3WHr snbrsU5ruD5rso7rtq5rupZrvF7rvZ5r7KlVvQ7suxbst+4iuy5s0blTv17svm5swj5syBae/HHe QSqkrT5no67suSPqp+7sXfbiyJ3Qql60q17qmD4mLvWmo17qpvZs1xZtZQ5tYAZtWput1c5qQ0pt ndFs/612zIHOZ5y26d826ZzW3v+92QemvrPNk92jZJ1+TUzibaS+2qu57VL65YA27pvuae7e6OcG ad17WqEuHImSY+fW7uHm7Da0bsseniL9GZGZ6MhrMYvubu+m335W1uLG7462Sf7eb+KK2uzI5Pq+ 776E75VmJaDx4NWd6QIvXgAPzvHO7v8+ZBTF4z9yVXgtafTOb5R+6Pcm5tce8T0cbYUBUqrgZbfb ZlwmcRcH5Nh+mRxO8Ww2NRaP5hfP8R+sJR5c4Rhf8X1GZx0fciGlpSX2cdoOvBvn5/6m6XWe8O2G cOGuSLjg8ApPtcrSyHuuaShXziC33uO2b+Ke8ia/aP8yt2d5Bm8hqzsBYY6xfXBQNufqdd8wN3Ay 7nIPH3M8j05M3fPOHLTY8FMuV3P8W3IhL3Mx7/A8V/QIV+VFv3L0ZdbyBfRIr3M7d3Rg/XI6J3Id j+pw+eksTVxDB3NOd3FP//TQLbEkH8NR3/RSf+1TR/XXinVRa3WefPURp3VZJyxdlzRbt0MHT/T/ bnQzJnblRfSMri4rT+4LxqDmfnJCV71fz9ehhvR/9vMzN3YHf/ZoFzNvctMbfnNhD7NpN+BqZ3Yp x3Y/1/bN5OVll/A97RMC1+8zH+DG020gTm9rN3N17/Zjj9l5v3Q1c6kGeGV67/e1lfP2vXVcl+Ze 59z/K3x4XCt30m14Y5Z43I34GtdKiv9gi89ljA/nVwr5idd0hv/4ISZ53CWMjT/Mjm/wc4f3a/f3 mMd0dgfFKh90J3/DLM32ei9qAg5xbr55S9dzmqdw+fV3dhH3NA6uLT96pJf5qnVY6qZcQ0Z4fof6 KDf6na90ZOfe17KfTVnorodzRic+ULcKBg/CYBf4Yyf6rT/78953YJsMpp+LTeUQsc9gfU/6sp+w l2d7lEddleeqQTtyPCp8IFf4Fx58zFV8wz881MK01mr5ig18rnJ8xYX8rPgthE7N7bJ8kcX8ztd8 keX8yM+kBuE81F/8oMd3Ee97qQ9urB93dCcvZdd5/yvVpr4ZDgnJL5+v/dbu4Ko/dLiXfZv/ea2P +7ji9qzffU72oschC+e3/dl3e9IHzJov9rv/7r9P96N1d91fyyq00EvrC/NefuTnfqC/d2GN/Ue/ fUY//vi/frffPwrt/pCWmsn+FTUBCAECHRAsaPBgwQYIFzJM2PDhQYUQJzqQSLGhxYsLM2qMqBFA x5AhFTZowAAASZMgRbKcuLIlzJgyZ9KsafMmzpw6bwrsufNnTQBChSIcunLowqE9BwJt6vQp1KJR IaY8WfXl1KRZt3Lt6vUrWJtLBYSd+tIoVoJG1aYtKHRs2bhyobbtevVq3Lpz9/Lt69cv3L87ia5N uv+W6MLAghczhqh3692KKvM2rmz5MuaQijPDRIvUsAOQnw9u5mx67uOskUuepMyQI0vYImWPnEm7 tszbGnVf5E3R90TgwW2LhCv84XGMNIF7Du3QIOKGxonnpl79eszkrz/GXT257GPtG63DFI/Q/Hny LdEbZP88+3L1EwO7J1i/YnyGhD1j5Rgd4Vhk4YddefLFZiBu8F2U2lTetQaecgSuh2BH9w2oIIYF SngghbtptNl9IeZXVHOj2QfdYyB22NuKLG44W4tudSeZVTQyGFV4MVKlI3IjapjhhC8mCCSHEAXo kZAV+ogiWmqlN99STxIJY5JKVunilPrNyBpKNrr/dhqYYYo5VWljNnSYiTCVaSabXd0IlYNvPiVn m3XaWeeadzpX4n/FRaknoDhuqRJeEAZ6KKJh5llZn47xR6d0fyY6KU6QAhXnl5RquulcizIaHYOP WgqgpJya2tKoO2Fq6HhX/sZjhK4OJ+uOtPYI63aklRrrj7269ahz6fFnpUGevudrkcgmG2SWxLo0 aI1cZopksx7ayquyQzKbrbPbcmstQca2h2urTDYXLHQKnQuuA+Ie6+2y8cqr7bzdPpSqTquGleO1 uVaL5b+v9lvutwAXLPCR7MJL5UGihobVugy7+269CldsMcMHz0oRvjnpCxa/AW+sca0DS0nyrSKX /6xyjxOPa7JHoh0l87BsRaykyxRnvDC9FwvMMrb3QtultKyeejTSOOXcl8MOP3xYTEsnPbWMZX38 VcdUa4201HwB6yTNYT+t5q5bm33m0IXuezbbbYdbtmlfNyxqox/C7XbbWd90tVd64/33mF0zXbNW N2t2N+Bn+10T324GvbPPI/PcM+X2Qn555ZYbGaWIMDMJtqOinehnT50D7S/KKaeO+uRSWW2j2iA/ nrnBka+8OsGt14655rST6tOFuJ+Mquv39nc48KYLT+3yzOv+M8qLx8dl7FjP3jvGvkv+/Pa8Z4/9 7t7rCvzop+fO0qgmJqeY8tzfbvv74kPvPrpgNf/OVcjN66x9/PJ3z7/q6Hc98L1tV+2DH9pEkhbh lOaA/usfAeeHQNbBT3rEoZ6XjJa4DdpJcH9BTJo4xhIPcvBUFqwOBou2thKyMHCIy8x+QPiUiQXo hS200wnhk8LvrPCGPsQMCfd1lprlMDE2LFYNBfRDRBVxQjt8UA+XKEXAHFFQHZlZ2JpUv5wsLYlT ZGLaMti3EO4vghD8HhrTKMEHBnCC54uXuxw4N9WJ7ml0c5KBxMWRGv7PjG1k4x8BOMDwGaZuDYKd GGVHQUAuUpCNdOQbITk8N04yWS6TI4rouCe6fWZxe6xi8NqVsED6cZBrZGQkS/nI4tkPkSpUZCr/ 1dhHWZ6RlqS0pSlnSUhi5QyTmwwZJ5ESQ08ikXyS8+Itd6nMU0rSeZR0ZgLDcr+t5E+Aq1ymLrFZ S2bi8prc9JDUfKnFVgFLmL8qzHWW9kk+5nKb2XwnPJP5zXlWTZqu5CEsv6jPrYxSLoYjUdPSgs6Z BFGUZOnnPtnUxAM9caEKTChEoVLQwYzzTMM6y9ykN1FRFgShEQWTQ2vT0Gl9tKQ02ShFB6ofsTWM RCcFJUWUWEBjmpQzIVXSSDVY052Sjil+IZxFzdlSVo4QpmQzKk/9GcZXWs+b8WynPJ8K1ak61Z1W jervBuLLBa0Uo9shIz0ZUlDglGmrYcXqVaka/0ttbtEr08xKNZ/5MvNVEpV1VeVaz6pW+pBLoG0x kSEl0jHzTIdWNC2f/hBrzaqiVa13Japb7wnFfEKzmXNNbCgX+1i2OraypVRRv0aTpjr+KleD7amA zNpRxnb2sprdrF5Zy9ibeiinUfRsN/MqVd3uFra9xS1nq4pQ1bIFXegUHcQC+7DUgZauwI0tbxvb 2jLm1rd4tKdtKZvU7RbTp24ijM1AWNHlWnSGSOXu1GjLouw2Fb3oHYt6Qwcq0arUkMUFCkrdO6n4 Doe9fdMvd+HL36B2ssD1TU1IPQrgvw24R/513IJrChew4iiYWdRKNLl43ggjrcHKeTD+pqtYuf9S N7iyja6IM2tXaCpmP899p9MaoMW69Omf4dMjuawrXRSfmMc+1jFUPbwdEFMzxcTdMZCNnOMXp5V1 pRmvWQvTJBkbOKMZte8a47hk15J4xCtmMpLBHOSl4rO9Sf6xmHucZjVz+cslhu7JygTlFv2nMOrC 8tjOiefbXXLLb/5tmy0baLyeWcdCHg+R4apkz/25yWxudJgHXV0krelmUU7uS6iMZ8CqdEi99LOX BR1qQhd6zaWW9FCxS6hEmpnDP1SwHfeskzrXGMvH7XRLSuNdiea3ozJFnqshaxfJHlrYwebgooBq xdKaS77hXVyZdm1eX2s4178+dluHnWizYLv/heLCIjVrbOyWnktveZK2U3yKbpmsG0rdhg6ZJ9vq d+Pt2+CucKP+yjEiRg1x6P6TuqltUCXuSt0EJx9TEn5QmQ5E4f8G3oZ3WmyPbHvZp4b0op1r6o2j Gs6mHotvqtzx/423fscpp6yzem1dkeptHDWoyxXu8nUiXEAKV4jDX97wnbsciT1f95EjjfFHj/og CJj4uCpOl4xjNuhMf+3IHV1YR50z6oG0cdHJbedUiUvaMueoT74u808KXOwCwLnN0/7zhZMFNmYn uordnHWPSxoBdrc70h2i9Dk9vctxJzXHh45mq0+VfaFL9dxJLrOrsrQilpp6pFqu84O2a/IA/287 y9e+drRrfvIzlfzXL554QAte9Jm9O+rxHu+8X9f0Th986V0P6r/bsrldRTztwzezJqNTO3zdHOjT vvPQU5vsnb+555PvXZq+Hfajd7TssZP66R999SSld9LchWnc/0SYOcQ1lA4L/MwbnO1lV7vkla92 iKN/+Mk/f8+3S/3pt/4rb+U29qkG6+KFUL0Ungn4PYTUjFKpGFx3Cdz4GFMBLlzngZ3wrZyktFtC zR/qjZtqENv15d+muEyBYVhT/J9MgKDKaSDbUGAFasnr7J1TsB4JcsXSgFfdLNT2pVRH9FoLnoYJ 3t2zpOCqMdV/wd3rRR+jPV/fXQ6ONZteLP8QcRxFtu2YEorVC1lIEAYeEQLhkvidb+Sg3XEHD0ZL mf2g8+Ue3cUe4RWhqInhMYFSRjRJElKh4w0T4O2PsUjh7E1hGYYhGkKfZ2khpLHg/VmcG9ohGQ4i Ieah0FUhwfSZuZDRE2aHspHeiGlZHU7iEBriIVoi62ghAhia9elUIQoiIpoeJoYhKA6IOi2iITVi eTyiHrrWxNBhJZZiKY5i9GnimHUh0XwhhN2gnuzfgthYE7FiVNjg5tgQ8XUX+qXbyvmQLdqEH2Kg J/KiC4lfSMgN99FE47lgxPUbAhpR/PlczC1jtS1RM+bEM6rgB0ojnmzjlVFYyl2RHXUFMcb/1MEJ YDJ2Iz7+hATiTTkORifeljqCyUY5jQWiCtbhFzuyWz2q3zc2ZDge4ENG5Oc55N/0I1CcYw/qYohZ YSzOHi0GYo6B3BJ2UhNu0X2846OR0H0QYPslo0Q8HANW3trFZNi1JOdBXSF+JKrx4ZFhpBfKGxgK YdN5pCySC+RNiGiVpOn5DXsE0UouZPP51EtC4D1e3vHZ5Mth4RVeTj/25D9q1ydSosbdoVAKkOFV hwiqlcgJj0hWogEyZFZOpTdmJc/BpcOVTlbKnU6SJfNYZCiCmU/mIlDuYllqZSXu5V/ypdXZHlJC yn/oRr7FkFFyzuy9ZVQqkVwG31VuZl7e/6RhdqRfKmYffuW8BSRjzCN5ceG+GZf3NRhqWhv8sR9F GuBlcmZtJg0feg1pBqVpLoYvAuBD/aKBlRxCUuNX9FNdHqOvySZdWiVcDlw+TkpoKhUuVg9v9iYV GaczBmcClZtQ8Zp2YidfTOdeBKZ1EqZ47sVrVh083l6s0UyemVd4pmdZkCfT7CZ6imZihuVhFuWL HKEjps9cSRl8tmaXVMmizKJ/juV+NmjR5eaC7qCq/SQLxpVeRuhQdiQymth5oGTrYRGfEChIYJKn KKhYZiiDjphFYqjQVCerXSd/pqiJamiGKKIjog+8vWewjBNSOBCAYhZiBimL6uWFTOeQov/ghApm hZphHDooLMoodZxibqQKxDwbaY2WkybgPmbpieIkl6ZoRdinkPKIeb5oftInPyVkZ+Bo1Vijhx7V lqIpVOTmnZSpD56pnMpnnNJgNZYWQcbnTqxnnkKEmI6JnWokvrFgQP7mCiqQeC3XzdyUoA7qQhSq QqXlpUAjQFJqoKopNqIPyi0eeO4pp9aEpdbJoQ7mRpJil/rdmJpMW47liFIp4ezeGA6cOEJikL4q lNJopeZgjKKohLYSOl4kk06afu7qkdqjTwiiUMgYqEZqyjVlQs5or14rsvjlstpSqi4pR2Krl34p c0lK0PkVvlhj/YXZWBFlq16odZDntrL/VbdmIK8Ka7jWK/0wps94lZ5FK3Hm1lF+JrgKbLg2QKHG 61nNazSWqrXN56wN0bMZpDDqxKTSJ526jcJuKsOiVq6mlGSOzbki15s2LKluLKFeLIPh56qabFE5 7MOKVzZWo5SNasey7MkCKwtlLFjabDGWrDOyVAfGBBsqo8vyrNGhbAnpbGmKa8Gyq68u55a2j4HG 42egx+JtVZ4g7K3iK8EWRDk+qb1WkMoW2beGLZFi6CuqR4mATtUSD1GQaBS2q7s+7bJo63Ik0Z5q bbpqW0aqKtmyKt2e7YnaaK9clMjWkdUulxzNodyeod7eCrzeLTJtrVe66J2uLEgG7hly/y2VSGmG eKdkrkTivq18SOLAdu3cxgTS4mEDTC7lkunYKprRQmHReix9wSdwjiw91i6nnqrSMGqYKC2MGm3F usSMeV9QpKZYeGpv+i7FAi9IxS7+ze5M+exF8uhBcofuRgrvyqnz6iM76Ynw4qnJFq9wKi/u5i5P MK80ru5xui6qSi8gJuvjphjnhp9ARCgj3lfsIS5BRVz9HiuHQlNXEmVNqmHjFmRU/OHSlW3T9udk NqtYghepHQ+c1uwlWqvZDkloKmj5Oezjji/m0m8CD3DmXsRZXuvIJi4ZOmUJm3CwToh9erCW1mwI y28DA+7pbu6R6evcYurGWTDy5O8L6//q/Tap+xamvPzmDVsuosouw5ov8UwvyWKwaX7vabIvvV5g sXbfxkrxFM+v3XRvC2KxZZDxYojw3w4qGBskFA+xFfOiGWdGHF+GGr8xmkIveDTYqLRxRCVxb94x FZ/wBjcp01avrnbOabHp3K1JALNuq65oESfyJCvlIXWxPzow6vKweqSthi4yd9Jeglay/S6okZKy AL8uVzmx3+IxCWuuIdcr4TYtELvh35UoKkNyLIrpI+twISswnGjqzh4xssbwA3tuhoLylPzoA4Op IAIyId9rLwMmDvMddvrxdqqnFu/UHKOpIItxC2JzUGzv86KxfnVznn5zDvOiHg9OLTf/hThvEDpT qjpbMztvM/68M/iac1LNM8PWc6NqcuoCKWEtxTT3K5C2szEPtL3abeCSqhQqtBhKoG6E58lVc0D7 cjMTNGoRMwxn7yV60EHnZOdE7kPHcUQvpBpRdOTFE0Cno0A7rtOiMLnm8pWNpQvDcjEXIjQfshGi tORGpzyxNBQmLEbDtEZvciwfhw/LdGcEIN2tq07DcOw575DCZNq95Pl9cHu8JXRqXuvGZESWylTe pUsftbHSWzxT1N7CMz4zY08D0bXJXM45YAMiI1S2ZAF5Xk02ZPNlc5Ke5wi72lq/rDy+NQv5MxVp pgPSpF6n321GtvnNpXKGIFp7MbYV/zafkglic1BcK8pc6zXl3WVlW+ZjS/ZEgmNlC+1lZzJhazZb ZwVsa4piV4bXteTw3eNs5rVtnjbD7dpfJy8re2tSM7SrygYzK7XxejQiK7FTO7NBdLBNs1hox98B w19e2odpa16zvl1fx+VzotVLp3VxPzdHb6gqa5zotkjWTvcrV8cMu7fOsOTyqfRXZ3dFIKcCMmBY W7dje1dZ2/ctBraZDrZPm7c0o3d6L0+PdgguT/WCt8Rnj/SBI7hyXyNXMLA9O7chzygyb3SfHjHj Qjgls8T3UjhzR/iF5yiBX+4ab9dsz4mkdrbW1Db1zlpr43iA0fgHuTU/A46N37hrE/9r3xI3T8U4 XZAzs1qvZ+OskDPGeGP2TiF5hXXqj5fgZz/5Fl9ykdMrik+hRHO4LM3gmHbNl5PHKZN4K873wXF1 RtR3WAWGVq3IPl70cHu5fFf4kmOemssTp32i4Jw5fEOzoBMJcybn2YEjRfoWbfL5v9S5ahI5heJ5 n6eyli60hQOUixGiSuY5YmZ5ofuKcyK68eWtu7Uc1nasnbf4Ew/ye/8yZzV1h3fIHQ1iTu8woWFx qHuLY491oicgRKZ2wVFlXkagWNelsKt6pNufMC/tq/H4Bw2Tkjc3XDv5R3m3bif7z2F35o2Pzm21 5dllHTtGjptjQlG5jGcRtEH7nQT/udtg+6LDebEzZ7er9m+jdnhb9p0vLAuhuznSGq3975VzSpbr E7zj9zey5Pspur1TG74nDJMjqaQr6ZYnTpg3sPTcWq3128BLZ8Gfu2hne8JX98JH58P7dvoB575r bIqv+YEnNyqBqN5o2hDJCQMZ0FZmeoKkeaXHtOUcPBGnPL5DNn+ffG8zXrlXiqW7PNd6svmg62zU +juVVc7Pem7wctXvdMv/EVd/HnL/2gLS+whyVH83923eN6SvMqu3sqtjutUDySxPkIHOvMzTCW+0 t6ezh++CLYivuBHveouuvZFHs9+XzIdXDBO+57+yeIfqmd3veSnnsq5nPVVv/dIz/30TC37Fmw1s 717dQ3W/1pnNKG8Vt427a3mbRPmQ/81shyry7hmaMP7ydjybfDzqm4rq6zjgxPjUxlomyZc56TPk 17jt374JJf1NKGp2RvwHGu7o11NXSfu0KzjSnL7xB0rum7vPaz16XPyrWylxqgvwT6y1HH7hQ24S a3DfG7fg9nx0Zb/Sb3/lFzRetqqI6oX4G4/iC/+4hBPlA4QDgQMJDmxQEGFChAgYNnTIUGHBgxEp EpxYEeNFjBE1bkzY0aPEkBxHKgRZUuDJkipHsgzpsiAAlDM3HmzQgAEAmzhl0vSpsOfHnymHOoBZ s6QApUqJFj2aMSYAqVOpBrU41f9BT6tZg0rl6nXoUqYzn0IdWnbhQ7UIWjotatTt2bg/0ZKc67Ou ybsVt76luTMn4L5+UQ5uSncv2ZFiBRh8m1doTK4DsQqViRWswK5VK9NkjPdx4opr1SqWK3ol6ran Eat+6dojWsOEX98MbJQn7Z+zdff2/dl3786aeX+tStDq5uIUgQd3/pP0w+fTqVe3fh179pDLrQsW rB0oePEVm48fObg458xZkVPmnpBxY/PYozecfx9/fv37d+f3jjun/N7jT7fyCERoOMr4Uq+rAsU6 sLf67IOQwgotvNC3Aaf7zzYNn/MQw6QeDNG4mRhszy8DSRxJQohWfBHGGEMEMTj/DnPDbzbIENJR JNYKUrFHH/8iLkGzjuOMIrTK49Gi0ORqkS27WpuSyiGFNK1KLLNEiUnHroyIRt9sDBBHKUH7MrUf gQxyyzSPW02ry97UCyMVuzyszZBajA02pPo0K8/X0FxtUEED5dOjMHsbU1HdcvyzojvhImjNHZ1s bU5EtXKvyCbJG5FNKwuNCMo0D/VzVFTPPBXQVVmNFNIkt/MPQJ1qFdBMUV0VtdLIUjWyU1iByjRU NZfKVctdR9sz2Wa5vFTZZ38V9lVqozX12oQapY1RXGVEqdcKN3WU2JDCXbHUb9Vdl11xae3wuzLb /fTYb6nKUE5wQV2X2Xn9/Rfg/+y2JaxbeQOmdN8Yyy0KMxHr/TbdgyWemGKG3+Up3vsGrvBcCMFa WLyOKYy44pJNPpmijUOD91aDLZ1W1pnigznmkrwCGdEpRcZTV7xI9jVbQ4MWumdnsS1aWprprBZZ MC++rUNvgUb6aI8Yk1TSSW2WM9icQdvZS6bTkpBoowkd2muqz1a77KTFntrstsPDr2CNm67a7Y2A wxra7dR7e0eww0Y7oZ9VZTvtuOVeW/HDG2+VcGsRd9xpumvNeL5HlYabOVD5jpVTnBN3eKzHJV+W 7MkhN71mwIvNm/W7GY996chb5+tpW6N2WV3Bxf17PN/B6xfl4o0/HnfLWd7dbv92hadJ5ZSB1+75 6wxHHvvsjY9eruVvtJv77KovjD3NgjuR+oT3u1779t2nOHzQvCcT/PirG78wzOw37mbx1c+Pfe8T 4AD9tb9nzc+ANpsMcgb2OYSEC2vKiRPlFkQVB+rNc6AzCfFktzgPjg5vsBNhCGdHwg+CsIQpPKGC lIexlo3nXutZoOs8hbD/vS5RMmmABL9CQelZEFIGumBJAsg5E6JwhaejnRFViEQn+rCJUHzi6sDU te5c7oWZS5AMl/iygYiMSVPZYehExzOMIGmICrGTBh1QxA5OUYlHlCIcb9dFHEaRiiPEYxz3WL77 1E2L67EiHaUENh5hZYz8axj/H4e1qTQaq3R3TGIbOSjHPPbxjXPUJCMJWTvVcbKTTJxkJln4Rywy L3M9JFICSScf58SJawusTPwugx38FaWSBNQlfmbmgEj+5mEnY2VtXIhK82yKax8zzy2lp0hnEsmP hBmmDX9Jn1zuEpvzqWY1aTMWbk5smkhBoLdi2EMuWoeZP2TQzRoETWleJ51EvGY26Rk8V4LnmxIL J1TGKS8kPROeN6TNOvWHnnv5ZZrx1NM869lQfN5TIKVjijflQ1GLQlRNxdsnrPrZPDSuc5SQxKgl CfpPBHUtL3254M4kxdDB2Y6UoLxkSD1pxxrCdGnbrGhj6kXRiLrSp/AZKSZr/6pHBOUOc8fklGPQ t0mRPvKkfzNpVGPKHpXGRXA8cqMkaepFnIoylGB1alXJmlPgBBWtO/2iWh+Yz7By1akblVVHU1ki opyIO3mZGVSjItVYNtIwsuEi33yXl62KdaxFtaRMGdvYsiLWsWZt608p60u2ShRIbn3rTT8ZTfMA UqlLNUpJz8lZepWOr2S06mUO0rVaKlZbgy3K88py2MdCto5G3exLO3tbuM40ZzqtbFora9nOpXa3 ZqycKeka2lL2dXo/UajfeKih0p5nkPoKpm5c6lDvEki4xu0pT4NqXPOuFXtyJUlzYeg3gPpkupJp pGSyS5y31NdcAoVOd7/b3//9hFe8QCVvcS2rU/0GTL16Ya94QDRVzygFvymbm7YkPCuGRfi0Q/WJ bf3b4Rdp1rsJFsqCwdPgCQ6lnLsx6HIp7F4UYXdjCuWwh2lsIQHX+MXzAW17YctAUsbQKmWZ6g5L e13lDisqWjtjj4VarzvxV8m99a1pdZtY3OZ2sVgm6pX3lTXkWtmryWNuMb9XV7FukbexzZSQD2qQ NjOQN4ItXxlzTGU1dnkmM46yTe285TDz+chZnnKaBc1kMP+5ysCNK1Kz6FxEU7WULJHgcDpyTmIR 2aDFqctr7XrGcz6ll4RWiJ5F3dVH+/m3kb3yoANt6j67utSwbnVy98ziz57/ssyOTnVngiLpUlK6 r1GVIab7YuRZQzeZW+FiaY8CpKeQOtVaRvWraf3lQ1P72rHO9rG3XetC41bEliKxdrbV5uXMUrS/ 3uIiVQtn7pEWzknWLogLB2Uc3xvfCGa0MXms4nb+0Hydtq/Azcdp+w4Hw57+J6+XLbMDj60++Zb4 xIW571z32ycHPTc7kZlkJP3Vs/9W5UAXLkgZeghs0Kb4ylmOoXCLZNwCu6+D3Z2vOrPz4OZOt7Jp OSeNozm/2yVV6lpedKO36+VNijl2NJfDWIKkqQFf5cemR3WRe7asPuc4r7E+uHNx2NqqXvXYTy1r b3+77NVmY9rVvjm2P/fW/0u/TtNzOBlbIRvhmcmUg5MJ9/ds+s2tBTIsC6lfUodd2mZHPKvPPm1t KxryYo924ruN+KQ7Ru7WobvT3zx1oFed6ng/8Qwj2z+mcp3gTaqUyhvfdrdP3tCRp3zl1w57stv+ 9tiWfVUvT5TMV2fzCi+X1U9q1ZGbU9h6H/3uSX9XhuOsAUBq0eJjL3ncX1/31n8883O//dlrn9vc fzv4W1/n8eyYwSQffrrJ2Hfhczr0r6yi1Tu/1u2y/uj517/LLU4/M88c5Nyp+QBqQDpPfz5k/mpu MJoD//bPAR+QQHoPLn6POsJnM+RN6hTQRCwt9YBP+XCOmuSjASGQBEvw///ijsz8T9cshoXGpYK6 ru6EDYZM7s0Yw95MEAdzUGp0DNdUEOOwD5qWT83E6C7q7/uopdhszgYjTvFqL/vIj/q6L/yg0Am9 j/G8rAqnkPf6TwKDL3+UydM044KMkPHOrqCWcC0ArfzEDwitsPqO8Ar7Rg2jcPzgMA5f7wklEP1K jPGALNGshQzf8PvQUDq+qg7vEA/dUArXkPwY0Q4XkQ7bUAsFkRLBjQt3UBL9EO1CBcOwkCIYghDZ IhKfEBFpSBEPsRJRMRUlcRRPURIdsRQ7Sw97sAunI7oYzNis5yGWwiF00Bd/kV1mkQJt0RbpzAOT bgSBURmXkdwukXfOJxD/5w4GqSMZmdEar5EYWwhqLi79itHgftA6bhAbx5EcpVEbdYcb+XAVPSXh JnFqQESrxLEV3VEV69EeSXEdXREf85EeWTELYTEW59DCxmwbfbAbIRHumtD8mE/l5hEgEfIfHdIh H/Ie9dEi+3EfIdIUp1AYU7AW+ZEi/XEhGasBJTIi5fAPH7EiMTIjRXIjQ7IlXdIQo60jC/IjNXIm Y7LU0sUkE5ElfxIoe/IlYfIiiTIo/9Eok9LynLF5aKwayxEqo7ICmfIEvesppRIrs9JRqHIF6Ukc tRIswxIBzzGpwFGXrlIs01ItFYgsG80sj9InKfLwTjIuJ1Ioc7IolZIu/1/SE/kyVmoSHQ1SHXFS yq6M9e6yMFcyKfWyLpESMQUyLhnTLxOFK99SMvGS276SMCFzMhvTM4fyMVMyIDkTMx0RMMvyIBUz NAWCJ1FyE3USLkFzL0uzL2lzNhNTNW+zwggyMG+yeNByLYNTOFGsMlOzZIBzOJNTOc+jOAeTYjRz OaNTOvujLfnNOP8FOadTO7dzJLVjD5sRJKNwLnVTNMPTMcnzNfNyNR0vNjvTNimzOtMRPDczJQ/T NdnzMnETNttTP4uyNvuTP0nzPd1TzHhwGMeSPuVo+s7zMwe0NPNTQNUQQsszQfFzQtOTI5tzPnMT TSLGLtETPz+0QQF0Mf/XUyFlc0RZ5zTd8jotJDu5E0ZjdDcN1CMxcWSgU0ZzVEeZMz4Fc0MPBEd3 VEiHdEZR0CZtFD9elEiXVEZX1DqdUyY3AtpElEAjlEIr9EQf1ERdT0tBdJKcVD5lzjylNEip1EFJ 1EzR1EuzVE1T1Eox1DQ1VEyxlJIibku5tE2r9E1DlEH1FE7TdE+/VE6ZbjRJ5k5pz03/9D7ZNFAZ 9UqjVEIPtbHA1EfnlBqDlEkzVVM3glJ9MziUdFNDlUk7FUnfAlRFFVWXlFSfcShONVVfdUhXtSkP sSHXFE8bFVETlU8jU1JVElJxlQ3zcFDNEbEw9UIttFdHE06P1VGXNVn/xxRF/bSPZLUqRa01ddXs mPVWH3U/tTVXuxRbt9VZbVX2qLUrzehnnnURvTVY/bNPzxRY2zVAudVdyZUK4ZM3URNKR81YYdVf /7VIz48WS5U1iQ5gDxZhEWpYNQ/ioiNhHxZiibNHb9JVI9ZiR7X/bkJjN5ZjO9ZjPxZkPZa0RpZk S9ZkTxZlU1ZlV5ZlW9ZlXxZmY1ZmZ5Zma9ZmbxZnc1ZndxZlQ9ZnfxZoORY3yEw/fHRgjpYFqVNi lTbjkrZpl5ZpocdppRZqnzZqTWRqsbZqqfZqyWdry5BgyCxox5ZsO9Zos9Zru5Ytv3ZtrdZtufZt 4VZutVZteZRt7TZu/9M2b9t2b/F2bvWWo8pWcMt2GwfXcH/2bO92IPt2cRkXXx2XU9GWb/92cgGX biE3chX3cSnXby8XcwuUcxt3rhiAdEvXdE8XdVNXdVd3aDW2cA8Xdj02cd9EdGDpA5NH69KD/QZJ OeRLzPJOdwXw+FpseKdR6oCXN3qX/Yj3+YxNeYWXeWnwd6V3N4Gueqn3epPDeZfXeP0IebM33sB3 6sQXeqNXe4P3+Hh3ec9td8HCJhggdg+3db0nfuv3SUPuqIr035LXd69OvtrJf1Fkf7nDBQu4wgA4 IQX4ubbXexM4fxE4Ax/Y75asgSt4biDYeA3YgltsgCkYg4P3gw94gf9B+NcyN4Qr5+pIOOACWIFX 2IFdGIYz+Hjdw4NbUEHe134Fd37FNodjN3ETEn1nOIJ9V4hluIJZOIY7roaHmH83eIhbOJoYGINx 14ZNeIKpOIlFOItRuIqNGIHZ14m7V4O7c85GGIvL2Ipj+IyVbY2L+IK7uIlP+I1dGIz9V4eMAn57 eGx3+HX12HB/GOvAOAOROIpfLI7hWIsLeYkDOZGLrZEVRIXnTH2PeAD/d4HTGI29GJG5eIvnWJEf mYg5GIhB2fhAORozGZkiOTkWeYw9uZUluJNFeZBZ+ahw2I+Blo/R8Zb/eDZWOZSJN+QYeJYrWd32 l3yfOH+LF33XbXr/V3mZ9e6FvVf5kPl4Ty5z01eYUc/IxgUMNZn06njgohmGTQ6LoVmFu/mQZckF ZVmQlvh2y5mb0xmVSbl75xlFbHmXQzaXdyKfBReQHblAfdmII9j0XNmNYfmT6VmMD9qb0ViVk1mW 7dmgxXmLCXmMCzp6JTqjBXq5MLqeLxCgJ8z01nmjITqZRzqaQZqMq1mjS/rgTDml3RicCdr38rif P3afd/imEbeXR5mC8ZeawzimKTmoW5mAZZqWfxmKbVeeQzqiX9mSGXqiLZqhm3ipA5ajJ+ySf9qn tXqFo9GpixqhrbqEuTqWgZmJYVqsN3imPxmfd1pozVaX4Rpofzis/0W6f6s3rzm5paM6ofmakDeZ qp34oYVasIfamDEZqq/asCsasbealN9Dgwc7hdu4se2ZssvasgN7sh/7rP06q5/6ud6arm8ip0s7 aO3apPE62PS6tTsae0Xamn+6ea0aeJt5tfs3ts03fGE7tGX7fHGbe3U7uI/5o3fulJ+3eIk7tw15 t0/6uZmboqW5uI95krH5mdlYuPlnAm0atfnZdef6uz8WkEN3cz0XvdO7cte7cy3Xvd+7vdlbdOE7 vut7vuX7vOn7vu07v/Fb6T6LY/t4vOXa1tSbv6/5c0HXwPebwfv7wBHcvCF8wR38wRVcvyX8ws06 wjU8wy1cwQYcZP8FHMTDu8A7PGBNvMRR3KsnHMP9m8NVHK1Z/MUr3MNpPMVtfMVhPMZ1XKld3PdG XHbFG8htY8iL3MiPHMmTXMmXnMmb3Mmf3H51GshFHMgv1sqvXEySnMqhnMu73Mu/HMzDXMzHnMzL XMuF3Gd1ZwLX3CbY3M3bHM7fXM7jnM7n3M7rHM/vXM/znM/33M/7HND/XNADndAH3dALHdEPXdET ndHNvMx1Imgh3dEn3Y8LdyMChNEXXdMzndM33dM7HdQ/XdRDndRH3dRLHdVxwwRvAyMCg9JfPYct nadTndZP3dZrHddvXddzndd33dd7Hc5hvcu3PLxtQ8or/di/nAH/kn3IZd1nMf3Xox3YpZ3ap93a qx3brx3YwVvYnZzY4QUnkl3S43fZQ9y7e7h0U5t0Q5zZ9ZhBQlyXd3jciynb613b7R3f713f853f Ub3bofx15x3cy11kxShkAcC7EV52j10qyFbgP7YqfjbiFz7NgfbhRRZB4J2f57fhNxba9x3k+13k Q57kR97ktZ3b/33JA17gXZ3gOVbhOx5kFV5jaT7ApdyCLF7mZ96mXR3i4RfoH/7lC17ndZ4zNH5o W9fgi/3km77kn97pox7qp/7OVd7b53rpB16nIf3iN9bmd+jcjb3gc17iy75jL17S095sGX7nZ77t MT4mkF5jh5bs/6OG6u9e6vMe7/de73895a0eyVl+511+68c25uH3612X7S3+Jrh+5nlCKhAf4iE/ 5tce4rPe7d8e5h3AdLNC7k3b69seavqe70uf9E/f9FO/6gF/5bFe9CF96EU2zRGf9in+8iX+3WX/ dHdo8nli3Vt+6+s+8zW/5jOevOMd5uf941Gf+VXf+Zsf+lG+3Vl/wFlersVe9nn/4HMiMBIf+5Nf +M++8cf/58VfZPNY7W/+8okf/Lu+8Tm/dD3/+Dfe/Jn++e8/+vMf//ff76n/zAGigYMGBBsAKIiQ wcEGDAYiJAjgoMKHFA0ygHixYsOKBiMu5PjwI0iLCAFkrGiy5P/Jghs5ehxZ8CVMAA5q2hT5cKJD gTAZ0uQ5MCjQoUKLEj1qNCnSpUqbMn3qNCrUqVKrUr1qNSvWrVq7cv3qNSzYrTx7mj2LNq3atWx7 6nS7sGVImTMzptS4k2JEtHRHeoy4EuXfwATlCja7t+ffvyDfEszL8a3YyWMpW66M+bLmzJw3e+4M +rPotqRLmz6NuvBByBrjsoaYmuXrwoT9omWA+yzu2oVnx0QcO+Hqgr5Z/hyNPLTy5MyXO28O/bn0 5mWDW7+OXa3jkRMZFg9uOLt42eNNb9+NPj3u4dHbT3/vPj78+fLr02eoPr/+/fz7+/8PYIACDijR fziVh2CCCp54tt2CDj4IYYQSTkhhhRZeiGGGGm7IoXbDdQhiiCKOSGKJJp6IYooqJjjRgC6+CGOM Ms5IY4023ohjjjruyGOPPv4IZJBCDklkkUUuhmSSSi7JZJNOPglllFJOSWWVVl6JZZZabslll15+ CWaYYo5JZplmnokmmgEBADs= ------_=_NextPart_000_01C215FA.56582620 Content-Type: image/gif; name="Figure 1.gif" Content-Transfer-Encoding: base64 Content-Disposition: attachment; filename="Figure 1.gif" R0lGODdhAAMZAncAACwAAAAAAAMZAocAAAAAAIAAAP8AgAAA/wAAgIAA//+AAAD/AAD/AP+AgAD/ /wCAgIDAwMD///8BrIT2AAfJrIQACLK0AH9qANFxAGwtAAAAAKAAAAADAABxAAAAAADAAAD3AOIA AW/3ABEBrIRs76wBrIRsYAAEAAD3AOIAAW/3AJoBrIQBrIT3AEdsAABs8VAAAABs8RwKAJEAAAAA AAAAAABs8VBsAABs8YBs8TRfAEwAAAYIAAAC9TwEEVGPAEgAAAb3AB/3AOIAAW/3AJoBrIQBrIT3 AEcAAKAAgMBs8Jxs8EjpANgAAKAAAAgAAAAAAAZs8FDwAMCkAP+AAKAAAIAAAP8AAAD/AP//AAD/ AP//AAAoAP8AAAAZAAABAAAAABgAAAAAAAAAAAAAAAAAAAABAABscAAEAAD3AOIAAW/3AJoBrIQB rIT3AEdsAABs8lYAAABs8iAKAJEAAAAAAAAAAABs8lZsAABs8oZs8joAAAAAAABs8VBngTifAKYA AAMABHAAAAAAAtj3AOIAAW/3ABEBrIT2AAeyEMl/AADRgYZs8TwABHCgAC0AAAAAAAAAAAMABHAA AAAAAtgQbCcAAABs8TwABHAAAC0AAKAAAA5yQGf/ABuGQGefAHtn//8AAAAtQGesAAADABYKAPBn AHT3AOIAAW/3ABEBrIRs8cgBrIRscAAEAAD3AOIAAW/3AJoBrIQBrIT3AEcCAABs81oAAABs8zgK AJFs8fgAgmhs8kQAAABs8hD3ANkAA6j3AOIAAW/3ABEBrIQAAAABrIT3ACYAAAAAgoT5ADT3AHxs gmJs8/D3ADFCAGcAAACPAEIAAABGAADiAABvv/cRAAB3v/f2ADQAAApC0/sAD5QAAAoA//8AAABs 89AAAABs9DAQGUBELbNs9DAQGUBCqGAAAABs9DAQGUBC0yMAAABs9DAQGUBs9hZs9Ny3ABtaBzi3 AChs9ZQAAAAAAAACAAA/AN4AAAAAAADiAIJvv/cRAAB3v/fWAAD3AOIAAW/3AJoBrIQI/wAbCBxI sKDBgwgTKlzIsKHDhxAjSpxIsaLFixgzatzIsaPHjyBDihxJsqRJjQAaOFjJsqXLlzBjypxJs6bN mzhz6tzJs6fPn0CDCh1KtKjRo0iTKl3KtKnTp0EZpHRwsqrVq1izat3KtavXr2DDih1LUapKsmjT ql3Ltq3bt3DjyjVplmqDAHjz6t3Lt6/fv4ADCx5MuLDhw4gTK17MuLHjx5AjS55MubLly5gza97M ObHAugI7ix5NurTp06hTq17NurXr17ANf54aOgACBHpv47Z923bs38CDCx9OvLjx48gp4wSwHG/z ALPP3sXbm/ru6tWTa9/Ovbv37+DDB/+3u1AqeYVSnTdMD70B6Om8ccu3nnd33pV68StuuVh/YZYB +PeXgIAJyJ9zACJIoIIO3JdggA8eOJpLfC2on38XSgihg35h2CCHL2Wm4V4ZargghAZ+KN6K+0X4 IIIMOkigh/m56OGJA6rIYY0x9rijhEDaqON5CZknEABIJpnkbOoxxF50dtXHG3VSAZAdiUPqiGWO MG74n5aC4dghmBW6CGOGXs74IX5otrkmmSK+ueWcCaLp5Z040gginMrJWSaYN5Z55ossFjqYm10O quidGwa5KJt+BjYioZA+mmWaDSLaaKREImRkA0qGymSAAyFJkKnuAYAXlLX5dkCVoV7/KaOCXI4p 6JeHidmXrjx2WemmiQqqqZqk6Rmsr3bqaWyNykYa57G09hqtrdAaaq2kmTr766+34innsHx2O62l jEpLrp07kuokc0celFKqTR75LqrwtvdefaEqyQADsqI47YF1BvynjwBnS5ibQhpcbqLgYsplw+ai WDCwEh+sYoq38ofuxmQ66vBm6Mqo5Y3hLnvtyQ9z6ie35jbrcMjYMnvpyx0DqvC2I1+8Hrugujsq kUoS9GSq0uUFQAGhIo2kVLLGhOzCJV688s3Z8torpAZDPCeDVH+c8bfa2gxspTgfKnXEmJb9NLTJ Tk1oZRRiibHItVaL8t0Ce/t03MGm/wig1mFmOTfCc/8Idt9D7mzXuwW9y16n9I7K6nSwwpokVabK HXeIJOe8Nsv+7kosxWUjnC6PDZu5t8qijw3TwrNKW7jhFett+9VSmwyy54WDfjrsdwevtsttb436 4eW+rbexEI9OM8MjK96uQY6rqm6pSw409L0BACDVvgUozVySBwjbNe7HFk8x3Rafi/yJ8HcNM6PN w0l21RRavfX9X0frMtt885ho1DQxkVlIbMFL4PHW9jyvVat0zooZ11hHurChT335kV7PqPezU82L cdujzXRUdTTvBUB8SDqAffb0seGdr3iI0l8DIRi6/b3vfL9LHZ/418IIUktT6Asdx/9yODP6hUsy 84Ne64z3OwVaS4cXRJ7sbuhACQZxdYtKHxXhh72gaY9njDtVB+XlQckRLUrdS+P3Tug9JFELes0K 2OCExMACUVFib1Ke33LHxz/JsY94lN8LARm4F+mRgnzjmriWFaIeNkaAtwtiI4HnRBYFCWaX9OEe 2Ve79tEpZyRDXMFCGcj7dDF7s1lcvlD1uJ2t6oytSuNeVLWva8mwkriMzS1zyctecqdTB/lUeawH TIOEsGh6sZ7R8KLMQinPl9CMpjSnSc1H7uua2Mwmc7LJzWsSs5vdtN7kBNPMaprznOhMpzpXtMp2 urOdzHxnqF7JvXXa8574zKc+7Tn/zn36858ADahAvzO5uRj0oAhNqEIXytCGOpQr73moRCdK0Ypa 9KIYzWhIIlqqNJLQox7VqEhHStKSmvSkKN0IR2vTIAEEwKUFOKFM25PSmtr0pjjNqU4RspzlCMSn X5TOqUD60aLu9KhITapSl2rQYhZEmOh5l1OFFsaVgsomYfTgklKSVYeIqnEbbEhWubqRrn7kqyVB 60LMqhC29syt08tIGNkKV6ba9a5N1aC8vEg0oUaVqn49kgPeyYDBIsSsdT1sW0slVrByJLGLbWxZ IQJZxlI2IZCtrGTj6li8evazc5nqF8+Tr6AKNXKsrKoIT9UgBCTAtQgwgABkW1i6//pMInBlXGV1 6xHN3pYhvgXuZR8S3LDydrMYmatiQcvc5q5FtKkUo2X7StoPmragpWrQa7c729mOb7mM/eBu3bVV UGXWsuKd3rwky1Xdute6kcMs9VBlqq2+l4xebRy9smfdzR6XrPvlL33Vi9z7vhWVzk2wgrEC3VSp MmgglKp+I2eWoEKutdyVLW0NS94Bk5WzmEUlbz8sXAKPmMAl9nC7ThzWtfI3vCgea4tLHFcSAxjE 4P2veVcMYx5vMLNfPfFxF0zkIoukwZ8qbYR/Ot+nqjawVyUshzkoxvYiWL6dvXF+Rwzht854uTre a31xDN4a/zjG5SWudL3sY9/emP/FbI7zm7/82x93echGzrOeMYJkMGrVtEBDcIWxK9iFTLmzPA5u V4WsZjgnms5UHvJ6pTveNX940jaGdJnhnOkty9m4oGY0iSOL4h5res+oTnVC+ry4NUfHr/RdsoWp 1yAFLMDWCiDAAHRd2zJ7Gc9YtnScCwzqYqe4x5meNI3NjGkfD3vZnGazZvGcbFMru9Kl1vKpVc1t bpOntKPlbFYr/O25Vg+wFw7ArW+t63Z/t87Sjm+IRZzmaVN6v9Ndq5l3vNd963vCMVbvi/P7537b ebgt7rQXRZxvUhvXw1futsQlXm6+OljM8SX3ztBN6wDgegG7DnmvJ05yixS35Cj/By2rNw7lYD75 wlJGrFpxC+6KrPKx8h5JzTty896+syrtDHbKh65nB4CTm9s8OjalqvSlc7xxWCW61KdOdYnL8+ru xLg8n07VqzOg6mAPu9jHfhGrkv3saE+72jfe4LW7/e1wH/p7Bh33utv97kWfnFmazve++/3vgA+8 4AdP+MIb/vCIT7ziF8/4xjv+8ZCPvOQnT/nKW/7yjWcyLImG+c57/vOgD73oR0/60pv+9KhPveoP PxPvFVYmrtf83FNiuVVeU2jZdA82da/7ffFee7fffTd733vffx33TxX+7oF/fOYH3/i3/8zwo098 6ed++cXnZvGdr/zmU3/63wcn//e973vrj5/54w+/9svv/OyTH/pNR7/5ra9++fN+9fjPv/73z3/B F/N7heUpsScds5cqhAV/2ZeA5fd8xPd88Nd9Cuh+29d9X6d87seA5ueA0YeAFfiA6KeB9QeCx8eB DRiCD+iAE2h8DViCJCiCHfiCG3h9CwiB73d0Kxh8LPiC7nGD0HeB/feDQBiEQoh5D2YqAPh/A2gX BWgeMeF6MJiCGMiAFkiBKoiCJ/iEOOiCPoiFHJh793eCEmiF4ieGy9eFIsiCF5iDwqeAHpiFV6iD 2seGMwh+MDiGYAiHIMiDHbiFQ9iHfviHgNh3rdYuR8hvRpiEekd7zNGEGgiFPf+4h23IhWsohmFo hWr4hpGIh26ohpWoietnhlXoiXWoiWnoghUoh1C4g1qYh3Woh584iq8YgY0og6cohYF4i7iYi4GI OaJSiOaVWuWnhCK0d4sIE07oiGyoipBoi3f4iD1ofxnojMCHexSIhtf3hZJIg5hIitcIiqUIitj3 jciXh9OYfs0ni7Pog45og+1HfdsHjXjIh7o4j/RYj6KHOdiTKvtSbl8UjInoYIyYia34iNi4jM0I h5eYgiWokDaojVyIjZdohltojbZIkbFoimdoiaYoh3bojF34jRhJf6KYiehokPZ4kiiZkpWHj9Pj i14EgLI3jIoIe+nYjNUXiev/mHy1eIUKOY7M+Irc6I7KaJK0GJESGY5DWZBFiZEHiZAbSYsdeY4F qZM8CXhKOYt3uJAquZVc2ZWIx4vZU4ixpo/HJ4wEOJMBGY82GYMWmY2e2Ik76YYjCIskuYpO2ZDg 6JDiKJd0GJE5iIpvKZcgOZh0+IbyeJdkiJhJuY1e2ZiO6ZhIuI8C6I+bR4w0yX7v+Ik9KZLUeJDv OI2TaIGf8Xvch4zRiIDS91SmmZDYh5Xkp5rVeJrsh4PIN38QaZvk+Jd2SZqyqY6pWZu3WX3CyZSP WZzGaY9GB06ul5zhRJlLKE/HqXSHyZiJN51U6HjyaJ2Fl52Tp52R553RGZ7i/9l/0Fl7+eKcMgme 40md69mel6ee7hmf8umHMXmWeHef+JmfnmWWwjif/vmfABqgAjqgfmefwoh1CJqgCrqgDNqgDvqg EBqhEjqhFFqhFnqhGJqhGrqhHNqhHvqhIBqiIoqgBppKUNF6VHGiNqESKrqiLXoTLPqiMxGjMhoT NFqjL3GjONoSOrqjK9GjPgqkO9qjunEbLiEASNoUQkoUxTik/GmiPsouPuoSS1qjVWqlU5qjWUql W8qjXcoSV/qiYdqiY6qiN1qkCPASSCoATlGmPtGkOFqiAKmiQTcQPGqnYIqnP6qn53GnP5Wnf0ok fkqjBDGohgqohKqnBXGoe/8aqH2KqIz6qI2aqI5aqJB6qZMaqZaaqZgqqZ66qZ/Kp6A6qqJaqpVq qpSaqpqKqqt6qq6qqp1Kqq/aqrDKqbYaqrMaq6yqq6+KpgjgqGvKprxaq7hKrLIKq+5Epk86pzsq pV3qplABrdH6pT9KrSlKrdLaptaarUq6rSuBpjGxpkKRpDPaFHCKpYmYpedqrezaru76rvAar/I6 r0EBruFKrkAhrs2apXLKhDWqJPQasAI7sARbsAZ7sD1hrzARrOOKr/96OXG6rP66rwhbsRZ7sRib sRqbFAq7sPqarw77r/wqsev6oiW7sSibsiq7siwLrx3rscIKsiEroydrpiT/q67XuqXcyhQ7y7Pe iq0/+6U9qxRDmxRFOxRoWqUfK7MuyhQ1e6L9+rTmejlHWxRVaxRXi7VB+6xbq7NdO7I76qs5C7Mx +xNLW65OC7HoWplS+xTO6rVA+7VTmrVEQbdDYbdCgbdBobdAwbc3obBLerY9wbBNuxRtq63pOqVv C7ZCy65+6xOP2xORyxOTuxOVqxOXmxOZ6xIvK6SCO7gzKxORe7jdmrgPiyQtm7qqu7qs27r1WqQ4 QbhM26UAG7GmS7Gum7u6u7u8i7IvWxOfuxOyi7Nze7OK27vIm7zKu7zs+rs0Ebw6MbzEG6TGG6XM e73Ym73aaxTO+7zQmxPf/yuyxXu7Jku1jRu36Mu16Qu359u+6tsU3eulRxq6wku/NDG6aiujUWuM LlG7g4W6LJG/+Qt7Y1u868u+75vACLzAjKvASBG/XNoS4XsT0guj5noTcOq/AgzAKzHAKUq+/9u/ ItzBJFzCxSi1i2vA7uvAKszC1HvALczARSG2FswSFcwTE2yjF1wTHFzCAfzDgwXEJ8yl5Ds+LXGu QxzEJgzEKLq5NeHEhbvCDSzDLyzFMTzFMwy7mivB9gu+XXy/O4yiTYrEQlzGPlytIKzEHay2SdzG TLzGO0ercjysc3yrx1rHxYrHd0zHfGzHu+rHuQrIxvrHedzHhSzIekzIe/+MyIa8yIf8yI4cyYpM yIA7yQIhrpIMrEubyYMcyI+arCMMx0msxG58xh/MtvzLxItYyqT8xk24vbAcy7KsvRBsEzdcv2Vr rYc7xmbcyktsyvv7EiW7yr1MzKacyrOczMq8zC1by7acw8D7xceLVa+sxsbsy2qMxqgszNXMyteM wswczuI8zgbrzM+cy6ArzdZLzanszT4Mp8Ecytb8zvQ8zzSRwlXswvlMxU4Kw/uMxVfME+b8xNAc zehsuWF8z0dczPU8yto8e8gMx0fcwxtcswALxWhrxQH9zxvdzxrt0fr8twNt0AeNy3k7tT0c0f87 xhTd0ucaz/uK0aIrtx3/HbH+DNL8bNMfbRMjfc4Nq85PnNC2u83WK9M6fNM4DdAcvdRJXdNYKtBa TBQF7b0ljdBOO7JpbLLkvNVc3dU42tPnXNVeLNbUSro+m9UtatZevdZs3dY1AdYUDNRUTdZfqtZE W70068Fuvdd83decG9VFMdUzIdhRqtdQi9c4atd+vdiMHctwHddyPdiRPb1OitZ0WsBMrdM7/dSb rb803dSZ/a2PDdmYHb2EDcZ/XRSKjRQwndilrdk5DdtKDdq0LdtO7dkzMdqk/dqQTddWLdpGyqRY TdQx3dli6rifbduhjdvGrawxodu9Xa0+cdpBDdzBPRSrfRStndbmG9Kc/93cNovU3x3bzO3C0B3W KzHZXOzblOsA522Mhj2tln2i2d3Y9n3fq/vePp3ehH3LrwvYwj2+xO3a+F3gBp68+m3Q6z3V1P3W AK7aww3R03zgFF7hqZvgJB3ASBKsSCq1DZ7bD24U9W21iC2+Fn7iKI6xGK7gGj4+HC7W/u0TK17N 1DvfKI3PtT3e5H3c4l3eO+7cQjvjVP3Dl4O6L36v7I0T4Iq/Ka2sNu62vO3js53jUn7bPA7eh/2l NPwUsttO/3vk6829Wjy6ES6TOGvUMIHmR93jV+7dVb7cbT6lQs7iJFzkoeIAYB7jOtGxZC7gEl7U WD6tya3jVg7kbh7nX/8d4k1xtuODul7+4h/+17oRwYZb5mep0hU90SzdtiOe4p7+6U8x5xm+0Ha+ 0qQM5v993ZfNzi2u6a7e6kQ84CGsyg3N0AoN6rie63Ku6E4huI2+6SFs5Bz+E1ue1ljFy7+Mzd8c 639e5wud7Mtuzyiq69Re7VAh6vs90Wvs6ncO6UneEtiOwTycze5szw59ys3+xuVe7i2uVonsyZz8 7p087/Je741syfR+7/CO7/bOyP4Oyfyu7/n+7/Eu8HOctP0OybKLPQFsp/ZlXmt6yRxOyVFd8ASP p6D87LUO7fUMpiVO7rbO7gSs5pR+6Ihe6OEd6E9B8lraosUu3Vweuhz/TKOlDgDDi+oyYc59Pu60 bu627vFpjOzKvvHZ/Mos7/FsfvJwbug/nvImn8WTnuZQEbxNeqOO7uKhi/PgzustX+ms7vMcL+0P bebc3PPr7sr8e/Qw//RO3/RZrvLamvRIy/WVe8tV37+NjuddrPU9vfO3TvTRfu7bDfJhL/JGD/fd OuhvTuVKz/hMvxS1PLkV7OjyK8Q2P8FHDtd+P+2A3/leGvR4D+ywLtE8b+2mf/pQHfVT6uv+2856 vt4vv6W7HPqvTvq2D/SyTqfxjfq83/vWnaZZ+rm737+EjabfrvtNbrNP7hSd7vvOb+Dhjsu53OhJ LtjG//pa7edkv87P/9/91h77O8r6w2/DU22vWs/9lZ37Wq32UU7oKP/2bC/oiO+zR/HYfiv8pl7y 5J/kv3v+aw4QDgQOJFjQ4MGCABAuZNjQYQMHDRowAABRIkWHGTU2VAhx40eQBD2GJPlxZEmUD1Ou ZHiS5UuBLmGylDkzZU2bJXGiRNCzJ8qdLAUMFXBQoQMAR0UaJLrR50+ERJs2DApTac6QFidWjLgV a8mOX2+KXVmVrMqzOtOqXZu1rdu3Jm0+RTBW7FSDR5MadCk1I92MUoe2XHs17kGtFBMbPpwwYmO0 kKlKzmhWsmXImBtrPsw5rueFgMveHewYqcC9BfsOZWxQtEbBRREXpv/Mt6vi260l667d2/dv4MGF Dyf+8nVxv45Tp17YlLeD4x9j7w6+eLHvpMyLb+fe3ft38OFDP/2Ol2B2vc+TI6RbN+X0w+h9W88d /Ll4/Pn17+ff3zV578wbCL30GBKwoOjeEyyu+z7L7TrgGvRvQgortPDCuQAM8ECkFFqONw4FSvAl +NKSsC36LjqRNtDSanGtF2HcLsazaCTLRrFw/Aq09na0ab2EPCxQNQeAJGjEmUoUa0UXH6wvwseG 0xGrKamc8criqrRJy5k8Q/IlLUM8rUPUGIOIwy9zUjInJmt0UkX7ohSOS5jorBNL4uykCU8pndIw xyRLQ0gvqtD8s63/Na2q7k2voNQTKD77zDLSRSe11KE07yRRzDHvMzJTQBNdqc0bGcUISgxTVXVV VjEElThOO23IvB59ExWsRVWE8DdSW/X1V2CDFevV4WJdzkBBoTvU1gVZ6tVHXZ+sTT5hq7X2WmxT IrZYYxtMbtvGbt2I2tpSbJTXbNNVd91sa9UvVjKRLQ1cycR16Fkro4XT0TwprbTfSyUFeOCB6O1y JXjjbW6oBgwuVd6E88p1q12xk/NfgQme09/fHrWLYIcPRsnIQdUbLGRAHbLXqIlx2xddj0mKma2A N64ZY5sHRlnTkuAVcmEBdk45sGYzwjcnc0+FWWOcc87YaaibBg4i/6F5DilhcpkKetmpQVoZtZa5 etlidss2++z9qmY22YU8VZtbkk3r2NSjbaobbbzz1humt9fW6Dl3VRX37jv1PZfsvRNXfPGcAvcv 4jEP6rs7UQkHk+44Gdd8c87/4pq/uAeV/PNW17R8T8OVpky+mUFqHa6bu4597tkbA+x1172GPPKC n5JtINxzh6nErC/DnN+npZad6eWTb54y0YLfyLPdtaOL7YudV1AqBE4fLXXvUwpL+/m4k16j8yvj uPzajks/MqJ/v5f36+UH3vyvBAsfUvDjfH+h/xFmfb0JIAAHWK72HaqACNFM6PKSHRH5jkMLZOCw iLI/tfQPVZ3jYP8H9TY54UBOPoDZXasAg0GZHQ9dHmRhC9UFwuBUTyGiKSGrRINCt2hwhS7kYQ9N SDoKOdAotRJisI6Dw9zpEHE+ZGIT++O4VJXwODVMVXSQKBcl9mZ8UXseF2nHvC+SL0M+UV/tBrI7 ulwlVhSczUpGdMXpqZAh5ILggLRTR45kL4xe3KPy2AfGPw4LiEQyY5EgF50istE22vrcs+h4R0ia SY5tkxuhwBa5Bm3RjwTEXyEpo8ileJKRZIxjISOWxoIUUY+bxBQpRUcSwyjFkrK65P2yyLJK1nKW mVwlJ0VpvF9u5oCfFKQrSwlIQ9pvPD5hTMJAGcqQZKpXjJGlLq3/uZRbPpA51cTkNe1IoIpI5CTi HKc4RWJO4KEzJursikTO6c50wnOd8mxnOelJznfaU5/55Gc89+nPfs7znwINaD0Lik+AJpSgCjUo QxG6UIg2NKIPlWhFKXpRdmL0nhnl6EY9epLXaHSgFu3oSEV60AYkB6O3C+cZGWbSkqL0ozKF6Uzp MtMOgfM+dBzQNblpS4pJi5KX5GZRe5pHJyZVqcOBIXeK6C41UnFCxJrmUY1K1KMC1WWHm183vfrT oS5VrGM9DBR9FavX4DGZ2NpW3Xbp06zGZJJIvSotefdKsuZVr1hpKuWwd6RDecilyvwVvdwKV6zW Uq7ZzOVXrRpX/9E985lyHSYwkYnAYC4TKnu6mQMTFNW/GrCyBqtqYu36VmwGdWxti+R5Wjs/yVbW smLE7GWJOcrNcpZpIXojaIVXyJA58rVluopaF6tark6rl7WlLXP56EvbzhYkIJxs9njbSKXUsLrL VZYxQQJH9M11ddyVLiuda97ydlG9nvPu5QJGsjRlV7ud/E97vxu2imlxr/vlr5/sW60DSXOwRhyk 0fArVP32V8EL7l2Bz8q2Vx1Fqvh5G3jVx1jIWJjBGy5bX8WzHrOyTJVTdfDfDrxa5XJYxWL1MH7w QtXTTBg8INTwZDDcGE2uN5DNTW8fdQxdzbpHRpOaCrj2IuPtUv+txB+pMWFuHB/yZka2Us6sg6r8 lqC0eJF58othk0nYYxKnr0024JMLA8HYXhnLU+4Mm608uv8+jMtDgXFPZRxlyXi4eFI281ty7GNA BxrIzz2verVcQeTQecnpAcCd8Wy7OCuqa31uC5lXfOkLHdrFW4s0LpMy4vwc2tKzoTRtMH1qzmna xSEW3V4a7WgxL1l8J07ueFF968Sx+oWyJq6HYC0cVd8VgaU2Ea6Njbdgi8dhrlbIr4OT7FHbhthn +fOO0dtja/+40L9J9mSAc1NYCgnUZYSeAk09t2mTpdqDvjaVo+tuHkO608L0zfUe7Vpxh5ZmkEnQ zKJNpHQv6d7/a1YzitxM8He/pdvkLrdPZAMaCL4azJDi9+f8TWvV6TfNCac3x98c77YsnOHy7slU OPOzLyOt4nG++KSRm/EUH1vmwhL5d+o3caMwesAknve5yxfwr/x75kNPi67TRUJ9l4xMEk56eGou t5+/XOiQJXrVKfR07vRo3DlV2NZj3XM/Y3zqirV62dPGa5prqITg3Dl/sC4xl28V5uPdOMg7bveP E7qYub1fwaf7pwPtREiCFYizt/wVerUc3VL3n8cR7niD+91NZSVddWc2xcCz9lgpHxpf0a74qMt9 7Kepu95vC/kho74kabL8WRA5wbBe0vCHn0nIQM9JoGNl3dvO/7a2T4/3x7u+wK3fu5DbTsjzKIwg s6e9cdDed2qLPXNmJ41L0/I1kjRdXqoyeru45rMyKb/wzC862BO8eNFjx7jU/9HvtI8w9+O8Z/Jf 2KreXhyzqrJA2hk//Zn6/AxbP2HKPTZhv+obv+uLP6x4v4NgQGUDwMIiHZ/ZP8MgP7K4PxOLO7Gp NeowwAVUQEMKQQRMlvUwEkE5QbwoDRUsChJkQdmIm+Twuu7AwP+LNKxhNO2QwYbju+8YvaQZvd37 PdPDNqKxvrVaQRdEQBH8qxJZQSVEwiV0wSQMwZFwQhFss8YBQOJzIyAqIpRrDR1MIdwyPt1SN+lD niG8O+BbPv8QtEI3fEE4bMA2jMMofEI6HAzzqMI79D+VGyMeDLM0ZI8C65Z4AUMHLMO/Mz9ADLoz XJo1TD3Vu8I3tMP+mwomnENKrENNRMKHM0IrxELnU8Q2ikRQ6ZYv1Bo+tJqPaKrbGzbGQ8N2A8VI RMFMnMRUIixa3MQ9rEX5aQo9zERZHENEjEXA6jkvJBCyC8N90wgPa0ViIkC78cAP9EQ8hMMptMVb pEZKtMRdbIpP5EW3g0BfIZYLErZvWroKPMQ8E8cNCr0NnLsOlMb2S8EpDMEWzMVbBBJ9vEY6tEdr xEV61I/uY6slcw5zJC6wyUF1JDky7A8fFK94lMezwJ6F1Cv/GgS2bfELAUTI02AOZVyLixyVRlwi iTxANry1kHw2XpsKwlOOY/HIigw5diSOh4TGmQhCIuS93oM/rQkvyZMz//pD97Itg8GLlky+pPAI lLNA+IEzoew8gdPA/FKu0iPGvLPKyOO4FttCQRRFznM1lhmfn/nIj6mvpwTKqES/dwTCgcvKR4TE QLxK32uwsxxK8nGY9QDLB6KsOmLKpqTLhnTLtHTHqaS7SETLuAw+rITLrqxLVVSekGHJpcOlKBEs v/zLp3NG47FJSSvJTRms+KPIXkzF+PnGiSTNC0xJboNAo7QrOxoUssxCr9SPmnzFHfLM7dnGflRC 3hQKBYzJ/6tBTcSbSe5Dmbx0zfCLCuAcTse0kNpMv3bEzezjxhHcTWD0TTl8i+VkCdVczdlkQ/mp I2rSjctcReIMj+dcy+mTzuzTRU3Mx9G8x9C0n0u8Qs7zR+uTTyNcx+8cx5kUEMKjJuXczto7T/Qc SY07TKhMzGysQ9OsRG0skght0HxcQmpMwpSqRnCEy8yckaoxkgCFO8paK+9sTrksQKlEMKpUUB85 uAZ1wgftzW+MQYDMTvukUQTM0A0lUIbDusl6mwMpLqQMpfJkLxM90WhMURQzzLecvJ+cxBi90aLR UPvcz5OURH7M0TfE0SG7v2cC0r8S0pzSjjMpUoboTs3kM//btJiqnMucVJlutE4rFc3rtNIItcXB 0NH3tNMcGUjGTKD+REXCEtP1y1AeFUYXvS8l5cAMY0+edFA5ldFd3NMrxU/3vFQ8FU6S6M56M1AS FVF0NERNLdBAdU4EjTlHnU7QXFXlhE/wjNIvm9RY3dH55FPZPFJrASExKa7BQ8Xe4FQoW1R4bNRU 9UBg3UFcLc3YYzZBRVa0Sc/CjI+NLNaZO1ZnVRNO4dX1M1OzDEx12bMBXNMEbVLEXMwm+Um+IQ+u jIsRwZFs5VVh49Zi/MMk8zncE9cVJdcFNVcn1VcudKV1lcn/spF3hdd0PFTzHFj6MkNhZcs2FTR2 c1M1ZEj/aPLXoPTWEZ3O0OrV10TF4GG9hR3Me4VOR2TQP5XYYORXRK1Yk93UQaKRXTUu/lsr3MmU ei22hl1PakVJa125ZA3OiWPW5HNVhfNUVoFWFbW1neXZUrU/LXMgoaU6bu3Z2xxZ9YzOpVUxqqXY tXhX8TtYdm3aakHaJY3IrOWwrQ1bsY0fjkC5uIpNI8XYvSFbRsWxtjzZncxbnWQKxfQ8sAvYUPzZ uz1GvPrUu2XGzwtZRsxZWERZJNVbIdw+vE1X8wPclYWdjQA/vBIQOrE9xdW9U2XSlu1Xi+1DOC3P R0m8RG1Muf3LWXk/3mA6tuESlLnZ6GPcklXZfXXcvpVD/7gVoFv9WcuNppnkjBGL3f5rPp5gR9tl WLWMVmI92/BYk1FVW8EFloWLGOT1y7TdDrodVruV3g+b0uoFSaO1EJETIYgpPib6XrYU3/H1C3lN 2Ov1z/NV1gz03fI90/vNFvfVWfjdkNjYX+asX/s14O3hw6OsUL9F4Lz538aF2MjV3RbVHexbROJd 2+ENst1lYKOZ2eQVrQx2YOXl3ZCA4Nw14cmNWAke0N/N2BFu3d/Cu2Y8XSYzRyHikf5tXpF1RZJl Uxa1ktUl3cy9YJ+MYRme4TTUsqrYOhBpOi/p38MVzMV93qSljoeF3AluYUF94cNlRdk6tCZWR/LU Ps1g4v/PRVErLtvoDeDyGGACvly0wcAaEtU4jqC1VRwUJkk33g44RtgY3hs6rmPfpVwS1pw9Pr8+ TjUp9o+LpKJmOtTu9Y9ERtVFZpxJNt9GtuBwI9p/TWInqmTRpWAhRtcKpq1gC9iaqwkd5D/IwYmF 4+EqJswrbtQsZmEuntgfSzau9NFCPmGFJM2aEDlZBl3cBeLS3ZI01mJ4m1dQVuZLeTuZIGQ82jqX 6NAhzl9aZmO7veW9/eY3LS8/Nd0+wcDVaLqjdFvD7dFN9jZTRqo1rttgvWRka+ezy+N5lD+9TEjw XF58ZiFRNlt6XpdM1uRDzp+kG7wAhcmYLOhUCeg2Huj/XfvnChlnyDCWyVTndUZcim4hiA5fiT46 exbIkZ4/dI64jvStQEa1j4Yyb97iXE7Zbytp1/XZuiA+8MNBhkZN1SxmNd5meWaQKS7XmJbpojbo Z+5dyiOl1sOaTtlnr0PTZb7J0MXiICbnZBaZmabpI+bP3LI8/VvolkQjdc1mok7SeAZfl75qaH5n rAbUntjg8vMusIZdbe3nSu1WGCblUnZeoFZroQ5p7OVqpyPskUm6P05sOHbKpN6wlg5swf6hjr46 wwZaxb5szIavyuagxw67yHbayea5g9bYzC5tyQySEG4Ih8aWzq60zy7O0PZj+bNo2DBt2x43EIZQ 1d5s/w9qbRZha60G7sdEakRTUE55FY+4bdsuYgfM7Y02S+DN6uDu4WfE11FW4XN167YWWJbL5tBB OuXObNIQAM3IbbR6WbPuYKo+5nEd3bNmZl1m3+geXZJRNIcL7zk6SHh+3aKQCd0AYSECFbkGZ5Fk 73x1b/XGZQUn1eYccKAhrJuDF8yY1pzrSP7ub9SmTA/W65Hj67c25rQWOnB97cKObb/6qxZryUxC xgeXmNwWVQ6WyBF3EM58idEj8YtVF80Gu2na5xXnOqDZy32WWkMx8f3ybZzF8RIf7fz4FFQyMP3O uZ9x7tecVg7RKVBNbWeWTiS/XSX3jtX2TQh7Co1Wuv/nqKaIK3MRHXLdRu1ZsnC83nL27HIzfOlw vvP4lmMMjmkgOaEyjyTm8O9vYlYq16UFXmelDNGeAi37qd30PmXq3kzrtmrptstKH0Y9l4tg6nMy R8e9tPCWdAnx5LqoDSsW13K+FFN+Pj6hcXA8Rwk6Fzg7b2YEh3R/LlVXBzHy8PEgkQ/BUgpRF1o0 56UMR/UPGdpVN9yqcXVaB/G/dljhtvRa7+tbb+zi5jFdJyOUTk6E5CkYTnNtOnRkH3eFmfJYkiX5 mpfzZPY8X+8QB+Avh2trX5Vv0ZBtVz5wR/eS2TNf//TW+PVC9PVzn6V6N/IVi/VZjnd5N5uChwos T07/ZOS/F4fzCpd4Nudnczf3Xu+6k+Ft/kJ4Z1d4mz6bLvsTsCKqfndxlY/d4jn1Ic34ydz41GiK MO8ckP9pkV9qJu8P7jmiMye7mU1nsPx5i2f5X+/Viwd3oqh5zq5qW452TMduIt7t0Lbcnm8vKn9z SuIKoM/vom9bmE96ZrXvnYe+S496tH72xjv7smR7iovbed/zbFv6ZaHwlP7gbYI6Fx94sL/3pB9T ss9ut397v7Za6O1mqB+NR/9wxl7hyKV7+5IQNZdyyCL64dp3jox5F+e0ske+wV/GhPfhq03ho6Zi D5/uxjf9PSJ7jJV88ZujzctfQrH7QlT5sNQ0djfq/7Q3/FoG6ZyXb5Jn/fy+F9YYl1K/YYpvW82L 8YG++d3/fQaP+9Lh/NY9kbWb/K6ifW63fQ6XaOd3d+iP/ryhfhku9Pv8G+ynqyh3ra3v/pD+/s4M f+70eOSIMG8pmg9e/+EXdw3PcjwGCAQIHBAsaPAgwoQKFzJs6PAhxIgSJ1KsWBCAxYwLGzho0IAB AI4eQWoseRAjR5MqC6Zc6bKly5UwY5aEKfDmQJoRZ+q0iDPnRYwJAQhdKOAo0qQPG2AsSlGo05oH f/aEyLPqxKtYJWqNGXVrQ5EfQ3YcCzYiyrNZ1VLsynbjW64FqcZF6LbuXJwGm37ly1Cpg6RIwzbN CP/1pUG6eAneXdzRscPGJr86FgvSMuXFaSEnlIzX82fOcBVzBq2WNEG+UYlmJgjYoOCjCpk6aO3w sEyCqBebftvb91nbcTFjFn3xsXGDv9UuZ57c7u7Kzx3sZl2b6F7sCl8jjC1beWGLuFVyjB56Okv0 yoM/J16WZHLh6ufTf26+PtufAvo6Lap9+2AOebdXbYZd59J9+Cm44FPtvUfWSPKxJSGDFVq4UoIX 0qTff6l16F9r3D00oHXiHahShhqqaCGFZ7kX4XMtrjgjjYnpVWNV+glw4nEn9ZiQiBENqJFfJaWI I5LTybjVi2bFlySUUR4ZJUQ/IXCUagT6mBqA32n/NGSDHVY0JZVlxrUkVk3CZ9xm0zUH1ptwGkdX nGkupuN+WY53nJgFBZkRmGjxSBFVdVZlaE+IJspecmqiWVWbDs6nqE6UjqmYpYjFheeO2LGmXV8F AhmgTBgF2lCRhN6YaW6T1scqQo8uGmFxT8Kq0a1S0ZerQ6jxmtGvU+EEmHWecukjZX/iCtupQw0a 0Y2M7TottVvJWumDtbKJnJvVqhdsQtGB21Z+er0G4nV9lsisl5oe1CyBfTbkq7fd1tvTtTQ5GqOZ /dZHpr8KUUWsqAeum11Uym4F78EPARwwxGDlG9O+T0Z88Z3RYgztjedSJm+67O7oGMMc37Qxypo5 /0jrg/ym/HKOGsMsMF0eKwTyugrHFSiFD8/880QTI8YyjBYDffSlJyMdbrTc4ZxZiTrjNaR8Pu/s XbtLu2xcxduOu9O9kmJlpVVhG6mxiF+l9LSppB5qEbw2Ks3Q16N6VzfYZnu18ljaihZpo3qLxivA eJcdE2lBqn0bUVKT92WzUxouslKTR/Yqo1xn27Kt3wpeWsxz5+05hjL/uTiqgbltp0lgkmm5a7FJ 6+rnKgmdG9FOek06770jKPPhvmeEmrKoMwSA462uFBvwYXE2JOx0Yy4x35dxvq3W2cstkPbbA+Xn 6lpOlDx+SYleIdbdo3f747mv+bf62Vt98W4Kg//8V/gqzi8a1iPHD3/g3Me+yfzvaPuDWHSctiWJ kA8/B3yebGRXQMgMUCoC3NoEUUY29W3wXaQKz48g0kD6PJB//pNgButSwWVdsHPoiR5cajev5lkE hrNR1fnAhyU+LXA9dvPfcEqXQ3JBBoiqG6FzZFiSFQJrc0Xb3QuVeJ6kcY9iUqQODY+Yp3SJiTJX QaK7hpfFtaAHhYG7ookC2Lfrwc+GB3GjXaaHwypakXYOy6JSPGUs8flQZJCpUwnTox7BRBGNFWFi DZ2ouzYK74x2NBkd9SXDBCXFL8XqoSB1aMS6xGmMFYGjBzc5ODliBZGfVOT7OGPKFM7Jkz+jJFL/ 9Pipgt3PjzMKpIVEyUprVQ9Ci1TlLsuES2F6spL/KZF/RpS/Cg0zmPFb5VpaiD1nIqmZUOpglzoV qhPJB4zJsSY1uwdNuUgTgOG8pStnlqI83k+PDfFmK4d4znnGqpd+AyYoZ9dIRzItncorZF7kGUpt FsxZ92sAPBd1R4GG0V771Bz11Gi9JzISoBa9qPc46a0jEYxxtkmoQmfI0IaKDaMlhZQ92YjPh4Iu bOBcCrWmdK6H1BKkIaXZSOvI0j+SEqUS9WUqKcitkxKVqC+Fqatk6jYJfXSZLcVpJF1kyCQ+0qea Kycw6elAf76MTE6bmE3rclStqm+cYMOqUMk6/5+x1sirqwOrU0nIVbVq1axlQ6tj7ErXKs1Vg3NN Wy3fGVf1sFVAulwYIXWSNQYuFmh6vRxeVbZX0WBTfm59a2Dx19h/9VWxh8WKlzYLObh9dmaPdV5k 8QI4iO7UMYUlI2X14pnExou0XsqnIF8bGdGC9oRARBRv8RfHqQYtpRRdqUlZm5yjdFaqnMGUMjd7 Le7gVlq63a0oARNa8MUutKvzria5q7rYjZe73/mTdldXXX2W0ri/FCpu15tPpES1qG8hTWPsZ1sj rve6S1nseXcU4JFFkMAG/qF3ORJg8h6xvAUW8IGZxeDFrneoVh1lalVoYeU6dLlIka9rgXcXnf89 KkjV9e9/N7ng8Q5mxSv2oHiPouAIu5jGENZljYdbVXy5N6h5nSzJBtvVzkoNTWE9TU4XA2AbB6bJ Aw5QY8HrYCZPecIGXrKVy9rj0x4PyJo5cjWb67glgXkrKGZsd2z84AhLOM0xpnKOq6xDGMtZe1yG S4bP5GXVahFpVhuzjMo8tuayBcvlbTCp4kxnOS8YykxuMZuzfOjs3fmGeX5LpYEsFEFfaH7Jy2x4 FXRmiqCQO1Lurm8RDERTQ1jSLL5ydhNdWphlOo6XntCGR7njv6GE08sCS2VvOFCItEhqMITurjls X2XrpNZvRKWzCRRf4pYyLb5OpJm5OpMGUsj/cbCjV7J13VrpRPSqazwufMc9xRht5tpE7MnDYDJC CSXPcrsBcbifqm4ibZlf0863CgvTEnfLBd6dHbiQs2PY4GbyvjTE976DSG1B/fSead2zWvaE6n49 EIndTHiIk4zxkTur4iq9OMkhpfGNU6njIOfjDzkr8pTT/Fjmnuh7f1xzfK2c5WGeuVFeDvNhyxXo 9PEu0lW86lkz1tGFZvrFop2eW2d85zy3eZoZLuoSwjNEQne40Y+e4xczuOytS7XWVZL2iEldWlRn z78jbq3DaIXg0jtb2GOexqxD/dnZnrl800tesru6iZMW71m+U+Fgtf0xb6de3JMbcLoHfe0k/5UI LrueGXjmKt67anWVCe/zPoea9CmJMuh9XmDzLl3Ki88chs+dc5VFvsN5RWauS8+WN2X+60MfPWw3 dHBqjT3SpXfxm32IetCnGtFXZnSEX1/u2OPcx7SX++6xR/emWt4kyxlmUkzTH71jG3GExnfxzd7m wgtekKg3e/vjHGfp89Lk6Na51VeyGqyTv+j1BZTQHcxX2B0VfU+ZpN/hIZ4WgZfoJWCdrR70WVn7 IU3jdY055R8BxcvHdV+55F3l9R2XjJ8t2Qeh5dKjGZ8CGloDvl8EtqDocWC/VCC0YRAG8psGRhcI IpkHZlPQgFCHEOBEjFpdIOBmtYv8oWDZQf/gEUraEi6NDD5e/dXgEiFLt/le6Pwf5DDcaujJCH7T DmpI0uneoo1eYolWGbLZGTKhb53a0Tyh7Fkfn9XesmEaFQqJFRbcQgRbSYjIVXzKLBmMGP6aGH2h 32EfVUmeuLWX/c1eHBqic2UVnwTaHQZPP2FhFm5SH84SqISHoHVSCXbGxLGOIz6iIt4cUDXeaiWi 7UlWJI7PJF5OJRrg8uRPH4aMqETNK4JiAWILwJHbKMrJ9IEOFLaXHPIT/oWgkeViDAkLIfKgLipc w4iKr33fJy4jIvJUL/piKVLfKdKgFB5SHZKaMi6UJe4hyKWKswAhOcriN7YjsfWb0bhjg9z/YEUQ 4FFx27PwnRc2ozxanRtWHyr2IzgizHSNYyz2luX9oTM+VzUKZP79YzfGo0PS1EmgoyvCIEPo4Sx2 XzR2YciV40SGJERa3I8VI7Odyf4xRb6UGVvVGz3qI5OIFEjq1DVq4yrOof7BIxTd5EliWkqCmmbl 4EEiVtq1hHAAoVugGMTVJG/0FI8tIhxqmEmqIp/5iEqeHUbqRkMK1toZpddlJR4y40zy4i+KIlM2 ZTDy1DCi1FTqGysex1VipVBi0U38yggZ5QdmH0II4VLyJFXipO3o5AWGZJdtCVAuXA6+FhhZZCCC 3VgSJmQWlDC+YUBGZmFqyWEiJl/xo2aG/0myGOQuWqZo3oxgQuJoKpxhVpDj6FbXSSbwOSY7nuZo juTJHaNs5iNUrJDCXFdCgVBj6uBj3qZD0ub9Xd9ZapRmRCNKKKTahY8eskol1ZBvkh4nbeU/+aVb AqZNPqUpkqRxYic2qpZyPsZ0ymVGCZtL5JF4HIw67qV1Xqd2rht4huc2TiZA+ltZvo3KqAt5uqZ5 ZgilCAZj0lTOgCbmvSd8GmN8Imc2TiFUBmRb0qdP+mdadCRWpoiiENKA3saxtOd55udNzSdaNqgN dmdtvuVstsb+9QRzBWdzeglzEuhheGhAuahwQiZxMqKGnWaMXqZngeVFAtEeoYVT0Chd2v/ojeJo aaKcZW7oUKySOn4V/3Hobw4aZyZpO+ZoVOoZj/rnQmRm0BAgYE1pUNTTa/4dkmKpkj4ofh6nxNGh fHhlexkbAC4WqHypb/aagfaKiIWifoIoWQKqj9pnRO7kgr4prsVpmTbbgehMc5yOxm1iQbUNkB6o PPXloQIHiTJofaolZbapiMoneyiqh/CYpyjMcpzOLR6LpIKIh94HpiqorPbkX9KElkKooNJk1SFV PtrOJSnLbxRPMhWIH/pharQngPppiGaqXm7q3nGjd1blbD4FIhnLpo2jfkWiJhYr8uxpHiKomg7n ktpmZKIJmL4jsVapCMXV+AlgUHRrpa7/Y7jOa+qwqUTiqLlaqIGkq7pyZWn1x5BOqjoKIb2m3K16 I2Gea48SSW4mjBWS2KTyK9YBIcEWrMGO63cy6yFaFVDKaQXd6QCSimQUWcTmqSYJxa34TKzSqoRq 7MZyJ7SeaCO6qaZGYYt47N78HmDkl5CN52fuEHv9TprmXq0WbXbOKssGpr0aKtIebU4azM32yAB1 EQ+OWM+SmXoJ3w6urNG2bNM6bc6aaHHObKhyqlfkZq+iZ89RK9Vmk1t8miRSmPl9IdeCrd167dcq rdjqKJcK5CaeKyatZ9uKj8KQz2HaXcVa7ENirLT2Y7HoK7EJTXl2EVSg18sBJeKCq+I2/ynj7qjf XtJkSK5rUq6HiIjhFpu31mhsbi7r/l5TriXMyiPuhS4B8UdFegi8riHUHW7qauWVtu60Lm1FlS2i 5uTshmWpMiyF3q7BpNfuYu5gNQc41S3edu12uqxEHKwLEW/NuoQ7ld+iGkZ50hI3MUbuUmT4+iss BqHmEu3dXm/SjmiukqbwIhf3Nqv3Oun6pu8hqWiZ4gZtFJkIdqbzWOrQ8irN4u/9viz2Utzebikd Rij82iDgBm3aOnDJQa2o0AZ1Pinoqi8C8+nv6lgCM3D8imoDo+sDV6bsJq/+TYxtDOuQVq5TydIG zqVMri7w7rCZrjDC1uDaiq+D0m+rSv9tB+OuJYHw3B4wDxes9k6TO5pSBUvsk3KTD+Ji1oQHve1p 4vajBMWrYU3WEw+mFE4xqlwL5H6vQhprB2sxAQsRE2+uoRGlGHeunkmw/Prq4zBv/8ZwnhbFVYLK TIVQ/42OWOrwn5YwKbKoUBpKmdFfp0oH7DIqHqNwieoKag7k8ZgsS9xpgXQUDoKv6uZxCicyI7vZ 4MGZo0WZA4ryAhdX/aabIgOj98LnFMtHwDpFXKKteoayK7cvJb4yLVeFCt6YGibfqFxe3magD29v KS+rgbAPT9wy40RsJx8GFu+HL4Nv4lLvBG+k07kgGiJhK5+SstZrM0MxEHupHj/rzXD/8qKy8REX skZ0cWQW8zEfmhmtn1qNsWliYMAyav9Wsx+HYEHpDJjZs2XiszgrIIDUcSyT6wRN7fjW8kCfMTuT 73QqS0IDsxwrXSofWDjX2RiSlT8zaQZR9DgBLlNVNP9N5/kSHd7FcROXtD6nnhK23mGBsRPacQTP r+0oygploiZvMjtzMCZRqk6jiEe78jJbspKNjDd/89Om8/A+s60KtSTFyqNQiEsjdW116Crj8IfO ckw6q2KJ11STskBbtf1idf5qta66cPa+Y2toxboURfrMNAKstdnCdZ36j1//dVvH7NhKJVBnsEdV dYJm1jZx6F2/s8bt8xzlxGB3rzCf/3Vi73EUGjbf0qFjRa4Zu66t+u/o2nWY0PU8s+8I17RrZ3QQ TbKttqGMjjYhq9yX0jVQujRGOyw8KfRrC+dJSzTKMFXIePU7Z5xpH9NuwzaeHnTcZGRTB/cODzeK hi19gFph8Db/dvfVkSYyQW4ms61ejzUkITJ1p3ddR3TGWrQ5zx1FZkmX9ahtF+J4UyE2I/fdSbbu JQ+snvNWbzYmm7VmR/LrfqozuzeRkoXEGPd2p84Mq7b3VXEV415z7zeFz7POJCtam7D1svUJQ7WC E2q0InZhi7YUo20tJZNwJDGrBqp3Q62LEyiGc/WZrvaRovdlKzBgK/OHgzh2k7jMmv94aZOpQaV4 qa44D23yeASx4fHx7T6ucxtyOsZVkPjTjnv4+wL5lnM5Ywv5Yfft2coS+iI5F7XTkkt2fov32Sa3 anBZTAflKKs3nc82ezdu/pI5Rk85myPMmZs2saqoG+tv7L7rm6sQyAUIcNe5mlo3nj/tg6Mzd3N3 RVoSmiPjczfsBV8YQQa6hSw6oze6T+OaQEe6UVOxjcuIlOsriwM67hq5gc9w4+VwqNf6l3vqfSZ4 Bpp6br96pou2LbJ6elz6u8L6gLtuhAc4HKO3NWa2WTq7Kfe4j484rhfqVSstrxtmmlc6oduchdfT f3DE01T6MIc1Zt72hAstE2f5Ikv/O2cT+LMXuiQjONPuekC/JDwDLPpScajospHzxzjh9WmTr7LX c0Oye7m7e7oL+LHL+4Hner0P8b0bOg8dur5T6cCbO3JMLvxyPMHPdWg2/FMTdogXr8IvvIGHhmwH +a1PLscn8Yqis2IDIrj3ML9s06wPpa3vPMvPO8ST8RT2e6rXvLVGOZn6saZ/DH+uT8ZvVWvzvK07 uue+MMBv4WlbK+lqOml7ujzbvLHvp9cT1nRDfZ1LvZiH7sc8y72vcdbLN7pH+cRjXZ/r2WOv1diT PZ2b/U+jvdKTrt99iO3q+dtDYwjBxKB3/Kp+fYJK99Nb8Mib/ONj9smLvJ27tSwr/z54p/3g+pDV g/v3Dv7/oie/1rdTjz7oT7t7Nr7jl7zkRz6Pu/7rV75nQzCuGb7C9mqk6mLnh6Nk4rKF2r6Tt7uv D2vCQxWzU/6Pk3zyQz7rt77sg/ln177Go3bJxTznQ3krvrRHZQbwY368G/THF/i3qn4fwTs0N7+W V+/yu3O1l/jZo3p8S3pGW/9903+GL/aUi2eTkyBN473/A4QDgQMFAiB4EGFChQsZOmjgsAEDAA8b RDTYEGPGjBcJGuSo0YHHhhxFgvzYEeHJkwkBrFzY8qJLkDNpFrR5s2bOhQh48tT5E2hQoUOJFjV6 FGlSpUuZvmwKkqLFqBKfalxZ0v8kVoUkZda8erDrwLApQ+KsSrNlWbNnD/b0yRZuXLlz6da1e7fo WLZTJ0KkilctSr1gB5Nkmrag3sFi0yIGzDJkzLpuETy2fBlzZs2b7S5+ypfvY4MPYWrdWFjswodG HTtluNqmR89JYW+NvFZpbYGU6ep+7BswcLzC7xK3a/z409lMQftdvnR02cZoUd9WiNyr4oa1RT4/ ilw2btoEedfFPve83PRx18Ntv3fz+5zex1eUGBpw9PCGMS4u3VW+kTbaTrDW0BMQMfpogq088zQL 8LMHJcwMwgibUvA75/DDSz+1ZEvQtf5KU+2o6khMzTT1EJQswgaTo3BCzCpkLkb/GZX7TUPnRJPO w8ZGtC0ruDBkKEXMwgusKRc5W5LJJp18Esohi2rOPimJgonHxG4zEKUg2bIyxM2OBJMhJaE8E800 1VyTNRyr3PCu7gjbkkvxXiJzQDaF+hDJpMzUE9BABR3USTyBotKiHU1rDUvIvDzLUDT5jHSgPwm9 FNNMNa2K0pwQ/YvDLFMTDEirwprR0aBQXQq8yIocirJVx4ORVhtrvUzWWQ9zUyod8xPVNplmq3Og XF0dytgMiTw20vKSnbJGy54lalpko5X2xuByrFLRPskSdiZiBTJW3AXjW/HVnxqsVih2Vb1W21ux hbdEXu/zNdR0O3Jp2FPzgpZe/xSnI0pJdw8N+EVbFcb13Avt7YvbXxsdict+Id00XGYJdgvjjj3+ GOSfOq3p05HROrY/JMtNNduQgx04KI5dnpnmmj02eaaSFV25SzuX5RTnQl3luSFLbT4a6aSF1vZN fONEOU+fwzws6Ca7G9JopbXemuu6qs5IZ4mJNuu5sXIdG+yGndIXo6zHRdhBeXGUO16662W614jz RfujsgncE22MDD54WbbLlPnvhedVfG7G63b87uG2TfTXBobt2aTEGYZbzprcJmhwnUL3FO7eSj/w 9KC+FnxyUJ9+r2+kRidZ7WC9bRvxtO0uLnX2enevdqVWJ7BpvZ/2CvOuL+tco//PlX8e+uiRGv61 1qmf2qrkpe8M2KJz3x788MWf72E4uUce6vHnMrzS79V/H/74r7/O+h2z+zF+IW9PyPn8/f8/afNL SNhCBbsjKQtykisc7nrSrt/BZ3cJ21wCeecwvN3LeNwzoHUQOEEKdg8h/dPc4jxIQhM2roQnnF75 nKZB6gQuZw+E4Np24r6fzM5cEYzbB02nwx1Ch4UZ9JpDqEMjH/aQhvyz4Q1lWBUcxvCIKoqiFHd1 QYhRLlTZAaBcUiTCLX4RjDMTIEIIeDz0hfFGJ/EiGtnYxkuN8SBlPN8Z3ZiUiTlgiXXU4x4HBUfQ 1e9X5ONjvS6yxkEeEpGZ8WP/sQBZQDrKrolOpJhBDJlDHqLuklRM4eM2GTneFQ+Lr8uk705XSdpN EXionGEnK6hKQUoOlK5zISslSMvd5LGDKlTgKFPJy1XaciiLfFsshVmWJ+rOl79sCy4h6UpJOtNC yXwmNDNmRfMNMZF0MWU2udnNOX4yb6H8pjeTxExynhOd2IRlOGWpznT6yZzvlOc8gWjNFrqTnkLZ Zj752c/s2VOIdIkOMDGpsH1ai5pGlGY0CarJhgKlmHIc4jFZl1AaHZRakWwKRZH50F569KPCC6I4 J7rQjcYHoxm1aG40qlCQnoWjHRUpQEkqUCK+dJqXSSnATOpSXbYSpwwNajXX/4nBmq7PnzTZaVKZ 2lTtmY6Y9nNqDRs4Vate9ZXgNGo7bYrVZVbVq2EVK8uSE9VAijWeY1VrUyPaSFEO1adzWVdLWUVX lq5UV3CN6wppylWkxvREPYVV7gBbPbw2U7B3TWxe9Ro1rV7Rr1y86U9rCRczFTawjWUsCin7w856 1o4jjWxcBvrZglrWhpil32FzyVnXcvK1sOVrUSFbzGJKb6lr1W0622rWLDI1t7sVrjd7y07bAjet w1WuP4u71eP6M7jLle4hm1vbHak2jnZl4FtkGlugmtah3q2sbMnbpr4eF7t/ZK1CvJje7K6Xp5pF rHxbK94riRa9i53vUQzpXv/16re+u6SvUfzLSO0K6LzXBTCBlVLJAr8NvipdcHzBS8oIkyXBZz1n dKfb4WxW95pd3XByPVzifIL4niLuJodN3OI9ojigSPUmi11c4zbC+KiSLfCDJwsUEo/QvkgcMIWD fNoiG3m2jw3xXycsYZ3klsdRPnCAv3tkCzcZw7Rdso6x7EB1/biiXX7Xhb0sZsKZ+cz11HKKmTxk J8+Ew1Im85jRLLopM/jOpVIymyU7SBrbGNB1xPFo9bfHPwca0Wwc9HPreOhEP/qLi5YqGx0NaUv/ b9AV0fSmOd1pT38a1J7+z6hJXWpTnxrVqVb1qlndale/GtaxlvWsaV1rW9//Gte51vWued1rX/8a 2MAO9bCJXWxOQySclqHKbaWGT8swe1RG0gy0m63iZ09bTEItTjiN3W1vd3rZ0lZktsddbnGfe3nY Nje6Wfptd7vbqO+WN7HDne5125vdk772vfXdbw3ju64RYcDACV5wgx8c4QlPOLI1He95P9zT9V7L HSkOwzCpxEAYx1Ps9tU3RlkcwRP/uMc3nrw7kg3kFycMyblS8mgnhuQdN6/IW+6Yk6vO5COX+b9e nr6Ku9znOmeMoVq+857fnJERgfi8GQ7KpT+dW1zpGYs81HOdSD3aWMcJmbQeGKp/feaMGhV/+BNM xkx9X1nnOQe9fnSri+zs/2pv+9zNriW5353rcd/63um+J73PnexvvzrfA3+Tste98F7n+P4owgCo u7vp3H48xOutlcSD3e/ACvzi8655q2P+vp7HDegzb/mX21zwgjS94bPc+dVXHSypR9/rVXL30qts 7LmvduZED3vfd75Ll+d76IOfe87TT+mT73bkHa58eUsc96yX/v5Odnrr2x7n1/cW6TNPts8Pv/vR b3vZgS/+mEzs8Nn3PutRv/t/rl/8fVe/+Qkv++rDH/PphyiGhS//+U9/8fxvmBzP+YqN+a6oAJ/v 9Xqk/twv5KJP7LBv/64v4yRwAtfv4yxw8CjQMMhv7SAw/+yPqEDQ7rjvAv9JUPvKj+Nsrv2oj45W kEVAxAFTBu0AEPzCj+4CUP8GMAGJ7QCjogfhbQG3pAFdkPdELv52cAORsPZucP4wbvucEO6OriRA TwXn5CsEcAn7ZGD6r+6YEHOUMKugMARn8AHJ8OxMcArxrgiBbvh0UPAaLwhD7Qcjbw7pbQh17/e+ cH/g0Ax/xk780Ajvrw/5TwSPsBCHRg23EFxiTwvHEEi8MPwakQsP8f0SURKfUM9skPjoD/As8RKP LwWRjwDvsNPq0BS9DfpEMRMZsQbx7wNFsRL/EBA9sRXX0BPZsBNZUQ+vUO5u0RV1UQMh8Rd7MRZr EBhfqQn38BGV0RGTMA7/HaIUU1HTUJEai20VV87o0ucENe4ZYW7muJAF0S/lVG4bfy4cvfEbkQ4X 1REchy4dtREe53EX5XH0ypFl3DHo3FAf0ZHn/oMe9/FuAPIdqRBApPEaN80aEzLUoO/f/O0hI/K3 AG7f8k0izcgiM6SwwA0BGfLTHHIiKzIjMVIkSxIiSfIkx8kkIckjG7IjW5LTQBIlL3ImQzIlnY0m cdImc1InGQwmP/Ilf9I+hJIoi9IojxIpk1Ipl5Ipm9Ipoc4Of7L5iPLSqtIqkyYpp/Ipt5Iru9Ir vxIsw1Isx5IslVIrQw1iiIgi1JIt19It2xIu31Iu45Iu59Iu6xIv71Iv//OSL/fSL/sSMP9SMAOT MAfTMAsTMQ9TMROTMRfTMRsTMh9TMtuy2yaiLC+zB+MtI6hiMjszMj/TM0MTNEdTNEuTNE/TNFMT NVdTNVuTNRETI+4DM2dT+TQTD10TN18zN3dTN3uTN3/TN4MTOIdTOIszKqJy02STAZCzNpmzK5ez KW1z2DjTOKuTOK/TOrMTO7dTO7uTO79TN6fTMqET1Czz6cgz4qZx8gjO2NjzI51T+UoN1KQzOWMy LcETP71TP/OTP/fTP/sTQP8zLoEw+ezTPqKyNIoNJtQzOZGzJVSxPQuO2P7jPYfNPNHS2K5iPhGw 6QaO4agzQENUQEWURP9H1ERLFEVPlDLtg0GV0w4BwPEe1EIJEEYrVNRgIkIZFNyWUyAGDi0dD0gv tOGYU0YtVEg/TT6BEgg/1EOT8z5VNEWjFEqnVEqrlEqvVDEJ1D0bbjxftCKOtNNqVNPENCZflEKx cVzmczWqUUctZ0zftEzLs0jRck6RNCU2dEkbjuA+NDqs1E+xFFD/VFADlVC/U099lEsPVNQqcxrJ tEHlFBsVtU0jwgEMjlIXVSJaIkbBDUFxdEI9tTwrdU/B1OmYFD3zplBTdVBXVVVblVVfNS+11EOR zUUtdEY3zVGHFFKnM+He0+Aq1UstwkeP9FTHNEE/FVRF7U6VFNk69FT/QdRVoxVWp1Vaq5VaSVRP 0/RNLnVR3fRHv1QidLRYv/RM57NHz9UOffQgxtVyaBROH/VG6xRJk1VZCy4k8LRZOdVJr9Va+5Vf /9VfA7Y1tVRbt5VdH1Q2v9VySJVdF1ZePU0aIQI5EZVFEbRRW9RBHzZMNRZXlzXiOBRinVRgRxZg S5ZkT9Zk9VIhOVJRN5ZjOW1BNVVf57XbtrQhfzVjFzTiiJRUYbZncZXU8LUabxNlizZljRZpj9ZP CVRJuTVMm3M+J3Vn4VPgeNQ5bTZOMXRCC5A+NzRpv1ZpwVZswxY/xbNl77Bh5Y1qK6JYli5tiTLe FM7gnpRsx9Zu6xZvee82MqtWbhOWNv+W8oIScAeXcAvXcA8XcRNXcVPxLBfXcR8XciNXcieXcuF2 IvoWczNXczeXczvXcz8XdENXdEeXdEvXdE8XdVNXdVeXdVvXdV8XdmNXdmeXdjM12G4Xd3NXd3eX d3vXd38XeINXeIeXeIvXeGEtIAAAOw== ------_=_NextPart_000_01C215FA.56582620-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] FW: [RT] Dow Date: 17 Jun 2002 09:11:17 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C21608.D8E7E220 Content-Type: text/plain; charset="ISO-8859-1" Jeff forwarded this post for me to the group. If the 17-18 year cycle holds true, then the post and charts presented by Mr. Pylypuk provide a valid interpretation of what may lie ahead. Not a pretty picture, but something we need to be prepared to deal with. I am getting depressed again. I think I will have something to eat. E -----Original Message----- Sent: Monday, June 17, 2002 7:27 AM -----Original Message----- Sent: Monday, June 17, 2002 6:00 AM Cc: Jim Spatz; Debbie Sevenpifer; Anthony W. Pylypuk; Mark Newman; Doug Frazer; John D. Finley; Spencer Dane; Catherine Cornell; Janet Allan Attached are three charts of the Dow. Figures 1 and 2 present the Dow since 1900 and 1977, respectively. Of more immediate interest is Figure 3. It shows the Bear Channel which commenced on January 14, 2001, and the intersection of that channel with the longer term Bull Channel in existence since 1982. Shortly after September 11, 2001, the lower bounds of the Bull Channel were penetrated, before the market rallied and ran the Dow through the entire height of the Bear Channel. Since early March 2002 the Dow has trended down and on June 14, 2002 it plummeted to the lower bounds of the Bull Channel before staging a strong rally. Bullish? Perhaps. Certainly a going long for a short term trading opportunity seems indicated. What is troubling about the longer term prospects of the bullish scenario is that the lower bounds of the Bull Channel have now been tested twice. It is not certain how much more testing the Bull Channel can withstand. Decisive penetration could result in its lower limits becoming a ceiling of impenetrable resistance. More importantly, the loss of support provided by those lower bounds could send the market looking for support at substantially lower levels - perhaps the mid-point of the 100 Year Channel which presently sit somewhere around 7,500, if not the lower bounds of that channel. Those lower bounds are presently around 2,500, a level which is unimaginable except in the case of cataclysmic disaster of global dimensions, but at the intersection of the lower bounds of the 100 Year Channel with the upper bounds of the Bull Channel which may be projected to occur in late 2014 or early 2015, the level of the Dow is a more believable, or less incredible, 5,500. FWIW. I remind you I am not licensed to say this for profit. Tony Pylypuk To unsubscribe from this group, send an email to: realtraders-unsubscribe@yahoogroups.com Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C21608.D8E7E220 Content-Type: text/html; charset="ISO-8859-1" Content-Transfer-Encoding: quoted-printable

Jeff forwarded this post for me to the group.

 <= /span>

If the 17-18 year cycle holds true, then the post and charts presented by Mr. = Pylypuk provide a valid interpretation of what may lie ahead. Not a pretty picture,= but something we need to be prepared to deal with.

 <= /span>

I am getting depressed again. I think I will have something to eat.

 <= /span>

E

 <= /span>

-----Original Message-----
From: Hill, Ernie
Sent: Monday, June 17, 2002 = 7:27 AM
To: 'canslim@lists.xmission.= com'
Subject: [CANSLIM] FW: [RT] = Dow

 <= /o:p>

=  

=  

-----Original Message-----
From: Tony Pylypuk [mailto:tpylypuk@niagara.com]
Sent: Monday, June 17, 2002 = 6:00 AM
To: RealTraders
Cc: Jim Spatz; Debbie Sevenp= ifer; Anthony W. Pylypuk; Mark Newman; Doug Frazer; John D. Finley; Spencer Dane; Catherine Cornell; Janet Allan
Subject: [RT] Dow

 

Attached are three = charts of the Dow.

 = ;

Figures 1 and 2 pre= sent the Dow since 1900 and 1977, respectively.

 = ;

Of more immediate interest is Figure 3.   It shows the Bear Channel which commenced= on January 14, 2001, and the intersection of that channel with the longer term Bull Channel in existence since 1982.

 = ;

Shortly after Septe= mber 11, 2001, the lower bounds of the Bull Channel were penetrated, before the market rallied and ran the Dow through the entire height of the Bear Channel.  Since early March 2002 the Dow has trended down and on June = 14, 2002 it plummeted to the lower bounds of the Bull Channel before staging a = strong rally.  Bullish? Perhaps.  Certainly a going long for a short term trading opportunity seems indicated.

 = ;

What is troubling a= bout the longer term prospects of the bullish scenario is that the lower bounds = of the Bull Channel have now been tested twice. It is not certain how much more testing the Bull Channel can withstand. Decisive penetration could result in its lower limits becoming a ceiling of impenetrable resistance. More importantly, the loss of support provided by those lower bounds could send = the market looking for support at substantially lower levels - perhaps the mid-point of the 100 Year Channel which presently sit somewhere around 7,500, if not the lower bounds of that channel. Those lower bounds are presently around 2,500= , a level which is unimaginable except in the case of cataclysmic disaster of global dimensions, but at the intersection of the lower bounds of the 100 Y= ear Channel with the upper bounds of the Bull Channel which may be projected to occur in late 2014 or early 2015, the level of the Dow is a more believable= , or less incredible, 5,500.

 = ;

FWIW.  I remin= d you I am not licensed to say this for profit.=

 = ;

Tony = Pylypuk

 = ;


To unsubsc= ribe from this group, send an email to:
realtraders-unsubscribe@yahoogroups.com



Your use o= f Yahoo! Groups is subject to the Yaho= o! Terms of Service.




*= *****************************************************************
T= his email and any files transmitted with it from the ElPaso
C= orporation are confidential and intended solely for the
u= se of the individual or entity to whom they are addressed.
I= f you have received this email in error please notify the
s= ender.
*= *****************************************************************



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C21608.D8E7E220-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: [CANSLIM] british open Date: 17 Jun 2002 11:04:16 -0600 Get ready, I think its in 5 weeks. This was at CBS Marketwatch today - Meanwhile, HL Camp & Co. analyzed what it dubbed the "Tiger Effect." The Florida-based trading and research firm said that for years, many have claimed a "Super Bowl Effect" on the markets. But HL Camp observed that since 1996 -- when Tiger Woods turned pro and joined the PGA Tour -- the Dow has closed up 61 percent of the time the day after he scored a PGA victory. And the Dow closed up 71 percent of the time the day after Woods won one of the majors. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: FW: [CANSLIM] british open Date: 17 Jun 2002 11:11:01 -0600 If you really want to get the Tiger effect check out FO owner of Titelist and NKE his main sponser -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Patrick Wahl Sent: Monday, June 17, 2002 11:04 AM Get ready, I think its in 5 weeks. This was at CBS Marketwatch today - Meanwhile, HL Camp & Co. analyzed what it dubbed the "Tiger Effect." The Florida-based trading and research firm said that for years, many have claimed a "Super Bowl Effect" on the markets. But HL Camp observed that since 1996 -- when Tiger Woods turned pro and joined the PGA Tour -- the Dow has closed up 61 percent of the time the day after he scored a PGA victory. And the Dow closed up 71 percent of the time the day after Woods won one of the majors. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Fanus Subject: Re: FW: [CANSLIM] british open Date: 17 Jun 2002 12:56:36 -0700 (PDT) NKE chart look horrible and Titleist is not a sponsor of Tiger. - Fanus --- David Taggart wrote: > If you really want to get the Tiger effect check out > FO owner of Titelist > and NKE his main sponser > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com]On Behalf > Of Patrick Wahl > Sent: Monday, June 17, 2002 11:04 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] british open > > > Get ready, I think its in 5 weeks. This was at CBS > Marketwatch today - > > > Meanwhile, HL Camp & Co. analyzed what it dubbed the > "Tiger Effect." > > The Florida-based trading and research firm said > that for years, many have > claimed a "Super Bowl Effect" on the markets. > > But HL Camp observed that since 1996 -- when Tiger > Woods turned pro and > joined the PGA Tour -- the Dow has closed up 61 > percent of the time the day > after he scored a PGA victory. And the Dow closed up > 71 percent of the time > the day after Woods won one of the majors. > > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your > email. > > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "xjadair" Subject: [CANSLIM] your car/ etc Date: 17 Jun 2002 17:21:51 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_000A_01C21623.7856DC20 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi sweetheart. I sure hope you were able to give your therapy treatment.=20 I have information on your auto which will be of interest to you.it = would be better if I discussed what I found by phone. I want you to tell me if you want to talk. I realy enjoy that=20 time but I understand your feelings and respect your wishes. I had a nice visit to charley and learned a lot about myself. I will = not call or contact you by phone untill I am invited. I am still here for you and still feel the same toward you but am = ashamed of myself I still admire you and think you are wondreful John ------=_NextPart_000_000A_01C21623.7856DC20 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi sweetheart.
 I sure hope you were able to give = your=20 therapy treatment.
I have information on your auto which = will be of=20 interest to you.it would be better if I discussed what I found by=20 phone.
 I want you to tell me if you want = to talk. I=20 realy enjoy that
time but I understand your feelings and = respect=20 your wishes.
 I had a nice visit to charley and = learned a=20 lot about myself. I will not call or contact you  by phone untill I = am=20 invited.
I am still  here for you and still = feel the=20 same toward you but am ashamed of myself
I still admire you and   = think  you=20 are wondreful
John
------=_NextPart_000_000A_01C21623.7856DC20-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Dan Forant" Subject: Re: [CANSLIM] your car/ etc Date: 17 Jun 2002 20:56:39 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0034_01C21641.7A1E8120 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable alright, who was this intended for, step forward......................an = excerpt from Danielle Steele maybe? ----- Original Message -----=20 From: xjadair=20 To: canslim@lists.xmission.com=20 Sent: Monday, June 17, 2002 7:21 PM Subject: [CANSLIM] your car/ etc Hi sweetheart. I sure hope you were able to give your therapy treatment.=20 I have information on your auto which will be of interest to you.it = would be better if I discussed what I found by phone. I want you to tell me if you want to talk. I realy enjoy that=20 time but I understand your feelings and respect your wishes. I had a nice visit to charley and learned a lot about myself. I will = not call or contact you by phone untill I am invited. I am still here for you and still feel the same toward you but am = ashamed of myself I still admire you and think you are wondreful John ------=_NextPart_000_0034_01C21641.7A1E8120 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
alright, who was this intended for, = step=20 forward......................an excerpt from Danielle Steele = maybe?
----- Original Message -----
From:=20 xjadair=20
Sent: Monday, June 17, 2002 = 7:21 PM
Subject: [CANSLIM] your car/ = etc

Hi sweetheart.
 I sure hope you were able to = give your=20 therapy treatment.
I have information on your auto which = will be of=20 interest to you.it would be better if I discussed what I found by=20 phone.
 I want you to tell me if you = want to talk.=20 I realy enjoy that
time but I understand your feelings = and respect=20 your wishes.
 I had a nice visit to charley = and learned a=20 lot about myself. I will not call or contact you  by phone untill = I am=20 invited.
I am still  here for you and = still feel the=20 same toward you but am ashamed of myself
I still admire you and   = think =20 you are wondreful
John
------=_NextPart_000_0034_01C21641.7A1E8120-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "TA" Subject: Re: [CANSLIM] your car/ etc Date: 17 Jun 2002 19:55:57 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0049_01C21638.FF52EEC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Except for the bit about Charley I figured it was written to "M"....... ----- Original Message -----=20 Sent: Monday, June 17, 2002 7:56 PM alright, who was this intended for, step forward......................an = excerpt from Danielle Steele maybe? ----- Original Message -----=20 From: xjadair=20 To: canslim@lists.xmission.com=20 Sent: Monday, June 17, 2002 7:21 PM Subject: [CANSLIM] your car/ etc Hi sweetheart. I sure hope you were able to give your therapy treatment.=20 I have information on your auto which will be of interest to you.it = would be better if I discussed what I found by phone. I want you to tell me if you want to talk. I realy enjoy that=20 time but I understand your feelings and respect your wishes. I had a nice visit to charley and learned a lot about myself. I will = not call or contact you by phone untill I am invited. I am still here for you and still feel the same toward you but am = ashamed of myself I still admire you and think you are wondreful John ------=_NextPart_000_0049_01C21638.FF52EEC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Except for the bit about Charley I figured it was = written=20 to "M".......
 
 
----- Original Message -----=20
From: Dan = Forant=20
Sent: Monday, June 17, 2002 7:56 PM
Subject: Re: [CANSLIM] your car/ etc

alright, who was this intended for, = step=20 forward......................an excerpt from Danielle Steele = maybe?
----- Original Message -----
From:=20 xjadair=20
To: canslim@lists.xmission.com =
Sent: Monday, June 17, 2002 = 7:21 PM
Subject: [CANSLIM] your car/ = etc

Hi sweetheart.
 I sure hope you were able to = give your=20 therapy treatment.
I have information on your auto which = will be of=20 interest to you.it would be better if I discussed what I found by=20 phone.
 I want you to tell me if you = want to talk.=20 I realy enjoy that
time but I understand your feelings = and respect=20 your wishes.
 I had a nice visit to charley = and learned a=20 lot about myself. I will not call or contact you  by phone untill = I am=20 invited.
I am still  here for you and = still feel the=20 same toward you but am ashamed of myself
I still admire you and   = think =20 you are wondreful
John
------=_NextPart_000_0049_01C21638.FF52EEC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Joan Sherman" Subject: Re: [CANSLIM] your car/ etc Date: 17 Jun 2002 21:13:35 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_02FE_01C21643.D7C7A340 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable ? ----- Original Message -----=20 From: xjadair=20 To: canslim@lists.xmission.com=20 Sent: Monday, June 17, 2002 7:21 PM Subject: [CANSLIM] your car/ etc Hi sweetheart. I sure hope you were able to give your therapy treatment.=20 I have information on your auto which will be of interest to you.it = would be better if I discussed what I found by phone. I want you to tell me if you want to talk. I realy enjoy that=20 time but I understand your feelings and respect your wishes. I had a nice visit to charley and learned a lot about myself. I will = not call or contact you by phone untill I am invited. I am still here for you and still feel the same toward you but am = ashamed of myself I still admire you and think you are wondreful John ------=_NextPart_000_02FE_01C21643.D7C7A340 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
?
----- Original Message -----
From:=20 xjadair=20
Sent: Monday, June 17, 2002 = 7:21 PM
Subject: [CANSLIM] your car/ = etc

Hi sweetheart.
 I sure hope you were able to = give your=20 therapy treatment.
I have information on your auto which = will be of=20 interest to you.it would be better if I discussed what I found by=20 phone.
 I want you to tell me if you = want to talk.=20 I realy enjoy that
time but I understand your feelings = and respect=20 your wishes.
 I had a nice visit to charley = and learned a=20 lot about myself. I will not call or contact you  by phone untill = I am=20 invited.
I am still  here for you and = still feel the=20 same toward you but am ashamed of myself
I still admire you and   = think =20 you are wondreful
John
------=_NextPart_000_02FE_01C21643.D7C7A340-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] "M" Date: 18 Jun 2002 07:45:08 -0400 Yesterday's gains were nice, but on average volume, and with volume well under Friday's, so means nothing to me for the moment. And futures today, and European trading, indicates we will be giving back part of those gains. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: [CANSLIM] The A's & B's in Acc/Dis Date: 18 Jun 2002 07:16:26 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0063_01C21698.0F5A2040 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit If the action on Monday was truly the beginning of the new bull, why was there a drop in the number of A's and B's in the Acc/Dis numbers in IBD. Also, please note the low volume. It looks to me as if the individual optimists were suckered in again and the big boys were selling into the rally. Just a word of caution to those of you who have itchy trade fingers. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_0063_01C21698.0F5A2040 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
If the = action on=20 Monday was truly the beginning of the new bull, why was there a drop in = the=20 number of A's and B's in the Acc/Dis numbers in IBD.
 
Also, = please note=20 the low volume.  It looks to me as if the individual optimists were = suckered in again and the big boys were selling into the=20 rally.
 
Just a = word of=20 caution to those of you who have itchy trade = fingers.
 
Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals III=20 27
 
www.adrich.com
 
------=_NextPart_000_0063_01C21698.0F5A2040-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] The A's & B's in Acc/Dis Date: 18 Jun 2002 08:08:25 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00C1_01C2169F.51F643A0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_00C2_01C2169F.51F643A0" ------=_NextPart_001_00C2_01C2169F.51F643A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Yeah...but it's a whole new era when even Dilbert is making jokes about = selling short.... (see attached) Katherine ----- Original Message -----=20 From: Fred Richards=20 To: CANFORUM ; SWL@adrich.com=20 Sent: Tuesday, June 18, 2002 7:16 AM Subject: [CANSLIM] The A's & B's in Acc/Dis If the action on Monday was truly the beginning of the new bull, why = was there a drop in the number of A's and B's in the Acc/Dis numbers in = IBD. Also, please note the low volume. It looks to me as if the individual = optimists were suckered in again and the big boys were selling into the = rally. Just a word of caution to those of you who have itchy trade fingers. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, = the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_001_00C2_01C2169F.51F643A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Yeah...but it's a whole new era when even Dilbert is making jokes = about=20 selling short.... (see attached)
 
Katherine
----- Original Message -----
From:=20 Fred=20 Richards
To: CANFORUM ; SWL@adrich.com
Sent: Tuesday, June 18, 2002 = 7:16=20 AM
Subject: [CANSLIM] The A's = & B's in=20 Acc/Dis

If = the action on=20 Monday was truly the beginning of the new bull, why was there a drop = in the=20 number of A's and B's in the Acc/Dis numbers in = IBD.
 
Also, please note=20 the low volume.  It looks to me as if the individual optimists = were=20 suckered in again and the big boys were selling into the=20 rally.
 
Just = a word of=20 caution to those of you who have itchy trade = fingers.
 
Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals = III=20 27
 
www.adrich.com
 
------=_NextPart_001_00C2_01C2169F.51F643A0-- ------=_NextPart_000_00C1_01C2169F.51F643A0 Content-Type: image/jpeg; name="Dilbert061802.jpg" Content-Transfer-Encoding: base64 Content-Disposition: attachment; filename="Dilbert061802.jpg" /9j/4AAQSkZJRgABAQEAYABgAAD/7QAcUGhvdG9zaG9wIDMuMAA4QklNBAQAAAAAAAD/2wBDABAL DA4MChAODQ4SERATGCgaGBYWGDEjJR0oOjM9PDkzODdASFxOQERXRTc4UG1RV19iZ2hnPk1xeXBk eFxlZ2P/2wBDARESEhgVGC8aGi9jQjhCY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2Nj Y2NjY2NjY2NjY2NjY2NjY2P/wAARCADAAlQDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAA AAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEI I0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlq c3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW 19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL /8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLR ChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOE hYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn 6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwDW1rxFq1v4g/svS7GG5fyhJ85wffuBUX9reMf+gDb/ APfwf/FUv/NT/wDtzrrqAOQ/tbxj/wBAG3/7+D/4qj+1vGP/AEAbf/v4P/iq6+igDkP7W8Y/9AG3 /wC/g/8AiqP7W8Y/9AG3/wC/g/8Aiq6+igDkP7W8Y/8AQBt/+/g/+Ko/tbxj/wBAG3/7+D/4quvo oA5D+1vGP/QBt/8Av4P/AIqj+1vGP/QBt/8Av4P/AIquvooA5D+1vGP/AEAbf/v4P/iqP7W8Y/8A QBt/+/g/+Krr6KAOQ/tbxj/0Abf/AL+D/wCKo/tbxj/0Abf/AL+D/wCKrr6KAOQ/tbxj/wBAG3/7 +D/4qj+1vGP/AEAbf/v4P/iq6+igDkP7W8Y/9AG3/wC/g/8AiqP7W8Y/9AG3/wC/g/8Aiq6+igDk P7W8Y/8AQBt/+/g/+Ko/tbxj/wBAG3/7+D/4quvooA5D+1vGP/QBt/8Av4P/AIqj+1vGP/QBt/8A v4P/AIquvooA5D+1vGP/AEAbf/v4P/iqS38R67FrNjZarpkFst25UENk8dcfMfauwrlPEv8AyN3h z/rpJ/7LQB1dc/4j8QXOk3tnaWdj9rmug2F34PGP/r1b1LU57W/gtoYt4dC7ERu5GCB0Ucdep9Ky tf8A+R18P/8AbT+VADP+Ei8Sf9Cy/wD38/8ArUf8JF4k/wChZf8A7+f/AFq62igDkv8AhIvEn/Qs v/38/wDrUf8ACReJP+hZf/v5/wDWrraKAOS/4SLxJ/0LL/8Afz/61H/CReJP+hZf/v5/9autooA5 L/hIvEn/AELL/wDfz/61H/CReJP+hZf/AL+f/WrraKAOS/4SLxJ/0LL/APfz/wCtR/wkXiT/AKFl /wDv5/8AWrraKAOS/wCEi8Sf9Cy//fz/AOtR/wAJF4k/6Fl/+/n/ANautooA5L/hIvEn/Qsv/wB/ P/rUf8JF4k/6Fl/+/n/1q62igDkv+Ei8Sf8AQsv/AN/P/rUf8JF4k/6Fl/8Av5/9autooA5L/hIv En/Qsv8A9/P/AK1H/CReJP8AoWX/AO/n/wBautooA5L/AISLxJ/0LL/9/P8A61H/AAkXiT/oWX/7 +f8A1q62igDkv+Ei8Sf9Cy//AH8/+tR/wkXiT/oWX/7+f/WrraKAOJvfGGtafD5154faGPIG5pDj P5V2iNuRW6ZGa5f4jf8AIsN/12T+tdPF/qk/3RQBn+INYXQ9NN48JmAcLtDY6+9Yo8X6iwBHhfUS DyCFb/4mn/Eb/kWG/wCuyf1rpbb/AI9Yf9wfyoA5j/hLtR/6FbUv++G/+Jo/4S7Uf+hW1L/vhv8A 4musooA5P/hLtR/6FbUv++G/+Jo/4S7Uf+hW1L/vhv8A4musooA5P/hLtR/6FbUv++G/+Jo/4S7U f+hW1L/vhv8A4musooA5P/hLtR/6FbUv++G/+Jo/4S7Uf+hW1L/vhv8A4musooA5P/hLtR/6FbUv ++G/+Jo/4S7Uf+hW1L/vhv8A4musooA5P/hLtR/6FbUv++G/+Jo/4S7Uf+hW1L/vhv8A4musooA5 P/hLtR/6FbUv++G/+Jo/4S7Uf+hW1L/vhv8A4musooA5P/hLtR/6FbUv++G/+Jo/4S7Uf+hW1L/v hv8A4musooA5P/hLtR/6FbUv++G/+Jo/4S7Uf+hW1L/vhv8A4musooA5P/hLtR/6FbUv++G/+Jo/ 4S7Uf+hW1L/vhv8A4musooA5P/hLtR/6FbUv++G/+JpkvjO+hiaWbw1qEcaDLM4YAD1J2119ZXij /kWtR/692/lQBa0u9XUtNt7xUMYmQPtJziiqfhP/AJFjTv8AriKKAMj/AJqf/wBudddXI/8ANT/+ 3OuuoAwtR1y40/WJI2tjLYQ26STPGMyRliwDY7r8vPpnNLaalqd5a3IW2ihvraUE275w8ZGVG7PD YOM9MqeMVppaImoy3gY75IkiK9sKWOf/AB79KQWYXVGvlkYF4RE6dmwSQfqMsPxoAp6dqh1W9Y2q ulrbgrN5iYbzePk9tozn3Ip2vz3EFnB9luPs7SXMcTSBQxVWbHQ8d6tWdoLWS6YOW+0TGXGMbflU Y/8AHc/jUer2B1PT2tlm8lyyOsm3dtKsG6ZHpQBjWuvyW0OpJcyy3E0GWtlmg8p5hgD0AILnGRzV 2KTUtOu7Yahdx3cd25jwkQTyX2lgF9VOCOec496WTQmvZHfVLxrg+UYoxHGIxFkglh1O7KrzntUs WmXL3cM+oX/2kW5LRIkQjAbBG5uTk4J9Bz0oApaPrbXd1Gt1fQLJKMfZRbOhR+u3ex5I57c0mma4 094i3l9BE0jFPshtnQo3Zd5OC34c9qtNo91NNCLnU2mtYZlmWMwgOSpyoL55APtn3pLjRru6Pkz6 mz2RmEpiMQ3nDbgu/PTIHbPvQBf1O8Gn6dPdFN5jXKpnG49APxOKzreTVLC5tf7Su4rmO7by2VYt nkSYLAKR1XgjnnofWtS9tIr6zltp93lyLglTgj0IPqOtUYtLunu4JtQ1D7Stud0UawiMbsY3Nycn BPoOaAM3TNYuZdSiik1CCZ5bqaFrQKoaJV34bIOf4R1H8VWnl1a51bUEs7uGNLQoqQyQ7lkJQNy2 cjk4qVvDts9rLEzMJGuHuI54xteJmYng+2aH0i8F1PPb6oYWuFQS4gUnKjGRzx+tAFJtflmubWP7 Tb2AmgD7ZoWkYybirLkMBwRSa7qt1ZaoYRqVtZxpZmYeYgxLIGI28nPPoOavJoj2j2zabcrD5EBg /exeZuBIOTgjnIP51PJpMdxfR3d0Y5mFq1vIhj+V8kHOCTjoeOetAFTVtXmtLDTrgyRWguXVZXlQ uI8ozYwCO4xS3lxfPDpsNrfRLJdyNm5SDI2hGYYUn2A6046EY7WGC2vHVba5E9v5q+Z5YAI2dQSv JxzketTXGn3lzHbM19GlzbymRZEg+UgqVwVLH+8ec0AO0y5umnuLK/8ALae3CsJY12rIjZwcZODl WBHtWjVHTtPa0kuJ57h7m5uCN8jKFAA+6oA6AZP5mr1ABRRRQAVyniX/AJG7w5/10k/9lrq65TxL /wAjd4c/66Sf+y0AT+JVJvrY+XESsbFGYITu3Lw24ghORkjn+sOv/wDI6+H/APtp/KrmufZ3ulR4 LvzmXylaM7UlU8lCc8j9fzqnr/8AyOvh/wD7afyoA6qiiigDEsLzVp77ULaVrLNphV2o43syhgT8 xwOeevSmW93rsmpyWcg00eUkcjkb+VYsOPf5T+Yqex0+/t9bvbySa2MF0Vyio24bRhec+mM/Srcd kyavPe+YCssKR7MdCpY5z/wKgDJu/EE0VyYXaysCsYkP22QgvlmChQMdlyTzjOMcV0COsiK6MGVh kMDkEetUNRt9QkmSWymtSoXa0NzFuX/eDDkHtjp9Kl0mxOm6bDaGTzTGDl9u0EkknA7DngdhQBTT WXOuPaPCBZ7vISfPWYLuKn2wcD3UioX17Gqvbvc6fbRxzCIxzyESt05A6Drx60x/CtvNaTGR2F9J I8wnSRwFkLFlIXOOOO3apb7TtVukli+0WJjuIwkhktyWjyoDbeeRnJGfWgDZlcxwu6ruKqSBnGay NF1O61Sy+0JNYOzQhhHE5JjcjID88e9a0MKw28cILMqIEBc5JAGOT3rN0OwvNMtobSQ2rQxJs3xq Q7Y6E/570AV7S91yXVJrSRdO22/ltIV35Ktnp7/KaE8Rwvp0E/nWwne4SJofMyQDKEJA65xzWjb2 LQ6teXpkBW4SNAmORt3d/wDgVUE8Owpoi2QWH7QvIn8vndu3A560ASS3eppr8NkDafZ5UaUMUbeF UqCPvYz83X9KVLzUrye4exFqLaCUxBZQ26UqcP8AMDhecgcHpS3djfy65b3sMlssUKMm11YsQ23d 3xn5ePrSNp+o20039m3VtHBPIZGWaEsY2P3iuGGcnJwe5oASfWmh1wWhiH2RdsUk/wDcmflV+mMf iy1etboz3V7CVA+zyKgI7gorc/iTWSfCtpcx3hvy8s91K7l0kZQoz8nGcZAA6jrS2un63aSvIl1Z SNKsfmmSNySyqFJGD3xmgDfrF0jXGvmnWa3aM7TPbbeTNDnAYe/TI9x61pahDJc6fcwQuElliZEY /wAJIIBrKTwza2r2U1g0kU9q64dpGYMnR1wSQMj07gUALomuf2lKgku9OzLHvW3hl3SJ3wfUgZzw K3Kwv7I1Ce5txd3Nq0FvOJxJHDtlkI5APYe5HX2zW7QAUUUUAcr8Rv8AkWG/67J/Wuhllkhslkii MrDZlR125GSPUgZOPaue+I3/ACLDf9dk/rWxqlu93pa26Q+aH27gGUYwQR94EHkDqO9AGD45Mp8G RmdCknmR7lLbsHnvXV23/HrD/uD+Vcp45i8nwZHFs2bJIxt+Xjr/AHQB+Qrq7b/j1h/3B/KgDn4/ EGob7mE6f5kj3EsFlIn3HKsRh/7pABbPcA46VNPrF5c6VYS6bHG15cZZon4ACAmRfb5gF+prWsrN LKOVEYsJJnlOexZixH61lr4YtX1GW5uyt1CzO0cEkYKxlyCx568j9TQBYk1KWWxttT09PPtSC00O P3hXuV/2lIOV7898Zp3WrXU+jajqdlIEtkT/AEV9mS2PvPg9uoA9s9609N02PTPPjtyFt5JPMSEL gR5AyB7EjPtmozpKnQpdLMxKyRvGJNv3Q2cce2f0oAzrXU7i11O6sp7yS5xDugae38vzJAGLBSoA IAx/SrXh3UpNTt/Pa+trgFFLJFCUMbEdCSxz3HTtSxaPcPJbG/v/ALRHbDMcaQhAW2ldxOSTwT+d T6VY3lhBDbS3kU0EMQjUCAo3AAGTuPp6UAS6jJdwRpPaxiZY2zLCB8zp32/7Q6479KzH12Wa0nvb FA8BKQWgkBXzpWYAk5wdoJA/Bvat+s46TG2mvZtKwzM86SIACjGQyAj6Ej64oAgtZL+xv4LXULpb tLoNskEQQo4GSuB2IyQevHfNEGqTyeGrXUWWPzpViLDB2/MwB7+9S22mXH26O71C9F1JCpEKpEI1 TPBOMkk446468VAmhSqywG/Y6dHIJEtvLGRhtwUvnJUHtjtjNAEGr6heW93aRSXtvpsUrzAyyBWB Cgbc5OOef0p02sXCeFotSLxRuzRh5GQlApkCl8ZHGDnGa07zTo7y7tLiTB+zMx2lchgykEfyP4VS k8PRCxu7O1neCCdkkjjxuWFw247R6EgcdBzjrQBd0uZrizWZrqK6VySkkUZQY6dCT3Bqj4juNRsb OW9tLqBIolXMUkBYklsZ3bhjr6dq0rVLpA/2qeKXJ+Xy4imPzY5qLV7Aappk9k0hiEoA3gZxgg9P woAoXGqS6Pc2cOq3ts0dwZN0vlGMKABgfePfPP0qpJ4jeSwmura5txCuoC3E7RllWMqDnGRk5OK3 J7ITaja3ZfBt1kULjrux3/D9arXej+ebho5/LkluIrhSybgrIFHTIyCFHpQBb0+R5rNJXuI7jfyJ I4ygI+hJqzUFqlykZF1PHM+eDHEUAH0yanoAKKKKACsrxR/yLWo/9e7fyrVrK8Uf8i1qP/Xu38qA G+E/+RY07/riKKPCf/Isad/1xFFAGR/zU/8A7c666uR/5qf/ANudddQBz9/qGpW+vSi1i+02kFtG 0tuoG87mf5k9SNo47/Wq0+qanBpV6t9J5F3BPCWaBAxEMjKMKCOSMsvT+GuiW2jW9kuxnzZI1jPP GFLEf+hGqmo6Nb6hJJI7yxyPEIiyEdA4dTyOoI/U0AT6aCLUE3FzPuOQ1zGEce2Aq/yrM8UrdW+n zX9vqNxB5SqPLQJtOWAJ5Unv61q2dvNbh/PvZrotjBkVBt+m1R+tJqdhFqdhLZzs6xygBihweCDx +VAGZdQ3Ub2mlLqNy7XLPJJcMVEixqBlVIAxkleevJ/CzpTS295dadLPJcCBUkjlkOW2tuG1j3IK nn0I9Ks39gl6I282SCaI5jmiIDJng9QQQe4Ipun6dHYmV/NlnnmIMk0pBZsdBwAAB2AoApa5d6lB qFhFpojkZhLI8LnaJQoX5d3Y88HpnrUNlrN2t9MdUgNrbywNPbowG5FQ4cN/tYKtjsDWzJbRy3UN w2fMhDBcHjDdf5Cq+raTb6tEiXDSps3YaNgCQylSOnQg0AZPhjW5LuU2l5d29xPIn2mNopFbaD96 MgdCpP4j6UeHNVvNVlSJ5lQWm4XAYDfcNkjIHZQe46kY+uxPpdtNJbSKnkvbSCSNogFPQgr06EHB FRRaLbRNA6NIssEjusgOGIZyxQ+q89P680AUtDuJ7u8uGmvrxnhnmjaLyVEJCuQAG2emP4s5rT1a 6ey0u5uIgDIiHYD0LdBn8cVDb6S9tdSSQahcpFJM0zQbYypJOSMlc4/GrtzbxXVvJbzoHilUq6nu DQBjxw3WkXdm82o3F2LuTyZ1lIIDlSQyAAbRkEY6YPtTjfXX/CL3d35uLiMT7X2jja7AcYxwAKsW +jLFdxXE97dXZgBEKzsCEJGCeAMnHGTnqaZLoMMtw7G6ult5JPNe1VwI2bOTnjOCeSM4Jz60AYt/ qT22uXudRuUliuoEih2/uSrBMhjjA6tzkdM12FUTpNq0t88qmVb4KJo3wVO0YGPwqeytUsrSO2jd 2SMbVLnJA7DPt0/CgCeiiigAooooAK5TxL/yN3hz/rpJ/wCy11dcp4l/5G7w5/10k/8AZaAH+LAP tdsfs8sgaNkkYKpXaSOASpwxOOmDyPwbr/8AyOvh/wD7afyq1qial/awa3aURkAIVcgDj6FevqR7 Z4xV1/8A5HXw/wD9tP5UAdVTZAxjYIwViDhiM4PrinUUAc5Cmtf221i+tKyxwpOT9kUbgWYEdePu 9feopvFMUenOTcKLxLsoUCE/IJsHtj7g61uixUas+ob23tAsOztgMWz9eagbR4m0WfTTI2yXzDvx yCzFs/gT+lAFNdQuJfENzZ/bxEIZUCwC2LblKK2S3QZJI/Ct1jtUsegGazzp08d/cXVtd+X9o2l0 aIMMqMZByO1aBGRg8igDkbfxHrLaNDIdN8y5MYn80H908QGWPs38O31OelX9V1yaG4tpLIo9rHCL q5BxueJjgbc98bm/4DjvWvYWcdhYQWcZZo4UCAv1IHrWZY+F9Ptt/wBpijvchUj+0RK3loM4UZ+v 8qAGapqU/wBriWC6e2tnhWSOaOza484nPHAIAAAPqc02/wBXeU2zWl6YbWaLes8Vm85kbJBUAA7c Y5zzz7VZj0a4tYIorHUpYFi3BVKB12FshcH06A56UqaNPb28SWepzxSoXLu6q6yl23MWXHXPTGPx oAr6vfTvocWoaZqO1QyKzCJSHy4U5DDKkZPFW3ubmx1Kxt7iXzYLhGi8woAfOHIzj1GfyqGbQN+j Np6XkimWUyyzFAWdi248dBzjp6Vcu9PN7p32a4nYyghlnRQrK4OQw9MUAY1xrV06JOlyltaz3jxR S+SZSUVCOg9WVj+VdDabzaxmSXzmK537Nmc+3aqkmlKtpYwWkxg+xMDExUNnCMmCPoxq5bpKkeJ5 RK+fvBNv6ZoAwrvVZ4dVlFzePZ28DriMWTyLJHgEsZAMDPI7YxzUzeIbWHUryC4ukSJEjaJlUtnc Cc5Gc9qs3um3VxLMYNUngimXa8exWA4x8pPK/rUmm6VDpryGBmKukaAN2CLtHP0oAzYb681Oz0qC 3uPImurbz7icICygBQQoPGSzfgAaZd6leW2lX0Et4EurOaJGuti8xuy/NtIwDtJB+mavLonkQW4t Lp4J7cOiS7A2UY52sD1HT8vrSrocZs7iGWeSWa5kWSacgBmKkY46AAKABQBDol5Nf29/FHqCXQif ZDdhF5yoPIGAcE9sZqCyXWX1me1k1hXS1ETsPsijzA27I68fd/WtUaZCmqfb4S0UrrtmVPuzDsWH qOxHPanQ2Kw6lc3odi1wiIy9htzj/wBCoAI9TsJbn7NFfWz3GSPKWVS+R1GM54wat0UUAcr8Rv8A kWG/67J/Wt29uJbXS2mt4fOlVV2x8/MTgdqwviN/yLDf9dk/rWvq9uLnRxH5du75j8v7QoKBiwA4 PfmgDA8bsz+C42ZGRmlQlWYsR17nn/CupVimnBlOCIsg/hXJ+MP+RDt8CIDdHgQ42Ac9McYrr7YZ tYgeRsH8qAK2n3ytY6d9pmU3F1CpH+22zc2MfiawNR1GVtZe3ub+6t7ZJpEH2Zct/qo2HRSTglj0 71pL4ZgUxML283W4xakup+zj0UYweBj5s8cVbttIhgljmaaWWdJHlaRiAXZl2nIAxjAGMegoAoxa pcP4UguopUkup9sMchAwWZ9gYjpnnJHsRUttDNpWp20DX1zdw3YZcXDBmVwN2QcdCA3H0qwdEsil 5GEZYrshpI1bChx/Gvo3Q59VBpbTShBefap7y5u5gpSMzFcRg9cBQBk4HPtQBgW2vXieHZReSFLo xPJbXHGJQucjpgMAOR6c+tbF9PNPfTwR3c1rDaRLJI0EYeRyxOAAQ3ACntzn2qSXQbGbRf7KlRnt uSpJ+ZSSTkH1BNS3umLdTi4jubi1nCeWZICAWXOcEEEeuD1GTQBNp1yt3YxTJN52RtaTyym5hw3y nkcg8VjmC91WW8u4dRltfIleK2jRhsynBMgx82WB47Ctu1t47S3SCEEInqcknqSSepJ5zWfdaFHP LMY727t4bg7poYXAVz3PTIz3wRmgDOfWr06jYXMCGS1msBcT245YDI+ZR3I3dO498UXOrStY6jPb 3bGJLyBUlhUOwicRZCjB5+Y9jya3I9Ot4ryK5iUo0MBt0RfuhMg9P+AiqraBZi1vIIN9ut1IsreW QNjjBBXjjlQaALWmgi1BNxcz7jkNcxhHHtgKv8qzfEyXUFlLfW+pXNv5YUCNAm3lgCeVz39a1LO3 mt1YTXs10SeDIqDb9Nqik1Gyi1GxktJmdY5MZKHB4IP9KAMy6gukktNKXUbhjcs8ktwxUSLGoHyq QABkleevJq1pXm211dafLcSXIhVJI5JCC4Rtw2se5BRufQip7+wS9EbebLBNES0c0RAZcjB6ggg+ hFGn6eliJW86WeaZt0ksxBZsdBwAAB6AUAZnibVJLN7W3trqC3nJMx851VXVP4MkjG4kDP1pLvUZ NQtbG5sZLtbKdGZ3tIw8m7IAU5BwPvZOO3UVqNp1u+pNfSLvlMIhAYAhVBJ4+pP6CqzaFCof7NdX NqTMZlMLABCQAQAQQQcZwR1oApX2vLZaZa3cRuZ1huPJuI3jCysfLbgjAwclTxWrpLzzWSz3E8Uz THzF8r7iKeig98epqCDQ7eKNA09xJKLkXLzOw3u4GOeMYxxgY4qzZ6fDYrMlsXSKVy4jB+WMnrt9 AeuOmaALdFRwR+TBHEZHk2KF3yHLNjuT61JQAVleKP8AkWtR/wCvdv5Vq1leKP8AkWtR/wCvdv5U AN8J/wDIsad/1xFFHhP/AJFjTv8AriKKAMj/AJqf/wBudddXI/8ANT/+3OuuoA5PXtYa31zMM8ud PRGaBEZhNvPzKcDAIQAgnufrV9/J1zU1jeZ2sVtUnjRJCnml2bk4IJwFHHq30rXhtooJZ5I1Ied9 8hJzk7Qv8gKpNoGnNBFD5DKsLM0RSRkZNxyQCCCBz06UAVru187ULHS5p5zaLC8rbpSGnKlQAWHJ A3ZPPPGaS+tf32n6OJ5xazGR5CZDvZFwRHu64yw75wuM1bGj6ZLZpbJEDHA7FGSVt6Pk5O8HdnJO eaE0TThafZ0jbaJPN3iVvMD4xu353Zxx16cUAZF00mmw6pY2k8vlQJDPGfMLNCGchlLE5xhc89ia 2L+R11bTIlkZVkaTcoYjcAh6/jipbXS7O1glhji3LPnzjIxdpMjHzE5J4qPT9GstOlMtukhkK7A0 krOVT+6NxOBQBzEWq3tr4Xtkv52LTCGS2ugxBcblLIx/vAZ/3h9DWrrunRC8spftN6v2m6Ebql04 XBVuAM8cgdK1Tpti+njTjCjW0YCiMknbjkc9akuILW7liSYK8kDiZF3cqwyAcD6mgDG1fTYIpdKQ S3eHuBA5+1S5ZNjnB+b1A568UXs99aeJHktS89tDaRma2ySzKWkBZcn7wwOO/wBcVqahpVtqTRNc mbMTbk8uZ0wex4I596njtII7jz1Q+b5axbyxJKgkgc+5PPWgDn7bUDc2D/Z7smO61FoluFYkojfN wT0OPlHoSK09MeKC8uLBPtm5MSD7S5cEHjKsSTgkdzVg6ZZNbz25t08q4cySKMgFjjn2OQDx35p1 lp9tYeYYFbfIQXkkcu746ZYkk4oAyPESxvqmnJcRXU0JjmzHbswJI2YPykdOfzqu15JP4QspknuJ HEsMcvlylZT84UqWyMNzg5I5710cltDJcQzumZYd2xsnjPWoJtJsphchoSv2kq0pR2XLKcq3B4IO ORzwKAM+8SS30u3gha8tvtdykcjzTl5YwTzhtzYJwAMH+L1p1/a/2Tpc/wDZ88sTTNFCnmSM6xFn CbhnJH3s9ew/G8NLtjay20olnil++s8rSfluJx+FRQaDp0AmAgaTzk8t/OkaTKf3fmJwKAKkdpFo urWMVpLL5d4XSWOSVn3EKWDjJ4PGDj+9WR4fnS2utLGbuJrhZEmkndjHMw+6Bkkbsjjpxn1rpbPS LSyuDPGsrzbdgeaVpCq/3QWJwKfJpdlJYGxeBTbEk7Mngk5yD1HJ7dKAMcact7qOrzPdXFvPDMFi lSZgIx5SEfLnaRkk4PrUMbX98Ib2a1vLhZIYpI1trsRKgKgn5dwJJbdjORjHSte60HTbyeWaeF2a YgyATOqvgADKg4PAHanXeiWN3KJHSSNwgjJhlaPcn907SMigC1ZXcV9Zw3UBJimUOpIwcGub8S/8 jd4c/wCukn/stdPBBFbQRwQIEijUKqjoAK5jxL/yN3hz/rpJ/wCy0AO8VRJPqdnGU3MY2zkkjBIB 4Eb4POc8cgdcDCa//wAjr4f/AO2n8qb4quVXUrcRz2geNCHV7hUfkjAwZFwDxzz39gXa/wD8jr4f /wC2n8qAOqpkpcROYgDIFO0HoT2p9FAHP6XdyW80I1BtTEs4EZa4RBEZDzgbenTA7fWjwvPPeWiT 3FxfPLsIfzUVYy2cHbx2xVmDw/awzQN591JFbvvhgkl3JGe2O/GeMk4qxZaWti48m7uTEGZhCzKU +YkntnqfWgCCK5mk8JJciRvPaxD7/wCLd5ec/XNaUD+ZBHJ13KD+YrOtNCitIjCl3ePBsMflPKCo BGPSpdN0tdOwEvLuWNUCLHNIGVQMYxx7UAR608shtLGCZ4Gu5SryIcMqBSzbT2JwB+NZ1402mWuq 2Md5O4Sxa5gd5C0kZAYEbuuMgEfj6VuXtlFfRKkpdSjB0dG2sjDuD+J/Oq8OjW8cF1G8k073SeXL LK+XZcEYz2HJ6etAGb4cvUl1K6tobq6mhWCKQLd7t4Y7sldwBK42+3PvVa3a8stDTWv7QuZXDb54 JnDI678ELn7px0weox3roJNNtpJLWRkPm2n+qkBwwGMEZ7gjqKpx+HLRHTfNdSwpIZVgklJjDZzn HfBNAEGlzT3OrXiTXF6fJuXUAKvk7eCBnHofWsxtRMGtTF768WUaksKoxbyPLIXKnI2g4JI5z0ro xpapdy3EV3cxebIJHjVl2FsAdxnkAd6edMtWju45IhJHdvvlR+QTtVf/AGUfjQBcrCtIZV8UXUb3 t08UcSTJE0mVyxYHjHT5RgVsW0C21tHAjOyxqFBc5OB6nvVMaRGNXOpfabnziuwrvGzbnO3GOmTQ Bm3txrUGo2ccDRTyrBLNNAOFlG9QFUnoQG4J9OetWNGv76TULi31JFjeVBc28YHKRn5SpPqPlz7t Wq1vG13HckfvY0aMH2YqT/6CKbJaRSXsN2wPmwqyqQeMNjOfyFAFiiiigAooooAKKKKAOV+I3/Is N/12T+tausuV0pE2k+YUXiNnwcjH3WUjnGDnrWV8Rv8AkWG/67J/WtfWMHQ5AzQqpCBjMVCY3DOS wI6eoNAHO+MSh8CQGIAJvjwApX17Ekj8Tmuwtv8Aj1h/3B/KuT8cLs8FRJ8vyvGPlII4HbAA/ICu stv+PWH/AHB/KgCWiiigCK3uI7mLzYiSu5lyRjlSQf1BqWs/ROLKUf8AT3c/+jnrQoAKKKKACiii gAooooAKKKKACiiigAooooAKKy/DeqvrOiw30iLG7lgyrnAwxHetSgAooooAKyvFH/Itaj/17t/K tWsrxR/yLWo/9e7fyoAb4T/5FjTv+uIoo8J/8ixp3/XEUUAZH/NT/wDtzrrq5H/mp/8A25111AHN 39rfS+JrifT7hYrmG0i2JJzHIC0mVYDntwe1VZ2uNLtL/TZ72Ri7Qy/aSQGWORwspHpg7j7bhXVi NBIZAi+YQFLY5IGcDP4n86bJbwySF5IkZihjJZc5U9R9OKAMU2lnpmvafDp0McJnR0nijXAaMKSG YeobAyf7xrE8OPFp76RPJZizhkieFrkEYmckbQ2OhyD1rr7LS7HTy5s7SGAv94ooBPtn09qkNpbG 2NsbeIwHOYigKnJz06daAMOwshL4i1CSSxt5RHdBvtDyHzE/doQAuD/Mda2tQeePTrl7VS1wsTmJ QM5bBwPzpkulWE1ybmS0iackEyFeSR05/CrlAGLpNnpNta2l1aCF5nTCzhgHnJGTk/xE9cGspYLS PwzbauCp1N2SUXAX948zNynHJHJXb6fSt5rHSLC4+3Pb2dvKT/riqocn39TUUEOgvftdwCwa65Yy Iylhnq31560AZge6tfEmsXlrunjjaL7RbDqy+WPnT/aGOnce+KpusN9oOjzR2y3sbX8oSKQ7VdSZ QM8HHQGuwVII7lyqxrPKMsQAGcDjJ7nGf1piR2jphEgZYpC2FAIR8kk+xySfXmgDLWFLB9IT7NFZ oZ3UxxvlFZkbAzgdfp14qlqa/bNRvgksLRI9vHJHNIVjlOH/AHZIz3ZTj1wD1rYubzR72Bre5urK aJ+CjyqQf1qQadp1vpzWn2aBLPHzRlRs+p/xoAztOhglFxot7ptmixBZvLhO+LDE46gYOQe1ZsVp AvgK2SJRbtI9vvkjAVt3moC2fWtuC10K3sZo4UsktWwJdpXafTcf8aLNdBija2tDYBHbeY0ZDkrz nHtjPtigDPhu7keIdOstQX/So0lHmquEnUgfMPQ/LyOx9qbE0EMdtqstos15JcbJpRKQ8bFtmwDu BnG329ea6JxA00TOIzKMmInG7pzj8PSqMI0SXU/PhNg9+cjchQyEjr05zigDR3Lv27huxnGecU2e GK4haGeNJI3GGRxkEfSoFuLBtQMazWxvQu0qGXzNo5xjrjvUxaCcy25aOQgYkjyCQCOhHuKAOXtr C2i8O38dsILbbeusrO3lB0WY4RnHIBXj8a0NGk+w3p0trG0tWkjNyotJNykZCncCAQenPQ49qvWm laXBHMLWztgk2UlCoCHwSCD6854qLT4tFsbuS2sPscVyfvxxsu/6EdePTtQBqVyniX/kbvDn/XST /wBlrq65TxL/AMjd4c/66Sf+y0ATeKBcC6t2gt7h0MbLK8ROGXI+QgI3X14+vcRa/wD8jr4f/wC2 n8qb4jtUOtrOxjIMHz/uN5RFYZY5dQevQAn2NO1//kdfD/8A20/lQB1VFFFAHOWkyi3s9WnF7JLc OPMaOYbIdzbfLKFgMAnHCk5GetM+wQajFqGpXdwyXMMsyRTK5X7KsZIGOcdtx9c1prp2lG/+1BIj OX3AeYSu7+8Fzjd74zS3eh6Xc3BuLm3UszKWBdgjkHjcoO1j25BoAytSjiv7TRL+4EkctzJCsgWV lGGUnbgH1NS3z3tv4kMljmWOGzjMtrnmRd78r/tDt69K09R0ux1F4vtgdmjOUCzumD64Ujn3qylr DHMJljHmiMRbySTtHIGaAOestQ+2abctBcusVxqHlCYEho1bacDPQ87fYn2rT08xWuoS2CRXifJ5 imeXzEYA4JUliRnPQ4/nVj7FYm2nQwxGC6YvKD91ycc/jgUWVhZabuW2QI0mNzM5Zmx0yWJJA7Cg Cj4os4pNIvLstOs0Fu5jKTugBAJzgEA/iKrXFjCE06wiedIL6TdOTO7FwqFtgJJIB74xwDW9cQRX dvLbzKHikUo65xkEcjioLy1sbi0W2ulQwjG0FtpBHcHOQR6igChpkcena3caZa7haeQk6xlsiJix BAz0BABx7H1pnieNHl0vzLX7UhuShhJADExtjqcdRWjptjZWMTiyUYdsu+8uzH3Ykk1JcraSvF9o ZN0LiRAXxtbBAPX0JoAx9KgubC8062uGI3Q3J8sSF1QeZGVXJ64BIzUXim9f7ba2ME88UsaNdZhi ZyWBwgYKD8pOc/Ste/02w1MwvdKXMefLZJmQ84zypGegqSz0+0spGNuhEhRUJaRnbaCSBliT1J/y KAMlruLXk0xGLxW85kaaLcVYug/1R6HruOO+yjV7VbKLToLVLh4XuypgjnZCQY3OA2RgAjOM4rRl 0fTriK4ikt0dJ5fOkGT/AKzAG4Y+6eOoxTB4f0xbbyFt2CeYJciZw+8DAO7O7p70AXbSJYLWONVd QBna8hcgnkgsSc/nWNq9jC+v6W7eb+/kdZAsrgNtjLLwDgYK5rYtbWO0h8qEyFc5/eStIfzYk1Wv tGsdQuI7i6jkaSMYQrO6bevQKQO5oAy5bm8s/EOo3EW+e0jSIzwDlgCD86e4xyO49xWh4dnW50kS pL5qNPPtfOcr5r4/TFX0t4Y7iWdIwJZQodh1YDOM/TJot7eK2j8uCNY03FtqjAyTk/qaAJaKKKAO V+I3/IsN/wBdk/rWtqiXctjDDawJMJMLJv6KPXG4ZA6kc5xjHNZPxG/5Fhv+uyf1rZ1WaWDRXkgu I7eXagSSQgKCSBzkEc5x070Ac34yg8jwSgNvHbu0qM8cahQDj0HA6V2Ft/x6w/7g/lXJ+OGkfwXG 8siSO0iEshyp69D3+tdZbf8AHrD/ALg/lQBLRRRQBnaJ/wAek57G7uP/AEawrRpAoUYUADOeKWgA ooooAKKKKACsTX9VurS8sNO09YjdXrkB5QSsarjJwOv/ANatuuWvnA+I+mq4OPsb7P8Ae+fP6CgB Lq+l1vwNqDOojuokeOdF42unLD8h+tOXWJbbwppC2YV728SK3h3cgNjBY+wxVS8lj8Oa/qTXmV07 VIi6uASBKAcqcdzkn8RWbFb3sPhzw3qi28ki2EjtKiLl/LZ+oH0H6g0AbV1b3nh670+7Oq3l3FPO tvdJO25Pm/iUfwgH+lW9F1S5n8Sazp91IGEDI0K4A2qRz/7L+dZmratD4oay07RfNl/frLNP5ZCx KvPJI6/570asZdC8bJq32eea0u4PLmMSbiCABj/x1P1oA7LP6VznhEmO71227R37uPo3/wCqsLTJ tV8OatLqGo2N1Pb6ihkcQruaNtxIBHTOO3v7EVveFbe4httR1K4tpI5b24edYW++E/hH15NADfh8 f+KUg/33/wDQjXS1j+FbaO10KFIrSe0DMzGGc5deT14H8q2KACiiigArK8Uf8i1qP/Xu38q1ayvF H/Itaj/17t/KgBvhP/kWNO/64iijwn/yLGnf9cRRQBkf81P/AO3Ouurkf+an/wDbnXXUAVJdTsoZ WjkuFDJ9/qQn+8ei9R1qI61YhFcySBHwI28h8SE9Ahx8xPUYzkc0yON7PUEtxIHt7kyuUZBlWJ3H kdRye341ohECqoVcL90Y6fSgCidZsl3CR5EdRl0aJtyD+8wxwv8AtHj3qa31GzupDHb3UUrjPCsD nHXHrjI6VY2LuLbRlhgnHUen6n86y7CGW5kSWV4UhtJpFhghi27dpZFycnPynoABzQBrUUUUAMli jmULLGkig5wygjNciIoh4MvGihiWUTyxhtg4BnOBn05rsabsTbt2rtJzjHGc5/nQBzt1c3+n6il9 qP2Vkjs7jaIAwJI2Ng5/3f51T0Y3mkXNs95aSQ29+qpcO8isDcNkh8A8bslT/wABrrZIo5VKyIrq RghhkEUrorjDqGGQcEZ5ByD+dAGElrbL4xaMW0IX7ArY8scESEZq34lBPh3UCACVhZ8EZHHP9K09 o3bsDdjGe9DKGUqwBBGCD3oAztMeG7tnjll0+6bOWFsAVx2yMn3rLSGBNK8QOkESvFJcAEIAR+7B /rXQxW8EBJhhjjJGDsUCnlEKspVcN94Y6/WgDmo11OG50N7w2nkrJ5YEIYNzEwGSeMcfyqzZXVkv ivUokuLcTyxQgKHG5mG/cMeo4yK3SobGQDg5Ge1RrbwrIZFijDnksFGfzoAwNGvtIttNtbW6mgS9 SQCWKXBk+0E4ZsdclicH0NZ1ncXFtKmv/YpUt55Ha5lMgO+Fm+Q7c5+Ube3TNdl5UZlEvlp5gGA+ 0Zx9aPKj8nyfLTytu3ZtG3b0xj0oAyNH1OxUz2b3dulwLuYCIyAM26RmGBnJ61N5E9xrhaSQLbWm JIo1C/M7KwJY9ehPHHWr32W383zfIi8zOd+wZz9akCqGLBQCepx1oAdXKeJf+Ru8Of8AXST/ANlr q65TxL/yN3hz/rpJ/wCy0AWPE0iJeQbzCzCJjGGQs0TbgfMGEboAeOOAfwg1/wD5HXw//wBtP5V0 N1p9peOj3NvHKyZCllyRnrXPa/8A8jr4f/7afyoA6qmuiyIyOoZWGCpGQR6U6igDmotG0pfFUsI0 612LZxyKvlDAbe4Jx+X5VSnlvx4WuHS3t/s8d1JN5hnbfhbgt93Zjt/e9/aumt7vTrm8f7NcWs1y Ew/lurOFB6HHOMn9abBcaXdK1nbzWcysG3QoysCCecqPrz9aAMu2tEn8T6k0lhZTeXLE/nSjMqfu 1xt+U91z1FdCRkYPIrJnTQL3U/KnSwnvR8uHVWfI7c9x6Val1bT4b5LKW7hS5fAWMtzk9B9T2Heg DkIJLrTfB9sJt9xZTrC8cmMtbtuUlW/2Tjg9jwe1bNvZRz+KdSaWws5wrRP50oBkQ7ABt+U/3fUV thbQ5sgsPyoG8jA4XPB2+mQfyqjqUWguGvNSSwba3lNLKFOGH8OfX2oAy/EbTW2pB9JMwuZY83qw KGPkjjfyfvjkL6/hUus2Gk3HhSa5tre3lSKzbyJdgJAwSME89f1zWzDdacYJNQhntvKfBkuFZcHH Ay3t70Wp068s3jtDaz2pLKyxbWQk8kEDjnOT9aADTLO0tLVfsdvFAsgDMI1AycdeKyPEOl6cbrT5 nsbcvPfIsjGMZcFW4Pr2rogAoAAAA4AFNkijlKGSNH2NuXcoO1vUehoA5xtLtf8AhJmtl0ywltxa RNtlUDyxvkzsG0jvk9O1GoQ3R8XPPYSYuIbKNvKY4SZd7gqT2PTB7Gtu80uwvnV7yzgnZRgNJGGI HpzU6QQxsGjiRSECAqoGFHQfT2oAyPDFyl3Bfyxq6Kb1/lkXaynCkgj1BJBrbpiRohcoiqXO5iBj ccYyfwA/Kn0AFFFFABRRRQAUUUUAcr8Rv+RYb/rsn9a2dTmMGlAqzqzbFUpuzkkf3VJH5VjfEb/k WG/67J/WtXXJEh8PTSSyzRIqKWaFtrgZHQ5H060AYPjMynwNAZ3Z5N0e5mUgk4PUHn9B9BXXW3/H rD/uD+Vch4xwfAsBEjyjfHh36sOeep/mfqa6+2/49Yf9wfyoAh1K6aztRIuwZcKXkOEjB/ib2H+c darxLfzxo0OpWssT9ZEhyeP7vzEeo56Vp1Q0UY0xPd5G/N2NACCHVMszXdvleEURHDj1bnIPbj0z znAa76pCpeWSw8sjLOQyCH68nePf5a0qo62CdEv9v3hbyFfqFOP1oAXTL1ryKQkxSCN9glhOUk4B yv0zjvyKu01CGRSv3SMinUAFFFFABVWXTrWbUIL+SLNzApWN8n5QevHT1/OrVFADWVXUqyhgexGa dXPnxXar4hOlvDIqbhELn+Ay9dn9M+vbvTby+u7LxrZwSTk2N7CyIhAAV15/w/OgDoqK53Xby5ut bs9CtJpLcTIZrmaI4dYxnAU9iSMZ9xUc1k/h6+srizubhrKaZbea2llLqN3AcE9MHGfX2oA6aiuY jleP4jSxGVtktiCEJOMhh0H4H9a2rfVbO41K40+KXNzbgGRMYwD6evb86AF07UrbUlnNszHyJWhc MuCGHtVfRtTk1C41KKVUU2l00S7QeVwMZ9+tZujFbfxnrtqmAkixT7fQ45/MmjwgGN/4gkPQ6g65 +hNAHTUUUUAFZXij/kWtR/692/lWrWV4o/5FrUf+vdv5UAN8J/8AIsad/wBcRRR4T/5FjTv+uIoo AyP+an/9udddXI/81P8A+3OuuoAz7v8A5C+n/SX+QrQrJvL2FdTt2BkZLcus7qjFI8r/ABEDHpn0 zk4FWP7a0r/oJ2f/AH/X/GgC9Wfp2VvNTTnAuAyj0BjTP67qZNrVm5SGxu7a4upWCxosoPPcnHYD J/Cs2XUpdP1O7lubqzXYY1kgzhpE7yLk5Bwfu4P3evNAHS0UUUAFQR3Ae7mtipDRqr5zwVbIB/NW /Kp6z9PK3N7dX0bbopFSGNuzhNx3D1GXIz3x6YoA0KKKKACiiigAooooAKKKKACiiigAooooAK5T xL/yN3hz/rpJ/wCy11dcp4l/5G7w5/10k/8AZaAOoeSOPG91XPTccVzGvHPjTw8RyP3n8qi8RwLJ 4hDyxW5QWqgNPZyXAJ3N029D/iKXV8Dxb4aACgbH4Vdo+72Hb6UAddTJYxLE8bEgOpUkHBGafRQB yOl6k1tJp1vb6lbXquwtzapbeVLEoByxG4kYxzkY61Z8I3ISxjtJL+yaRd0aW6DEq7SR83zc8DPQ V0YRQxYKAx6nHJoCKG3BRn1xQBz2j6jpdrp9pp91Ki30bKkkLrmTzieWx1OWJO70OarNdafDo2pW d6ym/nkm8yDH72V2Y7No6njbtI6cdMV1eBnOBnpmkKqWDFQSOhx0oA5d7K8m1uCRZPK1ODTomEjH KM25g6sB1B/MdRUKXiiEXV/EbNY9XzKkpB2ExYPPTGTwe45712FFAHH3MlndXOoXtlOIrKNYWkuB EXiaVX67eN2FIyR7HtWnoeoy3F9Pa/bLfUIljEn2m3j2hWJxsOCQTjn1657Vu01VVBhVCjrwMUAM gniuYhLC4dCSAR7HB/UVLRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHK/Eb/kWG/wCuyf1rbvLe7ngt /sdyIWQgtuBIYY6cGsT4jf8AIsN/12T+taXiBIW0BpJ03CEI4woOCCOx7evtmgDL+IW//hFP3u3f 5qbtvTPPSuntv+PWH/cH8q47xcqr4CtlTftDRgbxg967G2/49Yf9wfyoAlqhohzpUB9QT+ppmtXr WcEYSTyvMZg0uMmNFRnZgDwThcDPcjr0qOzg1C0tkjt1SSLGQt0+2SM+hKAg/wCevYA1qgumgKfZ 5pUQzgoqswBbjsO9V9+q/wDPvZD/ALbv/wDEVnF7bz9TXXPIV3RVClvlaELxtz1+Yv0749qAL+g3 sV7pNqySo8ghTzArbirbRkH9a0a520/tO1/s+6ubIbIrTypxDJufopyVIHQhuBk/McZrfjkSWNZI 2Do4DKwOQQehoAfRRRQAUUUUAcNb6YusjxNp4O2db3zonb+Fudv8iPoaoavrLXOkad9s/daxp16i yxv944B+YeucDp/hXZWeiJaa/e6ok7Yu0VTDt4BGOc/h+pq3cabY3VxHcXFpDLNGQUkZAWGOnNAG DrkV1pfiWDXYbWW7tvIMM6QjLoM5yB/np2phu5/FOoWKW9nc22nWswnmlnTYXZfuqozzz1/+tz0N /eGyRJWhZ4MnzXTkxD+9t6keuOnX1qrdXN1Okn2A+bGwikhliIIYb/nG7p0H6+1AFTXtGvLjUbbV tJljjv7dTHtlHyOhzx+p/OqFt4S1C1dNQt9UCau5Y3EhXdHIGP3cegx6flxW2ftV/PM0F2beGBzG m1Ad7AYYnPUAkjHqM0kmoXNifJu0jmmdcwNFlBIdwXBBzt5ZecnjJ7UAN0bRm0+4ury6uTdX12R5 sm0KoA4AA7cfyq5p8V3Es/214Xd5mZDEu0BOMA+pqBtSntplTULMQxuQqzRyh4wT2YkKV7duScda 0QcjI5FAC0UUUAFZXij/AJFrUf8Ar3b+VatZXij/AJFrUf8Ar3b+VADfCf8AyLGnf9cRRR4T/wCR Y07/AK4iigDI/wCan/8AbnXXVyP/ADU//tzrrqAOdYPYaspa0+0SsZfIwvXcSxIbop5wc4yACM9K 6Ks68kQa1pyMyhispAJGTwOlaNAFe7tvtEabX2SRuHjfGcEe3cEEj8ajhsUCS/aity8zbn3INvTA AHOBge/erlZPiDT7afS7yZraOSZYmdSRySoyB+mKAHaQESe8itW3WUbqsWGyqtj5lX/ZHHHQHI7Y GpTItnlJ5W0R7Rt29MdsVHdXcNoimVjlztRFGWc+gHc0AR3VgLx8Tzym3xzACArfUgZI9s49c1aV QqhVAAAwAO1U7S8mluHgurf7PJt8yMb925OnJ7MD1AyORyau0AFFFFABRRRQAUUUUAFFFFABRRRQ AUUUUAFcp4l/5G7w5/10k/8AZa6uuU8S/wDI3eHP+ukn/stAEniXzxfsd7PH9lLRpHe+QYWBOZGG RkcrzzjB4qHWFkXxd4bWZw8gVw7AYBO3k4rR1iyimuZ549RNvL9m2TxrsYtF8xHDfd6tz0rM1MRj xT4YEQIjEb7ATkgbRjnvQB19FFFABRRRQAUUUUAFMkcRxs7ZwoJOKfUcyGSCRFOCykA/hQAsMgmh SVQQrqGGeuDT6p6S4k0mzcDGYE49PlHFXKACiiigAooooAKKKKACiiigAooooAKKKa7pGheRlRR1 ZjgCgDl/iN/yLDf9dk/rWvq3GlKxZlClDlZXQ5yAB8gJOSelYHj+/trnw60cEnm/vUO9FLJ3/iA2 59s10GpxyTafHHGu4MV3AwiXOORwSO4HNAGB43/5EmHAYfNH94sT07lsH8+a6y2/49Yf9wfyrkvG okHgiETRrHIHj3IowB17ZOPpk/Wuttv+PWH/AHB/KgCHULNLyFd7bGjO9W2hgOCCCD1BBII96g0O KQWEM8kinzokYRxqVRMjPGSSTz1J7DpVjU5jBp07qGZyu1FXqWPCj8SRUVpfWixxW/mCGRVCiKUF G444Bxnp1FAF+mSbdu513Bfm+7k8eg9afRQBmNrAeQwW1ndS3G3cEaMxADsSWxxn0yfarWnWzWmn 29s7B2ijVCwGASB29qrzHZ4gtDnAkt5VPuQyED8t1aNABRUc88VtE0s8ixxr1ZjgUsUiTRJLGwZH UMrDoQehoAfRRRQAUUUUAFQO1vY2xO1IolydqgDnqcD1PNT1Rn/0nUFtm/1UaLMwx1O7K/TBXPvz QBBoE6zw3ZVWQC5Y7WGCCwDH9WIz3xVXU2muL/zoAjR2jpF8z7dzllcqM8E/Kij3Y+lbUUEUBcxI F8xgzY6ZAC/hwBWHLZ2f2i6s9Tu3FrgyJFJN5asGJZ2yMbsHsc469xQBo3d7E8E1v5Blmb92Ldxj fksoz/snaxz6AmrNlbi0soLZTuEMapnGM4GM1zsaamlvZ3T6oTbmZYYx5C+a8bPtVi7ZycFWPA4z XU0AFFFFABWV4o/5FrUf+vdv5Vq1leKP+Ra1H/r3b+VADfCf/Isad/1xFFHhP/kWNO/64iigDI/5 qf8A9udddXI/81P/AO3OuuoAx9TgafVoI1t7e5VreTzI7j7uAyY7Hnk9qYLfyeH0+8hAH3rS5LRj 6LuB/wDHauoN2uTk/wAFtHj8WfP/AKCKmsZzdWMFwQB5savgdMEZFAGXuUN8uo6vHjrm1JA/Foz/ ADrL1aW8uzHZaNr4muHR5H814hhRgbcKgIJ3cZ9DXVS3CwzwRMp/fMVU+4BbH5A/lUeo6fbanZSW l3GHicY91PqPQigDnPBupXBd9Pu4xGIh5SkSh18xPvAHJxkFTjOPlbGOgx/iDa351pb6080pa26O zRtgxEs2D6jp1HpVi20W08NWctxNfXdtewjzBnHkylc4C8YOckYzu57Z5j8I+IdU1HU7557V7wzx gDYoVEK5wpJ4C4J9fYEmgCx4N16/1q/hW5g817WN1e5GANjYOCPXKDp7+ldzVDR9Lh0qzMUUcatI xkk8tcKWPoOwHQD0Aq/QAUUUUAFFFFAEVxL5FtLNsZ/LQttXqcDOBWHdJezJp6RaqwkvGzIqlduz aSduAGABwOD3GTWrqtxJa6fK9uu64YBIV9XY4X8MkZ9q4rwha6rJqkltqWn+VDEpJmEIhdWHTDqA Wzk9zkGgDft4NIS6uLW9t7B7mJ0UOIhvfcBg45bOT1z78drxb+zZQUnMtpvWOSN33NCWOAQTzjJG QemcjAGC2G1t/wC2hEkZxaReblyWLPISN2TySAhGc/xY7cR6lEJpdYiPR9PQfrNzQBtUVFbyGW2i kPV0DfmKloAKKKKACuU8S/8AI3eHP+ukn/stdXXKeJf+Ru8Of9dJP/ZaAI9fgsbfxD5s1jptwbi3 yVnl2NldxLfdPG3ufT2p2s/8jf4b+VV+WT5VOQPl6D2pvilWk1bNt5qyQ2wedhOkYMeXAC7lOW+Z +eAMijVBGPFXhkQoyRiN9isMFRtGAaAOvooooAKKKKACiiigAoqKWeOExiRtvmOEXg8tzx+lS0AV bC3e1WeNipjMzPFg87WO45/4EW/DFFzfRW7+Xh5ZiNwiiUs2PU+g46nApupSSpAiQOY5JpFjEgAO zJ5PPGcA4z3IrPa2n027httPmybsu0jXH7wqQBl88E9hgnuMYwQQC8Lq+Ybhp20f3XnUN+QyP1oi 1KMypDcxS2krnCrKBhj6BgSpPtnPtUQvWsb1bbULmEpKheKVsR8qQCpGcH7wIx7+nMlxd2k+lS3E 0ZltQWD/AC54VsFvoMbsjnAyKAL9FUtOkZfNtJXLyQEbXY5Lxn7rH8iD6lSe9XaACiiori5gtlDX E0cSk4BdgMmgCWiqQvnnXNpayyA/xygxL+o3fiAaQ2Utxg3twWXvDD8iH69z+eD6UAPkv4g7R26v cyocMkWDtPoWPAPsTmmtFfXCjdOloO4hUO3/AH0wx/47+NWooo4Y1jhjWONRhVQYA+gp9AFBtLUr lbu9SX/noJyf/HTlf0qnBbJBepDqiG6lckw3Up3KT1xtPCNj0GCB+FbdQ3VtFd27wTAlG9DggjkE HsQcEHsRQBynxCiDeGw8gkMkUqoGfHzf7XHHP4fStzVJ5oILVobtLcd9y7i+FyBjBJGeuMHHOfXn fHFxKPDklleMDcxyowcDAlTJAce/YjsfYit7WldrezCfLltokVtrgkcBcOh59Mnp07gAxfGkkk3g iGSZ0eRpELMhBB69CAP5V11t/wAesP8AuD+Vcj4zBHgeEMiI29MqhyB19z/M/U111t/x6w/7g/lQ BU10M2kTrGSJTtEZB5D7htP4NilaC+WIxu9vex9NsybC31IyD+Cik1Y7hZw4B826j4P+yd//ALJV hbgtfyWwUYjjV2bPdiQB/wCOn9KAMwWcUGF/sZ4gP4rKUKo/IqfyFOL2UeWafUolA53ibA/Fh/Wt moLO4F3aRThSm9clT1U9wfcHigDzq8bVILuw1SS5g1GC7wEt5ZAWi3kHaMnIIPG5ecrzXoOlSPLp NnJIxaRoELE9Sdozn8a5nWPCen3XiBrq8mngW6ZfLaIgL5nQqSQcE4BB7kkdcZqSeJ30K+utGXZc P5wEU6nAjLYzuHcgkkgdyenSgCzoPiC1vvEF1a6kVa6S4dbSRj8m0HAVR0VuOvU5610mlkRtd2n/ ADwnbH+6/wA4+mNxH/Aa4TVvBcw8RRRaPMSjASSOz5a3Pqx9+o7nn0zXoNjaLZWyxB2kbq8jnLSN 3Y+//wCqgCzRRRQAUUVBevcR2cr2cSTXAUmNHbaGPpn/AD+HWgCes+wbddalM5yBOEX2VUXj8y35 1Vjt7mRd17FqEzsAxVLhY1U9wArDjnuTwOfeTR/Mtri6tJ4zGzOZot0hk3IQAfmPJIbr9RQBaGoI Z7ZcbYp4WlDscYxt4/Jifw+tYXjWbXYltBo0Lum4mQxxiQg8Y4IPHWtU2jQL9mktft1mMNChCExE fw/MQCBxg9euak021kgeSUoLeJwAlqpyExnn0BORwvAx1PWgDEvWOmyaQ7o6ToolmiQvJHGMor4X JCgB2IIxjGOnB6pWDKGUggjII71zy3lxd6zexaeissiiI3DhsR7cgkfLhhliAMjJVu3I3reFLe3j gjzsjQIufQDFAElFFFABWV4o/wCRa1H/AK92/lWrWV4o/wCRa1H/AK92/lQA3wn/AMixp3/XEUUe E/8AkWNO/wCuIooAyP8Amp//AG5111cj/wA1P/7c666gCimW1a8AIB8iIDn3k/xqHSdQsxpVmpuo FYQopUyAEEAAjGetWIv+Qzc/9e8P/oUlR6lFEbmwkdEP7/axK5yDG4x+ZFAEGsalZR2ZkF3B5sLL KiiQbm2nJAHqRkfjWvWdZIsGrahCihVcRT4AxyQU/wDadaNAFWWSSO/hVjugmUptwOHHI/MBvyHr UWljyFmsegtn2xj/AKZnlfwGSv8AwGp7yBp4QI22yI6uh9wc4+hGR+NVbl1ivLS+jw0UuIJGU54Y /IeOuG4/4GaANKiiigAooooAKKKzZ9VjcCKz3yTSt5cT+U3l7u53YAIGCevOOKAHTn7TrFvADlbZ TPIP9o5VAfw3n8BWhWbYArM0VscwxMfPncfNPJjn8uMnpxtHThZdd0mCd4ZtRto5IzhlaQAg+lAF LUbhLr7VNFbyMtnBNmQoyEup4CsCDjKtkA+h9KsXUUNjoF9PBks1s8jOZGcthDj5iSSPTmq7XukB 38jxDDAjsXaOO5i25PJIyCRn2I9azfEHiLSbbS4tMsGW9LFIxDA28eWCMjdz1AI9eaAOsgTyoI4/ 7qhfyFSVxOnTprciCKyudPAYMDBZ42spBAMp4x04wK3LrTbyYLcSTvdbV5s5QFVuckfKcbuwJyOP xoA2qK557eza5s5LW1VLefr5YKEk/wC7yMDPGPXO0A51P7LtP7j/AEMr4/nQBdrlPEv/ACN3hz/r pJ/7LW7/AGTZEYMJI9C7H+tc5rtrBa+LfD3kRhA0j5wfpQA3VbNG1GdzZo5dycjRGl745YNz0696 m1dceK/DXGBtcYC7f4R/D2+lSa5oJa9uLyK1t5o5YCGMtw0flPyS/Gcjp6YxUeqjHiXwuN4kwsnz jo3yjmgDraKKKACiiigAooooA5HUbq5vtTltJbpIYllAiUnYFZdzZLD5v4VPBHU8VpaFrVvPbmGe 7jEikeX5kg3MhAK/UjJXPcrnvVLWrb7LryXn2iWCGVcuURWzwA/3gegSJunRHqa3na3ukt4c3ltO 0khiCo8p5HzM27BTk4JwfuigC7rbQubeK5GYED3Mwx1SNe2O4ZkP4VzGg69Y6zrSWqwXltOdxt7g 3TSsuBkjDZABAOeo6dwDXR6ZFbPrF20FmtukUKRFfKCEsSWbPrxsqXT/AA7pOm3j3dnZrHM2fmyT tz1wCePwoAdcW0VlbXV/dO11JHCzbpgMKoBOAAAB/M+vAqxp9mtrpcFo6hgsYVwRwxx83Huc1PND HcQSQyrujkUoy+oIwRWSWkRLjGqXgjt5RExMcRbJC4wdvIG4dRng0AM0mR/tGnhz832WaF2PV2jd VB/9DP41tSyxwRmSaRI0XqzsAB+JrIvYbe1udOg+0NaxRpJ8wYAkALnLH16k9fenWzaSLnfb3FvM Yo2kd3czOBx8wck4A5/+tigCvHqMd/AJ7mW/igf5gkMEiKqdizhc5xySGwPwybkZsrSaGS0tY3SZ QDPEAxJLKF+buMFiTnotalZ9xp7K7T2DiCYksyHPlyk9cgdCf7w5+vSgC5DNHPEssTbkYZBqSufS d7bzbi0jKiIATWjY3J8qgADvwmFxnJc9q3Y5ElXdGwZckZBzyDg/qKAH0UUUAFFFFAHI/EmCOTw8 krL88Uy7W7jIII/z6Vt6jHZvbwG8jaT5SqovUgrz+gz9QKyPiN/yLDf9dk/rXQyWsF3axx3EayIA CAexx1oA5bxskMfgmJLYsYVeMIWOTjnr711tt/x6w/7g/lXM/ENFj8K7EAVVlQADsOa6a2/49Yf9 wfyoAqX3zarpiZ+68kmPohX/ANnosSW1PUmOflkSMfgin/2alm5120HpbTH/AMej/wDr0zVLCF4L m6QPHc+S2JIpGjY4BxnaRnHvQBpVQ0s7HvbfP+puWxk9Q4En83I/CqTW6JDp8n2m7KzyKH/0l+Qy HHOeOcVp2ljBZtI0Ik3S43tJKzk46csTQAt+QLCctEkqhCTG4yGA7YrBuvC2iJqlrc/Y8CWQqdsr AByNyt1/2SOP71dKQGBBAIPBBrMa1nfQVgK5uYFHl5P3njOVP0JUH6GgDQhgit49kMaouc4A6n1P qfepKjt5kuLeOeI5SRQyn2NSUAFFFFABRRRQAVnBluNZLhlMdnEVJ7B3IJH1AUf99VVvbi+u4PPs lzbEhY41lET3Ge4cj5V9McnrnsU0i7ns9Lgt9Q067imRcSMqiYOe7ZQkknqeOpNACGe5FnealFdy ELJJ5cTBTGQp2jtnB254Pert+r3F7b2ZkeOCWOR5PLOGYqUwueoB3HOOeOtcpLd2Md7Ij6NeW1mb pWE5tCojRQCcDGQCwHGOhP0rX1a50i/S2vY7y3uJFYJFCzq6y7mAK7D39xgjvxQB0UaJHGscaqiK AFVRgADoAKGdVOGYA+5qhJpVhGRJ9htREiNuRbUMx6YxgZ7HjBzmnDTrKOYqbG12SYVdluM5wc7u MY468dcfUAvA5GRyKqtfoZWjghmuGU4Yxr8oPpuOBn2B471BLplmElJ0+yYlgE/cA5zgfNgepP4c 0S2EUHz6fEltNH842LsST1Vscc+vbg0AS/2jgZazuh9Iw3/oJNZniTUYpPD2oR+VdKxgYAtbSAdP XGBU1lcC3dHjZms5ujO33DwCD7hg2fUuB24l8Uf8i1qP/Xu38qAG+E/+RY07/riKKPCf/Isad/1x FFAGR/zU/wD7c666uR/5qf8A9uddLcXiwyrCkck0zDcI48ZA9SSQAPqaAISdmvIv/Pa1Y/8AfDD/ AOOUmtcWcb5A2XMDZPYeauf0zTLj7XJeWtxDZsGiLK3mSKMow5HBPcKfwrOmmaS8hnvxLiO9KPCu 5ljUIxQlR1yQG3EHBxyMUAasnya5Ae0tvID9VZSP/Qmq/WJq91bXtqsMDM0rSoqyJExaPLBSynHD AEnNTWOoXc8UirAtwYZGj85XCq+Oh79iM++aANWskQLIb7SnYorqZYWHVQ5Oce6uCfbK1NcajJaQ NNc2UwjTG5kZWA+vIOPfoOpwKriGTU9TkN0slslvFsWNJCGYOQSWZTx9zGAfXnngA0LCc3Wn21ww wZYlcgdsgGrFNjRI41jjVURQAqqMAAdABTqACiiigBrgshAJUkYyO1YcSXFv/Z+mXANvbIhj82GT AlZQNqg/eXI3E/QDJzW9WdewRXep2kFwiSxLHLKY3GQWG1QSPo7UAUPEV2fDvhpzZE+aW8uIu247 mJJPPU9T/OpdP0GxsrOGya3tbqVcPcPMoZ2Jz8/IPVhxnsDzxVyDTrGO43i3td6nfDhBlBgZx6c5 5GOoq4qYjCOxk4wSwHzfXHFAFQ6TYNIS9hZsgA2gwLkEZ7/TFTW9ssIAjjjgUE/JEoCsO2eP5VOq hVCqAABgAdqWgBqhwW3sp5+XAxge/PNCxojOyIqlzuYgY3HAGT68AD8KdRQBzWpTw2MyrM23y79W iUdWEmGP/j+TzxwO+K6WsLU/sh1SRL7f5Rhjf5eh2ea2D7YHbr06Grp1mzDEMzDBwfl6cuP/AGm1 AGhXKeJf+Ru8Of8AXST/ANlrcbWLJVy0hBxnGw+/+B/Kud1+7huPGHh5YpNxVnJGCOCcD9VP5UAS eK7y5ttWt1trmWItEMi3YySn5j0iJCke/J/Kna0SfFXhosWJIlyWGD90dR2pniqaeLWIBbTSxuYR n7NvkmPzHH7sMFI9zmn60SfFXhosWJxJksME/KOo7GgDq6KKKACiiigAooooAiubaC7iMVzCksZO drqCM+tUZZtK8PWpxHFbJgt5cMfzNjqcAZP17VNqd8LG3yiGW4fiGJQSXP0HOB1J7CqGm2n2m5aa USlYnBYzxlGmlxncQeirn5QOM5PYGgC9pSP5U1zLE0Ul1KZSjdVGAq5HY7VXI9avVgT63dSzXkmn xwGzsvkeSUMTNL/cTHp06HJIAHetm1ac2qPdqkcxGXVDkL7Z749aAEvvP+wz/ZTify28vjPzY4rM CWZ0CV47sCOY+aZXbf8AOSDg4xnnAx17danuPEGkWyky6lbZBxtSQO3/AHyMmqyarBczGbTtJnuJ ccTtCIV/F3wcfQGgCrqUstz4j0tFtoDPHbPL5c8oUKz4Hpk42noPyrVt4jFJL5su28mOBK4UbwBn 5FycKMng89Sc9awW8HPq+pvqWu3KuX+7b25O1VHQbjyffAHNdRbYRTCZ/NdDzk/MoP3Qfw7nrQBP RRRQBRv4JAVvLRQbqIH5ennJ3Q/zB7H2JBqWM0cF1brbB2tLtcxs2TtO3IHJyOFcsTzucVs1lSRv FeTWoVWS4UzwByQqyKQSDjsTtb/vqgDVopBnAzjPfFNllSFN0jADn6nAzwO/ANAD6imuIYMebIqk lQB35YKOPqQKzrnUnnDwWWRIzNCshGdrGLerfTkdafFpvnXLXV1kMX3qm7O0fuzg/Rox7fnQBy3j e/nvdB3CLZb70Jz1DFY2Ufk7f9811926pZR7pnjDYGIxl34+6uOc/Ttnp1HP/ENdnhkhSgi8yMIq rjHX36Yxxjt+WjrM8lvbR7tkiOBti+zeYcjHP31yc9Mc/lQBi+L0EfgaMCTzMzBt5zk5ZjznnPPP vmuxtv8Aj1h/3B/KuO8Y+afBau7RFHkjaNY4THtU54I3NzXY23/HrD/uD+VAFVv+Q7H7Wz/+hLVy RPMjZCcbgRmqUx2a7aE8CS3lXPqQyED8t35U7UdUt9OjYy73kCFxHGhYn8umTxk4FAFHfv8AC+nT ngqLWTPp8yE/pmtysr+zp18LppwMbXCWqxZ3ELuCgZzjOMj0qzYajDe+aisomhcpJGHDYI9MdR7/ AIdQRQBcqnDI41a6gYkoY45VyehO5SB7fKp/E1crNu54bbWrd5pI4lNtLuZ2Cjh48dfqaAJdMKrH PAv/ACxndfbk7wB9AwH4Vdqhpaki6uCrKtzOZEDLtIXaqjI99ufxq/QAUUUUAFUdVzLDHaD/AJep BG3+5glvzUEfiKvVQfL6wzKNzW9tlVzjJdv/ALX+tAFtHB2CNcxlch1I244wOv8A9bikWFQY2LOz xrtDFjznGcgcHpT1XaW+YkE8A4wvHQf5706gCMx7gQ7sfmDDaSuMcgcdR/Oq1zpGnXcoluLC2lkB zueIE/n3q7RQAzy08zzNi78bd2OcemafRRQAUhAYEEAg8EGlooAxrmz8uWe2iTEUyefEsYwUdNoI XsCflI9CCaZrTiTwbeEMjEWrKWjztJAwcZ7ZHFXtRbyZrKbJCrOEbHcOCoH/AH0V/KqOuQ/Z/COo RYwFhkx82eMkj6cdug6DpQBL4T/5FjTv+uIoo8J/8ixp3/XEUUAZH/NT/wDtzq5dv/xU00TNIqPF DlkdkI5kAAK+5PHP04JDNY8LXGoa1/adpq0ljL5Yj+SPJ/PcKpN4L1NpzO3ia5MpXbv8o5x6ff8A c/maAOlXTlUYF1d4952P86P7MjP3ri8P/by4/kawP+EW1r/oa7r/AL9H/wCLo/4RbWv+hruv+/R/ +LoA3v7Kt8/6y8/8DJv/AIqg6VbHOXuj9buU/wDs1YP/AAi2tf8AQ13X/fo//F0f8ItrX/Q13X/f o/8AxdAG/wD2ZbiORA05EkZjIed3GD7EkVR0WV3uYnmP72exi3g9nQsH/VgPwrO/4RbWv+hruv8A v0f/AIuok8G6pG+9PE9wrDdyIj/Edzfx9zzQB2NFcn/wi2tf9DXdf9+j/wDF0f8ACLa1/wBDXdf9 +j/8XQB1lFcn/wAItrX/AENd1/36P/xdH/CLa1/0Nd1/36P/AMXQB1lUTg66vqtse3qw/wAKwf8A hFta/wChruv+/R/+Lpn/AAiOr+b5v/CU3Pmbdu7yjnHXH36AOqgUCGP9yISEAEfHyD044/Kpa5P/ AIRbWv8Aoa7r/v0f/i6P+EW1r/oa7r/v0f8A4ugDrKK5P/hFta/6Gu6/79H/AOLo/wCEW1r/AKGu 6/79H/4ugDrKK5P/AIRbWv8Aoa7r/v0f/i6P+EW1r/oa7r/v0f8A4ugDqXijk+/GrfUZ7EfyJ/M1 GLS2GcW8XPX5Bz1/xP5mua/4RbWv+hruv+/R/wDi6P8AhFta/wChruv+/R/+LoA6VrK1Y5a2hJPr GPf/ABP5muZ8QxpF4r8OJGoRfMkOBx1IJ/nS/wDCLa1/0Nd1/wB+j/8AF0tr4SvE1a0vr3XJbw2z blSSI/z3HFADfFUlzHq0H2SSVWMQ3C08xpyMt/CCEx15Oe9O1ok+KvDRYsWxJncAD90dcd66usHx F4em1m5s7i31BrKW13bWWPcecd8jHSgDeork/wDhFta/6Gu6/wC/R/8Ai6P+EW1r/oa7r/v0f/i6 AOsork/+EW1r/oa7r/v0f/i6P+EW1r/oa7r/AL9H/wCLoA6yiuT/AOEW1r/oa7r/AL9H/wCLo/4R bWv+hruv+/R/+LoA1bm5W317e8UjRpagO6qW8vcxxwOcHacnttGaZq+t26aRdvYzpPcrE2xYmyyn HBPoB15/nWWPCWsLI0g8VXQdgAT5R5x0/j9zSS+EtXmieKXxTcvG6lWUxEgg9R9+gDS0vRbuyt9O tpZ7dra1G4xxRspL4PJJY7uST0HPPbFPv5P7T1caOObaOMTXZB+8Cflj/HqfUDHes0eFtaA/5Gu7 /wC/Z/8Ai6ij8HapHPLOnie4WWbHmOITlsDAz8/agDpbWytbYIbK1gtlBIYLCFJHI4xjHODnn9c1 M4Uy+W7FhIhHllcrgde3uOp/rXL/APCJauZRKfFNzvClQ3lHIB7ff9hTv+EW1r/oa7r/AL9H/wCL oA6SV4YXDyOYljQnJJWMDjqenbv71Yrk/wDhFta/6Gu6/wC/R/8Ai6P+EW1r/oa7r/v0f/i6AOso rk/+EW1r/oa7r/v0f/i6P+EW1r/oa7r/AL9H/wCLoA6ys/VVIaynXrDcpn6NlD/6H/nFYf8Awi2t f9DXdf8Afo//ABdI3hTWXGG8VXLDIODEeo5H8dAGxbX9zeTW7RRhYWVJH4z8pDgjJ7hgvTnmltdN kVIDcS5aMI5HUlxGUYk+4I/KsceFtaA/5Gu7/wC/Z/8Ai6P+EW1r/oa7r/v0f/i6AOmtraK1gSKJ cBEVMnqQBgZ/CnNgMxYLtIAz3Jz0/X9a5f8A4RbWv+hruv8Av0f/AIuj/hFta/6Gu6/79H/4ugBf iIip4W2qoVVmQKAOB16Vs3jTmOFYI7vIUHfAIiPTB3n+XrXPXfgrUr6HybvxLPNHnO14SRn/AL7r q57ZpYUVJmjZOhAyDxjBHcUAcn40ma48GB2Mjfv1AdyhL9efkJHt+Fbi3UsylVuo7O1tgiSTHBZm Kg4BbgAAjsck9sc1dY8NyXnhtdKtrgblk375ST3JPqe9ZcXhzxVCzmPW4BvIJBXIzjGcFcUAbEja dO8Rm8ReY0T70/fQqQcEdVUHoT+dVrxYZUuoo9VhdLpERrgyhpI1UngADBHX0xk1B/ZPjLGP7et/ +/Y/+JpP7J8Y/wDQet/+/Y/+JoA0jqMsY/5DFmw/2rRif0cfyqvatGghjnv4l8mWR/NiYhpA5Y7c Y+UZKnGT90VV/snxj/0Hrf8A79j/AOJo/snxj/0Hrf8A79j/AOJoA2BNp+C39qyKOuWnwB+dZzWd lBqv9uW2otfzQriVGlWTEeOSoUcEdcd+R3zUH9k+Mf8AoPW//fsf/E0jaN4vbO7XLY5GD+7HT/vm gDrwQwBBBB5BFLXGw6J4ughSGLXLdUjUKo2ZwBwP4af/AGT4x/6D1v8A9+x/8TQB19Fch/ZPjH/o PW//AH7H/wATR/ZPjH/oPW//AH7H/wATQB19Z0LMNUvpAjSYEMe1SMjqSeccDfn8Kwf7J8Y/9B63 /wC/Y/8AiaZHofi6OSR01y3DSsGc7OpAA/u+gFAHYRoscaogwqgAD0FOrkP7J8Y/9B63/wC/Y/8A iaP7J8Y/9B63/wC/Y/8AiaAOvorkP7J8Y/8AQet/+/Y/+Jo/snxj/wBB63/79j/4mgDr6K5D+yfG P/Qet/8Av2P/AImj+yfGP/Qet/8Av2P/AImgDr6K5D+yfGP/AEHrf/v2P/iaP7J8Y/8AQet/+/Y/ +JoA6HWIZp7ELbrukE8L/gsisT+QNYut3N/J4fvftEJRHtmJynT92p/D5t4qD+yfGP8A0Hrf/v2P /iaiutA8W3dtJbz63bPFIpVlKYyPwWgDd8J/8ixp3/XEUVZ0SyfTtHtbOVlZ4YwrFehPtRQB/9k= ------=_NextPart_000_00C1_01C2169F.51F643A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: Re: [CANSLIM] The A's & B's in Acc/Dis Date: 18 Jun 2002 08:13:06 -0500 Just curious, how do you know that the number of A's and B's dropped? Is that in the paper somewhere? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Fred Richards" To: CANFORUM , SWL@adrich.com Sent by: cc: owner-canslim@lists.xm Subject: [CANSLIM] The A's & B's in Acc/Dis ission.com 06/18/2002 07:16 AM Please respond to canslim If the action on Monday was truly the beginning of the new bull, why was there a drop in the number of A's and B's in the Acc/Dis numbers in IBD. Also, please note the low volume. It looks to me as if the individual optimists were suckered in again and the big boys were selling into the rally. Just a word of caution to those of you who have itchy trade fingers. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] The A's & B's in Acc/Dis Date: 18 Jun 2002 08:20:20 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00D2_01C216A0.FC2ED020 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Mike, Take a look at the IBD Big Picture page (General Markets & Sectors, = usually page B2)....then look at the Dow Jones Industrials graph, lower = left. You'll see a summary of A/D numbers. I'm looking at 6/13's paper, = but it says: A 528 -16, B 1921 -49, etc. Meaning 528 A's currently, down 16 from the previous day, etc. One thing to keep in mind about the A/D numbers is that they are a = *lagging* indicator of current activity. Good for determining trend, but = may not necessarily tell the whole story at a turning point--only the = price/volume action of individual stocks tells that in a comprehensive = way. That said, I am not disputing what Fred was saying, just adding a = cautionary interpretive note. Katherine ----- Original Message -----=20 From: michael_niemotka@baxter.com=20 To: canslim@lists.xmission.com=20 Sent: Tuesday, June 18, 2002 8:13 AM Subject: Re: [CANSLIM] The A's & B's in Acc/Dis Just curious, how do you know that the number of A's and B's dropped? = Is that in the paper somewhere? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com = =20 "Fred Richards" = =20 To: CANFORUM = , SWL@adrich.com =20 Sent by: cc: = =20 owner-canslim@lists.xm Subject: = [CANSLIM] The A's & B's in Acc/Dis =20 ission.com = =20 = =20 = =20 06/18/2002 07:16 AM = =20 Please respond to = =20 canslim = =20 = =20 = =20 If the action on Monday was truly the beginning of the new bull, why = was there a drop in the number of A's and B's in the Acc/Dis numbers in = IBD. Also, please note the low volume. It looks to me as if the individual optimists were suckered in again and the big boys were selling into = the rally. Just a word of caution to those of you who have itchy trade fingers. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, = the more laws.] - - Tacitus, Annuals III 27 www.adrich.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_00D2_01C216A0.FC2ED020 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Mike,
 
Take a look at the IBD Big Picture page (General Markets & = Sectors,=20 usually page B2)....then look at the Dow Jones Industrials graph, lower = left.=20 You'll see a summary of A/D numbers. I'm looking at 6/13's paper, but it = says:
 
A 528 -16, B 1921 -49, etc.
 
Meaning 528 A's currently, down 16 from the previous day, = etc.
 
One thing to keep in mind about the A/D numbers is that they are a=20 *lagging* indicator of current activity. Good for determining trend, but = may not=20 necessarily tell the whole story at a turning point--only the = price/volume=20 action of individual stocks tells that in a comprehensive way. That = said, I=20 am not disputing what Fred was saying, just adding a cautionary = interpretive=20 note.
 
Katherine
----- Original Message -----
From:=20 michael_niemotka@baxter.com=20
Sent: Tuesday, June 18, 2002 = 8:13=20 AM
Subject: Re: [CANSLIM] The A's = & B's=20 in Acc/Dis


Just curious, how do you know that the number of = A's and=20 B's dropped?  Is
that in the paper somewhere?


Mike = Niemotka=20 , PE
Sr. Principal Engineer
Baxter Healthcare = Corporation
Route 120=20 & Wilson Road
Round Lake, IL 60073
Tel (847) 270-4075
Fax = (847)=20 270-4525
michael_niemotka@baxter.com


          = ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;            = ;            =             &= nbsp;           &n= bsp;   =20 =
           &nb= sp;       =20 "Fred=20 = Richards"          &nbs= p;            = ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;    =20 =
           &nb= sp;       =20 <ffradrich@attbi.com> &nbs= p;      =20 To:     CANFORUM <canslim@lists.xmission.com= >,=20 SWL@adrich.com    =         =20 =
           &nb= sp;       =20 Sent=20 = by:           &nbs= p;         =20 = cc:           &nbs= p;            = ;            =             &= nbsp;           &n= bsp;         =20 =
           &nb= sp;       =20 owner-canslim@lists.xm &n= bsp;     =20 Subject:     [CANSLIM] The A's & B's in=20 = Acc/Dis           =             &= nbsp;  =20 =
           &nb= sp;       =20 = ission.com          &nb= sp;           &nbs= p;            = ;            =             &= nbsp;           &n= bsp;           &nb= sp;         =20 =
           &nb= sp;           &nbs= p;            = ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;            = ;            =   =20 =
           &nb= sp;           &nbs= p;            = ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;            = ;            =   =20 =
           &nb= sp;       =20 06/18/2002 07:16=20 = AM            = ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;           =20 =
           &nb= sp;       =20 Please respond=20 = to            = ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;            = ; =20 =
           &nb= sp;       =20 = canslim           =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;            = ;            =              = =
           &nb= sp;           &nbs= p;            = ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;            = ;            =   =20 =
           &nb= sp;           &nbs= p;            = ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;            = ;            =   =20




If the action on Monday was truly the beginning of = the new=20 bull, why was
there a drop in the number of A's and B's in the = Acc/Dis=20 numbers in IBD.

Also, please note the low volume.  It = looks to me=20 as if the individual
optimists were suckered in again and the big = boys were=20 selling into the
rally.

Just a word of caution to those of = you who=20 have itchy trade fingers.

Fred Richards

Corruptisima = republica=20 plurimae leges.  [The more corrupt a republic, the
more = laws.]  -=20 - Tacitus, Annuals III 27

www.adrich.com





=
-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email. ------=_NextPart_000_00D2_01C216A0.FC2ED020-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: Re: [CANSLIM] The A's & B's in Acc/Dis Date: 18 Jun 2002 08:31:16 -0500 Thanks. That is my one gripe with IBD. I packs SO much info to a daily paper, that sometimes I feel overwhelmed. I know there is that little blurb in the paper about how you can get great info in only 15 mins a day, but that seems WAY to short of a time. Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Katherine Malm" To: canslim@lists.xmission.com Sent by: cc: owner-canslim@lists.xm Subject: Re: [CANSLIM] The A's & B's in Acc/Dis ission.com 06/18/2002 08:20 AM Please respond to canslim Hi Mike, Take a look at the IBD Big Picture page (General Markets & Sectors, usually page B2)....then look at the Dow Jones Industrials graph, lower left. You'll see a summary of A/D numbers. I'm looking at 6/13's paper, but it says: A 528 -16, B 1921 -49, etc. Meaning 528 A's currently, down 16 from the previous day, etc. One thing to keep in mind about the A/D numbers is that they are a *lagging* indicator of current activity. Good for determining trend, but may not necessarily tell the whole story at a turning point--only the price/volume action of individual stocks tells that in a comprehensive way. That said, I am not disputing what Fred was saying, just adding a cautionary interpretive note. Katherine ----- Original Message ----- From: michael_niemotka@baxter.com To: canslim@lists.xmission.com Sent: Tuesday, June 18, 2002 8:13 AM Subject: Re: [CANSLIM] The A's & B's in Acc/Dis Just curious, how do you know that the number of A's and B's dropped? Is that in the paper somewhere? Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Fred Richards" To: CANFORUM < canslim@lists.xmission.com>, SWL@adrich.com Sent by: cc: owner-canslim@lists.xm Subject: [CANSLIM] The A's & B's in Acc/Dis ission.com 06/18/2002 07:16 AM Please respond to canslim If the action on Monday was truly the beginning of the new bull, why was there a drop in the number of A's and B's in the Acc/Dis numbers in IBD. Also, please note the low volume. It looks to me as if the individual optimists were suckered in again and the big boys were selling into the rally. Just a word of caution to those of you who have itchy trade fingers. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] The A's & B's in Acc/Dis Date: 18 Jun 2002 07:39:16 -0600 Every time we see one of these big rallies, I am always thinking part of it is due to short covering so I'm not even sure you can say many people were suckered in. On 18 Jun 2002 at 7:16, Fred Richards wrote: > Also, please note the low volume. It looks to me as if the individual > optimists were suckered in again and the big boys were selling into the > rally. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] The A's & B's in Acc/Dis Date: 18 Jun 2002 09:55:05 -0400 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C216CF.BFF08ED0 Content-Type: text/plain; charset="iso-8859-1" That is hilarious! What a statement of the times. Also, now I know where all my money goes - it goes to Dogbert! -----Original Message----- Sent: Tuesday, June 18, 2002 9:08 AM Yeah...but it's a whole new era when even Dilbert is making jokes about selling short.... (see attached) Katherine ----- Original Message ----- Sent: Tuesday, June 18, 2002 7:16 AM If the action on Monday was truly the beginning of the new bull, why was there a drop in the number of A's and B's in the Acc/Dis numbers in IBD. Also, please note the low volume. It looks to me as if the individual optimists were suckered in again and the big boys were selling into the rally. Just a word of caution to those of you who have itchy trade fingers. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------_=_NextPart_001_01C216CF.BFF08ED0 Content-Type: text/html; charset="iso-8859-1"
That is hilarious!  What a statement of the times.
 
Also, now I know where all my money goes - it goes to Dogbert!
-----Original Message-----
From: Katherine Malm [mailto:kmalm@earthlink.net]
Sent: Tuesday, June 18, 2002 9:08 AM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] The A's & B's in Acc/Dis

Yeah...but it's a whole new era when even Dilbert is making jokes about selling short.... (see attached)
 
Katherine
----- Original Message -----
Sent: Tuesday, June 18, 2002 7:16 AM
Subject: [CANSLIM] The A's & B's in Acc/Dis

If the action on Monday was truly the beginning of the new bull, why was there a drop in the number of A's and B's in the Acc/Dis numbers in IBD.
 
Also, please note the low volume.  It looks to me as if the individual optimists were suckered in again and the big boys were selling into the rally.
 
Just a word of caution to those of you who have itchy trade fingers.
 
Fred Richards
 
Corruptisima republica plurimae leges.  [The more corrupt a republic, the more laws.]  - - Tacitus, Annuals III 27
 
 
------_=_NextPart_001_01C216CF.BFF08ED0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] The A's & B's in Acc/Dis Date: 18 Jun 2002 08:00:58 -0600 On 18 Jun 2002 at 7:16, Fred Richards wrote: > Just a word of caution to those of you who have itchy trade fingers. More words of caution, this was at CBS Market Watch today, this is part of it anyway, by Mark Hulbert on the front page if anyone wants the whole thing - ANNADALE, Va. (CBS.MW) -- I hate to be a party pooper, but Monday's impressive market action has all the hallmarks of a bear-market rally. If it really was the beginning of something more sustainable, then newsletter editors would have been much more skeptical of it. In fact, however, the average newsletter editor reacted to Monday's rally by quickly converting back to the bullish camp. Consider the Hulbert Financial Digest's stock market sentiment index, which measures the average equity exposure among market-timing newsletters that communicate their thoughts daily with their subscribers. Between Friday's close and Monday's close, this index jumped from -5.2 percent to +16.7 percent, for one of the biggest one-day increases ever for this sentiment measure. Bull markets like to climb a wall of worry, and this is anything but. To get an idea of how just how complacent advisors are these days, contrast newsletter editors' reaction to Monday's 213-point Dow rally with how they responded just two weeks ago -- on June 3 -- to that day's 215-point plunge. On that earlier occasion editors reduced their exposure by a barely noticeable 0.8 percent. The inescapable conclusion: While advisers are quick to turn bullish on in the wake of any rally, they are reluctant to turn bearish when the market plunges. That means there's still too much optimism and complacency. To place advisers' current complacency in an historical context, take a look at the chart below, which plots the HFD's stock sentiment index over the past five years. The record low reading of the HFD's sentiment index, -81.8 percent, came on October 18, 1999. In retrospect that might seem an odd time for excessive pessimism, since from our perspective several years later we think of the late 1990s as a period in which the market did nothing but go up. In fact, however, the equity market suffered a serious correction during the fall of 1999. And anxiety about the Y2K bug -- remember that? -- was beginning to build to a fever pitch. It turned out to be an excellent time to buy stocks. To its high in mid-March of 2000, just five months later, the Nasdaq Composite nearly doubled. The HFD's sentiment index also spent many weeks in negative territory in the fall of 1998, following the Asian currency crisis and the collapse of Long Term Capital Management. In fact, as you can see from the accompanying chart, throughout 1999 - and even in 1998 -- the HFD's stock sentiment index produced a series of lower lows. This is very characteristic of the wall of worry that bull markets like to climb. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Ian Subject: Re: [CANSLIM] "M" Date: 18 Jun 2002 08:27:04 -0700 The NASDAQ is up almost 10% from Friday's low already ... BEFORE we've even had a chance for a follow-through day. It seems that whenever it gets this manic, this fast, it is just a temporary blip in the larger downtrend. It feels to me like everyone is trying to milk as much as they can, as fast as possible, before the downtrend continues. We'll see. Ian ----- Original Message ----- Sent: Tuesday, June 18, 2002 4:45 AM > Yesterday's gains were nice, but on average volume, and with volume well > under Friday's, so means nothing to me for the moment. And futures today, > and European trading, indicates we will be giving back part of those gains. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] your car/ etc Date: 18 Jun 2002 11:41:36 EDT It seems this message has been sent by mistake in one of those moments when the guards are down. Take care. Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] "M" Date: 18 Jun 2002 08:55:03 -0700 (PDT) We have learned to do this since the BO watching has failed consistently. Kent --- Ian wrote: > It feels to me like everyone is trying to milk as much as they can, > as fast > as possible, before the downtrend continues. We'll see. > > Ian > ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Mendheart@aol.com Subject: Re: [CANSLIM] "M" Date: 18 Jun 2002 13:14:10 EDT We only need 7 more days like Friday and the NASDAQ wil be EVEN for the year! Go "M" go! Denny mendheart@aol.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] "M" Date: 18 Jun 2002 12:30:00 -0500 This very short term bounce in the S&P has topped out today. Expect M to turn down toward my target range of 965-958. -----Original Message----- Sent: Tuesday, June 18, 2002 12:14 PM We only need 7 more days like Friday and the NASDAQ wil be EVEN for the year! Go "M" go! Denny mendheart@aol.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: [CANSLIM] Acc/Dis charts updated. Date: 18 Jun 2002 13:05:00 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_000E_01C216C8.C12828A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit http://www.adrich.com/SI/Info/A's.htm Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_000E_01C216C8.C12828A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
http://www.adrich.com/SI/I= nfo/A's.htm
 
Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals III=20 27
 
www.adrich.com
 
------=_NextPart_000_000E_01C216C8.C12828A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] "M" History Date: 18 Jun 2002 18:29:56 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0055_01C216F6.2768F130 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit Been in the Keys and just back today with 78 Canslim messages to peruse. You guys must really be bored! Anyway, really enjoying this topic. Can't resist interjecting here. The 0% along with the negative single digits (as well as negative double digits) cannot be eliminated. Why? What if "it" was -20% to start and is now -11%? Isn't that a single digit growth of 9%? Yawn. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley Sent: Friday, June 14, 2002 11:09 PM not in context, because "growth" was specified. That requirement also eliminates 0%. ----- Original Message ----- [AMSTA-AR-WEA] Sent: Friday, June 14, 2002 10:02 AM Kelly, I also wondered whether -1% through -9% could be considered "single digit". Cheers, John C. -----Original Message----- Sent: Friday, June 14, 2002 10:00 AM Group, When I posed the "M" History question yesterday I was simply seeking information, but apparently I began a full raging debate. (Or maybe no one wants to focus on the daily market movements right now) I am pleased to see that everyone in the group feels free to share their insights, resources, and conjectures. Thank you everyone for sending me links to online resources. Winston- your breakdown of the past century was extremely interesting- thank you for sharing it with the group. Fanus and Charley- you both bring up good points and if the two of you ever decide to duke it out in person please let me know in advance- I'd like to put some money on squares. As for the single digit debate- so far we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed single digits- but how about 0%? Well- it's Friday and the market is already down 172 points by 9:00am. My watch portfolio has checked out and left for Vegas. I think I'll just go download some pirated music. Have a great weekend everyone! Kelly -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 7:39 AM Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%. -----Original Message----- Sent: Friday, June 14, 2002 8:01 AM Ummm, 5% is a single digit ----- Original Message ----- Sent: Thursday, June 13, 2002 10:13 PM I believe what he said was single digit growth. E -----Original Message----- Sent: Thursday, June 13, 2002 8:24 PM Didn't Buffer also predict just 5% market growth for years to come?? DanF ----- Original Message ----- Sent: Thursday, June 13, 2002 12:59 PM I don't have a resource to contribute at this time but, I have seen two interviews lately on CNBC one with Art Cashin (an "experienced" floor trader) and the other with Warren Buffet. Both of these men made reference to a 17.6 year cycle and point out that the major bull market that ended in 2000 began in 1983. They both expect the next 17.6 years to be lean by comparison. Mr. buffet even went on to talk about how the market has performed all the way back to 1929, and pointed out the influence of this cycle and how the market was affected by it despite how the economy was performing. Unfortunately I did not have my full attention focused on either interview so I missed much of what was said about specific time periods and how the market related to the economy during those time periods. However, what I did hear did not sound very encouraging for the next 15 years! E -----Original Message----- Sent: Thursday, June 13, 2002 10:46 AM Since "M" is not being nice- I have focused my attention in the short-term on "M's" history over the past 100 - 150 years to try to better understand what makes this machine tick. I have found a couple of resources that cover this topic, provide timelines, etc. but would appreciate any known quality resources the group has used in the past for such purposes. Kelly Short Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** _____ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ _____ ------=_NextPart_000_0055_01C216F6.2768F130 Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable Message
Been in the = Keys and just=20 back today with 78 Canslim messages to peruse.  You guys must = really be=20 bored! 
 
Anyway, really = enjoying=20 this topic.  Can't resist interjecting here.  The 0% along = with the=20 negative single digits (as well as negative double digits) cannot be=20 eliminated.  Why?  What if "it" was -20% to start and is now=20 -11%?  Isn't that a single digit growth of 9%?
 
Yawn.
 
Duke
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]=20 On Behalf Of Tom Worley
Sent: Friday, June 14, 2002 = 11:09=20 PM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 "M" History

not in context, because "growth" was = specified. That=20 requirement also eliminates 0%.
 
----- Original Message -----=20
From: Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
Sent: Friday, June 14, 2002 10:02 AM
Subject: RE: [CANSLIM] "M" History

Kelly,
 
I=20 also wondered whether -1% through -9% could be considered "single=20 digit".
 
Cheers,
John=20 C.
-----Original Message-----
From: Kelly Short=20 [mailto:kelly.short@neoris.com]
Sent: Friday, June 14, = 2002 10:00=20 AM
To: canslim@lists.xmission.com=
Subject:=20 RE: [CANSLIM] "M" History

Group,
 
When I posed the "M" History question yesterday I was = simply seeking=20 information, but apparently I began a full raging debate. (Or maybe = no one=20 wants to focus on the daily market movements right now) I am pleased = to see=20 that everyone in the group feels free to share their insights, = resources,=20 and conjectures. Thank you everyone for sending me links to online=20 resources. Winston- your breakdown of the past century was extremely = interesting- thank you for sharing it with the group. Fanus and = Charley- you=20 both bring up good points and if the two of you ever decide to duke = it out=20 in person please let me know in advance- I'd like to put some money = on=20 squares. As for the single digit debate- so far we've established = that 1%,=20 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed single digits- but how = about=20 0%?
 
Well- it's Friday and the market is already down 172 points = by=20 9:00am. My watch portfolio has checked out and left for Vegas. I = think I'll=20 just go download some pirated music. Have a great weekend=20 everyone!
 
Kelly
-----Original Message-----
From: Cefaloni, John = L Jr.=20 [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil]
Sent: = Friday,=20 June 14, 2002 7:39 AM
To:=20 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM] "M"=20 History

Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and = 9%.
-----Original Message-----
From: Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent: Friday, June 14, = 2002=20 8:01 AM
To: = canslim@lists.xmission.com
Subject: Re:=20 [CANSLIM] "M" History

Ummm, 5% is a single = digit
----- Original Message ----- =
From:=20 Hill, Ernie
To: 'canslim@lists.xmission.com'= =20
Sent: Thursday, June = 13, 2002=20 10:13 PM
Subject: RE: [CANSLIM] = "M"=20 History

I = believe=20 what he said was single digit = growth.

 

E

 

-----Original=20 Message-----
From:=20 Dan Forant [mailto:dforant1@nycap.rr.com]
Sent: =
Thursday, June = 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com=
Subject: Re: [CANSLIM] = "M"=20 History

 

Didn't Buffer=20 also predict just 5% market growth for years to come??=20

 

DanF

-----=20 Original Message -----

From:=20 Hill, Ernie=20

Sent:=20 Thursday, June = 13,=20 2002 = 12:59=20 PM

Subject:=20 RE: [CANSLIM] "M" History

 

I don't have=20 a resource to contribute at this time but, I have seen two=20 interviews lately on CNBC one with Art Cashin (an = "experienced"=20 floor trader) and the other with Warren Buffet. Both of = these men=20 made reference to a 17.6 year cycle and point out that the = major=20 bull market that ended in 2000 began in=20 1983.

 

They both=20 expect the next 17.6 years to be lean by comparison. Mr. = buffet even=20 went on to talk about how the market has performed all the = way back=20 to 1929, and pointed out the influence of this cycle and how = the=20 market was affected by it despite how the economy was=20 performing.

 

Unfortunately I did not have my = full=20 attention focused on either interview so I missed much of = what was=20 said about specific time periods and how the market related = to the=20 economy during those time = periods.

 

However,=20 what I did hear did not sound very encouraging for the next = 15=20 years!

 

E=20

 

-----Original = Message-----
From: Kelly=20 Short [mailto:kelly.short@neoris.com]
Sent: Thursday, = June 13,=20 2002 10:46 AM
To: canslim@lists.xmission.com
Subject:=20 [CANSLIM] "M" History

 

Since "M" is=20 not being nice- I have focused my attention in the = short-term on=20 "M's" history over the past 100 - 150 years to try to better = understand what makes this machine tick. I have found a = couple of=20 resources that cover this topic, provide timelines, etc. but = would=20 appreciate any known quality resources the group has used in = the=20 past for such purposes.

 

Kelly=20 Short

 

Business=20 Development Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To=20 subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the=20 email body, write "subscribe canslim"=20 or

-"unsubscribe canslim".  Do not use quotes = in your=20 email.



*****************************************************************= *
This=20 email and any files transmitted with it from the ElPaso=20
Corporation=20 are confidential and intended solely for the=20
use=20 of the individual or entity to whom they are addressed.=20
If=20 you have received this email in error please notify the=20
sender.
*****************************************************************= *



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso=20
Corporation are confidential and intended solely for the =
use=20 of the individual or entity to whom they are addressed.
If = you=20 have received this email in error please notify the=20 =
sender.
**********************************************************= ********

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0055_01C216F6.2768F130-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] capitulation??? - was -Worley's Weekend Weeview Date: 18 Jun 2002 18:32:18 -0400 Yes, but I don't know if it's a left turn or a right turn. Add to that the fact that three right turns create a left turn, and you may have....never mind. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman Sent: Sunday, June 16, 2002 11:16 AM I have been noticing a trend in the business news and this group. I feel that capitulation has either happened or will happen soon. How's that for ambiguous? Think I have a chance in politics ;-) Does the group think we are near a turn? Kent Norman --- Patrick Wahl wrote: > At least in the short term you may be correct, good chart here on > market sentiment, also I notice the Vix is getting up to a fairly high > level, back in April it was near > several year lows, and we know what has happened since then. > > http://www.vtoreport.com/other/sentiment.htm > > On 15 Jun 2002 at 13:45, Norman wrote: > > > THAT'S IT!! > > > > If our perennial bull Tom is frustrated then can the bottom be far > off?! > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] british open Date: 18 Jun 2002 18:34:17 -0400 C'mon Tiger, grand slam and we can all retire (again). -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Patrick Wahl Sent: Monday, June 17, 2002 1:04 PM Get ready, I think its in 5 weeks. This was at CBS Marketwatch today - Meanwhile, HL Camp & Co. analyzed what it dubbed the "Tiger Effect." The Florida-based trading and research firm said that for years, many have claimed a "Super Bowl Effect" on the markets. But HL Camp observed that since 1996 -- when Tiger Woods turned pro and joined the PGA Tour -- the Dow has closed up 61 percent of the time the day after he scored a PGA victory. And the Dow closed up 71 percent of the time the day after Woods won one of the majors. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: [CANSLIM] Holy Cow....It's a New Era Indeed... Date: 18 Jun 2002 18:31:34 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0010_01C216F6.5FE675A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Check it out!!! The highlighting is mine.... --Katherine The Big Picture Wednesday, June 19, 2002 Tech Stocks Take A Break But Cyclicals Edge Higher BY DAVID SAITO-CHUNG INVESTOR'S BUSINESS DAILY Tech stocks decided Tuesday to rest after two straight days of gains. = Cyclicals thought otherwise. Housing starts surged 11.6% in May, well above the 2.9% rise economists = had expected. Core consumer prices, meanwhile, rose 0.2% the same month, = matching estimates. Translation: good news for industrial stocks. The Nasdaq started higher, but ran out of fuel by midmorning. It ended = off 0.7%. Volume ran just a tad lower, a sign that heavy hitters weren't = eager to sell stocks. In contrast, the S&P 500 edged up 0.1%, helped by retail, building, = machinery and energy names. The Dow gained 0.2%. The Amex Morgan Stanley = cyclical index marched ahead 0.6%. NYSE trade cooled as well. Small caps also held ground. The S&P SmallCap 600 index, up 3.2% in the = previous two sessions, lost less than 0.1% Tuesday. On Thursday, the General Markets & Sectors page in the print edition = will feature for the first time the S&P 600 SmallCap index chart on a = daily basis. It will be sandwiched between the Nasdaq and S&P 500 = charts. The Dow will appear at the bottom of the page on Mondays only. = Four more indexes will fill in this slot on a rotating basis during the = rest of the week. In the 1890s, Charles Henry Dow showed vision in creating an index of = stocks as a barometer of the overall U.S. economy. By 1928, his = industrial index had grown to 30 stocks. The Dow Jones industrial average was initially an index of railroad = stocks. And rightfully so. Back then, railroads served as a backbone of = economic growth. As the economy changed, so did the Dow's makeup. The = latest changes to the Dow came in October 1999, when Microsoft (MSFT), = Intel (INTC), Home Depot (HD) and SBC Communications (SBC) kicked out = Union Carbide, Chevron (CVX), Goodyear Tire (GT) and Sears (S). But the market has changed so much since then. We are in a brand-new = economy where young companies provide new, exciting products and = services, and excel at it. Success in the stock market means actively = searching for these lesser-known yet fast-growing firms and buying = shares early in their upward cycle. Smaller-cap stocks have outperformed their large-cap brethren. Since = Sept. 21, the S&P 600 has gained 22%, the Dow 9%. Many large caps have = dragged their feet for years. IBD strives to present the facts - especially facts about great stocks = and those that have the potential to outpace the market. We feel the S&P = 600 will offer readers a clearer view of this new face of America. The = Nasdaq and S&P 500, meanwhile, will help investors keep a finger on the = pulse of the largest companies. When the S&P 600 chart comes out on Thursday, it will list the index's = 70 biggest stocks along with their IBD Composite Rating. This feature = will help save you time in singling out the best stocks in the market. = The average IBD Composite Rating among the S&P 600 stocks is 59 vs. 54 = for the Dow 30 stocks. While both indexes had the same average Earnings = Per Share Rating of 57, the average RS Rating for the S&P 600 was 55 vs. = the Dow's 43. Meanwhile, the Dow will continue to be featured in IBD every day on page = B4 in the print edition, along with the Dow transport and Dow utility = indexes. ------=_NextPart_000_0010_01C216F6.5FE675A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Check it out!!! The highlighting is mine....
 
--Katherine
 

The Big Picture

Wednesday, June 19, 2002

Tech Stocks Take A Break But Cyclicals Edge = Higher

BY DAVID SAITO-CHUNG

INVESTOR'S BUSINESS DAILY

Tech stocks decided Tuesday to rest after two straight = days of=20 gains. Cyclicals thought otherwise.

Housing starts surged 11.6% in May, well above the 2.9% rise = economists had=20 expected. Core consumer prices, meanwhile, rose 0.2% the same month, = matching=20 estimates. Translation: good news for industrial stocks.

The Nasdaq started higher, but ran out of fuel by midmorning. It = ended off=20 0.7%. Volume ran just a tad lower, a sign that heavy hitters = weren't eager=20 to sell stocks.

In contrast, the S&P 500 edged up 0.1%, helped by retail, = building,=20 machinery and energy names. The Dow gained 0.2%. The Amex Morgan Stanley = cyclical index marched ahead 0.6%. NYSE trade cooled as well.

Small caps also held ground. The S&P SmallCap 600 index, up 3.2% = in the=20 previous two sessions, lost less than 0.1% Tuesday.

On Thursday, the General = Markets &=20 Sectors page in the print edition will feature for the first time the = S&P=20 600 SmallCap index chart on a daily basis. It will be = sandwiched=20 between the Nasdaq and S&P 500 charts. The Dow will appear at the = bottom of=20 the page on Mondays only. Four more indexes will fill in this slot on a = rotating=20 basis during the rest of the week.

In the 1890s, Charles Henry Dow showed vision in creating an index of = stocks=20 as a barometer of the overall U.S. economy. By 1928, his industrial = index had=20 grown to 30 stocks.

The Dow Jones industrial average was initially an index of railroad = stocks.=20 And rightfully so. Back then, railroads served as a backbone of economic = growth.=20 As the economy changed, so did the Dow's makeup. The latest changes to = the Dow=20 came in October 1999, when Microsoft  (MSFT),=20 Intel (INTC),=20 Home Depot (HD)=20 and SBC Communications (SBC)=20 kicked out Union Carbide, Chevron (CVX),=20 Goodyear Tire (GT)=20 and Sears (S).

But the market has changed so much since then. We are in a brand-new = economy=20 where young companies provide new, exciting products and services, and = excel at=20 it. Success in the stock market means actively searching for these = lesser-known=20 yet fast-growing firms and buying shares early in their upward = cycle.

Smaller-cap stocks have outperformed their large-cap brethren. Since = Sept.=20 21, the S&P 600 has gained 22%, the Dow 9%. Many large caps have = dragged=20 their feet for years.

IBD strives to present the facts =97 especially facts about great = stocks and=20 those that have the potential to outpace the market. We feel the S&P = 600=20 will offer readers a clearer view of this new face of America. The = Nasdaq and=20 S&P 500, meanwhile, will help investors keep a finger on the pulse = of the=20 largest companies.

When the S&P 600 chart comes out on Thursday, it will list the = index's 70=20 biggest stocks along with their IBD Composite Rating. This feature will = help=20 save you time in singling out the best stocks in the market. The average = IBD=20 Composite Rating among the S&P 600 stocks is 59 vs. 54 for the Dow = 30=20 stocks. While both indexes had the same average Earnings Per Share = Rating of 57,=20 the average RS Rating for the S&P 600 was 55 vs. the Dow's 43.

Meanwhile, the Dow will continue to be featured in IBD every day on = page B4=20 in the print edition, along with the Dow transport and Dow utility=20 indexes.

------=_NextPart_000_0010_01C216F6.5FE675A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Harvey Brion Subject: Re: [CANSLIM] Holy Cow....It's a New Era Indeed... Date: 18 Jun 2002 17:45:50 -0700 IMO this change is a good example of what sets IBD apart from the other financial newspapers. Katherine Malm wrote: > Check it out!!! The highlighting is mine.... --Katherine > > The Big Picture > > Wednesday, June 19, 2002 > > Tech Stocks Take A Break But Cyclicals Edge Higher > > BY DAVID SAITO-CHUNG > > INVESTOR'S BUSINESS DAILY > > Tech stocks decided Tuesday to rest after two straight days of gains. > Cyclicals thought otherwise. > > Housing starts surged 11.6% in May, well above the 2.9% rise > economists had expected. Core consumer prices, meanwhile, rose 0.2% > the same month, matching estimates. Translation: good news for > industrial stocks. > > The Nasdaq started higher, but ran out of fuel by midmorning. It ended > off 0.7%. Volume ran just a tad lower, a sign that heavy hitters > weren't eager to sell stocks. > > In contrast, the S&P 500 edged up 0.1%, helped by retail, building, > machinery and energy names. The Dow gained 0.2%. The Amex Morgan > Stanley cyclical index marched ahead 0.6%. NYSE trade cooled as well. > > Small caps also held ground. The S&P SmallCap 600 index, up 3.2% in > the previous two sessions, lost less than 0.1% Tuesday. > > On Thursday, the General Markets & Sectors page in the print edition > will feature for the first time the S&P 600 SmallCap index chart on a > daily basis. It will be sandwiched between the Nasdaq and S&P 500 > charts. The Dow will appear at the bottom of the page on Mondays only. > Four more indexes will fill in this slot on a rotating basis during > the rest of the week. > > In the 1890s, Charles Henry Dow showed vision in creating an index of > stocks as a barometer of the overall U.S. economy. By 1928, his > industrial index had grown to 30 stocks. > > The Dow Jones industrial average was initially an index of railroad > stocks. And rightfully so. Back then, railroads served as a backbone > of economic growth. As the economy changed, so did the Dow's makeup. > The latest changes to the Dow came in October 1999, when Microsoft > (MSFT), Intel (INTC), Home Depot (HD) and SBC Communications (SBC) > kicked out Union Carbide, Chevron (CVX), Goodyear Tire (GT) and Sears > (S). > > But the market has changed so much since then. We are in a brand-new > economy where young companies provide new, exciting products and > services, and excel at it. Success in the stock market means actively > searching for these lesser-known yet fast-growing firms and buying > shares early in their upward cycle. > > Smaller-cap stocks have outperformed their large-cap brethren. Since > Sept. 21, the S&P 600 has gained 22%, the Dow 9%. Many large caps have > dragged their feet for years. > > IBD strives to present the facts — especially facts about great stocks > and those that have the potential to outpace the market. We feel the > S&P 600 will offer readers a clearer view of this new face of America. > The Nasdaq and S&P 500, meanwhile, will help investors keep a finger > on the pulse of the largest companies. > > When the S&P 600 chart comes out on Thursday, it will list the index's > 70 biggest stocks along with their IBD Composite Rating. This feature > will help save you time in singling out the best stocks in the market. > The average IBD Composite Rating among the S&P 600 stocks is 59 vs. 54 > for the Dow 30 stocks. While both indexes had the same average > Earnings Per Share Rating of 57, the average RS Rating for the S&P 600 > was 55 vs. the Dow's 43. > > Meanwhile, the Dow will continue to be featured in IBD every day on > page B4 in the print edition, along with the Dow transport and Dow > utility indexes. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Harvey Brion Subject: Re: [CANSLIM] "M" History Date: 18 Jun 2002 17:52:07 -0700 Is 9.99% also single digit? (You're right, Duke, we've been REALLY bored.) Duke Miller wrote: > Been in the Keys and just back today with 78 Canslim messages to > peruse. You guys must really be bored! Anyway, really enjoying this > topic. Can't resist interjecting here. The 0% along with the > negative single digits (as well as negative double digits) cannot be > eliminated. Why? What if "it" was -20% to start and is now -11%? > Isn't that a single digit growth of 9%?Yawn.Duke > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom > Worley > Sent: Friday, June 14, 2002 11:09 PM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] "M" History > > not in context, because "growth" was specified. That > requirement also eliminates 0%. > ----- Original Message ----- > From: Cefaloni, John L Jr. [AMSTA-AR-WEA] > To: 'canslim@lists.xmission.com'Sent: Friday, June 14, 2002 > 10:02 AMSubject: RE: [CANSLIM] "M" History > Kelly,I also wondered whether -1% through -9% could be > considered "single digit".Cheers,John C. > > -----Original Message----- > From: Kelly Short [mailto:kelly.short@neoris.com] > Sent: Friday, June 14, 2002 10:00 AM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] "M" History > > Group,When I posed the "M" History question > yesterday I was simply seeking information, but > apparently I began a full raging debate. (Or maybe > no one wants to focus on the daily market > movements right now) I am pleased to see that > everyone in the group feels free to share their > insights, resources, and conjectures. Thank you > everyone for sending me links to online resources. > Winston- your breakdown of the past century was > extremely interesting- thank you for sharing it > with the group. Fanus and Charley- you both bring > up good points and if the two of you ever decide > to duke it out in person please let me know in > advance- I'd like to put some money on squares. As > for the single digit debate- so far we've > established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% > and 9% are indeed single digits- but how about > 0%?Well- it's Friday and the market is already > down 172 points by 9:00am. My watch portfolio has > checked out and left for Vegas. I think I'll just > go download some pirated music. Have a great > weekend everyone!Kelly > > -----Original Message----- > From: Cefaloni, John L Jr. > [AMSTA-AR-WEA] > [mailto:john.cefaloni@us.army.mil] > Sent: Friday, June 14, 2002 7:39 AM > To: 'canslim@lists.xmission.com' > Subject: RE: [CANSLIM] "M" History > > Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% > and 9%. > > -----Original Message----- > From: Dan Forant > [mailto:dforant1@nycap.rr.com] > > Sent: Friday, June 14, 2002 > 8:01 AM > To: canslim@lists.xmission.com > > Subject: Re: [CANSLIM] "M" > History > > Ummm, 5% is a single digit > > ----- Original > Message ----- > From: Hill, Ernie > To: > 'canslim@lists.xmission.com' > Sent: Thursday, June > 13, 2002 10:13 PM > Subject: RE: > [CANSLIM] "M" > History > > I believe what he > said was single > digit growth. > > E > > -----Original > Message----- > From: Dan Forant > [mailto:dforant1@nycap.rr.com] > > Sent:Thursday, June > 13, 20028:24 PM > To: > canslim@lists.xmission.com > > Subject: Re: > [CANSLIM] "M" > History > > Didn't Buffer also > predict just 5% > market growth for > years to come?? > DanF > > ----- > Original > Message > ----- > From: > Hill, > Ernie > To: > 'canslim@lists.xmission.com' > Sent:Thursday, > June 13, > 200212:59 > PM > Subject: > RE: > [CANSLIM] > "M" > History > I don't > have a > resource > to > contribute > at this > time but, > I have > seen two > interviews > lately on > CNBC one > with Art > Cashin (an > "experienced" > floor > trader) > and the > other with > Warren > Buffet. > Both of > these men > made > reference > to a 17.6 > year cycle > and point > out that > the major > bull > market > that ended > in 2000 > began in > 1983. > > They both > expect the > next 17.6 > years to > be lean by > comparison. > Mr. buffet > even went > on to talk > about how > the market > has > performed > all the > way back > to 1929, > and > pointed > out the > influence > of this > cycle and > how the > market was > affected > by it > despite > how the > economy > was > performing. > > Unfortunately > I did not > have my > full > attention > focused on > either > interview > so I > missed > much of > what was > said about > specific > time > periods > and how > the market > related to > the > economy > during > those time > periods. > > However, > what I did > hear did > not sound > very > encouraging > for the > next 15 > years! > > E > > > ----Original > Message----- > > From: > Kelly > Short > [mailto:kelly.short@neoris.com] > > Sent: > Thursday, > June 13, > 2002 10:46 > AM > To: > canslim@lists.xmission.com > > Subject: > [CANSLIM] > "M" > History > > Since "M" > is not > being > nice- I > have > focused my > attention > in the > short-term > on "M's" > history > over the > past 100 - > 150 years > to try to > better > understand > what makes > this > machine > tick. I > have found > a couple > of > resources > that cover > this > topic, > provide > timelines, > etc. but > would > appreciate > any known > quality > resources > the group > has used > in the > past for > such > purposes. > > Kelly > Short > > Business > Development > Manager > > Neoris, > Inc. > > (817) > 731-0995 > > > ailto:kelly.short@neoris.com > > http://www.neoris.com > > - > > -To > subscribe/unsubscribe, > email > "majordomo@xmission.com" > > -In the > email > body, > write > "subscribe > canslim" > or > > > "unsubscribe > canslim".Do > not use > quotes in > your > email. > > > ***************************************************************** > > This email > and any > files > transmitted > with it > from the > ElPaso > > orporation > are > confidential > and > intended > solely for > the > use of the > individual > or entity > to whom > they are > addressed. > > If you > have > received > this email > in error > please > notify > the > sender. > > ***************************************************************** > > ****************************************************************** > > This email and any > files transmitted > with it from the > ElPaso > Corporation are > confidential and > intended solely for > the > use of the > individual or entity > to whom they are > addressed. > If you have received > this email in error > please notify the > sender. > > ***************************************************************** > > ----------------------------------------- > For your protection, this e-mail message > has been scanned for viruses. > > Visit us at http://www.neoris.com/ > ----------------------------------------- > > > > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] "M" History Date: 18 Jun 2002 21:48:09 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0248_01C21711.D62643B0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable MessageSorry Duke, in my book that is only a decrease in the rate of = loss, which I don't define as growth. For me, growth must be a positive = number in absolute terms. ----- Original Message -----=20 Sent: Tuesday, June 18, 2002 6:29 PM Been in the Keys and just back today with 78 Canslim messages to peruse. = You guys must really be bored! =20 Anyway, really enjoying this topic. Can't resist interjecting here. = The 0% along with the negative single digits (as well as negative double = digits) cannot be eliminated. Why? What if "it" was -20% to start and = is now -11%? Isn't that a single digit growth of 9%? Yawn. Duke -----Original Message----- From: owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley Sent: Friday, June 14, 2002 11:09 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History not in context, because "growth" was specified. That requirement also = eliminates 0%. ----- Original Message -----=20 From: Cefaloni, John L Jr. [AMSTA-AR-WEA]=20 To: 'canslim@lists.xmission.com'=20 Sent: Friday, June 14, 2002 10:02 AM Subject: RE: [CANSLIM] "M" History Kelly, I also wondered whether -1% through -9% could be considered "single = digit". Cheers, John C. -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com] Sent: Friday, June 14, 2002 10:00 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] "M" History Group, When I posed the "M" History question yesterday I was simply seeking = information, but apparently I began a full raging debate. (Or maybe no = one wants to focus on the daily market movements right now) I am pleased = to see that everyone in the group feels free to share their insights, = resources, and conjectures. Thank you everyone for sending me links to = online resources. Winston- your breakdown of the past century was = extremely interesting- thank you for sharing it with the group. Fanus = and Charley- you both bring up good points and if the two of you ever = decide to duke it out in person please let me know in advance- I'd like = to put some money on squares. As for the single digit debate- so far = we've established that 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed = single digits- but how about 0%? Well- it's Friday and the market is already down 172 points by = 9:00am. My watch portfolio has checked out and left for Vegas. I think = I'll just go download some pirated music. Have a great weekend everyone! Kelly -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] = [mailto:john.cefaloni@us.army.mil] Sent: Friday, June 14, 2002 7:39 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] "M" History Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and 9%. -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com] Sent: Friday, June 14, 2002 8:01 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History Ummm, 5% is a single digit ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 10:13 PM Subject: RE: [CANSLIM] "M" History I believe what he said was single digit growth. =20 E =20 -----Original Message----- From: Dan Forant [mailto:dforant1@nycap.rr.com]=20 Sent: Thursday, June 13, 2002 8:24 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] "M" History =20 Didn't Buffer also predict just 5% market growth for years to = come??=20 =20 DanF ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 13, 2002 12:59 PM Subject: RE: [CANSLIM] "M" History =20 I don't have a resource to contribute at this time but, I = have seen two interviews lately on CNBC one with Art Cashin (an = "experienced" floor trader) and the other with Warren Buffet. Both of = these men made reference to a 17.6 year cycle and point out that the = major bull market that ended in 2000 began in 1983. =20 They both expect the next 17.6 years to be lean by = comparison. Mr. buffet even went on to talk about how the market has = performed all the way back to 1929, and pointed out the influence of = this cycle and how the market was affected by it despite how the economy = was performing. =20 Unfortunately I did not have my full attention focused on = either interview so I missed much of what was said about specific time = periods and how the market related to the economy during those time = periods. =20 However, what I did hear did not sound very encouraging for = the next 15 years! =20 E=20 =20 -----Original Message----- From: Kelly Short [mailto:kelly.short@neoris.com]=20 Sent: Thursday, June 13, 2002 10:46 AM To: canslim@lists.xmission.com Subject: [CANSLIM] "M" History =20 Since "M" is not being nice- I have focused my attention in = the short-term on "M's" history over the past 100 - 150 years to try to = better understand what makes this machine tick. I have found a couple of = resources that cover this topic, provide timelines, etc. but would = appreciate any known quality resources the group has used in the past = for such purposes.=20 =20 Kelly Short =20 Business Development Manager Neoris, Inc. (817) 731-0995 mailto:kelly.short@neoris.com http://www.neoris.com =20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = ****************************************************************** This email and any files transmitted with it from the ElPaso = Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** = ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. = ****************************************************************** - For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 - ------=_NextPart_000_0248_01C21711.D62643B0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Message=
Sorry Duke, in my book that is only a decrease = in the rate=20 of loss, which I don't define as growth. For me, growth must be a = positive=20 number in absolute terms.
 
----- Original Message -----=20
From: Duke=20 Miller
Sent: Tuesday, June 18, 2002 6:29 PM
Subject: RE: [CANSLIM] "M" History

Been in the = Keys and just=20 back today with 78 Canslim messages to peruse.  You guys must = really be=20 bored! 
 
Anyway, really = enjoying=20 this topic.  Can't resist interjecting here.  The 0% along = with the=20 negative single digits (as well as negative double digits) cannot be=20 eliminated.  Why?  What if "it" was -20% to start and is now=20 -11%?  Isn't that a single digit growth of 9%?
 
Yawn.
 
Duke
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]=20 On Behalf Of Tom Worley
Sent: Friday, June 14, 2002 = 11:09=20 PM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 "M" History

not in context, because "growth" was = specified. That=20 requirement also eliminates 0%.
 
----- Original Message -----=20
From: Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
Sent: Friday, June 14, 2002 10:02 AM
Subject: RE: [CANSLIM] "M" History

Kelly,
 
I=20 also wondered whether -1% through -9% could be considered "single=20 digit".
 
Cheers,
John=20 C.
-----Original Message-----
From: Kelly Short=20 [mailto:kelly.short@neoris.com]
Sent: Friday, June 14, = 2002 10:00=20 AM
To: canslim@lists.xmission.com=
Subject:=20 RE: [CANSLIM] "M" History

Group,
 
When I posed the "M" History question yesterday I was = simply seeking=20 information, but apparently I began a full raging debate. (Or maybe = no one=20 wants to focus on the daily market movements right now) I am pleased = to see=20 that everyone in the group feels free to share their insights, = resources,=20 and conjectures. Thank you everyone for sending me links to online=20 resources. Winston- your breakdown of the past century was extremely = interesting- thank you for sharing it with the group. Fanus and = Charley- you=20 both bring up good points and if the two of you ever decide to duke = it out=20 in person please let me know in advance- I'd like to put some money = on=20 squares. As for the single digit debate- so far we've established = that 1%,=20 2%, 3%, 4%, 5%, 6%, 7%, 8% and 9% are indeed single digits- but how = about=20 0%?
 
Well- it's Friday and the market is already down 172 points = by=20 9:00am. My watch portfolio has checked out and left for Vegas. I = think I'll=20 just go download some pirated music. Have a great weekend=20 everyone!
 
Kelly
-----Original Message-----
From: Cefaloni, John = L Jr.=20 [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil]
Sent: = Friday,=20 June 14, 2002 7:39 AM
To:=20 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM] "M"=20 History

Uhhh, so are 1%, 2%, 3%, 4%, 6%, 7%, 8% and = 9%.
-----Original Message-----
From: Dan Forant=20 [mailto:dforant1@nycap.rr.com]
Sent: Friday, June 14, = 2002=20 8:01 AM
To: = canslim@lists.xmission.com
Subject: Re:=20 [CANSLIM] "M" History

Ummm, 5% is a single = digit
----- Original Message ----- =
From:=20 Hill, Ernie
To: 'canslim@lists.xmission.com'= =20
Sent: Thursday, June = 13, 2002=20 10:13 PM
Subject: RE: [CANSLIM] = "M"=20 History

I = believe=20 what he said was single digit = growth.

 

E

 

-----Original=20 Message-----
From:=20 Dan Forant [mailto:dforant1@nycap.rr.com]
Sent: =
Thursday, June = 13,=20 2002 = 8:24=20 PM
To: canslim@lists.xmission.com=
Subject: Re: [CANSLIM] = "M"=20 History

 

Didn't Buffer=20 also predict just 5% market growth for years to come??=20

 

DanF

-----=20 Original Message -----

From:=20 Hill, Ernie=20

Sent:=20 Thursday, June = 13,=20 2002 = 12:59=20 PM

Subject:=20 RE: [CANSLIM] "M" History

 

I don't have=20 a resource to contribute at this time but, I have seen two=20 interviews lately on CNBC one with Art Cashin (an = "experienced"=20 floor trader) and the other with Warren Buffet. Both of = these men=20 made reference to a 17.6 year cycle and point out that the = major=20 bull market that ended in 2000 began in=20 1983.

 

They both=20 expect the next 17.6 years to be lean by comparison. Mr. = buffet even=20 went on to talk about how the market has performed all the = way back=20 to 1929, and pointed out the influence of this cycle and how = the=20 market was affected by it despite how the economy was=20 performing.

 

Unfortunately I did not have my = full=20 attention focused on either interview so I missed much of = what was=20 said about specific time periods and how the market related = to the=20 economy during those time = periods.

 

However,=20 what I did hear did not sound very encouraging for the next = 15=20 years!

 

E=20

 

-----Original = Message-----
From: Kelly=20 Short [mailto:kelly.short@neoris.com]
Sent: Thursday, = June 13,=20 2002 10:46 AM
To: canslim@lists.xmission.com
Subject:=20 [CANSLIM] "M" History

 

Since "M" is=20 not being nice- I have focused my attention in the = short-term on=20 "M's" history over the past 100 - 150 years to try to better = understand what makes this machine tick. I have found a = couple of=20 resources that cover this topic, provide timelines, etc. but = would=20 appreciate any known quality resources the group has used in = the=20 past for such purposes.

 

Kelly=20 Short

 

Business=20 Development Manager

Neoris,=20 Inc.

(817)=20 731-0995

mailto:kelly.short@neoris.com

http://www.neoris.com

 

 

-

-To=20 subscribe/unsubscribe, email=20 "majordomo@xmission.com"

-In the=20 email body, write "subscribe canslim"=20 or

-"unsubscribe canslim".  Do not use quotes = in your=20 email.



*****************************************************************= *
This=20 email and any files transmitted with it from the ElPaso=20
Corporation=20 are confidential and intended solely for the=20
use=20 of the individual or entity to whom they are addressed.=20
If=20 you have received this email in error please notify the=20
sender.
*****************************************************************= *



********************************************************= **********
This=20 email and any files transmitted with it from the ElPaso=20
Corporation are confidential and intended solely for the =
use=20 of the individual or entity to whom they are addressed.
If = you=20 have received this email in error please notify the=20 =
sender.
**********************************************************= ********

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0248_01C21711.D62643B0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Holy Cow....It's a New Era Indeed... Date: 18 Jun 2002 21:58:03 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0282_01C21713.382C4CC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable so does this mean that "S" may be sneaking its way back into canSlim?? ----- Original Message -----=20 Sent: Tuesday, June 18, 2002 7:31 PM Check it out!!! The highlighting is mine.... --Katherine The Big Picture Wednesday, June 19, 2002 Tech Stocks Take A Break But Cyclicals Edge Higher BY DAVID SAITO-CHUNG INVESTOR'S BUSINESS DAILY Tech stocks decided Tuesday to rest after two straight days of gains. = Cyclicals thought otherwise. Housing starts surged 11.6% in May, well above the 2.9% rise economists = had expected. Core consumer prices, meanwhile, rose 0.2% the same month, = matching estimates. Translation: good news for industrial stocks. The Nasdaq started higher, but ran out of fuel by midmorning. It ended = off 0.7%. Volume ran just a tad lower, a sign that heavy hitters weren't = eager to sell stocks. In contrast, the S&P 500 edged up 0.1%, helped by retail, building, = machinery and energy names. The Dow gained 0.2%. The Amex Morgan Stanley = cyclical index marched ahead 0.6%. NYSE trade cooled as well. Small caps also held ground. The S&P SmallCap 600 index, up 3.2% in the = previous two sessions, lost less than 0.1% Tuesday. On Thursday, the General Markets & Sectors page in the print edition = will feature for the first time the S&P 600 SmallCap index chart on a = daily basis. It will be sandwiched between the Nasdaq and S&P 500 = charts. The Dow will appear at the bottom of the page on Mondays only. = Four more indexes will fill in this slot on a rotating basis during the = rest of the week. In the 1890s, Charles Henry Dow showed vision in creating an index of = stocks as a barometer of the overall U.S. economy. By 1928, his = industrial index had grown to 30 stocks. The Dow Jones industrial average was initially an index of railroad = stocks. And rightfully so. Back then, railroads served as a backbone of = economic growth. As the economy changed, so did the Dow's makeup. The = latest changes to the Dow came in October 1999, when Microsoft (MSFT), = Intel (INTC), Home Depot (HD) and SBC Communications (SBC) kicked out = Union Carbide, Chevron (CVX), Goodyear Tire (GT) and Sears (S). But the market has changed so much since then. We are in a brand-new = economy where young companies provide new, exciting products and = services, and excel at it. Success in the stock market means actively = searching for these lesser-known yet fast-growing firms and buying = shares early in their upward cycle. Smaller-cap stocks have outperformed their large-cap brethren. Since = Sept. 21, the S&P 600 has gained 22%, the Dow 9%. Many large caps have = dragged their feet for years. IBD strives to present the facts - especially facts about great stocks = and those that have the potential to outpace the market. We feel the S&P = 600 will offer readers a clearer view of this new face of America. The = Nasdaq and S&P 500, meanwhile, will help investors keep a finger on the = pulse of the largest companies. When the S&P 600 chart comes out on Thursday, it will list the index's = 70 biggest stocks along with their IBD Composite Rating. This feature = will help save you time in singling out the best stocks in the market. = The average IBD Composite Rating among the S&P 600 stocks is 59 vs. 54 = for the Dow 30 stocks. While both indexes had the same average Earnings = Per Share Rating of 57, the average RS Rating for the S&P 600 was 55 vs. = the Dow's 43. Meanwhile, the Dow will continue to be featured in IBD every day on page = B4 in the print edition, along with the Dow transport and Dow utility = indexes. ------=_NextPart_000_0282_01C21713.382C4CC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
so does this mean that "S" may be sneaking its = way back=20 into canSlim??
 
----- Original Message -----=20
From: Katherine Malm=20
Sent: Tuesday, June 18, 2002 7:31 PM
Subject: [CANSLIM] Holy Cow....It's a New Era = Indeed...

Check it out!!! The highlighting is mine....
 
--Katherine
 

The Big Picture

Wednesday, June 19, 2002

Tech Stocks Take A Break But Cyclicals Edge = Higher

BY DAVID SAITO-CHUNG

INVESTOR'S BUSINESS DAILY

Tech stocks decided Tuesday to rest after two straight = days of=20 gains. Cyclicals thought otherwise.

Housing starts surged 11.6% in May, well above the 2.9% rise = economists had=20 expected. Core consumer prices, meanwhile, rose 0.2% the same month, = matching=20 estimates. Translation: good news for industrial stocks.

The Nasdaq started higher, but ran out of fuel by midmorning. It = ended off=20 0.7%. Volume ran just a tad lower, a sign that heavy hitters = weren't eager=20 to sell stocks.

In contrast, the S&P 500 edged up 0.1%, helped by retail, = building,=20 machinery and energy names. The Dow gained 0.2%. The Amex Morgan Stanley = cyclical index marched ahead 0.6%. NYSE trade cooled as well.

Small caps also held ground. The S&P SmallCap 600 index, up 3.2% = in the=20 previous two sessions, lost less than 0.1% Tuesday.

On Thursday, the General = Markets &=20 Sectors page in the print edition will feature for the first time the = S&P=20 600 SmallCap index chart on a daily basis. It will be = sandwiched=20 between the Nasdaq and S&P 500 charts. The Dow will appear at the = bottom of=20 the page on Mondays only. Four more indexes will fill in this slot on a = rotating=20 basis during the rest of the week.

In the 1890s, Charles Henry Dow showed vision in creating an index of = stocks=20 as a barometer of the overall U.S. economy. By 1928, his industrial = index had=20 grown to 30 stocks.

The Dow Jones industrial average was initially an index of railroad = stocks.=20 And rightfully so. Back then, railroads served as a backbone of economic = growth.=20 As the economy changed, so did the Dow's makeup. The latest changes to = the Dow=20 came in October 1999, when Microsoft  (MSFT),=20 Intel (INTC),=20 Home Depot (HD)=20 and SBC Communications (SBC)=20 kicked out Union Carbide, Chevron (CVX),=20 Goodyear Tire (GT)=20 and Sears (S).

But the market has changed so much since then. We are in a brand-new = economy=20 where young companies provide new, exciting products and services, and = excel at=20 it. Success in the stock market means actively searching for these = lesser-known=20 yet fast-growing firms and buying shares early in their upward = cycle.

Smaller-cap stocks have outperformed their large-cap brethren. Since = Sept.=20 21, the S&P 600 has gained 22%, the Dow 9%. Many large caps have = dragged=20 their feet for years.

IBD strives to present the facts =97 especially facts about great = stocks and=20 those that have the potential to outpace the market. We feel the S&P = 600=20 will offer readers a clearer view of this new face of America. The = Nasdaq and=20 S&P 500, meanwhile, will help investors keep a finger on the pulse = of the=20 largest companies.

When the S&P 600 chart comes out on Thursday, it will list the = index's 70=20 biggest stocks along with their IBD Composite Rating. This feature will = help=20 save you time in singling out the best stocks in the market. The average = IBD=20 Composite Rating among the S&P 600 stocks is 59 vs. 54 for the Dow = 30=20 stocks. While both indexes had the same average Earnings Per Share = Rating of 57,=20 the average RS Rating for the S&P 600 was 55 vs. the Dow's 43.

Meanwhile, the Dow will continue to be featured in IBD every day on = page B4=20 in the print edition, along with the Dow transport and Dow utility=20 indexes.

------=_NextPart_000_0282_01C21713.382C4CC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Dave Cameron Subject: RE: [CANSLIM] "M" History Date: 18 Jun 2002 19:01:46 -0700 (PDT) --- Duke Miller wrote: > Been in the Keys and just back today with 78 Canslim messages to > peruse. > You guys must really be bored! > ...Nah, just have better things to do than fight M. ===== Dave Cameron dfcameron@yahoo.com __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] Holy Cow....It's a New Era Indeed... Date: 19 Jun 2002 00:45:26 EDT Katherine: Thanks for the info. To conjoin it to a thought that I recently read on Investors.com: It appears to me that IBD (WON's apparent proxy) believes that the up&coming stocks will be coming from the small-cap consumer sector (retailers, restaurants, medicals, perhaps gaming and safety/security). I conclude this because of the 6/17 "Ask Bill O' Neil", which queried, "Where will the new leaders come from?" Here was the reply: "How The Mkts Will Do W/O Tech. To Lead Them: You don't need Cisco, Oracle and AOL to recover for the market to bounce back. People with short memories may forget, but consumer stocks often ruled the market before the high-tech craze of the 1990s. Though the market's still struggling, we're seeing a gradual shift by money managers toward retailers, restaurants, medicals and other consumer-focused companies [incl., I believe, Leisure-gaming/equip & Security/Safety]. While big techs' struggles may hold the Nasdaq back, other indexes could push forward. Keep an eye on small-cap indexes like the S&P 600 [or the Russell 2000], which offer a slew of promising, young firms with solid growth potential. Techs will eventually rebound, but it's possible they may mostly sit out the next bull market." jans In a message dated 6/18/2002 7:32:37 PM Eastern Daylight Time, kmalm@earthlink.net writes: << Check it out!!! The highlighting is mine.... --Katherine The Big Picture Wednesday, June 19, 2002 Tech Stocks Take A Break But Cyclicals Edge Higher BY DAVID SAITO-CHUNG INVESTOR'S BUSINESS DAILY Tech stocks decided Tuesday to rest after two straight days of gains. Cyclicals thought otherwise. Housing starts surged 11.6% in May, well above the 2.9% rise economists had expected. Core consumer prices, meanwhile, rose 0.2% the same month, matching estimates. Translation: good news for industrial stocks. The Nasdaq started higher, but ran out of fuel by midmorning. It ended off 0.7%. Volume ran just a tad lower, a sign that heavy hitters weren't eager to sell stocks. In contrast, the S&P 500 edged up 0.1%, helped by retail, building, machinery and energy names. The Dow gained 0.2%. The Amex Morgan Stanley cyclical index marched ahead 0.6%. NYSE trade cooled as well. Small caps also held ground. The S&P SmallCap 600 index, up 3.2% in the previous two sessions, lost less than 0.1% Tuesday. On Thursday, the General Markets & Sectors page in the print edition will feature for the first time the S&P 600 SmallCap index chart on a daily basis. It will be sandwiched between the Nasdaq and S&P 500 charts. The Dow will appear at the bottom of the page on Mondays only. Four more indexes will fill in this slot on a rotating basis during the rest of the week. In the 1890s, Charles Henry Dow showed vision in creating an index of stocks as a barometer of the overall U.S. economy. By 1928, his industrial index had grown to 30 stocks. The Dow Jones industrial average was initially an index of railroad stocks. And rightfully so. Back then, railroads served as a backbone of economic growth. As the economy changed, so did the Dow's makeup. The latest changes to the Dow came in October 1999, when Microsoft (MSFT), Intel (INTC), Home Depot (HD) and SBC Communications (SBC) kicked out Union Carbide, Chevron (CVX), Goodyear Tire (GT) and Sears (S). But the market has changed so much since then. We are in a brand-new economy where young companies provide new, exciting products and services, and excel at it. Success in the stock market means actively searching for these lesser-known yet fast-growing firms and buying shares early in their upward cycle. Smaller-cap stocks have outperformed their large-cap brethren. Since Sept. 21, the S&P 600 has gained 22%, the Dow 9%. Many large caps have dragged their feet for years. IBD strives to present the facts - especially facts about great stocks and those that have the potential to outpace the market. We feel the S&P 600 will offer readers a clearer view of this new face of America. The Nasdaq and S&P 500, meanwhile, will help investors keep a finger on the pulse of the largest companies. When the S&P 600 chart comes out on Thursday, it will list the index's 70 biggest stocks along with their IBD Composite Rating. This feature will help save you time in singling out the best stocks in the market. The average IBD Composite Rating among the S&P 600 stocks is 59 vs. 54 for the Dow 30 stocks. While both indexes had the same average Earnings Per Share Rating of 57, the average RS Rating for the S&P 600 was 55 vs. the Dow's 43. Meanwhile, the Dow will continue to be featured in IBD every day on page B4 in the print edition, along with the Dow transport and Dow utility indexes. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: [CANSLIM] "M" around the world is negative Date: 19 Jun 2002 07:46:09 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C21765.606A2520 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit After the mixed close in NYC, the markets around the world turned decidedly negative. http://quote.bloomberg.com/cgi-bin/regionalind.cgi?config=wei will show the red ink. The Plunge Protection Team will have its work cut out for it today. Gold is up, and the dollar is sliding south. Just another day in a down market or will the PPT change the trend again for a brief period. Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_0000_01C21765.606A2520 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
After = the mixed=20 close in NYC, the markets around the world turned decidedly=20 negative.
 
= http://quote.bloomberg.com/cgi-bin/regionalind.cgi?config=3Dwei
 
will = show the red=20 ink.  The Plunge Protection Team will have its work cut out for it=20 today.
 
Gold = is up, and the=20 dollar is sliding south.  Just another day in a down market or will = the PPT=20 change the trend again for a brief period.
 
Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals III=20 27
 
www.adrich.com
 
------=_NextPart_000_0000_01C21765.606A2520-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% Date: 19 Jun 2002 09:53:23 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C217A1.0F96C820 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable What's wrong with this picture? Profits increasing 80% in one quarter? = Smells fishy to me. IBD ranks the stock a 99. I welcome any thoughts. =20 http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html =20 Kelly ------_=_NextPart_001_01C217A1.0F96C820 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
What's=20 wrong with this picture? Profits increasing 80% in one quarter? Smells = fishy to=20 me. IBD ranks the stock a 99. I welcome any = thoughts.
 
http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html=
 
Kelly
------_=_NextPart_001_01C217A1.0F96C820-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% Date: 19 Jun 2002 10:04:51 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0040_01C21778.C08A5200 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Maybe the got a new accounting firm? -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Wednesday, June 19, 2002 9:53 AM To: canslim@lists.xmission.com Subject: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% What's wrong with this picture? Profits increasing 80% in one quarter? Smells fishy to me. IBD ranks the stock a 99. I welcome any thoughts. http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html Kelly ------=_NextPart_000_0040_01C21778.C08A5200 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Maybe=20 the got a new accounting firm?
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly=20 Short
Sent: Wednesday, June 19, 2002 9:53 AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] What's wrong = with this=20 picture: Pier 1 Import's Profits Soar 80%

What's wrong with this picture? Profits = increasing=20 80% in one quarter? Smells fishy to me. IBD ranks the stock a 99. I = welcome=20 any thoughts.
 
http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html=
 
Kelly
------=_NextPart_000_0040_01C21778.C08A5200-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% Date: 19 Jun 2002 10:08:01 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C217A3.1A7FBBD0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Maybe it's that new accounting firm Monday (formerly KPMG- no joke- they = changed their name to Monday. As in, "I hate.....") -----Original Message----- Sent: Wednesday, June 19, 2002 10:05 AM Profits Soar 80% Maybe the got a new accounting firm? -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Wednesday, June 19, 2002 9:53 AM Profits Soar 80% What's wrong with this picture? Profits increasing 80% in one quarter? = Smells fishy to me. IBD ranks the stock a 99. I welcome any thoughts. =20 http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html =20 Kelly _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C217A3.1A7FBBD0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Maybe=20 it's that new accounting firm Monday (formerly KPMG- no joke- they = changed their=20 name to Monday. As in, "I hate.....")
-----Original Message-----
From: Fred Richards=20 [mailto:adrich@gte.net]
Sent: Wednesday, June 19, 2002 10:05 = AM
To: canslim@lists.xmission.com
Subject: RE: = [CANSLIM]=20 What's wrong with this picture: Pier 1 Import's Profits Soar=20 80%

Maybe the got a new accounting firm?
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly=20 Short
Sent: Wednesday, June 19, 2002 9:53 AM
To: = canslim@lists.xmission.com
Subject: [CANSLIM] What's wrong = with=20 this picture: Pier 1 Import's Profits Soar 80%

What's wrong with this picture? Profits = increasing=20 80% in one quarter? Smells fishy to me. IBD ranks the stock a 99. I = welcome=20 any thoughts.
 
http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html=
 
Kelly

For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C217A3.1A7FBBD0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% Date: 19 Jun 2002 10:40:03 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0054_01C2177D.AB83FD20 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Percentages can be deceiving particularly when the base number is low. Take a closer look at the 12 month trailing EPS for Pier 1 and you get a somewhat different picture.. May 2001 $0.93 Aug 2001 $0.89 Nov 2001 $0.91 Feb 2002 $1.04 May 2002 $1.14 A gain of 23% over the previous 12 month period, not 80% based upon a quarter to quarter comparison. Nevertheless, in this market, not too shabby. Fred -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Wednesday, June 19, 2002 10:08 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% Maybe it's that new accounting firm Monday (formerly KPMG- no joke- they changed their name to Monday. As in, "I hate.....") -----Original Message----- From: Fred Richards [mailto:adrich@gte.net] Sent: Wednesday, June 19, 2002 10:05 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% Maybe the got a new accounting firm? -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Wednesday, June 19, 2002 9:53 AM To: canslim@lists.xmission.com Subject: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% What's wrong with this picture? Profits increasing 80% in one quarter? Smells fishy to me. IBD ranks the stock a 99. I welcome any thoughts. http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html Kelly For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ ------=_NextPart_000_0054_01C2177D.AB83FD20 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Percentages can be deceiving particularly when the base number = is=20 low.  Take a closer look at the 12 month trailing EPS for Pier 1 = and you=20 get a somewhat different picture..
 
May=20 2001     $0.93
Aug=20 2001      $0.89
Nov=20 2001      $0.91
Feb=20 2002      $1.04
May=20 2002      $1.14   A gain of 23% over = the=20 previous 12 month period, not 80% based upon a quarter to quarter=20 comparison. 
 
Nevertheless, in this market, not too = shabby.
 
Fred
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly=20 Short
Sent: Wednesday, June 19, 2002 10:08 AM
To:=20 canslim@lists.xmission.com
Subject: RE: [CANSLIM] What's = wrong with=20 this picture: Pier 1 Import's Profits Soar 80%

Maybe it's that new accounting firm Monday (formerly KPMG- no = joke-=20 they changed their name to Monday. As in, "I = hate.....")
-----Original Message-----
From: Fred Richards=20 [mailto:adrich@gte.net]
Sent: Wednesday, June 19, 2002 = 10:05=20 AM
To: canslim@lists.xmission.com
Subject: RE: = [CANSLIM]=20 What's wrong with this picture: Pier 1 Import's Profits Soar=20 80%

Maybe the got a new accounting firm?
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly = Short
Sent: Wednesday, June 19, 2002 9:53 = AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] What's = wrong with=20 this picture: Pier 1 Import's Profits Soar = 80%

What's wrong with this picture? Profits = increasing 80% in one quarter? Smells fishy to me. IBD ranks the = stock a=20 99. I welcome any thoughts.
 
http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html=
 
Kelly

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0054_01C2177D.AB83FD20-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] What's wrong with this picture: Pier 1 Import's Profits Soar 80% Date: 19 Jun 2002 20:16:55 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0022_01C217CE.418DA960 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable DGO reports different results (remember, they report on recurring core = earnings, not total net) which shows the soaring earnings growth, but = also more clearly demonstrates the percentages possible following a weak = year: Last five quarterly results: 0.13, 0.14, 0.26, 0.51, 0.23 (thus up 77% over the 0.13) ----- Original Message -----=20 Sent: Wednesday, June 19, 2002 11:40 AM Profits Soar 80% Percentages can be deceiving particularly when the base number is low. = Take a closer look at the 12 month trailing EPS for Pier 1 and you get a = somewhat different picture.. May 2001 $0.93 Aug 2001 $0.89 Nov 2001 $0.91 Feb 2002 $1.04 May 2002 $1.14 A gain of 23% over the previous 12 month period, = not 80% based upon a quarter to quarter comparison. =20 Nevertheless, in this market, not too shabby. Fred -----Original Message----- From: owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Wednesday, June 19, 2002 10:08 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] What's wrong with this picture: Pier 1 Import's = Profits Soar 80% Maybe it's that new accounting firm Monday (formerly KPMG- no joke- = they changed their name to Monday. As in, "I hate.....") -----Original Message----- From: Fred Richards [mailto:adrich@gte.net] Sent: Wednesday, June 19, 2002 10:05 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] What's wrong with this picture: Pier 1 = Import's Profits Soar 80% Maybe the got a new accounting firm? -----Original Message----- From: owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Wednesday, June 19, 2002 9:53 AM To: canslim@lists.xmission.com Subject: [CANSLIM] What's wrong with this picture: Pier 1 Import's = Profits Soar 80% What's wrong with this picture? Profits increasing 80% in one = quarter? Smells fishy to me. IBD ranks the stock a 99. I welcome any = thoughts. = http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html Kelly --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_0022_01C217CE.418DA960 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
DGO reports different results (remember, they = report on=20 recurring core earnings, not total net) which shows the soaring earnings = growth,=20 but also more clearly demonstrates the percentages possible following a = weak=20 year:
 
Last five quarterly results:
0.13, 0.14, 0.26, 0.51, 0.23 (thus up 77% over = the=20 0.13)
 
----- Original Message -----=20
From: Fred Richards =
Sent: Wednesday, June 19, 2002 11:40 AM
Subject: RE: [CANSLIM] What's wrong with this picture: Pier = 1=20 Import's Profits Soar 80%

Percentages can be deceiving particularly when the base number = is=20 low.  Take a closer look at the 12 month trailing EPS for Pier 1 = and you=20 get a somewhat different picture..
 
May=20 2001     $0.93
Aug=20 2001      $0.89
Nov=20 2001      $0.91
Feb=20 2002      $1.04
May=20 2002      $1.14   A gain of 23% over = the=20 previous 12 month period, not 80% based upon a quarter to quarter=20 comparison. 
 
Nevertheless, in this market, not too = shabby.
 
Fred
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly=20 Short
Sent: Wednesday, June 19, 2002 10:08 AM
To:=20 canslim@lists.xmission.com
Subject: RE: [CANSLIM] What's = wrong with=20 this picture: Pier 1 Import's Profits Soar 80%

Maybe it's that new accounting firm Monday (formerly KPMG- no = joke-=20 they changed their name to Monday. As in, "I = hate.....")
-----Original Message-----
From: Fred Richards=20 [mailto:adrich@gte.net]
Sent: Wednesday, June 19, 2002 = 10:05=20 AM
To: canslim@lists.xmission.com
Subject: RE: = [CANSLIM]=20 What's wrong with this picture: Pier 1 Import's Profits Soar=20 80%

Maybe the got a new accounting firm?
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly = Short
Sent: Wednesday, June 19, 2002 9:53 = AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] What's = wrong with=20 this picture: Pier 1 Import's Profits Soar = 80%

What's wrong with this picture? Profits = increasing 80% in one quarter? Smells fishy to me. IBD ranks the = stock a=20 99. I welcome any thoughts.
 
http://dallas.bizjournals.com/dallas/stories/2002/06/17/daily19.html=
 
Kelly

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0022_01C217CE.418DA960-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: [CANSLIM] Re. Two Questions Date: 20 Jun 2002 12:59:58 EDT Canslimmers: 1) Does anyone have any idea how a company can have a negative fund ownership? I'm watching FBAY and its Fund Ownership (according to DGO) is -1%. This Canadian Company (which develops and mkts. integrated computer systems) has 1.9 million float and 2.0 million outstanding. I have a feeling that the difference is that -1% Fund ownership, but I can't understand how a company can have a negative Fund Ownership-and at the same time have it calculate as a positive result. 2) Just a vagrant query. I wonder, if the S&P 600 is so important, why DGO doesn't feature it under its market tab. WON is associated with IBD and DGO (I believe he is the publisher of IBD and he owns DGO). You would think that he would mention it to DGO's subscribers-if for no other reason then to explain why the S&P 600 is not available on DGO. jans - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] Re. Two Questions Date: 20 Jun 2002 12:14:07 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00E1_01C21853.FA085F00 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi jans, re (2).... Over the last several years, I've made it a habit of writing DGO and = suggesting they add *all* indexes to their service. That would include = not only the S&P600, but also RUT, CMR, CYC, etc. They've always said = "thanks for the suggestion" but 4 years later, I see little progress in = making DGO a better "charting" service. In the meantime, I've always = used proxies of the indexes such as the S&P600, which are good enough = for a cursory comparison. I keep these in a couple of DGO Stock Lists = and flip through the charts regularly. --Katherine BBH Hldrs Biotech=20 BDH Hldrs Broadbnd=20 BHH Hldrs B2B=20 DGT sTrackDJGlTitn=20 DIA DIAMONDS Trust=20 DSG sTracksDJSCP GR=20 DSV sTracksDJSCP VL=20 EFA iShr MSCI EAFE=20 ELG sTracksDJUS GR=20 ELV sTracksDJUS VL=20 EPP iShr MSCI PAC=20 EWA iShr MSAusy=20 EWC iShr MSCan=20 EWD iShr MSSwe=20 EWG iShr MSGer=20 EWH iShr MSHK=20 EWI iShr MSIta=20 EWJ iShr MSJpn=20 EWK iShr MSBlg=20 EWL iShr MSSwi=20 EWM iShr MSMay=20 EWN iShr MSNth=20 EWO iShr MSAus=20 EWP iShr MSESp=20 EWQ iShr MSFra=20 EWS iShr MSSng=20 EWT iShr MSTaiwn=20 EWU iShr MSUK=20 EWW iShr MSMex=20 EWY iShr MSSK=20 EWZ iShr MSBra=20 EZU iShr MSEMU=20 FEF Fort E-50NDXFD=20 FFF Fort 500 NDXFD=20 HHH Hldrs Internet=20 IAH Hldrs IntArch=20 IBB iShr NasBioTch=20 ICF iShr Cohen&St=20 IDU iShr DJUSUtil=20 IEV iShr SPEu350=20 IGM iShr GSchsTch=20 IGN iShr GS Netwkng=20 IGV iShr GSSftwr=20 IGW iShr GS Smcdtor=20 IIH Hldrs IntInfr=20 IJH iShr SP400=20 IJJ iShr SP400V=20 IJK iShr SP400G=20 IJR iShr SP600=20 IJS iShr SP600V=20 IJT iShr SP600G=20 IKC iShr SPTSE6U=20 IOO iShrsS&P Glbl=20 IVE iShr SP500V=20 IVV iShr SP500=20 IVW iShr SP500G=20 IWB iShr Ru1000=20 IWD iShr Ru1000V=20 IWF iShr Ru1000G=20 IWM iShr Rus2000=20 IWN iShr Ru2000V=20 IWO iShr Ru2000G=20 IWP iShr RuMidGrth=20 IWR iShr RuMid=20 IWS iShr RuMidVlu=20 IWV iShr Ru3000=20 IWW Russ 300 VL=20 IWZ iShr Ru3000G=20 IXC iShr SPGbl GE=20 IXJ iShr SPGblHthcr=20 IYC iShr DJCycl=20 IYD DJ USChem=20 IYE iShr DJUSEn=20 IYF iShr DJUSFi=20 IYG iShr DJUSFin=20 IYH iShr DJUSHlth=20 IYJ iShr DJIndst=20 IYK iShr DJUSCNC=20 IYM iShr DJUSBM=20 IYR iShr DJUSRE=20 IYV iShr DJInt=20 IYW iShr DJTch=20 IYY iShr DJUSTot=20 IYZ iShr DJUSTc=20 MDY S & P 400 SPDR=20 MII sTrackMSInt=20 MKH Hlrds Mkt2000=20 MTK sTrackMSHT=20 OIH Hldrs Oil Svcs=20 PPH Hldrs Pharm=20 QQQ NASDAQ 100TRST=20 RKH Hldrs RegnlBnk=20 RTH Hldrs Retail=20 SMH Hldrs Semicdtr=20 SPY S & P 500 SPDR=20 SWH Hldrs Sftwr=20 TTH Hldrs Telecom=20 UTH Hldrs Util=20 VTI Viprs Total=20 WMH Hldrs Wireless=20 XLB S & P Basic=20 XLE S & P Energy=20 XLF S & P Fin'l=20 XLI S & P Industrl=20 XLK S & P Tech=20 XLP S & P Staples=20 XLU S & P Util.=20 XLV S & P Services=20 XLY S & P CyclTrns=20 ----- Original Message -----=20 From: Spencer48@aol.com=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 20, 2002 11:59 AM Subject: [CANSLIM] Re. Two Questions Canslimmers: 1) Does anyone have any idea how a company can have a negative = fund=20 ownership? I'm watching FBAY and its Fund Ownership (according to = DGO) is=20 -1%. This Canadian Company (which develops and mkts. integrated = computer=20 systems) has 1.9 million float and 2.0 million outstanding. I have a = feeling=20 that the difference is that -1% Fund ownership, but I can't understand = how a=20 company can have a negative Fund Ownership-and at the same time have = it=20 calculate as a positive result. 2) Just a vagrant query. I wonder, if the S&P 600 is so = important, why=20 DGO doesn't feature it under its market tab. WON is associated with = IBD and=20 DGO (I believe he is the publisher of IBD and he owns DGO). You would = think=20 that he would mention it to DGO's subscribers-if for no other reason = then to=20 explain why the S&P 600 is not available on DGO. jans - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_00E1_01C21853.FA085F00 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi jans,
 
re (2)....
 
Over the last several years, I've made it a habit of writing DGO = and=20 suggesting they add *all* indexes to their service. That would include = not only=20 the S&P600, but also RUT, CMR, CYC, etc. They've always said "thanks = for the=20 suggestion" but 4 years later, I see little progress in making DGO a = better=20 "charting" service. In the meantime, I've always used proxies of the = indexes=20 such as the S&P600, which are good enough for a cursory comparison. = I keep=20 these in a couple of DGO Stock Lists and flip through the charts=20 regularly.
 
--Katherine
 
BBH Hldrs = BiotechBDH Hldrs BroadbndBHH Hldrs B2BDGT sTrackDJGlTitnDSG sTracksDJSCP GRDSV sTracksDJSCP VLEFA iShr MSCI EAFEELG sTracksDJUS GRELV sTracksDJUS VLEPP iShr MSCI PACEWA iShr MSAusyEWC iShr MSCanEWD iShr MSSweEWG iShr MSGerEWH iShr MSHKEWI iShr MSItaEWJ iShr MSJpnEWK iShr MSBlgEWL iShr MSSwiEWM iShr MSMayEWN iShr MSNthEWO iShr MSAusEWP iShr MSESpEWQ iShr MSFraEWS iShr MSSngEWT iShr MSTaiwnEWU iShr MSUKEWW iShr MSMexEWY iShr MSSKEWZ iShr MSBraEZU iShr MSEMUFEF Fort E-50NDXFDFFF Fort 500 NDXFDHHH Hldrs InternetIAH Hldrs IntArchIBB iShr NasBioTchICF iShr Cohen&StIDU iShr DJUSUtilIEV iShr SPEu350IGM iShr GSchsTchIGN iShr GS NetwkngIGV iShr GSSftwrIGW iShr GS SmcdtorIIH Hldrs IntInfrIKC iShr SPTSE6UIOO iShrsS&P GlblIXC iShr SPGbl GEIXJ iShr SPGblHthcrIYC iShr DJCyclIYD DJ USChemIYE iShr DJUSEnIYF iShr DJUSFiIYG iShr DJUSFinIYH iShr DJUSHlthIYJ iShr DJIndstIYK iShr DJUSCNCIYM iShr DJUSBMIYR iShr DJUSREIYV iShr DJIntIYW iShr DJTchIYY iShr DJUSTotIYZ iShr DJUSTcMII sTrackMSIntMTK sTrackMSHTOIH Hldrs Oil SvcsPPH Hldrs PharmRKH Hldrs RegnlBnkRTH Hldrs RetailSMH Hldrs SemicdtrSWH Hldrs SftwrHldrs TelecomUTH Hldrs UtilWMH Hldrs WirelessXLB S & P BasicXLE S & P EnergyXLF S & P Fin'lXLI S & P IndustrlXLK S & P TechXLP S & P StaplesXLU S & P Util.XLV S & P ServicesXLY S & P = CyclTrns
DIA DIAMONDS Trust
IJH iShr SP400
IJJ iShr SP400V
IJK iShr SP400G
IJR iShr SP600
IJS iShr SP600V
IJT iShr SP600G
IVE iShr SP500V
IVV iShr SP500
IVW iShr SP500G
IWB iShr Ru1000
IWD iShr Ru1000V
IWF iShr Ru1000G
IWM iShr Rus2000
IWN iShr Ru2000V
IWO iShr Ru2000G
IWP iShr RuMidGrth
IWR iShr RuMid
IWS iShr RuMidVlu
IWV iShr Ru3000
IWW Russ 300 VL
IWZ iShr Ru3000G
MDY S & P 400 SPDR
MKH Hlrds Mkt2000
QQQ NASDAQ 100TRST
SPY S & P 500 SPDR
TTH
VTI Viprs Total
----- Original Message -----
From:=20 Spencer48@aol.com
Sent: Thursday, June 20, 2002 = 11:59=20 AM
Subject: [CANSLIM] Re. Two=20 Questions

Canslimmers:

     1) Does = anyone=20 have any idea how a company can have a negative fund=20
ownership?   I'm watching FBAY and its Fund Ownership = (according=20 to DGO) is
-1%.  This Canadian Company (which develops and = mkts.=20 integrated computer
systems) has 1.9 million float and 2.0 million = outstanding.  I have a feeling
that the difference is that = -1% Fund=20 ownership, but I can't understand how a
company can have a = negative Fund=20 Ownership-and at the same time have it
calculate as a positive=20 result.

     2) Just a vagrant query.  = I=20 wonder, if the S&P 600 is so important, why
DGO doesn't = feature it=20 under its market tab.  WON is associated with IBD and
DGO (I = believe=20 he is the publisher of IBD and he owns DGO).  You would think =
that he=20 would mention it to DGO's subscribers-if for no other reason then to=20
explain why the S&P 600 is not available on=20 DGO.

jans

-
-To subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email. ------=_NextPart_000_00E1_01C21853.FA085F00-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] Re. Two Questions Date: 20 Jun 2002 13:51:22 -0400 Jans I heard DGO will be featuring the S&P 600, but as a $238/month add-on to the regular subscription!?! (And if you pay in advance, you can do so for just $3000.) Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Spencer48@aol.com Sent: Thursday, June 20, 2002 1:00 PM Canslimmers: 1) Does anyone have any idea how a company can have a negative fund ownership? I'm watching FBAY and its Fund Ownership (according to DGO) is -1%. This Canadian Company (which develops and mkts. integrated computer systems) has 1.9 million float and 2.0 million outstanding. I have a feeling that the difference is that -1% Fund ownership, but I can't understand how a company can have a negative Fund Ownership-and at the same time have it calculate as a positive result. 2) Just a vagrant query. I wonder, if the S&P 600 is so important, why DGO doesn't feature it under its market tab. WON is associated with IBD and DGO (I believe he is the publisher of IBD and he owns DGO). You would think that he would mention it to DGO's subscribers-if for no other reason then to explain why the S&P 600 is not available on DGO. jans - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Jim Fulling" Subject: [CANSLIM] s & p 600 Date: 20 Jun 2002 13:21:51 -0700 This is a multi-part message in MIME format. ------=_NextPart_000_011F_01C2185D.7019CF40 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable i am trying to find a symbol for the S & P 600 in todays IBD. it seems = IJR doesn,t fit. the north idaho lurker jim ------=_NextPart_000_011F_01C2185D.7019CF40 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
i am trying to find a symbol for = the S=20 & P 600 in todays  IBD. it seems IJR doesn,t = fit.
the north idaho lurker=20 jim
------=_NextPart_000_011F_01C2185D.7019CF40-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] s & p 600 Date: 20 Jun 2002 16:17:08 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0021_01C21875.ECEEABE0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit The S&P Smallcap 600 Index ($SML.X) -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Jim Fulling Sent: Thursday, June 20, 2002 3:22 PM To: canslim@lists.xmission.com Subject: [CANSLIM] s & p 600 i am trying to find a symbol for the S & P 600 in todays IBD. it seems IJR doesn,t fit. the north idaho lurker jim ------=_NextPart_000_0021_01C21875.ECEEABE0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
The S&P Smallcap 600 Index ($SML.X)=20
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Jim=20 Fulling
Sent: Thursday, June 20, 2002 3:22 PM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] s & p=20 600

i am trying to find a symbol for = the S=20 & P 600 in todays  IBD. it seems IJR doesn,t = fit.
the north idaho lurker=20 jim
------=_NextPart_000_0021_01C21875.ECEEABE0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Jim Fulling" Subject: Re: [CANSLIM] s & p 600 Date: 20 Jun 2002 15:02:41 -0700 This is a multi-part message in MIME format. ------=_NextPart_000_0173_01C2186B.86626D80 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable fred tks. jim ----- Original Message -----=20 From: Fred Richards=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 20, 2002 2:17 PM Subject: RE: [CANSLIM] s & p 600 The S&P Smallcap 600 Index ($SML.X)=20 -----Original Message----- From: owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]On Behalf Of Jim Fulling Sent: Thursday, June 20, 2002 3:22 PM To: canslim@lists.xmission.com Subject: [CANSLIM] s & p 600 i am trying to find a symbol for the S & P 600 in todays IBD. it = seems IJR doesn,t fit. the north idaho lurker jim ------=_NextPart_000_0173_01C2186B.86626D80 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
fred tks. jim
----- Original Message -----
From:=20 Fred = Richards
Sent: Thursday, June 20, 2002 = 2:17=20 PM
Subject: RE: [CANSLIM] s & = p=20 600

The S&P Smallcap 600 Index ($SML.X)=20
-----Original Message-----
From: owner-canslim@lists.xmis= sion.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Jim=20 Fulling
Sent: Thursday, June 20, 2002 3:22 = PM
To: canslim@lists.xmission.com=
Subject:=20 [CANSLIM] s & p 600

i am trying to find a symbol for = the S=20 & P 600 in todays  IBD. it seems IJR doesn,t = fit.
the north idaho lurker=20 jim
------=_NextPart_000_0173_01C2186B.86626D80-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] Re. Two Questions Date: 20 Jun 2002 15:49:28 -0700 (PDT) what about funds that short stocks? Of course they have to borrow from account. Just guessing, Kent Norman --- Spencer48@aol.com wrote: > Canslimmers: > > 1) Does anyone have any idea how a company can have a negative > fund > ownership? I'm watching FBAY and its Fund Ownership (according to > DGO) is > -1%. This Canadian Company (which develops and mkts. integrated > computer > systems) has 1.9 million float and 2.0 million outstanding. I have a > feeling > that the difference is that -1% Fund ownership, but I can't > understand how a > company can have a negative Fund Ownership-and at the same time have > it > calculate as a positive result. > > 2) Just a vagrant query. I wonder, if the S&P 600 is so > important, why > DGO doesn't feature it under its market tab. WON is associated with > IBD and > DGO (I believe he is the publisher of IBD and he owns DGO). You > would think > that he would mention it to DGO's subscribers-if for no other reason > then to > explain why the S&P 600 is not available on DGO. > > jans > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Johnny Lloyd" Subject: Re: [CANSLIM] s & p 600 Date: 20 Jun 2002 19:54:33 -0400 The IBD Symbol for S&P 600 is OS&P6 on their charts. ----- Original Message ----- Sent: Thursday, June 20, 2002 4:21 PM i am trying to find a symbol for the S & P 600 in todays IBD. it seems IJR doesn,t fit. the north idaho lurker jim --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.371 / Virus Database: 206 - Release Date: 06/13/2002 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: FBAY (was Re: [CANSLIM] Re. Two Questions) Date: 20 Jun 2002 22:45:43 -0400 Hi Spencer, Not sure what you are looking at, but DGO right now shows 2 million shares issued, 1.3 million in the float, and N/A for funds ownership. ----- Original Message ----- Sent: Thursday, June 20, 2002 12:59 PM Canslimmers: 1) Does anyone have any idea how a company can have a negative fund ownership? I'm watching FBAY and its Fund Ownership (according to DGO) is -1%. This Canadian Company (which develops and mkts. integrated computer systems) has 1.9 million float and 2.0 million outstanding. I have a feeling that the difference is that -1% Fund ownership, but I can't understand how a company can have a negative Fund Ownership-and at the same time have it calculate as a positive result. 2) Just a vagrant query. I wonder, if the S&P 600 is so important, why DGO doesn't feature it under its market tab. WON is associated with IBD and DGO (I believe he is the publisher of IBD and he owns DGO). You would think that he would mention it to DGO's subscribers-if for no other reason then to explain why the S&P 600 is not available on DGO. jans - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] Interview with Bill O'Neil Date: 20 Jun 2002 23:08:03 -0400 The Motley Fool site has another interview, address is http://www.fool.com/Specials/2002/02062000sp.htm Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: FBAY (was Re: [CANSLIM] Re. Two Questions) Date: 20 Jun 2002 23:40:51 EDT Tom: I was wondering what you were talking about. However, I pulled up my old DGO (the one whose software is in the computer) and it does say almost exactly what you say it says: Except for the 2 Mill. outstanding (my old DGO shows 1.5 Mill), it has the float as 1.3 Mill. and funds as being zero. But then in the new DGO (I think it's called version 4.0), FBAY has 2.0 Mill Outstanding, 1.9 Mill in the float, and minus 1% in funds. Did you ever.?!! jans In a message dated 6/20/2002 10:46:31 PM Eastern Daylight Time, stkguru@bellsouth.net writes: << Hi Spencer, Not sure what you are looking at, but DGO right now shows 2 million shares issued, 1.3 million in the float, and N/A for funds ownership. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: FBAY (was Re: [CANSLIM] Re. Two Questions) Date: 20 Jun 2002 23:36:27 -0400 Spencer, I think you have it turned around. Version 4.0 is, I believe, the old version. The new version is the web based site. ----- Original Message ----- Sent: Thursday, June 20, 2002 11:40 PM Tom: I was wondering what you were talking about. However, I pulled up my old DGO (the one whose software is in the computer) and it does say almost exactly what you say it says: Except for the 2 Mill. outstanding (my old DGO shows 1.5 Mill), it has the float as 1.3 Mill. and funds as being zero. But then in the new DGO (I think it's called version 4.0), FBAY has 2.0 Mill Outstanding, 1.9 Mill in the float, and minus 1% in funds. Did you ever.?!! jans In a message dated 6/20/2002 10:46:31 PM Eastern Daylight Time, stkguru@bellsouth.net writes: << Hi Spencer, Not sure what you are looking at, but DGO right now shows 2 million shares issued, 1.3 million in the float, and N/A for funds ownership. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: [CANSLIM] The A's in Acc/Dis charts have been updated! Date: 21 Jun 2002 09:17:14 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_000A_01C21904.6E5C46E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit http://www.adrich.com/SI/Info/A's.htm ---- Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_000A_01C21904.6E5C46E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
http://www.adrich.com/SI/I= nfo/A's.htm
 

Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals III=20 27
 
www.adrich.com
 
------=_NextPart_000_000A_01C21904.6E5C46E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] Interview with Bill O'Neil Date: 21 Jun 2002 10:57:52 -0400 Interesting. Thanks for the tip, Tom. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley Sent: Thursday, June 20, 2002 11:08 PM The Motley Fool site has another interview, address is http://www.fool.com/Specials/2002/02062000sp.htm Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 10:51:11 -0500 A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you = for archived stories- even from yesterday. Well- it may be cheating the = system, but let's say you are looking for a story that you viewed = yesterday on the IBD web site and you don't want to pay $2.95 to = download it today. Chances are it is still cached on your hard drive and = you can search for it using Windows Explorer. I was able to view the = Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 13:12:20 -0400 Good tip Kelly. Or...if you're perusing the site and want to save a story, go to the top of IE, select File/Save As, then put the article in a directory for later viewing or reference. In other words, build you own archive. I do this everyday with Screen of The Day, some investor's corner articles, etc. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 13:14:15 -0500 So, Duke would you be willing to charge group members a discounted rate from IBD rates for your archived articles? E PS: I am sure most of us would come to you first. -----Original Message----- Sent: Friday, June 21, 2002 12:12 PM Good tip Kelly. Or...if you're perusing the site and want to save a story, go to the top of IE, select File/Save As, then put the article in a directory for later viewing or reference. In other words, build you own archive. I do this everyday with Screen of The Day, some investor's corner articles, etc. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 20:26:41 -0400 drat, another flaw to fix!!! ----- Original Message ----- Sent: Friday, June 21, 2002 1:12 PM Good tip Kelly. Or...if you're perusing the site and want to save a story, go to the top of IE, select File/Save As, then put the article in a directory for later viewing or reference. In other words, build you own archive. I do this everyday with Screen of The Day, some investor's corner articles, etc. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 20:25:52 -0400 I am sure they will fix this flaw quickly, before they inconvenience more subscribers by taking up space on their drive ::)) ----- Original Message ----- Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 20:28:28 -0400 heck, I would probably pay more just to help establish some competition. I hate monopolies, Mr. Softee not withstanding. ----- Original Message ----- Sent: Friday, June 21, 2002 2:14 PM So, Duke would you be willing to charge group members a discounted rate from IBD rates for your archived articles? E PS: I am sure most of us would come to you first. -----Original Message----- Sent: Friday, June 21, 2002 12:12 PM Good tip Kelly. Or...if you're perusing the site and want to save a story, go to the top of IE, select File/Save As, then put the article in a directory for later viewing or reference. In other words, build you own archive. I do this everyday with Screen of The Day, some investor's corner articles, etc. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 20:11:48 -0500 In the beginning, IBD thought the competition was the WSJ. I guess WON has been successful since you now have accorded him a monopoly label. And I thought in a free market, you were able to enjoy the fruits of your labor and innovation. Guess you have a different take. If you are really serious, just how much money has the IBD, Investors.com, etc., enabled you to make? If you are like me, the small pittance we pay for the IBD and its service bears very little resemblance to what we make using the information. If you haven't made money using real honest to goodness $ or just want to paper trade and backtest a theory to death, I guess the price of admission is more than your local paper or the free services you can find on Yahoo, MSN, etc., Quite frankly, if WON decided to double the cost, it would still be a bargain to me! But then, I remember paying many thousands of $ a quarter for the O'Neil Stock Graphs. And when we paid $1.2 million in good money for a hard drive platter and thought 1.2 Meg was more hard drive space than we would ever use. -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Friday, June 21, 2002 7:28 PM heck, I would probably pay more just to help establish some competition. I hate monopolies, Mr. Softee not withstanding. ----- Original Message ----- Sent: Friday, June 21, 2002 2:14 PM So, Duke would you be willing to charge group members a discounted rate from IBD rates for your archived articles? E PS: I am sure most of us would come to you first. -----Original Message----- Sent: Friday, June 21, 2002 12:12 PM Good tip Kelly. Or...if you're perusing the site and want to save a story, go to the top of IE, select File/Save As, then put the article in a directory for later viewing or reference. In other words, build you own archive. I do this everyday with Screen of The Day, some investor's corner articles, etc. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 21:20:55 -0400 Fred, the "monopoly" is in charging its existing subscriber base for failing to download and save every article at the time they view it just in case they want to read it again. The subscribers (and I am not one) already paid for the service, they should have free access to the archives. That would be like DGO charging me for every day of a one year chart I wish to see prior to today's trading. ----- Original Message ----- Sent: Friday, June 21, 2002 9:11 PM In the beginning, IBD thought the competition was the WSJ. I guess WON has been successful since you now have accorded him a monopoly label. And I thought in a free market, you were able to enjoy the fruits of your labor and innovation. Guess you have a different take. If you are really serious, just how much money has the IBD, Investors.com, etc., enabled you to make? If you are like me, the small pittance we pay for the IBD and its service bears very little resemblance to what we make using the information. If you haven't made money using real honest to goodness $ or just want to paper trade and backtest a theory to death, I guess the price of admission is more than your local paper or the free services you can find on Yahoo, MSN, etc., Quite frankly, if WON decided to double the cost, it would still be a bargain to me! But then, I remember paying many thousands of $ a quarter for the O'Neil Stock Graphs. And when we paid $1.2 million in good money for a hard drive platter and thought 1.2 Meg was more hard drive space than we would ever use. -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Friday, June 21, 2002 7:28 PM heck, I would probably pay more just to help establish some competition. I hate monopolies, Mr. Softee not withstanding. ----- Original Message ----- Sent: Friday, June 21, 2002 2:14 PM So, Duke would you be willing to charge group members a discounted rate from IBD rates for your archived articles? E PS: I am sure most of us would come to you first. -----Original Message----- Sent: Friday, June 21, 2002 12:12 PM Good tip Kelly. Or...if you're perusing the site and want to save a story, go to the top of IE, select File/Save As, then put the article in a directory for later viewing or reference. In other words, build you own archive. I do this everyday with Screen of The Day, some investor's corner articles, etc. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 21:41:08 -0400 Ernie, if I wouldn't be subject to public whipping by the WON SS monitoring this sight for violations of copyright I'd gladly publish them for FREE! -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Hill, Ernie Sent: Friday, June 21, 2002 2:14 PM So, Duke would you be willing to charge group members a discounted rate from IBD rates for your archived articles? E PS: I am sure most of us would come to you first. -----Original Message----- Sent: Friday, June 21, 2002 12:12 PM Good tip Kelly. Or...if you're perusing the site and want to save a story, go to the top of IE, select File/Save As, then put the article in a directory for later viewing or reference. In other words, build you own archive. I do this everyday with Screen of The Day, some investor's corner articles, etc. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] IBD Archives Workaround Date: 21 Jun 2002 21:33:39 -0500 Tom, You do have a point. I'll see what can be done about it. Fred -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Friday, June 21, 2002 8:21 PM Fred, the "monopoly" is in charging its existing subscriber base for failing to download and save every article at the time they view it just in case they want to read it again. The subscribers (and I am not one) already paid for the service, they should have free access to the archives. That would be like DGO charging me for every day of a one year chart I wish to see prior to today's trading. ----- Original Message ----- Sent: Friday, June 21, 2002 9:11 PM In the beginning, IBD thought the competition was the WSJ. I guess WON has been successful since you now have accorded him a monopoly label. And I thought in a free market, you were able to enjoy the fruits of your labor and innovation. Guess you have a different take. If you are really serious, just how much money has the IBD, Investors.com, etc., enabled you to make? If you are like me, the small pittance we pay for the IBD and its service bears very little resemblance to what we make using the information. If you haven't made money using real honest to goodness $ or just want to paper trade and backtest a theory to death, I guess the price of admission is more than your local paper or the free services you can find on Yahoo, MSN, etc., Quite frankly, if WON decided to double the cost, it would still be a bargain to me! But then, I remember paying many thousands of $ a quarter for the O'Neil Stock Graphs. And when we paid $1.2 million in good money for a hard drive platter and thought 1.2 Meg was more hard drive space than we would ever use. -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Friday, June 21, 2002 7:28 PM heck, I would probably pay more just to help establish some competition. I hate monopolies, Mr. Softee not withstanding. ----- Original Message ----- Sent: Friday, June 21, 2002 2:14 PM So, Duke would you be willing to charge group members a discounted rate from IBD rates for your archived articles? E PS: I am sure most of us would come to you first. -----Original Message----- Sent: Friday, June 21, 2002 12:12 PM Good tip Kelly. Or...if you're perusing the site and want to save a story, go to the top of IE, select File/Save As, then put the article in a directory for later viewing or reference. In other words, build you own archive. I do this everyday with Screen of The Day, some investor's corner articles, etc. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short Sent: Friday, June 21, 2002 11:51 AM A computer tip: As if IBD doesn't make enough money of its subscribers- they charge you for archived stories- even from yesterday. Well- it may be cheating the system, but let's say you are looking for a story that you viewed yesterday on the IBD web site and you don't want to pay $2.95 to download it today. Chances are it is still cached on your hard drive and you can search for it using Windows Explorer. I was able to view the Who's Who in Restaurants chart from yesterday using this method. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Dan Forant" Subject: [CANSLIM] M....Look Out Below Date: 22 Jun 2002 06:33:08 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_001B_01C219B6.AC3B39A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable http://moneycentral.msn.com/content/p24996.asp?special=3Dmsn ------=_NextPart_000_001B_01C219B6.AC3B39A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
htt= p://moneycentral.msn.com/content/p24996.asp?special=3Dmsn ------=_NextPart_000_001B_01C219B6.AC3B39A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] M....Look Out Below Date: 22 Jun 2002 10:33:15 -0600 Here is a great quote from that article - Without intending to cast aspersions, it seems that these big-wave theories seem to appeal more to well-meaning eggheads than to demonstrably successful investors. World-altering economic and psycho-social patterns are easier to observe in retrospect than to forecast. The mathematical certainty that appears to attend cyclical waves in the past tend to dissolve into uncertain subjectivity in the present. On 22 Jun 2002 at 6:33, Dan Forant wrote: > http://moneycentral.msn.com/content/p24996.asp?special=msn > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] M....Look Out Below Date: 22 Jun 2002 12:21:42 -0700 (PDT) Perhaps... But Ernie has been impressive! Kent Norman --- Patrick Wahl wrote: > Here is a great quote from that article - > > > Without intending to cast aspersions, it seems that these big-wave > theories > seem to appeal more to well-meaning eggheads than to demonstrably > successful investors. World-altering economic and psycho-social > patterns are > easier to observe in retrospect than to forecast. The mathematical > certainty > that appears to attend cyclical waves in the past tend to dissolve > into uncertain > subjectivity in the present. > > > > On 22 Jun 2002 at 6:33, Dan Forant wrote: > > > http://moneycentral.msn.com/content/p24996.asp?special=msn > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: [CANSLIM] market statistics Date: 22 Jun 2002 13:25:01 -0600 Some interesting info on changes within the market and what that does to market indicators, this is from a 4/24 transcript from Linda Rashke I was reading - 11:24:59 We have been seeing majority of buying go into the small cap shares for the past two months... 11:25:10 We have been noting the distortion in the ticks because of this. 11:25:25 We have seen HIGH trin yet high ticks readings on and off for past few months. 11:25:56 Part of the distortion is caused by the fact that 49%% of listed NYSE shares are now non operating companies...the majority of them bond related.... 11:26:01 listed bond funds.... 11:26:35 so, as you see on day's like today where you have upward bias across the yield curve, we see stronger breadth, 11:27:05 and the trin will be higher at times since it may look like disproportionate amount of volume is going into DOWN issues.... 11:27:18 Since we went to DECIMALIZATION on listed shares, 11:27:37 many of these bond funds which would not fluctuate in the past, now may be 11:27:58 up on the day by one small tick...it still adds distortion to some of the market internals. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] M....Look Out Below Date: 22 Jun 2002 13:50:28 -0600 No knock on Ernie intended, I think the comment in the column referred more to trying to draw parallels between what might have happened one hundred years ago and what is happening now, cycles, trying to say that because it happened a few times it can happen again. I think these economic events are each unique and can't be used as models of the present. On 22 Jun 2002 at 12:21, Kent Norman wrote: > Perhaps... But Ernie has been impressive! - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Dan Forant" Subject: Re: [CANSLIM] M....Look Out Below Date: 22 Jun 2002 19:21:14 -0400 Maybe they can't be models of the past but the present clay ball is taking on some characteristics of the past. It's early. This wouldn't be the first time History repeated itself. ----- Original Message ----- Sent: Saturday, June 22, 2002 3:50 PM > No knock on Ernie intended, I think the comment in the column referred more to > trying to draw parallels between what might have happened one hundred years ago > and what is happening now, cycles, trying to say that because it happened a few > times it can happen again. I think these economic events are each unique and can't > be used as models of the present. > > > On 22 Jun 2002 at 12:21, Kent Norman wrote: > > > Perhaps... But Ernie has been impressive! > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] IBD Archives Workaround Date: 22 Jun 2002 21:48:54 -0400 Mr Softee has a new challenge from a team supported by the SUN according to an article in the Friday NY Times. A brief extract from the NY Times article follows: "Now there is one. It's called OpenOffice, and it has a killer feature: it's free. Like Microsoft Office, OpenOffice - whose official name is OpenOffice.org 1.0 - comes with a word processor, a spreadsheet program and a slide-show program. It lacks an e-mail program and database, but does have a powerful graphics program and a Web-page editor. Amazingly, all this fits in a 50-megabyte download from www.openoffice.org. You have your choice of 27 languages and three operating systems: Windows, Linux or Solaris. (A Mac OS X version is in the works.) How could such a sweet suite be free? OpenOffice is what's called an open-source project: a carefully orchestrated group effort by programmers all over the world, donating their time and talent to making a dent in the Microsoft monopoly. That's not to imply that the software isn't polished, stable and fast; it is. Still, if the notion of global-community-as-software-company makes you uneasy (who gets the call for tech support?), you can also buy a boxed copy of the software from Sun, which started and coordinates the OpenOffice project. For $76 - compared with $580 for the full Microsoft Office - Sun's version, called StarOffice, offers a few goodies the free " ----- Original Message ----- Sent: Friday, June 21, 2002 8:28 PM > heck, I would probably pay more just to help establish some competition. I > hate monopolies, Mr. Softee not withstanding. > > ----- Original Message ----- > From: "Hill, Ernie" > To: > Sent: Friday, June 21, 2002 2:14 PM > Subject: RE: [CANSLIM] IBD Archives Workaround > > > So, Duke would you be willing to charge group members a discounted rate from > IBD rates for your archived articles? > > E > > PS: I am sure most of us would come to you first. > > -----Original Message----- > From: Duke Miller [mailto:dukemill@tampabay.rr.com] > Sent: Friday, June 21, 2002 12:12 PM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] IBD Archives Workaround > > Good tip Kelly. > > Or...if you're perusing the site and want to save a story, go to the top > of IE, select File/Save As, then put the article in a directory for > later viewing or reference. In other words, build you own archive. I > do this everyday with Screen of The Day, some investor's corner > articles, etc. > > Duke > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short > Sent: Friday, June 21, 2002 11:51 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] IBD Archives Workaround > > > A computer tip: > > As if IBD doesn't make enough money of its subscribers- they charge you > for archived stories- even from yesterday. Well- it may be cheating the > system, but let's say you are looking for a story that you viewed > yesterday on the IBD web site and you don't want to pay $2.95 to > download it today. Chances are it is still cached on your hard drive and > you can search for it using Windows Explorer. I was able to view the > Who's Who in Restaurants chart from yesterday using this method. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > ****************************************************************** > This email and any files transmitted with it from the ElPaso > Corporation are confidential and intended solely for the > use of the individual or entity to whom they are addressed. > If you have received this email in error please notify the > sender. > ****************************************************************** > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] IBD Archives Workaround Date: 22 Jun 2002 21:53:14 -0400 My company evaluated Star Office at work, and I was not impressed with the comments and reviews from users. ----- Original Message ----- Sent: Saturday, June 22, 2002 9:48 PM Mr Softee has a new challenge from a team supported by the SUN according to an article in the Friday NY Times. A brief extract from the NY Times article follows: "Now there is one. It's called OpenOffice, and it has a killer feature: it's free. Like Microsoft Office, OpenOffice - whose official name is OpenOffice.org 1.0 - comes with a word processor, a spreadsheet program and a slide-show program. It lacks an e-mail program and database, but does have a powerful graphics program and a Web-page editor. Amazingly, all this fits in a 50-megabyte download from www.openoffice.org. You have your choice of 27 languages and three operating systems: Windows, Linux or Solaris. (A Mac OS X version is in the works.) How could such a sweet suite be free? OpenOffice is what's called an open-source project: a carefully orchestrated group effort by programmers all over the world, donating their time and talent to making a dent in the Microsoft monopoly. That's not to imply that the software isn't polished, stable and fast; it is. Still, if the notion of global-community-as-software-company makes you uneasy (who gets the call for tech support?), you can also buy a boxed copy of the software from Sun, which started and coordinates the OpenOffice project. For $76 - compared with $580 for the full Microsoft Office - Sun's version, called StarOffice, offers a few goodies the free " ----- Original Message ----- Sent: Friday, June 21, 2002 8:28 PM > heck, I would probably pay more just to help establish some competition. I > hate monopolies, Mr. Softee not withstanding. > > ----- Original Message ----- > From: "Hill, Ernie" > To: > Sent: Friday, June 21, 2002 2:14 PM > Subject: RE: [CANSLIM] IBD Archives Workaround > > > So, Duke would you be willing to charge group members a discounted rate from > IBD rates for your archived articles? > > E > > PS: I am sure most of us would come to you first. > > -----Original Message----- > From: Duke Miller [mailto:dukemill@tampabay.rr.com] > Sent: Friday, June 21, 2002 12:12 PM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] IBD Archives Workaround > > Good tip Kelly. > > Or...if you're perusing the site and want to save a story, go to the top > of IE, select File/Save As, then put the article in a directory for > later viewing or reference. In other words, build you own archive. I > do this everyday with Screen of The Day, some investor's corner > articles, etc. > > Duke > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short > Sent: Friday, June 21, 2002 11:51 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] IBD Archives Workaround > > > A computer tip: > > As if IBD doesn't make enough money of its subscribers- they charge you > for archived stories- even from yesterday. Well- it may be cheating the > system, but let's say you are looking for a story that you viewed > yesterday on the IBD web site and you don't want to pay $2.95 to > download it today. Chances are it is still cached on your hard drive and > you can search for it using Windows Explorer. I was able to view the > Who's Who in Restaurants chart from yesterday using this method. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > ****************************************************************** > This email and any files transmitted with it from the ElPaso > Corporation are confidential and intended solely for the > use of the individual or entity to whom they are addressed. > If you have received this email in error please notify the > sender. > ****************************************************************** > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] Worley's Weekend Weeview Date: 23 Jun 2002 07:42:24 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_002D_01C21A89.83F330F0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_002E_01C21A89.83F330F0" ------=_NextPart_001_002E_01C21A89.83F330F0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable ECONOMICS Factory orders gains for April were roughly cut in half as an annual = adjustment was made to bring the data in line with the broader data from = the Annual Survey of Manufacturers. New Unemployment Claims continue the declining trend seen in past weeks. = Since the benefits duration was extended, and those whose benefits had = expired returned to refile for the extension (even tho Labor was unable = to quantify the impact), the new claims has been steadily declining back = under 400K. The four week moving average has now also fallen under 400K. Trade Deficit in April jumped over 10% to an all time high of $35.9 = billion reflecting, among other things, a very weak dollar, and strength = in imported oil prices. Fear of a dock strike in California may have = also increased imports. Index of leading economic indicators rose 0.4% in May to 112.2 after a = 0.3% drop in April. Expectations were for only a 0.2% rise. The weakening US dollar is showing up more and more. In the past month = or so, it has dropped over 10% against the Euro. It has continued to = fall as well against the yen. Combined with the net decrease of = purchasing of US securities by foreign investors, the trend is likely to = continue and could threaten a recovery. In the 4th quarter, foreign = purchases of US stocks dropped $8 billion to $25 billion. And on US = Treasury bonds, there was a net sale of $5.7 billion compared to prior = net purchase of $27.2 billion. That is a huge swing. While the weakening = dollar, by itself, increases the value of imports and decreases the = value of exports, thus widening the Trade Deficit as well as the Current = Account, eventually it can also result in making US manufacturer's = products more price competitive, and generate new sales and demands for = US goods. Oil production in the second half of the year is likely to increase as = several non-OPEC countries (latest being Venezuela following Norway, = Russia) cease their recent cuts.=20 Good summary on the current state of the US economy can be found at http://money.cnn.com/2002/06/21/news/economy/econ_roundup/index.htm=20 ------- "M" Both the DOW and the S&P 500 closed down for the week, fifth week in a = row for that, and first time in a year to be down 5 consecutive weeks. = Naz finished only 17 points off its 9/11 bottom. Either capitulation = better happen real soon, or we are in some mighty deep doo doo. ------- WORLEY'S WATCHLIST WANNABES This list is in no way intended to recommend any stocks to the group. It = is a part of my regular assessment of the health of CANSLIM's "M" and, = as the name implies, only intended to identify some stocks with = constructive chart patterns that may be worth WATCHING (and of course = doing your own due diligence). I typically list stocks with both RS and = EPS ranking of 80 or better, and try to exclude stocks undergoing any = merger / acquisition / buyout scenario. I also exclude those stocks I = spot with earnings forecast for this year and next that are not at least = close to 20%. I do no other due diligence. The population of stocks I am reviewing this weekend continued to slide = further during the past week. Daily lists were not even a page long, and = little of interest to me. The across the board slide continuing in all = indexes, including small cap growth, has hurt a lot of otherwise good = looking charts. AMZ - LLUR CECO - B8 CHS - turning into a LLUR? COCO - b/o Friday on 1.5X ADV CPS - young LLUR? ELUX - triple bottom ENR - nice chart, but weak forecast for 2003 ERES - another nice chart, clear LLUR but with strong earnings forecast FCN - volatile LLUR FNLY - B6 HIBB - 10 week consolidation HLYW - 10 week consolidation, might be a recession/fear of terrorism = play, cheaper than the movies and safer HUG - at the pivot JJSF - another 10 week consolidation LABS - broke the pivot Thursday, volume not sufficient, former LLUR LION - B9 MCRS - 10 week handle on a nice cup?? sign of the times for c&h = formations?? MMSI - triple bottom? c&h?? NTK - broke the pivot on Friday on 8X ADV, benefiting from the continued = strong home construction market OCAS - B3 ODSY - B9 OVRL - b/o holding despite "M", owned, in my VR Fund PETM - LLUR, basing due "M"?? SCVL - broke pivot Friday on 3X ADV SSNC - Tuesday's b/o on volume holding despite "M", in my VR Fund SYPR - nice recovery last week, over 50dma and into resistance, in my VR = Fund TRI - B2 WSH - B4 Happy Hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley ------=_NextPart_001_002E_01C21A89.83F330F0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
ECONOMICS
Factory orders gains for April were roughly cut = in half as=20 an annual adjustment was made to bring the data in line with the broader = data=20 from the Annual Survey of Manufacturers.
 
New Unemployment Claims continue the declining = trend seen=20 in past weeks. Since the benefits duration was extended, and those = whose=20 benefits had expired returned to refile for the extension (even tho = Labor was=20 unable to quantify the impact), the new claims has been steadily = declining back=20 under 400K. The four week moving average has now also fallen under=20 400K.
 
Trade Deficit in April jumped over 10% to an all = time high=20 of $35.9 billion reflecting, among other things, a very weak dollar, and = strength in imported oil prices. Fear of a dock strike in California may = have=20 also increased imports.
 
Index of leading economic indicators rose 0.4% = in May to=20 112.2 after a 0.3% drop in April. Expectations were for only a 0.2%=20 rise.
 
The weakening US dollar is showing up more and = more. In=20 the past month or so, it has dropped over 10% against the Euro. It has = continued=20 to fall as well against the yen. Combined with the net decrease of = purchasing of=20 US securities by foreign investors, the trend is likely to continue and = could=20 threaten a recovery. In the 4th quarter, foreign purchases of US stocks = dropped=20 $8 billion to $25 billion. And on US Treasury bonds, there was a net = sale of=20 $5.7 billion compared to prior net purchase of $27.2 billion. That is a = huge=20 swing. While the weakening dollar, by itself, increases the value of = imports and=20 decreases the value of exports, thus widening the Trade Deficit as well = as the=20 Current Account, eventually it can also result in making US = manufacturer's=20 products more price competitive, and generate new sales and demands for = US=20 goods.
 
Oil production in the second half of the year is = likely to=20 increase as several non-OPEC countries (latest being Venezuela following = Norway,=20 Russia) cease their recent cuts.
 
Good summary on the current state of the US = economy can be=20 found at
http://money.cnn.com/2002/06/21/news/economy/econ_roundup/index.htm=20
"M"
Both the DOW and the S&P 500 closed down for = the week,=20 fifth week in a row for that, and first time in a year to be down 5 = consecutive=20 weeks. Naz finished only 17 points off its 9/11 bottom. Either = capitulation=20 better happen real soon, or we are in some mighty deep doo doo.

WORLEY'S WATCHLIST = WANNABES
This list is in no way intended to recommend any = stocks to=20 the group. It is a part of my regular assessment of the health of = CANSLIM's "M"=20 and, as the name implies, only intended to identify some stocks with=20 constructive chart patterns that may be worth WATCHING (and of course = doing your=20 own due diligence). I typically list stocks with both RS and EPS ranking = of 80=20 or better, and try to exclude stocks undergoing any merger / acquisition = /=20 buyout scenario. I also exclude those stocks I spot with earnings = forecast for=20 this year and next that are not at least close to 20%. I do no other due = diligence.
 
The population of stocks I am reviewing this = weekend=20 continued to slide further during the past week. Daily lists were not = even a=20 page long, and little of interest to me. The across the board slide = continuing=20 in all indexes, including small cap growth, has hurt a lot of otherwise = good=20 looking charts.
 
AMZ - LLUR
CECO - B8
CHS - turning into a LLUR?
COCO - b/o Friday on 1.5X ADV
CPS - young LLUR?
ELUX - triple bottom
ENR - nice chart, but weak forecast for = 2003
ERES - another nice chart, clear LLUR but with = strong=20 earnings forecast
FCN - volatile LLUR
FNLY - B6
HIBB - 10 week consolidation
HLYW - 10 week consolidation, might be a = recession/fear of=20 terrorism play, cheaper than the movies and safer
HUG - at the pivot
JJSF - another 10 week = consolidation
LABS - broke the pivot Thursday, volume not = sufficient,=20 former LLUR
LION - B9
MCRS - 10 week handle on a nice cup?? sign of = the times=20 for c&h formations??
MMSI - triple bottom? c&h??
NTK - broke the pivot on Friday on 8X ADV, = benefiting from=20 the continued strong home construction market
OCAS - B3
ODSY - B9
OVRL - b/o holding despite "M", owned, in my VR=20 Fund
PETM - LLUR, basing due "M"??
SCVL - broke pivot Friday on 3X ADV
SSNC - Tuesday's b/o on volume holding despite = "M", in my=20 VR Fund
SYPR - nice recovery last week, over 50dma and = into=20 resistance, in my VR Fund
TRI - B2
WSH - B4
 
Happy Hunting,
3D""
Tom Worley
stkguru@bellsouth.net
AIM: = TexWorley
------=_NextPart_001_002E_01C21A89.83F330F0-- ------=_NextPart_000_002D_01C21A89.83F330F0 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <002c01c21aab$0af8ea10$6501a8c0@TOMSBOX> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_002D_01C21A89.83F330F0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 23 Jun 2002 10:01:02 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0017_01C21A9C.E1CD1750 Content-Type: multipart/alternative; boundary="----=_NextPart_001_0018_01C21A9C.E1CD1750" ------=_NextPart_001_0018_01C21A9C.E1CD1750 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Tom, Thanks again for another WWW. I believe NTK is the subject of a buyout = offer. Jon ----- Original Message -----=20 From: Tom Worley=20 To: CANSLIM=20 Sent: Sunday, June 23, 2002 7:42 AM Subject: [CANSLIM] Worley's Weekend Weeview ECONOMICS Factory orders gains for April were roughly cut in half as an annual = adjustment was made to bring the data in line with the broader data from = the Annual Survey of Manufacturers. New Unemployment Claims continue the declining trend seen in past = weeks. Since the benefits duration was extended, and those whose = benefits had expired returned to refile for the extension (even tho = Labor was unable to quantify the impact), the new claims has been = steadily declining back under 400K. The four week moving average has now = also fallen under 400K. Trade Deficit in April jumped over 10% to an all time high of $35.9 = billion reflecting, among other things, a very weak dollar, and strength = in imported oil prices. Fear of a dock strike in California may have = also increased imports. Index of leading economic indicators rose 0.4% in May to 112.2 after a = 0.3% drop in April. Expectations were for only a 0.2% rise. The weakening US dollar is showing up more and more. In the past month = or so, it has dropped over 10% against the Euro. It has continued to = fall as well against the yen. Combined with the net decrease of = purchasing of US securities by foreign investors, the trend is likely to = continue and could threaten a recovery. In the 4th quarter, foreign = purchases of US stocks dropped $8 billion to $25 billion. And on US = Treasury bonds, there was a net sale of $5.7 billion compared to prior = net purchase of $27.2 billion. That is a huge swing. While the weakening = dollar, by itself, increases the value of imports and decreases the = value of exports, thus widening the Trade Deficit as well as the Current = Account, eventually it can also result in making US manufacturer's = products more price competitive, and generate new sales and demands for = US goods. Oil production in the second half of the year is likely to increase as = several non-OPEC countries (latest being Venezuela following Norway, = Russia) cease their recent cuts.=20 Good summary on the current state of the US economy can be found at http://money.cnn.com/2002/06/21/news/economy/econ_roundup/index.htm=20 ----- "M" Both the DOW and the S&P 500 closed down for the week, fifth week in a = row for that, and first time in a year to be down 5 consecutive weeks. = Naz finished only 17 points off its 9/11 bottom. Either capitulation = better happen real soon, or we are in some mighty deep doo doo. ----- WORLEY'S WATCHLIST WANNABES This list is in no way intended to recommend any stocks to the group. = It is a part of my regular assessment of the health of CANSLIM's "M" = and, as the name implies, only intended to identify some stocks with = constructive chart patterns that may be worth WATCHING (and of course = doing your own due diligence). I typically list stocks with both RS and = EPS ranking of 80 or better, and try to exclude stocks undergoing any = merger / acquisition / buyout scenario. I also exclude those stocks I = spot with earnings forecast for this year and next that are not at least = close to 20%. I do no other due diligence. The population of stocks I am reviewing this weekend continued to = slide further during the past week. Daily lists were not even a page = long, and little of interest to me. The across the board slide = continuing in all indexes, including small cap growth, has hurt a lot of = otherwise good looking charts. AMZ - LLUR CECO - B8 CHS - turning into a LLUR? COCO - b/o Friday on 1.5X ADV CPS - young LLUR? ELUX - triple bottom ENR - nice chart, but weak forecast for 2003 ERES - another nice chart, clear LLUR but with strong earnings = forecast FCN - volatile LLUR FNLY - B6 HIBB - 10 week consolidation HLYW - 10 week consolidation, might be a recession/fear of terrorism = play, cheaper than the movies and safer HUG - at the pivot JJSF - another 10 week consolidation LABS - broke the pivot Thursday, volume not sufficient, former LLUR LION - B9 MCRS - 10 week handle on a nice cup?? sign of the times for c&h = formations?? MMSI - triple bottom? c&h?? NTK - broke the pivot on Friday on 8X ADV, benefiting from the = continued strong home construction market OCAS - B3 ODSY - B9 OVRL - b/o holding despite "M", owned, in my VR Fund PETM - LLUR, basing due "M"?? SCVL - broke pivot Friday on 3X ADV SSNC - Tuesday's b/o on volume holding despite "M", in my VR Fund SYPR - nice recovery last week, over 50dma and into resistance, in my = VR Fund TRI - B2 WSH - B4 Happy Hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley ------=_NextPart_001_0018_01C21A9C.E1CD1750 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Tom,
 
Thanks again for another WWW. I believe = NTK is=20 the subject of a buyout offer.
 
Jon
----- Original Message -----
From:=20 Tom=20 Worley
To: CANSLIM
Sent: Sunday, June 23, 2002 = 7:42 AM
Subject: [CANSLIM] Worley's = Weekend=20 Weeview

ECONOMICS
Factory orders gains for April were roughly = cut in half=20 as an annual adjustment was made to bring the data in line with the = broader=20 data from the Annual Survey of Manufacturers.
 
New Unemployment Claims continue the declining = trend=20 seen in past weeks. Since the benefits duration was extended, and = those=20 whose benefits had expired returned to refile for the extension (even = tho=20 Labor was unable to quantify the impact), the new claims has been = steadily=20 declining back under 400K. The four week moving average has now also = fallen=20 under 400K.
 
Trade Deficit in April jumped over 10% to an = all time=20 high of $35.9 billion reflecting, among other things, a very weak = dollar, and=20 strength in imported oil prices. Fear of a dock strike in California = may have=20 also increased imports.
 
Index of leading economic indicators rose 0.4% = in May to=20 112.2 after a 0.3% drop in April. Expectations were for only a 0.2%=20 rise.
 
The weakening US dollar is showing up more and = more. In=20 the past month or so, it has dropped over 10% against the Euro. It has = continued to fall as well against the yen. Combined with the net = decrease of=20 purchasing of US securities by foreign investors, the trend is likely = to=20 continue and could threaten a recovery. In the 4th quarter, foreign = purchases=20 of US stocks dropped $8 billion to $25 billion. And on US Treasury = bonds,=20 there was a net sale of $5.7 billion compared to prior net purchase of = $27.2=20 billion. That is a huge swing. While the weakening dollar, by itself,=20 increases the value of imports and decreases the value of exports, = thus=20 widening the Trade Deficit as well as the Current Account, eventually = it can=20 also result in making US manufacturer's products more price = competitive, and=20 generate new sales and demands for US goods.
 
Oil production in the second half of the year = is likely=20 to increase as several non-OPEC countries (latest being Venezuela = following=20 Norway, Russia) cease their recent cuts.
 
Good summary on the current state of the US = economy can=20 be found at
http://money.cnn.com/2002/06/21/news/economy/econ_roundup/index.htm=20
"M"
Both the DOW and the S&P 500 closed down = for the=20 week, fifth week in a row for that, and first time in a year to be = down 5=20 consecutive weeks. Naz finished only 17 points off its 9/11 bottom. = Either=20 capitulation better happen real soon, or we are in some mighty deep = doo=20 doo.

WORLEY'S WATCHLIST=20 WANNABES
This list is in no way intended to recommend = any stocks=20 to the group. It is a part of my regular assessment of the health of = CANSLIM's=20 "M" and, as the name implies, only intended to identify some stocks = with=20 constructive chart patterns that may be worth WATCHING (and of course = doing=20 your own due diligence). I typically list stocks with both RS and EPS = ranking=20 of 80 or better, and try to exclude stocks undergoing any merger / = acquisition=20 / buyout scenario. I also exclude those stocks I spot with earnings = forecast=20 for this year and next that are not at least close to 20%. I do no = other due=20 diligence.
 
The population of stocks I am reviewing this = weekend=20 continued to slide further during the past week. Daily lists were not = even a=20 page long, and little of interest to me. The across the board slide = continuing=20 in all indexes, including small cap growth, has hurt a lot of = otherwise good=20 looking charts.
 
AMZ - LLUR
CECO - B8
CHS - turning into a LLUR?
COCO - b/o Friday on 1.5X ADV
CPS - young LLUR?
ELUX - triple bottom
ENR - nice chart, but weak forecast for=20 2003
ERES - another nice chart, clear LLUR but with = strong=20 earnings forecast
FCN - volatile LLUR
FNLY - B6
HIBB - 10 week consolidation
HLYW - 10 week consolidation, might be a = recession/fear=20 of terrorism play, cheaper than the movies and safer
HUG - at the pivot
JJSF - another 10 week = consolidation
LABS - broke the pivot Thursday, volume not = sufficient,=20 former LLUR
LION - B9
MCRS - 10 week handle on a nice cup?? sign of = the times=20 for c&h formations??
MMSI - triple bottom? c&h??
NTK - broke the pivot on Friday on 8X ADV, = benefiting=20 from the continued strong home construction market
OCAS - B3
ODSY - B9
OVRL - b/o holding despite "M", owned, in my = VR=20 Fund
PETM - LLUR, basing due "M"??
SCVL - broke pivot Friday on 3X = ADV
SSNC - Tuesday's b/o on volume holding despite = "M", in=20 my VR Fund
SYPR - nice recovery last week, over 50dma and = into=20 resistance, in my VR Fund
TRI - B2
WSH - B4
 
Happy Hunting,
3D""
Tom Worley
stkguru@bellsouth.net
AIM:=20 TexWorley
------=_NextPart_001_0018_01C21A9C.E1CD1750-- ------=_NextPart_000_0017_01C21A9C.E1CD1750 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <001601c21abe$68cf7510$76903d42@Laptop> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_0017_01C21A9C.E1CD1750-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Worley's Weekend Weeview Date: 23 Jun 2002 10:04:20 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0123_01C21A9D.579C8BA0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_0124_01C21A9D.579C8BA0" ------=_NextPart_001_0124_01C21A9D.579C8BA0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable you are right, Jon, I saw the "cash offer" first time I looked at it, = then missed it the next time and added it to the list. Thanks for catching that. ----- Original Message -----=20 Sent: Sunday, June 23, 2002 10:01 AM Tom, Thanks again for another WWW. I believe NTK is the subject of a buyout = offer. Jon ----- Original Message -----=20 From: Tom Worley=20 To: CANSLIM=20 Sent: Sunday, June 23, 2002 7:42 AM Subject: [CANSLIM] Worley's Weekend Weeview ECONOMICS Factory orders gains for April were roughly cut in half as an annual = adjustment was made to bring the data in line with the broader data from = the Annual Survey of Manufacturers. New Unemployment Claims continue the declining trend seen in past = weeks. Since the benefits duration was extended, and those whose = benefits had expired returned to refile for the extension (even tho = Labor was unable to quantify the impact), the new claims has been = steadily declining back under 400K. The four week moving average has now = also fallen under 400K. Trade Deficit in April jumped over 10% to an all time high of $35.9 = billion reflecting, among other things, a very weak dollar, and strength = in imported oil prices. Fear of a dock strike in California may have = also increased imports. Index of leading economic indicators rose 0.4% in May to 112.2 after a = 0.3% drop in April. Expectations were for only a 0.2% rise. The weakening US dollar is showing up more and more. In the past month = or so, it has dropped over 10% against the Euro. It has continued to = fall as well against the yen. Combined with the net decrease of = purchasing of US securities by foreign investors, the trend is likely to = continue and could threaten a recovery. In the 4th quarter, foreign = purchases of US stocks dropped $8 billion to $25 billion. And on US = Treasury bonds, there was a net sale of $5.7 billion compared to prior = net purchase of $27.2 billion. That is a huge swing. While the weakening = dollar, by itself, increases the value of imports and decreases the = value of exports, thus widening the Trade Deficit as well as the Current = Account, eventually it can also result in making US manufacturer's = products more price competitive, and generate new sales and demands for = US goods. Oil production in the second half of the year is likely to increase as = several non-OPEC countries (latest being Venezuela following Norway, = Russia) cease their recent cuts.=20 Good summary on the current state of the US economy can be found at http://money.cnn.com/2002/06/21/news/economy/econ_roundup/index.htm=20 ----- "M" Both the DOW and the S&P 500 closed down for the week, fifth week in a = row for that, and first time in a year to be down 5 consecutive weeks. = Naz finished only 17 points off its 9/11 bottom. Either capitulation = better happen real soon, or we are in some mighty deep doo doo. ----- WORLEY'S WATCHLIST WANNABES This list is in no way intended to recommend any stocks to the group. = It is a part of my regular assessment of the health of CANSLIM's "M" = and, as the name implies, only intended to identify some stocks with = constructive chart patterns that may be worth WATCHING (and of course = doing your own due diligence). I typically list stocks with both RS and = EPS ranking of 80 or better, and try to exclude stocks undergoing any = merger / acquisition / buyout scenario. I also exclude those stocks I = spot with earnings forecast for this year and next that are not at least = close to 20%. I do no other due diligence. The population of stocks I am reviewing this weekend continued to = slide further during the past week. Daily lists were not even a page = long, and little of interest to me. The across the board slide = continuing in all indexes, including small cap growth, has hurt a lot of = otherwise good looking charts. AMZ - LLUR CECO - B8 CHS - turning into a LLUR? COCO - b/o Friday on 1.5X ADV CPS - young LLUR? ELUX - triple bottom ENR - nice chart, but weak forecast for 2003 ERES - another nice chart, clear LLUR but with strong earnings = forecast FCN - volatile LLUR FNLY - B6 HIBB - 10 week consolidation HLYW - 10 week consolidation, might be a recession/fear of terrorism = play, cheaper than the movies and safer HUG - at the pivot JJSF - another 10 week consolidation LABS - broke the pivot Thursday, volume not sufficient, former LLUR LION - B9 MCRS - 10 week handle on a nice cup?? sign of the times for c&h = formations?? MMSI - triple bottom? c&h?? NTK - broke the pivot on Friday on 8X ADV, benefiting from the = continued strong home construction market OCAS - B3 ODSY - B9 OVRL - b/o holding despite "M", owned, in my VR Fund PETM - LLUR, basing due "M"?? SCVL - broke pivot Friday on 3X ADV SSNC - Tuesday's b/o on volume holding despite "M", in my VR Fund SYPR - nice recovery last week, over 50dma and into resistance, in my = VR Fund TRI - B2 WSH - B4 Happy Hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley ------=_NextPart_001_0124_01C21A9D.579C8BA0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
you are right, Jon, I saw the "cash offer" first = time I=20 looked at it, then missed it the next time and added it to the=20 list.
 
Thanks for catching that.
 
----- Original Message -----=20
From: J. = Lobatto=20
Sent: Sunday, June 23, 2002 10:01 AM
Subject: Re: [CANSLIM] Worley's Weekend Weeview

Tom,
 
Thanks again for another WWW. I believe = NTK is=20 the subject of a buyout offer.
 
Jon
----- Original Message -----
From:=20 Tom=20 Worley
To: CANSLIM
Sent: Sunday, June 23, 2002 = 7:42 AM
Subject: [CANSLIM] Worley's = Weekend=20 Weeview

ECONOMICS
Factory orders gains for April were roughly = cut in half=20 as an annual adjustment was made to bring the data in line with the = broader=20 data from the Annual Survey of Manufacturers.
 
New Unemployment Claims continue the declining = trend=20 seen in past weeks. Since the benefits duration was extended, and = those=20 whose benefits had expired returned to refile for the extension (even = tho=20 Labor was unable to quantify the impact), the new claims has been = steadily=20 declining back under 400K. The four week moving average has now also = fallen=20 under 400K.
 
Trade Deficit in April jumped over 10% to an = all time=20 high of $35.9 billion reflecting, among other things, a very weak = dollar, and=20 strength in imported oil prices. Fear of a dock strike in California = may have=20 also increased imports.
 
Index of leading economic indicators rose 0.4% = in May to=20 112.2 after a 0.3% drop in April. Expectations were for only a 0.2%=20 rise.
 
The weakening US dollar is showing up more and = more. In=20 the past month or so, it has dropped over 10% against the Euro. It has = continued to fall as well against the yen. Combined with the net = decrease of=20 purchasing of US securities by foreign investors, the trend is likely = to=20 continue and could threaten a recovery. In the 4th quarter, foreign = purchases=20 of US stocks dropped $8 billion to $25 billion. And on US Treasury = bonds,=20 there was a net sale of $5.7 billion compared to prior net purchase of = $27.2=20 billion. That is a huge swing. While the weakening dollar, by itself,=20 increases the value of imports and decreases the value of exports, = thus=20 widening the Trade Deficit as well as the Current Account, eventually = it can=20 also result in making US manufacturer's products more price = competitive, and=20 generate new sales and demands for US goods.
 
Oil production in the second half of the year = is likely=20 to increase as several non-OPEC countries (latest being Venezuela = following=20 Norway, Russia) cease their recent cuts.
 
Good summary on the current state of the US = economy can=20 be found at
http://money.cnn.com/2002/06/21/news/economy/econ_roundup/index.htm=20
"M"
Both the DOW and the S&P 500 closed down = for the=20 week, fifth week in a row for that, and first time in a year to be = down 5=20 consecutive weeks. Naz finished only 17 points off its 9/11 bottom. = Either=20 capitulation better happen real soon, or we are in some mighty deep = doo=20 doo.

WORLEY'S WATCHLIST=20 WANNABES
This list is in no way intended to recommend = any stocks=20 to the group. It is a part of my regular assessment of the health of = CANSLIM's=20 "M" and, as the name implies, only intended to identify some stocks = with=20 constructive chart patterns that may be worth WATCHING (and of course = doing=20 your own due diligence). I typically list stocks with both RS and EPS = ranking=20 of 80 or better, and try to exclude stocks undergoing any merger / = acquisition=20 / buyout scenario. I also exclude those stocks I spot with earnings = forecast=20 for this year and next that are not at least close to 20%. I do no = other due=20 diligence.
 
The population of stocks I am reviewing this = weekend=20 continued to slide further during the past week. Daily lists were not = even a=20 page long, and little of interest to me. The across the board slide = continuing=20 in all indexes, including small cap growth, has hurt a lot of = otherwise good=20 looking charts.
 
AMZ - LLUR
CECO - B8
CHS - turning into a LLUR?
COCO - b/o Friday on 1.5X ADV
CPS - young LLUR?
ELUX - triple bottom
ENR - nice chart, but weak forecast for=20 2003
ERES - another nice chart, clear LLUR but with = strong=20 earnings forecast
FCN - volatile LLUR
FNLY - B6
HIBB - 10 week consolidation
HLYW - 10 week consolidation, might be a = recession/fear=20 of terrorism play, cheaper than the movies and safer
HUG - at the pivot
JJSF - another 10 week = consolidation
LABS - broke the pivot Thursday, volume not = sufficient,=20 former LLUR
LION - B9
MCRS - 10 week handle on a nice cup?? sign of = the times=20 for c&h formations??
MMSI - triple bottom? c&h??
NTK - broke the pivot on Friday on 8X ADV, = benefiting=20 from the continued strong home construction market
OCAS - B3
ODSY - B9
OVRL - b/o holding despite "M", owned, in my = VR=20 Fund
PETM - LLUR, basing due "M"??
SCVL - broke pivot Friday on 3X = ADV
SSNC - Tuesday's b/o on volume holding despite = "M", in=20 my VR Fund
SYPR - nice recovery last week, over 50dma and = into=20 resistance, in my VR Fund
TRI - B2
WSH - B4
 
Happy Hunting,
3D""
Tom Worley
stkguru@bellsouth.net
AIM:=20 TexWorley
------=_NextPart_001_0124_01C21A9D.579C8BA0-- ------=_NextPart_000_0123_01C21A9D.579C8BA0 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <012201c21abe$dea244c0$6501a8c0@TOMSBOX> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_0123_01C21A9D.579C8BA0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] LLUR pattern Date: 23 Jun 2002 12:47:09 -0400 In the course of my weekend stock lists reviews, I was looking at some using the two year charts at DGO. Happened to cross paths with PETM, which I have noted for quite some time as a LLUR (Lower Left Upper Right). While this is not an approved CANSLIM chart pattern, I have found that when combined with solid CANSLIM criteria including RS and EPS, that money can be made even in bad markets. As I was looking at a two year chart instead of my customary one year chart, I was interested in noting that this stock had formed a pretty classic triple bottom pattern before beginning an impressive and long leg up. So I went thru some more LLUR charts, as well as some others, and felt I ended up getting a better picture on most than I got from the 12 month chart. Even tho many years ago I regularly worked with five year charts, I had conditioned myself, due the volatility of past recent years, to focus only on the prior 12 months. I think from now on I must start screening my lists of new highs using a longer time frame first, then switch back to a 12 month or shorter period for more precise entry / exit points. For short or mid term traders, this may not help, but for my long term investing I think it will add to my confidence factor at least. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] M....Look Out Below Date: 23 Jun 2002 13:17:19 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C21AE2.3626F8D0 Content-Type: text/plain Kent thanks for the vote of confidence. As for Prechter he has been predicting the mother of all bear markets since 1987. At least he has been mostly right now for the past two years. I agree with his philosophy, but the massive psychological social "wave" that he is expecting is very difficult to pin down as to when it may happen. The period of time with which he is working when making this forecast is of grand super cycle degree. Which he claims began in 1789 (ref. "Elliott Wave Principal" by Frost and Prechter page 130). We could easily have another huge bull market spanning several years before a correction of that magnitude began and it would still fit into the frame work of the Elliott Wave Principle (EWT). I however, am becoming more and more convinced that the 17-19 year cycle has merit. Whether this cycle manifests itself as basically flat over the course of that period of time or whether it will be more of a devastating decline will likely be determined by current events in the world. In particular the course of war during this time period. The detonation of a nuclear device in a major city of the USA could very well cause the type of collapse that Prechter believes is coming. Anyway, I am much better at forecasting the short term moves in the market than I am the longer term moves. Having said that I am going to step out on a limb and say that I expect we will take out the September lows sometime this year and I think that March of next year is the earliest time frame from which we can begin to look for a place from which to launch a sustainable rally. E -----Original Message----- Sent: Saturday, June 22, 2002 2:22 PM Perhaps... But Ernie has been impressive! Kent Norman --- Patrick Wahl wrote: > Here is a great quote from that article - > > > Without intending to cast aspersions, it seems that these big-wave > theories > seem to appeal more to well-meaning eggheads than to demonstrably > successful investors. World-altering economic and psycho-social > patterns are > easier to observe in retrospect than to forecast. The mathematical > certainty > that appears to attend cyclical waves in the past tend to dissolve > into uncertain > subjectivity in the present. > > > > On 22 Jun 2002 at 6:33, Dan Forant wrote: > > > http://moneycentral.msn.com/content/p24996.asp?special=msn > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C21AE2.3626F8D0 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

Kent thanks for the vote of confidence.=

 

As for Prechter he has been predictin= g the mother of all bear markets since 1987. At least he has been mostly right now for the past two years. I agree with his philosophy, but the massive psycho= logical social "wave" that he is expecting is very difficult to pin down = as to when it may happen. The period of time with which he is working when mak= ing this forecast is of grand super cycle degree. Which he claims began in 1789 (ref. "Elliott Wave Principal" by Frost and Prechter page 130). We could easily have another huge bull market spanning several years before a correction of that magnitude began and it would still fit into the frame wo= rk of the Elliott Wave Principle (EWT).

 

I however, am becoming more and more = convinced that the 17-19 year cycle has merit. Whether this cycle manifests itself as basically flat over the course of that period of time or whether it will be more of a devastating decline will likely be determined by current events in the world. In particular the course of war during this = time period. The detonation of a nuclear device in a major city of the USA could very well cause the type of = collapse that Prechter believes is coming.

 

Anyway, I am much better at forecasti= ng the short term moves in the market than I am the longer term moves. Having said that I am going to step out on a limb and say that I expect we will take out the September lows sometime this year and I think that March of next year is the earliest time frame from which we can begin to look for a place from wh= ich to launch a sustainable rally.

 

E

 

-----Original Message-----
Sent: Saturday, June 22, 2002 2:22 PM

 

Perhaps... But Ernie has been impressive!<= /p>

 

Kent Norman

 

--- Patrick Wahl <pjwahl@attbi.com> wrote:<= /font>

> Here is a great quote from that article -

>

>

> Without intending to cast aspersions, it seems that these big-= wave

> theories

> seem to appeal more to well-meaning eggheads than to demonstra= bly

> successful investors. World-altering economic and psycho-socia= l

> patterns are

> easier to observe in retrospect than to forecast. The mathemat= ical

> certainty

> that appears to attend cyclical waves in the past tend to diss= olve

> into uncertain

> subjectivity in the present.

>

>

>

> On 22 Jun 2002 at 6:33, Dan Forant wrote:

>

> > http://moneycentral.msn.com/content/p24996.asp?special=3D= msn

> >

>

>

>

> -

> -To subscribe/unsubscribe, email "majordomo@xmission.com"

> -In the email body, write "subscribe canslim" or

> -"unsubscribe canslim".  Do not use quotes in your email.

 

 

=3D=3D=3D=3D=3D

Opportunities always look bigger going than coming.

 

__________________________________________________

Do You Yahoo!?

Yahoo! - Official partner of 2002 FIFA World Cup<= /font>

http://fifaworldcup.yahoo.com

 

-

-To subscribe/unsubscribe, email "majordomo@xmission.com"=

-In the email body, write "subscribe canslim" or

-"unsubscribe canslim".&= nbsp; Do not use quotes in your email.



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C21AE2.3626F8D0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] M....Look Out Below Date: 23 Jun 2002 15:32:12 EDT Patrick: I agree with you with qualifications. However, I believe the Elliott Wave Theory in general terms is a nice theory (and in many cases, even in individual stocks, it seems to work-mainly because it proxies itself as a psychological indicator (only, instead of using numbers-it uses charts). For instance, an elongated Elliot Wave 5 illustrates the rabid greed of the investor. That's why the wave, instead of ending, keeps going up: Demand is prevalent-and it shows in rising prices. That said, I have read many times that Elliott Wave Theory is Fantastic: But only AFTER the fact. In other words, Elliott Waves are only apparent after the stock has made its move. Then the Wave theorists can say, no matter what the stock does, that the stock has moved according to some esoteric Elliot Wave Concept. As an example of this, waves are categorized as complex, flats, zig-zags, etc. As I said, many times Elliot Waves are helpful in my understanding of the trend-but I always use my interpretations of WON and other tech. indicators to confirm the trend. Also, once Elliot Waves helped in forecasting the trend, you can project what the stock will do in the near future. jans In a message dated 6/22/2002 12:33:37 PM Eastern Daylight Time, pjwahl@attbi.com writes: << Here is a great quote from that article - Without intending to cast aspersions, it seems that these big-wave theories seem to appeal more to well-meaning eggheads than to demonstrably successful investors. World-altering economic and psycho-social patterns are easier to observe in retrospect than to forecast. The mathematical certainty that appears to attend cyclical waves in the past tend to dissolve into uncertain subjectivity in the present. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] LLUR pattern Date: 23 Jun 2002 20:32:40 EDT Tom: Are you talking about looking at weekly charts (In my DGO they run about 4 years.) If not, where on DGO can you call up 2 year daily charts? jans In a message dated 6/23/2002 12:48:04 PM Eastern Daylight Time, stkguru@bellsouth.net writes: << In the course of my weekend stock lists reviews, I was looking at some using the two year charts at DGO. Happened to cross paths with PETM, which I have noted for quite some time as a LLUR (Lower Left Upper Right). While this is not an approved CANSLIM chart pattern, I have found that when combined with solid CANSLIM criteria including RS and EPS, that money can be made even in bad markets. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] LLUR pattern Date: 23 Jun 2002 20:43:56 -0400 yes, I am referring to the weekly charts. With my resolution setting, I actually get about 2.5 to 3 years. But I tend to focus on latest 8 quarters. ----- Original Message ----- Sent: Sunday, June 23, 2002 8:32 PM Tom: Are you talking about looking at weekly charts (In my DGO they run about 4 years.) If not, where on DGO can you call up 2 year daily charts? jans In a message dated 6/23/2002 12:48:04 PM Eastern Daylight Time, stkguru@bellsouth.net writes: << In the course of my weekend stock lists reviews, I was looking at some using the two year charts at DGO. Happened to cross paths with PETM, which I have noted for quite some time as a LLUR (Lower Left Upper Right). While this is not an approved CANSLIM chart pattern, I have found that when combined with solid CANSLIM criteria including RS and EPS, that money can be made even in bad markets. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] IBD Archives Workaround Date: 24 Jun 2002 09:35:58 -0400 I've seen two columns reviewing the product: You get what you pay for. -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley Sent: Saturday, June 22, 2002 9:53 PM My company evaluated Star Office at work, and I was not impressed with the comments and reviews from users. ----- Original Message ----- Sent: Saturday, June 22, 2002 9:48 PM Mr Softee has a new challenge from a team supported by the SUN according to an article in the Friday NY Times. A brief extract from the NY Times article follows: "Now there is one. It's called OpenOffice, and it has a killer feature: it's free. Like Microsoft Office, OpenOffice - whose official name is OpenOffice.org 1.0 - comes with a word processor, a spreadsheet program and a slide-show program. It lacks an e-mail program and database, but does have a powerful graphics program and a Web-page editor. Amazingly, all this fits in a 50-megabyte download from www.openoffice.org. You have your choice of 27 languages and three operating systems: Windows, Linux or Solaris. (A Mac OS X version is in the works.) How could such a sweet suite be free? OpenOffice is what's called an open-source project: a carefully orchestrated group effort by programmers all over the world, donating their time and talent to making a dent in the Microsoft monopoly. That's not to imply that the software isn't polished, stable and fast; it is. Still, if the notion of global-community-as-software-company makes you uneasy (who gets the call for tech support?), you can also buy a boxed copy of the software from Sun, which started and coordinates the OpenOffice project. For $76 - compared with $580 for the full Microsoft Office - Sun's version, called StarOffice, offers a few goodies the free " ----- Original Message ----- Sent: Friday, June 21, 2002 8:28 PM > heck, I would probably pay more just to help establish some > competition. I hate monopolies, Mr. Softee not withstanding. > > ----- Original Message ----- > From: "Hill, Ernie" > To: > Sent: Friday, June 21, 2002 2:14 PM > Subject: RE: [CANSLIM] IBD Archives Workaround > > > So, Duke would you be willing to charge group members a discounted > rate from > IBD rates for your archived articles? > > E > > PS: I am sure most of us would come to you first. > > -----Original Message----- > From: Duke Miller [mailto:dukemill@tampabay.rr.com] > Sent: Friday, June 21, 2002 12:12 PM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] IBD Archives Workaround > > Good tip Kelly. > > Or...if you're perusing the site and want to save a story, go to the > top of IE, select File/Save As, then put the article in a directory > for later viewing or reference. In other words, build you own > archive. I do this everyday with Screen of The Day, some investor's > corner articles, etc. > > Duke > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short > Sent: Friday, June 21, 2002 11:51 AM > To: canslim@lists.xmission.com > Subject: [CANSLIM] IBD Archives Workaround > > > A computer tip: > > As if IBD doesn't make enough money of its subscribers- they charge > you for archived stories- even from yesterday. Well- it may be > cheating the system, but let's say you are looking for a story that > you viewed yesterday on the IBD web site and you don't want to pay > $2.95 to download it today. Chances are it is still cached on your > hard drive and you can search for it using Windows Explorer. I was > able to view the Who's Who in Restaurants chart from yesterday using > this method. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > > > ****************************************************************** > This email and any files transmitted with it from the ElPaso > Corporation are confidential and intended solely for the use of the > individual or entity to whom they are addressed. If you have received > this email in error please notify the sender. > ****************************************************************** > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] HTMMIS -third edition Date: 24 Jun 2002 09:20:55 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0035_01C21B60.71781260 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Has anyone who received the Third Edition of the How to Make Money in = Stocks concluded if there are significant internal changes and upgrades = from the Second Edition, or is the main change primarily confined to the = new cover? ------=_NextPart_000_0035_01C21B60.71781260 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Has anyone who received the Third Edition of the How = to Make=20 Money in Stocks concluded if there are significant internal changes and = upgrades=20 from the Second Edition, or is the main change primarily confined to the = new=20 cover?
------=_NextPart_000_0035_01C21B60.71781260-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] HTMMIS -third edition Date: 24 Jun 2002 08:45:46 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C21B85.7181CD80 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Winston, =20 You will probably regret asking this question, as I did a few weeks ago. = So, let me tell you how the book is different in my opinion: =20 Primarily, the information is the same, however I have noticed that = several sections that were before confusing have been rewritten for = clarity. Also, several examples have been updated to bring the book into = the 2000's. For the most part, the CAN-SLIM model has not changed. I = bought the book and am glad I did- but mainly because it clarified some = sections that were confusing in earlier editions. PLUS- the blue cover = doesn't evoke anger like the red cover does (color psychology!). =20 When you boil it down though- the book is pretty cheap. Something like = $12. You probably will spend twice that on lunch today so- you make the = call... =20 Kelly -----Original Message----- Sent: Monday, June 24, 2002 8:21 AM Has anyone who received the Third Edition of the How to Make Money in = Stocks concluded if there are significant internal changes and upgrades = from the Second Edition, or is the main change primarily confined to the = new cover? _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C21B85.7181CD80 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Winston,
 
You=20 will probably regret asking this question, as I did a few weeks ago. So, = let me=20 tell you how the book is different in my opinion:
 
Primarily, the information is the same, however I have noticed = that=20 several sections that were before confusing have been rewritten for = clarity.=20 Also, several examples have been updated to bring the book into the = 2000's. For=20 the most part, the CAN-SLIM model has not changed. I bought the book and = am glad=20 I did- but mainly because it clarified some sections that were confusing = in=20 earlier editions. PLUS- the blue cover doesn't evoke anger like the red = cover=20 does (color psychology!).
 
When=20 you boil it down though- the book is pretty cheap. Something like $12. = You=20 probably will spend twice that on lunch today so- you make the=20 call...
 
Kelly
-----Original Message-----
From: Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Monday, June 24, 2002 = 8:21=20 AM
To: canslim@lists.xmission.com
Subject: = [CANSLIM]=20 HTMMIS -third edition

Has anyone who received the Third Edition of the = How to Make=20 Money in Stocks concluded if there are significant internal changes = and=20 upgrades from the Second Edition, or is the main change primarily = confined to=20 the new cover?

For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C21B85.7181CD80-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: RE: [CANSLIM] HTMMIS -third edition Date: 24 Jun 2002 07:45:21 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_0034_01C21B53.17A63800 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit I read it and while there isnt any changes that are earth shattering I thought it was worth the 12 bucks I paid for it. About the only big change is Supply now doesnt have a shares outstanding rule instead saying that you should pay attention to what the market likes ie small, mid, large caps. I felt the book also showed the trading aspect of WON more than the last book. The only let down was that I thought that he would talk more about shorting but didnt. Overall I would say go buy it if nothing else it gives you a reason to re read the book. David Taggart -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little Sent: Monday, June 24, 2002 7:21 AM To: canslim@lists.xmission.com Subject: [CANSLIM] HTMMIS -third edition Has anyone who received the Third Edition of the How to Make Money in Stocks concluded if there are significant internal changes and upgrades from the Second Edition, or is the main change primarily confined to the new cover? ------=_NextPart_000_0034_01C21B53.17A63800 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
I read=20 it and while there isnt any changes that are earth shattering I thought = it was=20 worth the 12 bucks I paid for it. About the only big change is Supply = now doesnt=20 have a shares outstanding rule instead saying that you should pay = attention to=20 what the market likes ie small, mid, large caps.  I felt the book = also=20 showed the trading aspect of WON more than the last book.  The only = let=20 down was that I thought that he would talk more about shorting but = didnt. =20 Overall I would say go buy it if nothing else it gives you a reason to = re read=20 the book.
 
David=20 Taggart
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston=20 Little
Sent: Monday, June 24, 2002 7:21 AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] HTMMIS -third=20 edition

Has anyone who received the Third Edition of the = How to Make=20 Money in Stocks concluded if there are significant internal changes = and=20 upgrades from the Second Edition, or is the main change primarily = confined to=20 the new cover?
------=_NextPart_000_0034_01C21B53.17A63800-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] IBD Archives Workaround Date: 24 Jun 2002 09:51:27 -0400 The latest edition of MS Office (at about $580) claims that it fixes approximately 1500 ERRORS in the earlier version. Couple that with the lock-ups associated with the use of Windows and it is no wonder people are searching for something that "works". Some people choose Apple. My brief contact with Star (free) of two years ago did not make me enthusiastic about Star. ----- Original Message ----- Sent: Monday, June 24, 2002 9:35 AM > I've seen two columns reviewing the product: You get what you pay for. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley > Sent: Saturday, June 22, 2002 9:53 PM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] IBD Archives Workaround > > > My company evaluated Star Office at work, and I was not impressed with > the comments and reviews from users. > > ----- Original Message ----- > From: "Winston Little" > To: > Sent: Saturday, June 22, 2002 9:48 PM > Subject: Re: [CANSLIM] IBD Archives Workaround > > > Mr Softee has a new challenge from a team supported by the SUN according > to an article in the Friday NY Times. A brief extract from the NY Times > article > follows: > > "Now there is one. It's called OpenOffice, and it has a killer feature: > it's free. > > Like Microsoft Office, OpenOffice - whose official name is > OpenOffice.org 1.0 - comes with a word processor, a spreadsheet program > and a slide-show program. It lacks an e-mail program and database, but > does have a powerful graphics program and a Web-page editor. Amazingly, > all this fits in a 50-megabyte download from www.openoffice.org. You > have your choice of 27 languages and three operating systems: Windows, > Linux or Solaris. (A Mac OS X version is in the works.) > > How could such a sweet suite be free? OpenOffice is what's called an > open-source project: a carefully orchestrated group effort by > programmers all over the world, donating their time and talent to making > a dent in the Microsoft monopoly. > > That's not to imply that the software isn't polished, stable and fast; > it is. Still, if the notion of global-community-as-software-company > makes you uneasy (who gets the call for tech support?), you can also buy > a boxed copy of the software from Sun, which started and coordinates the > OpenOffice project. For $76 - compared with $580 for the full Microsoft > Office - Sun's version, called StarOffice, offers a few goodies the free > " > > ----- Original Message ----- > From: "Tom Worley" > To: > Sent: Friday, June 21, 2002 8:28 PM > Subject: Re: [CANSLIM] IBD Archives Workaround > > > > heck, I would probably pay more just to help establish some > > competition. I hate monopolies, Mr. Softee not withstanding. > > > > ----- Original Message ----- > > From: "Hill, Ernie" > > To: > > Sent: Friday, June 21, 2002 2:14 PM > > Subject: RE: [CANSLIM] IBD Archives Workaround > > > > > > So, Duke would you be willing to charge group members a discounted > > rate > from > > IBD rates for your archived articles? > > > > E > > > > PS: I am sure most of us would come to you first. > > > > -----Original Message----- > > From: Duke Miller [mailto:dukemill@tampabay.rr.com] > > Sent: Friday, June 21, 2002 12:12 PM > > To: canslim@lists.xmission.com > > Subject: RE: [CANSLIM] IBD Archives Workaround > > > > Good tip Kelly. > > > > Or...if you're perusing the site and want to save a story, go to the > > top of IE, select File/Save As, then put the article in a directory > > for later viewing or reference. In other words, build you own > > archive. I do this everyday with Screen of The Day, some investor's > > corner articles, etc. > > > > Duke > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short > > Sent: Friday, June 21, 2002 11:51 AM > > To: canslim@lists.xmission.com > > Subject: [CANSLIM] IBD Archives Workaround > > > > > > A computer tip: > > > > As if IBD doesn't make enough money of its subscribers- they charge > > you for archived stories- even from yesterday. Well- it may be > > cheating the system, but let's say you are looking for a story that > > you viewed yesterday on the IBD web site and you don't want to pay > > $2.95 to download it today. Chances are it is still cached on your > > hard drive and you can search for it using Windows Explorer. I was > > able to view the Who's Who in Restaurants chart from yesterday using > > this method. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > ****************************************************************** > > This email and any files transmitted with it from the ElPaso > > Corporation are confidential and intended solely for the use of the > > individual or entity to whom they are addressed. If you have received > > this email in error please notify the sender. > > ****************************************************************** > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] IBD Archives Workaround Date: 24 Jun 2002 08:56:11 -0500 This has been a strange conversation that I've abstained from- but I do = have a link to offer that tries to explain why software (like MS Office) = is so bad: http://www.msnbc.com/news/768401.asp And on the Apple comment- I recently purchased an Apple PowerMac to add = to my existing PC network. I would not recommend it for anyone planning = to use it as their Internet browsing machine. There are several sites = you will not be able to use properly (i.e. most Java apps). For = publishing and graphics/video though- the Apple can't be beat (within = reason). Kelly -----Original Message----- Sent: Monday, June 24, 2002 8:51 AM The latest edition of MS Office (at about $580) claims that it fixes approximately 1500 ERRORS in the earlier version. Couple that with the lock-ups associated with the use of Windows and it is no wonder people = are searching for something that "works". Some people choose Apple. My brief contact with Star (free) of two years ago did not make me enthusiastic about Star. ----- Original Message ----- Sent: Monday, June 24, 2002 9:35 AM > I've seen two columns reviewing the product: You get what you pay = for. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley > Sent: Saturday, June 22, 2002 9:53 PM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] IBD Archives Workaround > > > My company evaluated Star Office at work, and I was not impressed with > the comments and reviews from users. > > ----- Original Message ----- > From: "Winston Little" > To: > Sent: Saturday, June 22, 2002 9:48 PM > Subject: Re: [CANSLIM] IBD Archives Workaround > > > Mr Softee has a new challenge from a team supported by the SUN = according > to an article in the Friday NY Times. A brief extract from the NY = Times > article > follows: > > "Now there is one. It's called OpenOffice, and it has a killer = feature: > it's free. > > Like Microsoft Office, OpenOffice - whose official name is > OpenOffice.org 1.0 - comes with a word processor, a spreadsheet = program > and a slide-show program. It lacks an e-mail program and database, but > does have a powerful graphics program and a Web-page editor. = Amazingly, > all this fits in a 50-megabyte download from www.openoffice.org. You > have your choice of 27 languages and three operating systems: Windows, > Linux or Solaris. (A Mac OS X version is in the works.) > > How could such a sweet suite be free? OpenOffice is what's called an > open-source project: a carefully orchestrated group effort by > programmers all over the world, donating their time and talent to = making > a dent in the Microsoft monopoly. > > That's not to imply that the software isn't polished, stable and fast; > it is. Still, if the notion of global-community-as-software-company > makes you uneasy (who gets the call for tech support?), you can also = buy > a boxed copy of the software from Sun, which started and coordinates = the > OpenOffice project. For $76 - compared with $580 for the full = Microsoft > Office - Sun's version, called StarOffice, offers a few goodies the = free > " > > ----- Original Message ----- > From: "Tom Worley" > To: > Sent: Friday, June 21, 2002 8:28 PM > Subject: Re: [CANSLIM] IBD Archives Workaround > > > > heck, I would probably pay more just to help establish some > > competition. I hate monopolies, Mr. Softee not withstanding. > > > > ----- Original Message ----- > > From: "Hill, Ernie" > > To: > > Sent: Friday, June 21, 2002 2:14 PM > > Subject: RE: [CANSLIM] IBD Archives Workaround > > > > > > So, Duke would you be willing to charge group members a discounted > > rate > from > > IBD rates for your archived articles? > > > > E > > > > PS: I am sure most of us would come to you first. > > > > -----Original Message----- > > From: Duke Miller [mailto:dukemill@tampabay.rr.com] > > Sent: Friday, June 21, 2002 12:12 PM > > To: canslim@lists.xmission.com > > Subject: RE: [CANSLIM] IBD Archives Workaround > > > > Good tip Kelly. > > > > Or...if you're perusing the site and want to save a story, go to the > > top of IE, select File/Save As, then put the article in a directory > > for later viewing or reference. In other words, build you own > > archive. I do this everyday with Screen of The Day, some investor's > > corner articles, etc. > > > > Duke > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short > > Sent: Friday, June 21, 2002 11:51 AM > > To: canslim@lists.xmission.com > > Subject: [CANSLIM] IBD Archives Workaround > > > > > > A computer tip: > > > > As if IBD doesn't make enough money of its subscribers- they charge > > you for archived stories- even from yesterday. Well- it may be > > cheating the system, but let's say you are looking for a story that > > you viewed yesterday on the IBD web site and you don't want to pay > > $2.95 to download it today. Chances are it is still cached on your > > hard drive and you can search for it using Windows Explorer. I was > > able to view the Who's Who in Restaurants chart from yesterday using > > this method. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > ****************************************************************** > > This email and any files transmitted with it from the ElPaso > > Corporation are confidential and intended solely for the use of the > > individual or entity to whom they are addressed. If you have = received > > this email in error please notify the sender. > > ****************************************************************** > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: RE: [CANSLIM] HTMMIS -third edition Date: 24 Jun 2002 09:08:16 -0500 I just bought it over the weekend, and it will be the first time I am reading it, so I won't be able to make a comparison, but thanks to everyone for chiming in. Also, I was wondering if Kelly could take me to lunch sometime, since she spends about $25 at lunch!!!! Guess you aren't eating the left-overs warmed up in the microwave while you read over IBD at your desk! :) Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Kelly Short" cc: Sent by: Subject: RE: [CANSLIM] HTMMIS -third edition owner-canslim@lists.xm ission.com 06/24/2002 08:45 AM Please respond to canslim Winston, You will probably regret asking this question, as I did a few weeks ago. So, let me tell you how the book is different in my opinion: Primarily, the information is the same, however I have noticed that several sections that were before confusing have been rewritten for clarity. Also, several examples have been updated to bring the book into the 2000's. For the most part, the CAN-SLIM model has not changed. I bought the book and am glad I did- but mainly because it clarified some sections that were confusing in earlier editions. PLUS- the blue cover doesn't evoke anger like the red cover does (color psychology!). When you boil it down though- the book is pretty cheap. Something like $12. You probably will spend twice that on lunch today so- you make the call... Kelly -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Monday, June 24, 2002 8:21 AM To: canslim@lists.xmission.com Subject: [CANSLIM] HTMMIS -third edition Has anyone who received the Third Edition of the How to Make Money in Stocks concluded if there are significant internal changes and upgrades from the Second Edition, or is the main change primarily confined to the new cover? For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] HTMMIS -third edition Date: 24 Jun 2002 09:08:10 -0500 Sorry Mike- these sales jobs can have their perks! It usually comes in = two words: expense account. -----Original Message----- Sent: Monday, June 24, 2002 9:08 AM I just bought it over the weekend, and it will be the first time I am reading it, so I won't be able to make a comparison, but thanks to = everyone for chiming in. Also, I was wondering if Kelly could take me to lunch sometime, since she spends about $25 at lunch!!!! Guess you aren't = eating the left-overs warmed up in the microwave while you read over IBD at = your desk! :) Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com = =20 "Kelly Short" = =20 cc: = =20 Sent by: Subject: RE: = [CANSLIM] HTMMIS -third edition =20 owner-canslim@lists.xm = =20 ission.com = =20 = =20 = =20 06/24/2002 08:45 AM = =20 Please respond to = =20 canslim = =20 = =20 = =20 Winston, You will probably regret asking this question, as I did a few weeks ago. So, let me tell you how the book is different in my opinion: Primarily, the information is the same, however I have noticed that = several sections that were before confusing have been rewritten for clarity. = Also, several examples have been updated to bring the book into the 2000's. = For the most part, the CAN-SLIM model has not changed. I bought the book and = am glad I did- but mainly because it clarified some sections that were confusing in earlier editions. PLUS- the blue cover doesn't evoke anger like the red cover does (color psychology!). When you boil it down though- the book is pretty cheap. Something like = $12. You probably will spend twice that on lunch today so- you make the = call... Kelly -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Monday, June 24, 2002 8:21 AM To: canslim@lists.xmission.com Subject: [CANSLIM] HTMMIS -third edition Has anyone who received the Third Edition of the How to Make Money = in Stocks concluded if there are significant internal changes and upgrades from the Second Edition, or is the main change primarily confined to the new cover? For your protection, this e-mail message has been scanned for = viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: RE: [CANSLIM] HTMMIS -third edition Date: 24 Jun 2002 09:13:26 -0500 I know, just a little good natured ribbing. And of course, if we talked CANSLIM we could write it off! Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Kelly Short" cc: Sent by: Subject: RE: [CANSLIM] HTMMIS -third edition owner-canslim@lists.xm ission.com 06/24/2002 09:08 AM Please respond to canslim Sorry Mike- these sales jobs can have their perks! It usually comes in two words: expense account. -----Original Message----- Sent: Monday, June 24, 2002 9:08 AM I just bought it over the weekend, and it will be the first time I am reading it, so I won't be able to make a comparison, but thanks to everyone for chiming in. Also, I was wondering if Kelly could take me to lunch sometime, since she spends about $25 at lunch!!!! Guess you aren't eating the left-overs warmed up in the microwave while you read over IBD at your desk! :) Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "Kelly Short" cc: Sent by: Subject: RE: [CANSLIM] HTMMIS -third edition owner-canslim@lists.xm ission.com 06/24/2002 08:45 AM Please respond to canslim Winston, You will probably regret asking this question, as I did a few weeks ago. So, let me tell you how the book is different in my opinion: Primarily, the information is the same, however I have noticed that several sections that were before confusing have been rewritten for clarity. Also, several examples have been updated to bring the book into the 2000's. For the most part, the CAN-SLIM model has not changed. I bought the book and am glad I did- but mainly because it clarified some sections that were confusing in earlier editions. PLUS- the blue cover doesn't evoke anger like the red cover does (color psychology!). When you boil it down though- the book is pretty cheap. Something like $12. You probably will spend twice that on lunch today so- you make the call... Kelly -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Monday, June 24, 2002 8:21 AM To: canslim@lists.xmission.com Subject: [CANSLIM] HTMMIS -third edition Has anyone who received the Third Edition of the How to Make Money in Stocks concluded if there are significant internal changes and upgrades from the Second Edition, or is the main change primarily confined to the new cover? For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] HTMMIS -third edition Date: 24 Jun 2002 10:10:04 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0047_01C21B67.4F4FB380 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Thanks Kelly. I do appreciate your assessment of the book.=20 It gives me a basis for expectations. However, when it comes to spending money, I usually tend to be thrifty. = Lunch for $12 or even twice?=20 You would probably be amused to see how thrifty I can be! ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Monday, June 24, 2002 9:45 AM Subject: RE: [CANSLIM] HTMMIS -third edition Winston, You will probably regret asking this question, as I did a few weeks = ago. So, let me tell you how the book is different in my opinion: Primarily, the information is the same, however I have noticed that = several sections that were before confusing have been rewritten for = clarity. Also, several examples have been updated to bring the book into = the 2000's. For the most part, the CAN-SLIM model has not changed. I = bought the book and am glad I did- but mainly because it clarified some = sections that were confusing in earlier editions. PLUS- the blue cover = doesn't evoke anger like the red cover does (color psychology!). When you boil it down though- the book is pretty cheap. Something like = $12. You probably will spend twice that on lunch today so- you make the = call... Kelly -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Monday, June 24, 2002 8:21 AM To: canslim@lists.xmission.com Subject: [CANSLIM] HTMMIS -third edition Has anyone who received the Third Edition of the How to Make Money = in Stocks concluded if there are significant internal changes and = upgrades from the Second Edition, or is the main change primarily = confined to the new cover? --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_0047_01C21B67.4F4FB380 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Thanks Kelly.
I do appreciate your assessment of the book. =
It gives me a basis for = expectations.
 
However, when it comes to spending money, I usually = tend to be=20 thrifty. Lunch for $12 or even twice?
You would probably be amused to see how thrifty = I can=20 be!
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Monday, June 24, 2002 = 9:45 AM
Subject: RE: [CANSLIM] HTMMIS = -third=20 edition

Winston,
 
You=20 will probably regret asking this question, as I did a few weeks ago. = So, let=20 me tell you how the book is different in my = opinion:
 
Primarily, the information is the same, however I have = noticed that=20 several sections that were before confusing have been rewritten for = clarity.=20 Also, several examples have been updated to bring the book into the = 2000's.=20 For the most part, the CAN-SLIM model has not changed. I bought the = book and=20 am glad I did- but mainly because it clarified some sections that were = confusing in earlier editions. PLUS- the blue cover doesn't evoke = anger like=20 the red cover does (color psychology!).
 
When=20 you boil it down though- the book is pretty cheap. Something like $12. = You=20 probably will spend twice that on lunch today so- you make the=20 call...
 
Kelly
-----Original Message-----
From: Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Monday, June 24, 2002 = 8:21=20 AM
To: canslim@lists.xmission.com
Subject: = [CANSLIM]=20 HTMMIS -third edition

Has anyone who received the Third Edition of the = How to=20 Make Money in Stocks concluded if there are significant internal = changes and=20 upgrades from the Second Edition, or is the main change primarily = confined=20 to the new cover?

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0047_01C21B67.4F4FB380-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: [CANSLIM] Education stocks Date: 24 Jun 2002 11:33:43 -0600 Education stocks seem to be working quite well. COCO and CECO came out of bases the past couple days. I of course got a crappy entry on COCO but got in CECO at the B/O. The other stocks in the group are going up overall but their daily charts are pretty sad looking. David Taggart - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: Re: [CANSLIM] Education stocks Date: 24 Jun 2002 12:45:26 -0500 For education purposes (no pun intended) can you describe the pattern you saw for CECO and when the breakout was? I just bought into COCO today, a little late too, but I think it may still work out. In this market, if I can get up 10%, I have been selling to lock in some profits. Thanks Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "David Taggart" cc: Sent by: Subject: [CANSLIM] Education stocks owner-canslim@lists.xm ission.com 06/24/2002 12:33 PM Please respond to canslim Education stocks seem to be working quite well. COCO and CECO came out of bases the past couple days. I of course got a crappy entry on COCO but got in CECO at the B/O. The other stocks in the group are going up overall but their daily charts are pretty sad looking. David Taggart - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: RE: [CANSLIM] Education stocks Date: 24 Jun 2002 11:51:12 -0600 CECO B/O at 45.94 COCO B/O at 29.73 Both stocks had decent flat bases I stress decent COCO's imho was the better of the 2. If today continues straight up then I will take half off the table in COCO just because of the way this market loves (read hates) the upside. David Taggart -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of michael_niemotka@baxter.com Sent: Monday, June 24, 2002 11:45 AM For education purposes (no pun intended) can you describe the pattern you saw for CECO and when the breakout was? I just bought into COCO today, a little late too, but I think it may still work out. In this market, if I can get up 10%, I have been selling to lock in some profits. Thanks Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "David Taggart" cc: Sent by: Subject: [CANSLIM] Education stocks owner-canslim@lists.xm ission.com 06/24/2002 12:33 PM Please respond to canslim Education stocks seem to be working quite well. COCO and CECO came out of bases the past couple days. I of course got a crappy entry on COCO but got in CECO at the B/O. The other stocks in the group are going up overall but their daily charts are pretty sad looking. David Taggart - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: [CANSLIM] Has anyone read "How America Made a Fortune and Lost Its Shirt" Date: 24 Jun 2002 15:51:49 -0500 Was wondering if anyone has read "How America Made a Fortune and Lost = Its Shirt" = and if so, what your thoughts = on the book were. Thumbs up or thumbs down? - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] Education stocks Date: 24 Jun 2002 15:07:21 -0700 (PDT) OK group, what am I missing? Seems to me this is the time when school is out for the summer. Or am I just old fashioned? Why would the stock be going up now? Kent --- David Taggart wrote: > Education stocks seem to be working quite well. COCO and CECO came > out of > bases the past couple days. I of course got a crappy entry on COCO > but got > in CECO at the B/O. The other stocks in the group are going up > overall but > their daily charts are pretty sad looking. > > David Taggart > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] Education stocks Date: 24 Jun 2002 20:46:06 EDT Kent: Summer School :) Seriously, I think these are schools whose mkt is older people, so this is why EPS is about the same during the summer months as it is during the school year, ie.I don't believe these commercial schools would curtail their services for the summer. Moreover (and this is just a guess) I imagine they would offer tutorials during the summer months for kids who want to get ahead or are having scholastic troubles at school. jans In a message dated 6/24/2002 6:08:05 PM Eastern Daylight Time, kent_norman@yahoo.com writes: << OK group, what am I missing? Seems to me this is the time when school is out for the summer. Or am I just old fashioned? Why would the stock be going up now? >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: RE: [CANSLIM] IBD Archives Workaround Date: 24 Jun 2002 19:30:15 -0700 (PDT) Some times you don't get it even when you DO pay for it! Kent --- Duke Miller wrote: > I've seen two columns reviewing the product: You get what you pay > for. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley > Sent: Saturday, June 22, 2002 9:53 PM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] IBD Archives Workaround > > > My company evaluated Star Office at work, and I was not impressed > with > the comments and reviews from users. > > ----- Original Message ----- > From: "Winston Little" > To: > Sent: Saturday, June 22, 2002 9:48 PM > Subject: Re: [CANSLIM] IBD Archives Workaround > > > Mr Softee has a new challenge from a team supported by the SUN > according > to an article in the Friday NY Times. A brief extract from the NY > Times > article > follows: > > "Now there is one. It's called OpenOffice, and it has a killer > feature: > it's free. > > Like Microsoft Office, OpenOffice - whose official name is > OpenOffice.org 1.0 - comes with a word processor, a spreadsheet > program > and a slide-show program. It lacks an e-mail program and database, > but > does have a powerful graphics program and a Web-page editor. > Amazingly, > all this fits in a 50-megabyte download from www.openoffice.org. You > have your choice of 27 languages and three operating systems: > Windows, > Linux or Solaris. (A Mac OS X version is in the works.) > > How could such a sweet suite be free? OpenOffice is what's called an > open-source project: a carefully orchestrated group effort by > programmers all over the world, donating their time and talent to > making > a dent in the Microsoft monopoly. > > That's not to imply that the software isn't polished, stable and > fast; > it is. Still, if the notion of global-community-as-software-company > makes you uneasy (who gets the call for tech support?), you can also > buy > a boxed copy of the software from Sun, which started and coordinates > the > OpenOffice project. For $76 - compared with $580 for the full > Microsoft > Office - Sun's version, called StarOffice, offers a few goodies the > free > " > > ----- Original Message ----- > From: "Tom Worley" > To: > Sent: Friday, June 21, 2002 8:28 PM > Subject: Re: [CANSLIM] IBD Archives Workaround > > > > heck, I would probably pay more just to help establish some > > competition. I hate monopolies, Mr. Softee not withstanding. > > > > ----- Original Message ----- > > From: "Hill, Ernie" > > To: > > Sent: Friday, June 21, 2002 2:14 PM > > Subject: RE: [CANSLIM] IBD Archives Workaround > > > > > > So, Duke would you be willing to charge group members a discounted > > rate > from > > IBD rates for your archived articles? > > > > E > > > > PS: I am sure most of us would come to you first. > > > > -----Original Message----- > > From: Duke Miller [mailto:dukemill@tampabay.rr.com] > > Sent: Friday, June 21, 2002 12:12 PM > > To: canslim@lists.xmission.com > > Subject: RE: [CANSLIM] IBD Archives Workaround > > > > Good tip Kelly. > > > > Or...if you're perusing the site and want to save a story, go to > the > > top of IE, select File/Save As, then put the article in a directory > > > for later viewing or reference. In other words, build you own > > archive. I do this everyday with Screen of The Day, some > investor's > > corner articles, etc. > > > > Duke > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kelly Short > > Sent: Friday, June 21, 2002 11:51 AM > > To: canslim@lists.xmission.com > > Subject: [CANSLIM] IBD Archives Workaround > > > > > > A computer tip: > > > > As if IBD doesn't make enough money of its subscribers- they charge > > > you for archived stories- even from yesterday. Well- it may be > > cheating the system, but let's say you are looking for a story that > > > you viewed yesterday on the IBD web site and you don't want to pay > > $2.95 to download it today. Chances are it is still cached on your > > hard drive and you can search for it using Windows Explorer. I was > > able to view the Who's Who in Restaurants chart from yesterday > using > > this method. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > ****************************************************************** > > This email and any files transmitted with it from the ElPaso > > Corporation are confidential and intended solely for the use of the > > > individual or entity to whom they are addressed. If you have > received > > this email in error please notify the sender. > > ****************************************************************** > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] S&P index "M" Date: 24 Jun 2002 21:34:03 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C21BF0.C52EE100 Content-Type: text/plain Today's price action meets all my technical criteria for the termination of the current down move. However, I believe we have a little further to go before the projected turn low has been made. While today's low has occurred within the turn low time window, if today is indeed the low it would mean that the turn came early in the window. Often sharp moves in the direction of the dominate trend tend to terminate in the last half of the turn window, and occasionally beyond the projected turn window. For this reason I am not convinced that today was the end to the current short term move down. Even if today does prove out to be the projected turn low the market is still likely to move back down toward the end of the current time window. At this point any attempt to trade long would be too risky. I will wait out the remainder of this time window before declaring a turn or projecting a new target for the next turn high. Unless of course the market demands that I comment sooner. E -----Original Message----- Sent: Saturday, June 15, 2002 6:01 PM The next significant low turn for the S&P should occur within four trading days of 6-26 with the turn most likely happening during the last half of the window from 6-26 to 7-2. The target price range is 965 - 958. If the turn comes early in the window it is more likely to be in the high part of the range and if the turn comes late in the window it is more likely to be in the low part of the range. E -----Original Message----- Sent: Tuesday, June 11, 2002 10:10 PM Today's market action all but confirms that Friday was no aberration, but was indeed a warning signal. I believe the high turn that I forecast for the time window of 6-10 to 6-20 was made today and well short of the low target of 1048.41. Even if the market should manage to make it up to 1048 over the course of the next few days the risk is far greater than the potential reward. The primary reason that I think this short term high turn has been made is because the S&P has closed significantly below the target range of 1034-1027 that I had forecast for the low turn that I had anticipated in my post from 5-21. Also in that post I had mentioned that there were two time windows that the low turn I was looking for could be made. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time window for the turn occurs, but the next high turn is made early in the window is often only one or two days up and is very weak with the market turning below target levels. When this happens the second time window for the turn should be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of 6-4 has blown past its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect that this down swing could challenge last Septembers lows before a meaningful move up can be made. I wanted to get this post out tonight to warn those of you who give weight to my analysis. If any of you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happen. E -----Original Message----- Sent: Sunday, June 09, 2002 4:06 PM On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the highest probability target day. The next day it closed above the high of the previous day, signaling that a turn had been made. Then the very next day Thursday the market dropped again hitting an intra-day low of 1026.91 right at the bottom of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday! First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a market aberration causes the target to be overrun, yet prices will still close at or near the target levels. This could have happened Friday with the market closing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 will hold through the next low turn. Now for the much grimmer forecast. If Friday was not an aberration then it is very possible that the next turn low could break the 1012.45 level and possibly challenge last September's lows. At this point the picture is very muddy we will just have to sit back and let the market tell us where it is going to go. Assuming that Friday was indeed the low point of the current down move (hopefully Monday will give us a confirmation signal), then we can anticipate the next turn high to occur within four trading days of 6-14. The most likely targets for this turn would be a .382 retracement of the last move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .618 retracement of the same move. This would give us a target prices of 1048.41 for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating. In either case the next turn high will likely occur very soon and without much strength to the upside. Sorry Duke, it's not what I was hoping for either. For those of you who are strong optimists there is a low probability target of 1104.60 which if it occurs it would be late in the turn window. Of course if the market breaks the 1012.45 level on Monday then this forecast would no longer be valid. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C21BF0.C52EE100 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

Today's price action meets all my technical criteria for the termination of the current down move. However, I= believe we have a little further to go before the projected turn low has been made.=

 

While today's low has occurred within the turn low time window, if today is indeed the low it would mean that the turn came early in the window. Often sharp moves in the direction of the dominate trend tend to terminate in the last half of the turn window, and occasionally beyond the projected turn window. For this reason I am not convinced that today was the end to the current short term move down. Even = if today does prove out to be the projected turn low the market is still likel= y to move back down toward the end of the current time window.=

 

At this point any attempt to trade long would be too risky. I will wait out the remainder of this time window before declaring a turn or projecting a new target for the next turn high. Unless = of course the market demands that I comment sooner.

 

E

 

 

-----Original Message-----
From: Hill, Ernie
Sent
: Saturday, June 15, 2002 6:01 PM
To: 'canslim@lists.xmission.= com'
Subject: RE:[CANSLIM] S&P index "M"

 

The next significan= t low turn for the S&P should occur within four trading days of 6-26 with the turn most likely happening during the last half of the window from 6-26 to = 7-2. The target price range is 965 - 958. If the turn comes early in the window = it is more likely to be in the high part of the range and if the turn comes late = in the window it is more likely to be in the low part of the range.=

 

E=

 

-----Original Message-----
From: Hill, Ernie
Sent: Tuesday, June 11, 2002= 10:10 PM
To: 'canslim@lists.xmission.= com'
Subject: RE: [CANSLIM] S&= ;P index "M"

 

= Today's market action all but confirms that Friday was no aberration, but was indee= d a warning signal. I believe the high turn that I forecast for the time window= of 6-10 to 6-20 was made today and well short of the low target of 1048.41. Ev= en if the market should manage to make it up to 1048 over the course of the ne= xt few days the risk is far greater than the potential reward.

=  

= The primary reason that I think this short term high turn has been made is beca= use the S&P has closed significantly below the target range of 1034-1027 th= at I had forecast for the low turn that I had anticipated in my post from 5-21. = Also in that post I had mentioned that there were two time windows that the low = turn I was looking for could be made. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time window for the turn occurs, but the next high tu= rn is made early in the window is often only one or two days up and is very we= ak with the market turning below target levels. When this happens the second t= ime window for the turn should be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of= 6-4 has blown past its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect that = this down swing could challenge last Septembers lows before a meaningful move up= can be made.

=  

= I wanted to get this post out tonight to warn those of you who give weight to my analysis. If any of you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happe= n.

=  

= E

=  

-----Original Message-----
From: Hill, Ernie
Sent: Sunday, June 09, 2002 = 4:06 PM
To: 'canslim@lists.xmission.= com'
Subject: [CANSLIM] S&P i= ndex "M"

 

On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the high= est probability target day. The next day it closed above the high of the previo= us day, signaling that a turn had been made. Then the very next day Thursday t= he market dropped again hitting an intra-day low of 1026.91 right at the botto= m of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday!

 

First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a ma= rket aberration causes the target to be overrun, yet prices will still close at = or near the target levels. This could have happened Friday with the market clo= sing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 w= ill hold through the next low turn.

 

Now for the much grimmer forecast. If Friday was= not an aberration then it is very possible that the next turn low could break t= he 1012.45 level and possibly challenge last September's lows.

 

At this point the picture is very muddy we will = just have to sit back and let the market tell us where it is going to go.

 

Assuming that Friday was indeed the low point of= the current down move (hopefully Monday will give us a confirmation signal), th= en we can anticipate the next turn high to occur within four trading days of 6= -14. The most likely targets for this turn would be a .382 retracement of the la= st move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .= 618 retracement of the same move. This would give us a target prices of 1048.41= for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating.<= /font>

 

In either case the next turn high will likely oc= cur very soon and without much strength to the upside. Sorry Duke, it's not wha= t I was hoping for either. For those of you who are strong optimists there is a= low probability target of 1104.60 which if it occurs it would be late in the tu= rn window.

 

Of course if the market breaks the 1012.45 level= on Monday then this forecast would no longer be valid.

 

E

 



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



************************************************= ******************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely= for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
************************************************= ******************



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C21BF0.C52EE100-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: RE: [CANSLIM] Education stocks Date: 25 Jun 2002 06:26:02 -0600 These schools are mainly used by companies sending their people to learn specific skills. They do a lot of technology and stuff like that. A few in the group like Sylvan SLVN do a lot of everything but most are geared to the adult at work crowd that need some new skills. -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Spencer48@aol.com Sent: Monday, June 24, 2002 6:46 PM Kent: Summer School :) Seriously, I think these are schools whose mkt is older people, so this is why EPS is about the same during the summer months as it is during the school year, ie.I don't believe these commercial schools would curtail their services for the summer. Moreover (and this is just a guess) I imagine they would offer tutorials during the summer months for kids who want to get ahead or are having scholastic troubles at school. jans In a message dated 6/24/2002 6:08:05 PM Eastern Daylight Time, kent_norman@yahoo.com writes: << OK group, what am I missing? Seems to me this is the time when school is out for the summer. Or am I just old fashioned? Why would the stock be going up now? >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] CECO/COCO Date: 25 Jun 2002 08:39:08 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0023_01C21C23.C5AD57A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Web Link covers CECO with a mention of COCO today. They point out that CECO is in third base so caution is needed. ------=_NextPart_000_0023_01C21C23.C5AD57A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Web Link covers CECO with a mention of COCO=20 today.
They point out that CECO is in third base so caution = is=20 needed.
------=_NextPart_000_0023_01C21C23.C5AD57A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: [CANSLIM] Updated charts of Acc/Dis ratings from IBD now posted. Date: 25 Jun 2002 07:58:14 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0020_01C21C1E.0ED79040 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit We have posted the "A" rated Acc/Dis stocks to the charts through June 24th. http://www.adrich.com/SI/Info/A's.htm ---- Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_0020_01C21C1E.0ED79040 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
We = have posted the=20 "A" rated Acc/Dis stocks to the charts through June = 24th.
 
http://www.adrich.com/SI/I= nfo/A's.htm
 

Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals III=20 27
 
www.adrich.com
 
------=_NextPart_000_0020_01C21C1E.0ED79040-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] Education stocks Date: 25 Jun 2002 09:39:48 -0400 Unemployment rate has helped these companies/stocks. Apparently their popular with laid off people; chance to learn more, etc. -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of David Taggart Sent: Tuesday, June 25, 2002 8:26 AM These schools are mainly used by companies sending their people to learn specific skills. They do a lot of technology and stuff like that. A few in the group like Sylvan SLVN do a lot of everything but most are geared to the adult at work crowd that need some new skills. -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Spencer48@aol.com Sent: Monday, June 24, 2002 6:46 PM Kent: Summer School :) Seriously, I think these are schools whose mkt is older people, so this is why EPS is about the same during the summer months as it is during the school year, ie.I don't believe these commercial schools would curtail their services for the summer. Moreover (and this is just a guess) I imagine they would offer tutorials during the summer months for kids who want to get ahead or are having scholastic troubles at school. jans In a message dated 6/24/2002 6:08:05 PM Eastern Daylight Time, kent_norman@yahoo.com writes: << OK group, what am I missing? Seems to me this is the time when school is out for the summer. Or am I just old fashioned? Why would the stock be going up now? >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] WCOM restatement Date: 26 Jun 2002 00:52:50 -0400 once again, Andersen strikes again, this time by signing off on Worldcom hiding over $3 billion in expenses as capital expenditures, and thus inflating cash flow. Restatement expected to take away last five quarters of profits and turn them into losses. Who gave this sanction to a deviation from GAAP (Generally Accepted Accounting Principles)?? Andersen, of course. It's clear that Enron was only the tip of the iceberg, as if Waste Management, Sunbeam, and a host of other companies were not sufficient warning of major problems in corporate policy and infrastructure. Sad to see a great name like Andersen prostituted to selling its certification services for any price, but also clear that it must disappear from corporate America. And until every major company audited by Andersen undergoes a special review by the SEC on accounting practices, I doubt anyone will believe that we have finally seen it all. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 07:18:59 -0400 Well said, Tom. What is it that makes people do things for temporary gain when they know they'll probably get slammed for it in the future? I guess it's just greed, stupidity and arrogance. -----Original Message----- Sent: Wednesday, June 26, 2002 12:53 AM once again, Andersen strikes again, this time by signing off on Worldcom hiding over $3 billion in expenses as capital expenditures, and thus inflating cash flow. Restatement expected to take away last five quarters of profits and turn them into losses. Who gave this sanction to a deviation from GAAP (Generally Accepted Accounting Principles)?? Andersen, of course. It's clear that Enron was only the tip of the iceberg, as if Waste Management, Sunbeam, and a host of other companies were not sufficient warning of major problems in corporate policy and infrastructure. Sad to see a great name like Andersen prostituted to selling its certification services for any price, but also clear that it must disappear from corporate America. And until every major company audited by Andersen undergoes a special review by the SEC on accounting practices, I doubt anyone will believe that we have finally seen it all. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 07:30:54 -0400 employee stock options reading the news this morning, it's clear the world has concluded that bankruptcy for Worldcom is going to happen, and soon, with a subsequent restructuring if it survives. All the banks across the globe must have been up all night figuring out their exposure. Looks to be wide spread, haven't seen any one yet with more than $300 million in exposure, with most in the size of $150 to 200 million. And MU's surprising loss reported after yesterday's close has futures indicating down another 5% today. This is so far past ugly that either collapse or capitulation cannot be far away. Let's see, DOW at 5,000, now there's a nice round number. It's getting too hard to make money in this market, succeeded yesterday in both real world and VR accounts, but expect to pay the price today. ----- Original Message ----- Sent: Wednesday, June 26, 2002 7:18 AM Well said, Tom. What is it that makes people do things for temporary gain when they know they'll probably get slammed for it in the future? I guess it's just greed, stupidity and arrogance. -----Original Message----- Sent: Wednesday, June 26, 2002 12:53 AM once again, Andersen strikes again, this time by signing off on Worldcom hiding over $3 billion in expenses as capital expenditures, and thus inflating cash flow. Restatement expected to take away last five quarters of profits and turn them into losses. Who gave this sanction to a deviation from GAAP (Generally Accepted Accounting Principles)?? Andersen, of course. It's clear that Enron was only the tip of the iceberg, as if Waste Management, Sunbeam, and a host of other companies were not sufficient warning of major problems in corporate policy and infrastructure. Sad to see a great name like Andersen prostituted to selling its certification services for any price, but also clear that it must disappear from corporate America. And until every major company audited by Andersen undergoes a special review by the SEC on accounting practices, I doubt anyone will believe that we have finally seen it all. Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 05:12:57 -0700 (PDT) The answer is: The same childish, short-sighted, immediate satisfaction that blinds them to the possibility that there is a tomorrow... They run the business like they live their life. All today and no tomorrow. Kent Norman --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" wrote: > Well said, Tom. What is it that makes people do things for temporary > gain > when they know they'll probably get slammed for it in the future? > > I guess it's just greed, stupidity and arrogance. > > -----Original Message----- > From: Tom Worley [mailto:stkguru@bellsouth.net] > Sent: Wednesday, June 26, 2002 12:53 AM > To: CANSLIM > Subject: [CANSLIM] WCOM restatement > > > once again, Andersen strikes again, this time by signing off on > Worldcom > hiding over $3 billion in expenses as capital expenditures, and thus > inflating cash flow. Restatement expected to take away last five > quarters of > profits and turn them into losses. > > Who gave this sanction to a deviation from GAAP (Generally Accepted > Accounting Principles)?? Andersen, of course. It's clear that Enron > was only > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > of other > companies were not sufficient warning of major problems in corporate > policy > and infrastructure. Sad to see a great name like Andersen prostituted > to > selling its certification services for any price, but also clear that > it > must disappear from corporate America. And until every major company > audited > by Andersen undergoes a special review by the SEC on accounting > practices, I > doubt anyone will believe that we have finally seen it all. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 05:20:30 -0700 (PDT) This is from Quicken.com, I was surprised by the huge gap between 1st and 3rd place. competitors in the Long Distance Carriers industry. Company Name Symbol Mkt Cap (000's) AT&T CORP T $35,950,127 WORLDCOM WCOM $2,459,154 GENERAL COMMUN. GNCMA $441,993 WORLDCOM-MCI GRP MCIT $215,586 PRIMUS TELECOM PRTL $37,585 Kent --- Tom Worley wrote: > employee stock options > > reading the news this morning, it's clear the world has concluded > that > bankruptcy for Worldcom is going to happen, and soon, with a > subsequent > restructuring if it survives. All the banks across the globe must > have been > up all night figuring out their exposure. Looks to be wide spread, > haven't > seen any one yet with more than $300 million in exposure, with most > in the > size of $150 to 200 million. > > And MU's surprising loss reported after yesterday's close has futures > indicating down another 5% today. This is so far past ugly that > either > collapse or capitulation cannot be far away. Let's see, DOW at 5,000, > now > there's a nice round number. > > It's getting too hard to make money in this market, succeeded > yesterday in > both real world and VR accounts, but expect to pay the price today. > > ----- Original Message ----- > From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > To: > Sent: Wednesday, June 26, 2002 7:18 AM > Subject: RE: [CANSLIM] WCOM restatement > > > Well said, Tom. What is it that makes people do things for temporary > gain > when they know they'll probably get slammed for it in the future? > > I guess it's just greed, stupidity and arrogance. > > -----Original Message----- > From: Tom Worley [mailto:stkguru@bellsouth.net] > Sent: Wednesday, June 26, 2002 12:53 AM > To: CANSLIM > Subject: [CANSLIM] WCOM restatement > > > once again, Andersen strikes again, this time by signing off on > Worldcom > hiding over $3 billion in expenses as capital expenditures, and thus > inflating cash flow. Restatement expected to take away last five > quarters of > profits and turn them into losses. > > Who gave this sanction to a deviation from GAAP (Generally Accepted > Accounting Principles)?? Andersen, of course. It's clear that Enron > was only > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > of other > companies were not sufficient warning of major problems in corporate > policy > and infrastructure. Sad to see a great name like Andersen prostituted > to > selling its certification services for any price, but also clear that > it > must disappear from corporate America. And until every major company > audited > by Andersen undergoes a special review by the SEC on accounting > practices, I > doubt anyone will believe that we have finally seen it all. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 05:23:17 -0700 (PDT) Tom I agree that it will take time to audit all of Anderson's clients, but for the short term, I hope this is another capitulation point. Regards Kent Norman --- Tom Worley wrote: > once again, Andersen strikes again, this time by signing off on > Worldcom > hiding over $3 billion in expenses as capital expenditures, and thus > inflating cash flow. Restatement expected to take away last five > quarters of > profits and turn them into losses. > > Who gave this sanction to a deviation from GAAP (Generally Accepted > Accounting Principles)?? Andersen, of course. It's clear that Enron > was only > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > of other > companies were not sufficient warning of major problems in corporate > policy > and infrastructure. Sad to see a great name like Andersen prostituted > to > selling its certification services for any price, but also clear that > it > must disappear from corporate America. And until every major company > audited > by Andersen undergoes a special review by the SEC on accounting > practices, I > doubt anyone will believe that we have finally seen it all. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 08:31:31 -0400 The gap may now be larger. Trading in WCOM was halted at a share price of $0.09 (down 90% from the closing yesterday, ----- Original Message ----- Sent: Wednesday, June 26, 2002 8:20 AM > This is from Quicken.com, I was surprised by the huge gap between 1st > and 3rd place. > > competitors in the Long Distance Carriers industry. > > Company Name Symbol Mkt Cap (000's) > AT&T CORP T $35,950,127 > WORLDCOM WCOM $2,459,154 > GENERAL COMMUN. GNCMA $441,993 > WORLDCOM-MCI GRP MCIT $215,586 > PRIMUS TELECOM PRTL $37,585 > > Kent > > --- Tom Worley wrote: > > employee stock options > > > > reading the news this morning, it's clear the world has concluded > > that > > bankruptcy for Worldcom is going to happen, and soon, with a > > subsequent > > restructuring if it survives. All the banks across the globe must > > have been > > up all night figuring out their exposure. Looks to be wide spread, > > haven't > > seen any one yet with more than $300 million in exposure, with most > > in the > > size of $150 to 200 million. > > > > And MU's surprising loss reported after yesterday's close has futures > > indicating down another 5% today. This is so far past ugly that > > either > > collapse or capitulation cannot be far away. Let's see, DOW at 5,000, > > now > > there's a nice round number. > > > > It's getting too hard to make money in this market, succeeded > > yesterday in > > both real world and VR accounts, but expect to pay the price today. > > > > ----- Original Message ----- > > From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > To: > > Sent: Wednesday, June 26, 2002 7:18 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > Well said, Tom. What is it that makes people do things for temporary > > gain > > when they know they'll probably get slammed for it in the future? > > > > I guess it's just greed, stupidity and arrogance. > > > > -----Original Message----- > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > Sent: Wednesday, June 26, 2002 12:53 AM > > To: CANSLIM > > Subject: [CANSLIM] WCOM restatement > > > > > > once again, Andersen strikes again, this time by signing off on > > Worldcom > > hiding over $3 billion in expenses as capital expenditures, and thus > > inflating cash flow. Restatement expected to take away last five > > quarters of > > profits and turn them into losses. > > > > Who gave this sanction to a deviation from GAAP (Generally Accepted > > Accounting Principles)?? Andersen, of course. It's clear that Enron > > was only > > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > > of other > > companies were not sufficient warning of major problems in corporate > > policy > > and infrastructure. Sad to see a great name like Andersen prostituted > > to > > selling its certification services for any price, but also clear that > > it > > must disappear from corporate America. And until every major company > > audited > > by Andersen undergoes a special review by the SEC on accounting > > practices, I > > doubt anyone will believe that we have finally seen it all. > > > > Tom Worley > > stkguru@bellsouth.net > > AIM: TexWorley > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > ===== > Opportunities always look bigger going than coming. > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 08:34:27 -0400 The mantra of the clowns: "I want it ALL" "Give it to me NOW" "It is MINE, I deserve it" ----- Original Message ----- Sent: Wednesday, June 26, 2002 8:12 AM > The answer is: > > The same childish, short-sighted, immediate satisfaction that blinds > them to the possibility that there is a tomorrow... They run the > business like they live their life. All today and no tomorrow. > > Kent Norman > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > wrote: > > Well said, Tom. What is it that makes people do things for temporary > > gain > > when they know they'll probably get slammed for it in the future? > > > > I guess it's just greed, stupidity and arrogance. > > > > -----Original Message----- > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > Sent: Wednesday, June 26, 2002 12:53 AM > > To: CANSLIM > > Subject: [CANSLIM] WCOM restatement > > > > > > once again, Andersen strikes again, this time by signing off on > > Worldcom > > hiding over $3 billion in expenses as capital expenditures, and thus > > inflating cash flow. Restatement expected to take away last five > > quarters of > > profits and turn them into losses. > > > > Who gave this sanction to a deviation from GAAP (Generally Accepted > > Accounting Principles)?? Andersen, of course. It's clear that Enron > > was only > > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > > of other > > companies were not sufficient warning of major problems in corporate > > policy > > and infrastructure. Sad to see a great name like Andersen prostituted > > to > > selling its certification services for any price, but also clear that > > it > > must disappear from corporate America. And until every major company > > audited > > by Andersen undergoes a special review by the SEC on accounting > > practices, I > > doubt anyone will believe that we have finally seen it all. > > > > Tom Worley > > stkguru@bellsouth.net > > AIM: TexWorley > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > ===== > Opportunities always look bigger going than coming. > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] Volume Date: 26 Jun 2002 08:38:17 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_004F_01C21CEC.D1C678E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable =20 Volume today: Any takers on 3.5 billion shares on NASD, 2.5 billion on NYSE? ------=_NextPart_000_004F_01C21CEC.D1C678E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
   
Volume today:
 
Any takers on 3.5 billion shares on NASD, 2.5 = billion on=20 NYSE?
------=_NextPart_000_004F_01C21CEC.D1C678E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] Volume Date: 26 Jun 2002 07:48:34 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0027_01C21CE5.DFE65D20 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit What? You don't think the PPT will be in there to start a rally! Shame on you. -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little Sent: Wednesday, June 26, 2002 7:38 AM To: canslim@lists.xmission.com Subject: [CANSLIM] Volume Volume today: Any takers on 3.5 billion shares on NASD, 2.5 billion on NYSE? ------=_NextPart_000_0027_01C21CE5.DFE65D20 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
What?  You don't think the PPT will be in there to start a = rally!  Shame on you.
 
 
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston=20 Little
Sent: Wednesday, June 26, 2002 7:38 AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM]=20 Volume

   
Volume today:
 
Any takers on 3.5 billion shares on NASD, 2.5 = billion on=20 NYSE?
------=_NextPart_000_0027_01C21CE5.DFE65D20-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Rocky Sanghvi" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:06:54 -0400 I wish I could say that today coming blowoff will be the last one. There are other skeletons in the closet. More importantly the impact of the dropping dollar will be enormous in our highly leveraged financial system. From ECON 101 Until now we were managing to balance our foreign deficits by inflow of cash from other countries into our markets. The falling dollar is an indication that money is moving OUT of the country. Watch out for the ripple effects. Unless ofcourse we attack Iraq immediately and thereby create "a demand" for the the safety of the American dollar. ;) I guess I am cynical. Today the market lost me as an investor for a very long time. I quit. -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little Sent: Wednesday, June 26, 2002 8:34 AM The mantra of the clowns: "I want it ALL" "Give it to me NOW" "It is MINE, I deserve it" ----- Original Message ----- Sent: Wednesday, June 26, 2002 8:12 AM > The answer is: > > The same childish, short-sighted, immediate satisfaction that blinds > them to the possibility that there is a tomorrow... They run the > business like they live their life. All today and no tomorrow. > > Kent Norman > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > wrote: > > Well said, Tom. What is it that makes people do things for temporary > > gain > > when they know they'll probably get slammed for it in the future? > > > > I guess it's just greed, stupidity and arrogance. > > > > -----Original Message----- > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > Sent: Wednesday, June 26, 2002 12:53 AM > > To: CANSLIM > > Subject: [CANSLIM] WCOM restatement > > > > > > once again, Andersen strikes again, this time by signing off on > > Worldcom > > hiding over $3 billion in expenses as capital expenditures, and thus > > inflating cash flow. Restatement expected to take away last five > > quarters of > > profits and turn them into losses. > > > > Who gave this sanction to a deviation from GAAP (Generally Accepted > > Accounting Principles)?? Andersen, of course. It's clear that Enron > > was only > > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > > of other > > companies were not sufficient warning of major problems in corporate > > policy > > and infrastructure. Sad to see a great name like Andersen prostituted > > to > > selling its certification services for any price, but also clear that > > it > > must disappear from corporate America. And until every major company > > audited > > by Andersen undergoes a special review by the SEC on accounting > > practices, I > > doubt anyone will believe that we have finally seen it all. > > > > Tom Worley > > stkguru@bellsouth.net > > AIM: TexWorley > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > ===== > Opportunities always look bigger going than coming. > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:28:29 EDT Tom: I've heard on TV that it wasn't a "deviation" from GAAP. From what I understand, there are options that an accountant/bookkeeper can use, and Anderson chose capital expensing what normally would be a regular expense item. In my opinion, it was just a matter of time before such horrendous manipulation of any company's books was discovered (The question isn't why did it take so long to discover, but rather, what company will be the next to reveal that they falsified records. And I wouldn't be at all surprised that there are a lot of them out there.) Unfortunately, accountants have learned from lawyers how to obfuscate the truth and maneuver the justice system in order that lying can be put in the best possible light, and truth and accuracy can be avoided. That's why GAAP (I believe) covered up (instead of revealing) WorldCom's problems. As for CANSLIM: I wonder how WON believes we can now fundamentally analyze a company-especially after its been revealed that WorldCom's Cash-Flow is bogus. A few weeks ago, WON said: Look at the cash-flow to see that earnings are really funneling down-into the bottom line. Now what's he going to say? Probably, look at the managers of the companies to see if they have a history of dishonesty. Unfortunately, though, I don't believe that will cut it. Even if the manager is scrupulously honest, Enron and WorldCom teach us that that is not enough. The ACCOUNTANTS also must be honest. So now will WON's injunction be to: Look at the history of the accounting firm, and the history of the accountants employed by the accounting firm, who work on the company's books? jans In a message dated 6/26/2002 12:53:51 AM Eastern Daylight Time, stkguru@bellsouth.net writes: << once again, Andersen strikes again, this time by signing off on Worldcom hiding over $3 billion in expenses as capital expenditures, and thus inflating cash flow. Restatement expected to take away last five quarters of profits and turn them into losses. Who gave this sanction to a deviation from GAAP (Generally Accepted Accounting Principles)?? >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Dave Cameron Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 06:31:02 -0700 (PDT) I thought that was Veruca Salt from Willy Wonka and the Chocolate Factory. --- Winston Little wrote: > > The mantra of the clowns: > "I want it ALL" > "Give it to me NOW" > "It is MINE, I deserve it" > > ----- Original Message ----- > From: "Kent Norman" > To: > Sent: Wednesday, June 26, 2002 8:12 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > The answer is: > > > > The same childish, short-sighted, immediate satisfaction that > blinds > > them to the possibility that there is a tomorrow... They run the > > business like they live their life. All today and no tomorrow. > > > > Kent Norman > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > wrote: > > > Well said, Tom. What is it that makes people do things for > temporary > > > gain > > > when they know they'll probably get slammed for it in the > future? > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > -----Original Message----- > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > To: CANSLIM > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > Worldcom > > > hiding over $3 billion in expenses as capital expenditures, and > thus > > > inflating cash flow. Restatement expected to take away last > five > > > quarters of > > > profits and turn them into losses. > > > > > > Who gave this sanction to a deviation from GAAP (Generally > Accepted > > > Accounting Principles)?? Andersen, of course. It's clear that > Enron > > > was only > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > host > > > of other > > > companies were not sufficient warning of major problems in > corporate > > > policy > > > and infrastructure. Sad to see a great name like Andersen > prostituted > > > to > > > selling its certification services for any price, but also > clear that > > > it > > > must disappear from corporate America. And until every major > company > > > audited > > > by Andersen undergoes a special review by the SEC on accounting > > > practices, I > > > doubt anyone will believe that we have finally seen it all. > > > > > > Tom Worley > > > stkguru@bellsouth.net > > > AIM: TexWorley > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > ===== > > Opportunities always look bigger going than coming. > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Dave Cameron dfcameron@yahoo.com __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Volume Date: 26 Jun 2002 09:32:32 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0070_01C21CF4.65A4EAE0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable No, I expect a big rally for lawyers and jails. There may be too many crooked CEO and CFO for the existing ones.=20 ----- Original Message -----=20 From: Fred Richards=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 8:48 AM Subject: RE: [CANSLIM] Volume What? You don't think the PPT will be in there to start a rally! = Shame on you. -----Original Message----- From: owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little Sent: Wednesday, June 26, 2002 7:38 AM To: canslim@lists.xmission.com Subject: [CANSLIM] Volume =20 Volume today: Any takers on 3.5 billion shares on NASD, 2.5 billion on NYSE? ------=_NextPart_000_0070_01C21CF4.65A4EAE0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
No, I expect a big rally for lawyers and = jails.
There may be too many crooked CEO and CFO =  for the=20 existing ones. 
 
----- Original Message -----
From:=20 Fred = Richards
Sent: Wednesday, June 26, 2002 = 8:48=20 AM
Subject: RE: [CANSLIM] = Volume

What?  You don't think the PPT will be in there to start = a=20 rally!  Shame on you.
 
 
-----Original Message-----
From: owner-canslim@lists.xmis= sion.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston = Little
Sent: Wednesday, June 26, 2002 7:38 = AM
To: canslim@lists.xmission.com=
Subject:=20 [CANSLIM] Volume

   
Volume today:
 
Any takers on 3.5 billion shares on NASD, 2.5 = billion on=20 NYSE?
------=_NextPart_000_0070_01C21CF4.65A4EAE0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Dave Cameron Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 06:33:41 -0700 (PDT) Rocky (and all), Yeah... this is amazing. As a professional statistician, the recent events show why I don't use classical statistical techniques in investing. I sold all my individual holdings in November - haven't bought back in. Still hold the mutual funds for long term, but continue to watch them dwindle. My line to people at work is that I'll be working until I'm 80.... Dave --- Rocky Sanghvi wrote: > I wish I could say that today coming blowoff will be the last one. > There > are other skeletons in the closet. More importantly the impact of > the > dropping dollar will be enormous in our highly leveraged financial > system. > > From ECON 101 > Until now we were managing to balance our foreign deficits by > inflow of cash > from other countries into our markets. The falling dollar is an > indication > that money is moving OUT of the country. Watch out for the ripple > effects. > > Unless ofcourse we attack Iraq immediately and thereby create "a > demand" for > the the safety of the American dollar. ;) I guess I am cynical. > Today > the market lost me as an investor for a very long time. I quit. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston > Little > Sent: Wednesday, June 26, 2002 8:34 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > > The mantra of the clowns: > "I want it ALL" > "Give it to me NOW" > "It is MINE, I deserve it" > > ----- Original Message ----- > From: "Kent Norman" > To: > Sent: Wednesday, June 26, 2002 8:12 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > The answer is: > > > > The same childish, short-sighted, immediate satisfaction that > blinds > > them to the possibility that there is a tomorrow... They run the > > business like they live their life. All today and no tomorrow. > > > > Kent Norman > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > wrote: > > > Well said, Tom. What is it that makes people do things for > temporary > > > gain > > > when they know they'll probably get slammed for it in the > future? > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > -----Original Message----- > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > To: CANSLIM > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > Worldcom > > > hiding over $3 billion in expenses as capital expenditures, and > thus > > > inflating cash flow. Restatement expected to take away last > five > > > quarters of > > > profits and turn them into losses. > > > > > > Who gave this sanction to a deviation from GAAP (Generally > Accepted > > > Accounting Principles)?? Andersen, of course. It's clear that > Enron > > > was only > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > host > > > of other > > > companies were not sufficient warning of major problems in > corporate > > > policy > > > and infrastructure. Sad to see a great name like Andersen > prostituted > > > to > > > selling its certification services for any price, but also > clear that > > > it > > > must disappear from corporate America. And until every major > company > > > audited > > > by Andersen undergoes a special review by the SEC on accounting > > > practices, I > > > doubt anyone will believe that we have finally seen it all. > > > > > > Tom Worley > > > stkguru@bellsouth.net > > > AIM: TexWorley > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > ===== > > Opportunities always look bigger going than coming. > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Dave Cameron dfcameron@yahoo.com __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:43:01 EDT Rocky: With our accounting woes, I have a feeling that the "safety" will be going into gold stocks. jans In a message dated 6/26/2002 9:18:18 AM Eastern Daylight Time, rs@mylodestar.com writes: << Until now we were managing to balance our foreign deficits by inflow of cash from other countries into our markets. The falling dollar is an indication that money is moving OUT of the country. Watch out for the ripple effects. Unless ofcourse we attack Iraq immediately and thereby create "a demand" for the the safety of the American dollar. ;) I guess I am cynical. Today the market lost me as an investor for a very long time. I quit. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:43:22 -0400 Well said. Unfortunately, and this isn't the first time this thought has been expressed, this and the future ones hiding in the woodwork, could very well spell the doom of the American stock market as we know it today. A radio columnist (Democracy Now) just yesterday was ruminating over the impact on the markets if (when) foreign stockholders decide to take their money and run...away from "America's painfully corrupt financial markets." I have a suggestion (NOT my usual tongue in cheek, friends) for a group project...a public service to all of us CAN SLIMers. What if we create a FAQ on how to avoid these slime balls? Should we start with Andersen Consulting's client(former) list. I tried their website; no luck. Then how about a list of tips on what to look for in SEC filings to ferret out red flags. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman Sent: Wednesday, June 26, 2002 8:13 AM The answer is: The same childish, short-sighted, immediate satisfaction that blinds them to the possibility that there is a tomorrow... They run the business like they live their life. All today and no tomorrow. Kent Norman --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" wrote: > Well said, Tom. What is it that makes people do things for temporary > gain when they know they'll probably get slammed for it in the future? > > I guess it's just greed, stupidity and arrogance. > > -----Original Message----- > From: Tom Worley [mailto:stkguru@bellsouth.net] > Sent: Wednesday, June 26, 2002 12:53 AM > To: CANSLIM > Subject: [CANSLIM] WCOM restatement > > > once again, Andersen strikes again, this time by signing off on > Worldcom hiding over $3 billion in expenses as capital expenditures, > and thus inflating cash flow. Restatement expected to take away last > five quarters of > profits and turn them into losses. > > Who gave this sanction to a deviation from GAAP (Generally Accepted > Accounting Principles)?? Andersen, of course. It's clear that Enron > was only the tip of the iceberg, as if Waste Management, Sunbeam, and > a host of other > companies were not sufficient warning of major problems in corporate > policy > and infrastructure. Sad to see a great name like Andersen prostituted > to > selling its certification services for any price, but also clear that > it > must disappear from corporate America. And until every major company > audited > by Andersen undergoes a special review by the SEC on accounting > practices, I > doubt anyone will believe that we have finally seen it all. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:47:30 -0400 There may be some merit to companies that make goods that I can see, touch and count such as houses, cars, chemicals. There may also be some merit to companies that pay dividends, as the crooks are less likely to borrow or steal funds to pay dividends. ----- Original Message ----- Sent: Wednesday, June 26, 2002 9:33 AM > Rocky (and all), > > Yeah... this is amazing. As a professional statistician, the recent > events show why I don't use classical statistical techniques in > investing. I sold all my individual holdings in November - haven't > bought back in. Still hold the mutual funds for long term, but > continue to watch them dwindle. > > My line to people at work is that I'll be working until I'm 80.... > > Dave > > --- Rocky Sanghvi wrote: > > I wish I could say that today coming blowoff will be the last one. > > There > > are other skeletons in the closet. More importantly the impact of > > the > > dropping dollar will be enormous in our highly leveraged financial > > system. > > > > From ECON 101 > > Until now we were managing to balance our foreign deficits by > > inflow of cash > > from other countries into our markets. The falling dollar is an > > indication > > that money is moving OUT of the country. Watch out for the ripple > > effects. > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > demand" for > > the the safety of the American dollar. ;) I guess I am cynical. > > Today > > the market lost me as an investor for a very long time. I quit. > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston > > Little > > Sent: Wednesday, June 26, 2002 8:34 AM > > To: canslim@lists.xmission.com > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > The mantra of the clowns: > > "I want it ALL" > > "Give it to me NOW" > > "It is MINE, I deserve it" > > > > ----- Original Message ----- > > From: "Kent Norman" > > To: > > Sent: Wednesday, June 26, 2002 8:12 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > The answer is: > > > > > > The same childish, short-sighted, immediate satisfaction that > > blinds > > > them to the possibility that there is a tomorrow... They run the > > > business like they live their life. All today and no tomorrow. > > > > > > Kent Norman > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > wrote: > > > > Well said, Tom. What is it that makes people do things for > > temporary > > > > gain > > > > when they know they'll probably get slammed for it in the > > future? > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > -----Original Message----- > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > To: CANSLIM > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > Worldcom > > > > hiding over $3 billion in expenses as capital expenditures, and > > thus > > > > inflating cash flow. Restatement expected to take away last > > five > > > > quarters of > > > > profits and turn them into losses. > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > Accepted > > > > Accounting Principles)?? Andersen, of course. It's clear that > > Enron > > > > was only > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > host > > > > of other > > > > companies were not sufficient warning of major problems in > > corporate > > > > policy > > > > and infrastructure. Sad to see a great name like Andersen > > prostituted > > > > to > > > > selling its certification services for any price, but also > > clear that > > > > it > > > > must disappear from corporate America. And until every major > > company > > > > audited > > > > by Andersen undergoes a special review by the SEC on accounting > > > > practices, I > > > > doubt anyone will believe that we have finally seen it all. > > > > > > > > Tom Worley > > > > stkguru@bellsouth.net > > > > AIM: TexWorley > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or > > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or > > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > ===== > > > Opportunities always look bigger going than coming. > > > > > > __________________________________________________ > > > Do You Yahoo!? > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > http://fifaworldcup.yahoo.com > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > ===== > Dave Cameron > dfcameron@yahoo.com > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:50:03 -0400 On second thought.... Is it not true that no matter what scrutiny we put SEC filings to, day before yesterday, we would not have discovered (on our own) this evil deception? I think I'm going to be sick. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Duke Miller Sent: Wednesday, June 26, 2002 9:43 AM Well said. Unfortunately, and this isn't the first time this thought has been expressed, this and the future ones hiding in the woodwork, could very well spell the doom of the American stock market as we know it today. A radio columnist (Democracy Now) just yesterday was ruminating over the impact on the markets if (when) foreign stockholders decide to take their money and run...away from "America's painfully corrupt financial markets." I have a suggestion (NOT my usual tongue in cheek, friends) for a group project...a public service to all of us CAN SLIMers. What if we create a FAQ on how to avoid these slime balls? Should we start with Andersen Consulting's client(former) list. I tried their website; no luck. Then how about a list of tips on what to look for in SEC filings to ferret out red flags. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman Sent: Wednesday, June 26, 2002 8:13 AM The answer is: The same childish, short-sighted, immediate satisfaction that blinds them to the possibility that there is a tomorrow... They run the business like they live their life. All today and no tomorrow. Kent Norman --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" wrote: > Well said, Tom. What is it that makes people do things for temporary > gain when they know they'll probably get slammed for it in the future? > > I guess it's just greed, stupidity and arrogance. > > -----Original Message----- > From: Tom Worley [mailto:stkguru@bellsouth.net] > Sent: Wednesday, June 26, 2002 12:53 AM > To: CANSLIM > Subject: [CANSLIM] WCOM restatement > > > once again, Andersen strikes again, this time by signing off on > Worldcom hiding over $3 billion in expenses as capital expenditures, > and thus inflating cash flow. Restatement expected to take away last > five quarters of > profits and turn them into losses. > > Who gave this sanction to a deviation from GAAP (Generally Accepted > Accounting Principles)?? Andersen, of course. It's clear that Enron > was only the tip of the iceberg, as if Waste Management, Sunbeam, and > a host of other > companies were not sufficient warning of major problems in corporate > policy > and infrastructure. Sad to see a great name like Andersen prostituted > to > selling its certification services for any price, but also clear that > it > must disappear from corporate America. And until every major company > audited > by Andersen undergoes a special review by the SEC on accounting > practices, I > doubt anyone will believe that we have finally seen it all. > > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Rocky Sanghvi" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:42:28 -0400 Jans, Yes that will probably continue to be true for some time. However the long terms effects of a precipitous decline in the dollar will create all sorts of structural problems in our financial problems. We have been supporting a strong dollar policy for good reasons. Rocky -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Spencer48@aol.com Sent: Wednesday, June 26, 2002 9:43 AM Rocky: With our accounting woes, I have a feeling that the "safety" will be going into gold stocks. jans In a message dated 6/26/2002 9:18:18 AM Eastern Daylight Time, rs@mylodestar.com writes: << Until now we were managing to balance our foreign deficits by inflow of cash from other countries into our markets. The falling dollar is an indication that money is moving OUT of the country. Watch out for the ripple effects. Unless ofcourse we attack Iraq immediately and thereby create "a demand" for the the safety of the American dollar. ;) I guess I am cynical. Today the market lost me as an investor for a very long time. I quit. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Rocky Sanghvi" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:45:40 -0400 Dave, Not just you but a lot of investors have their IRAs, Roths, SEPs etc that will be butchered because of these thieves. White collar crime is sometimes more horrendous in long term effect. It should be punished accordingly. Rocky -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Dave Cameron Sent: Wednesday, June 26, 2002 9:34 AM Rocky (and all), Yeah... this is amazing. As a professional statistician, the recent events show why I don't use classical statistical techniques in investing. I sold all my individual holdings in November - haven't bought back in. Still hold the mutual funds for long term, but continue to watch them dwindle. My line to people at work is that I'll be working until I'm 80.... Dave --- Rocky Sanghvi wrote: > I wish I could say that today coming blowoff will be the last one. > There > are other skeletons in the closet. More importantly the impact of > the > dropping dollar will be enormous in our highly leveraged financial > system. > > From ECON 101 > Until now we were managing to balance our foreign deficits by > inflow of cash > from other countries into our markets. The falling dollar is an > indication > that money is moving OUT of the country. Watch out for the ripple > effects. > > Unless ofcourse we attack Iraq immediately and thereby create "a > demand" for > the the safety of the American dollar. ;) I guess I am cynical. > Today > the market lost me as an investor for a very long time. I quit. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston > Little > Sent: Wednesday, June 26, 2002 8:34 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > > The mantra of the clowns: > "I want it ALL" > "Give it to me NOW" > "It is MINE, I deserve it" > > ----- Original Message ----- > From: "Kent Norman" > To: > Sent: Wednesday, June 26, 2002 8:12 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > The answer is: > > > > The same childish, short-sighted, immediate satisfaction that > blinds > > them to the possibility that there is a tomorrow... They run the > > business like they live their life. All today and no tomorrow. > > > > Kent Norman > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > wrote: > > > Well said, Tom. What is it that makes people do things for > temporary > > > gain > > > when they know they'll probably get slammed for it in the > future? > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > -----Original Message----- > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > To: CANSLIM > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > Worldcom > > > hiding over $3 billion in expenses as capital expenditures, and > thus > > > inflating cash flow. Restatement expected to take away last > five > > > quarters of > > > profits and turn them into losses. > > > > > > Who gave this sanction to a deviation from GAAP (Generally > Accepted > > > Accounting Principles)?? Andersen, of course. It's clear that > Enron > > > was only > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > host > > > of other > > > companies were not sufficient warning of major problems in > corporate > > > policy > > > and infrastructure. Sad to see a great name like Andersen > prostituted > > > to > > > selling its certification services for any price, but also > clear that > > > it > > > must disappear from corporate America. And until every major > company > > > audited > > > by Andersen undergoes a special review by the SEC on accounting > > > practices, I > > > doubt anyone will believe that we have finally seen it all. > > > > > > Tom Worley > > > stkguru@bellsouth.net > > > AIM: TexWorley > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > ===== > > Opportunities always look bigger going than coming. > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Dave Cameron dfcameron@yahoo.com __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 10:07:04 -0400 Absolutely. P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two years. Soap, toothpaste, quality people. All things you can count (on). Duke (I do have a position in P&G) -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little Sent: Wednesday, June 26, 2002 9:48 AM There may be some merit to companies that make goods that I can see, touch and count such as houses, cars, chemicals. There may also be some merit to companies that pay dividends, as the crooks are less likely to borrow or steal funds to pay dividends. ----- Original Message ----- Sent: Wednesday, June 26, 2002 9:33 AM > Rocky (and all), > > Yeah... this is amazing. As a professional statistician, the recent > events show why I don't use classical statistical techniques in > investing. I sold all my individual holdings in November - haven't > bought back in. Still hold the mutual funds for long term, but > continue to watch them dwindle. > > My line to people at work is that I'll be working until I'm 80.... > > Dave > > --- Rocky Sanghvi wrote: > > I wish I could say that today coming blowoff will be the last one. > > There are other skeletons in the closet. More importantly the > > impact of the > > dropping dollar will be enormous in our highly leveraged financial > > system. > > > > From ECON 101 > > Until now we were managing to balance our foreign deficits by inflow > > of cash from other countries into our markets. The falling dollar > > is an indication > > that money is moving OUT of the country. Watch out for the ripple > > effects. > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > demand" for > > the the safety of the American dollar. ;) I guess I am cynical. > > Today > > the market lost me as an investor for a very long time. I quit. > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > Sent: Wednesday, June 26, 2002 8:34 AM > > To: canslim@lists.xmission.com > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > The mantra of the clowns: > > "I want it ALL" > > "Give it to me NOW" > > "It is MINE, I deserve it" > > > > ----- Original Message ----- > > From: "Kent Norman" > > To: > > Sent: Wednesday, June 26, 2002 8:12 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > The answer is: > > > > > > The same childish, short-sighted, immediate satisfaction that > > blinds > > > them to the possibility that there is a tomorrow... They run the > > > business like they live their life. All today and no tomorrow. > > > > > > Kent Norman > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > wrote: > > > > Well said, Tom. What is it that makes people do things for > > temporary > > > > gain > > > > when they know they'll probably get slammed for it in the > > future? > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > -----Original Message----- > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > To: CANSLIM > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > Worldcom hiding over $3 billion in expenses as capital > > > > expenditures, and > > thus > > > > inflating cash flow. Restatement expected to take away last > > five > > > > quarters of > > > > profits and turn them into losses. > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > Accepted > > > > Accounting Principles)?? Andersen, of course. It's clear that > > Enron > > > > was only > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > host > > > > of other > > > > companies were not sufficient warning of major problems in > > corporate > > > > policy > > > > and infrastructure. Sad to see a great name like Andersen > > prostituted > > > > to > > > > selling its certification services for any price, but also > > clear that > > > > it > > > > must disappear from corporate America. And until every major > > company > > > > audited > > > > by Andersen undergoes a special review by the SEC on accounting > > > > practices, I doubt anyone will believe that we have finally seen > > > > it all. > > > > > > > > Tom Worley > > > > stkguru@bellsouth.net > > > > AIM: TexWorley > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > canslim". Do not use quotes in your email. > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > canslim". Do not use quotes in your email. > > > > > > > > > ===== > > > Opportunities always look bigger going than coming. > > > > > > __________________________________________________ > > > Do You Yahoo!? > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > http://fifaworldcup.yahoo.com > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > Do not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > not use quotes in your email. > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > not use quotes in your email. > > > ===== > Dave Cameron > dfcameron@yahoo.com > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Date: 26 Jun 2002 10:15:47 -0400 The project would be of interest. However, as each scandal breaks, people try to develop countermeasures, and in turn the crooks advance to new ways to scam the public.We can look back at the South Sea bubble of 1720, or Mississippi bubble of 1720, or IOS and FOF of 1973, or ZZZZ Best of 1987 or gold in 1979 or silver of 1982 ..... and here we are today with Enron, Global Crossing and World Com. Bottom line to me is that crooks are innovative and prevalent. They have been around for centuries and will always be there. Some wear three piece suits, some are in casual wear. Some are high school drop outs and many today have MBA degrees. They make me look for diversity in more issues than the CANSLIM/IBD people advocate, and I usually trade a bit more frequently than is also advocated. On the last item, I like the position of Bernard Baruch....... he claimed he was not clever enough to catch the first 20% of a rise, and too nervous to stay in for the final 20%, he just did well on the middle 60% of any run. ----- Original Message ----- Sent: Wednesday, June 26, 2002 9:43 AM > Well said. Unfortunately, and this isn't the first time this thought > has been expressed, this and the future ones hiding in the woodwork, > could very well spell the doom of the American stock market as we know > it today. A radio columnist (Democracy Now) just yesterday was > ruminating over the impact on the markets if (when) foreign stockholders > decide to take their money and run...away from "America's painfully > corrupt financial markets." > > I have a suggestion (NOT my usual tongue in cheek, friends) for a group > project...a public service to all of us CAN SLIMers. What if we create > a FAQ on how to avoid these slime balls? > > Should we start with Andersen Consulting's client(former) list. I tried > their website; no luck. > > Then how about a list of tips on what to look for in SEC filings to > ferret out red flags. > > Duke > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman > Sent: Wednesday, June 26, 2002 8:13 AM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] WCOM restatement > > > The answer is: > > The same childish, short-sighted, immediate satisfaction that blinds > them to the possibility that there is a tomorrow... They run the > business like they live their life. All today and no tomorrow. > > Kent Norman > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > wrote: > > Well said, Tom. What is it that makes people do things for temporary > > gain when they know they'll probably get slammed for it in the future? > > > > I guess it's just greed, stupidity and arrogance. > > > > -----Original Message----- > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > Sent: Wednesday, June 26, 2002 12:53 AM > > To: CANSLIM > > Subject: [CANSLIM] WCOM restatement > > > > > > once again, Andersen strikes again, this time by signing off on > > Worldcom hiding over $3 billion in expenses as capital expenditures, > > and thus inflating cash flow. Restatement expected to take away last > > five quarters of > > profits and turn them into losses. > > > > Who gave this sanction to a deviation from GAAP (Generally Accepted > > Accounting Principles)?? Andersen, of course. It's clear that Enron > > was only the tip of the iceberg, as if Waste Management, Sunbeam, and > > a host of other > > companies were not sufficient warning of major problems in corporate > > policy > > and infrastructure. Sad to see a great name like Andersen prostituted > > to > > selling its certification services for any price, but also clear that > > it > > must disappear from corporate America. And until every major company > > audited > > by Andersen undergoes a special review by the SEC on accounting > > practices, I > > doubt anyone will believe that we have finally seen it all. > > > > Tom Worley > > stkguru@bellsouth.net > > AIM: TexWorley > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > ===== > Opportunities always look bigger going than coming. > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:14:47 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00A5_01C21CF1.EB040340 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Duke, I've uploaded 3 articles on looking for accounting red flags: http://WallStreet-LLC.com/canslim/AccountingRedFlags.doc http://WallStreet-LLC.com/canslim/FORENSICACCOUNTINGRedFlags.doc http://WallStreet-LLC.com/canslim/DisectingFinancials.doc Another good reference is "Financial Shenanigans: How to Detect = Accounting Gimmicks & Fraud in Financial Reports" by Howard Schilit = (recently released 2nd edition) While it's difficult to ferret out egregious fraud, there are always = tracks left in the financials when shenanigans are afoot. Best thing I = ever learned in accounting courses was "the real story is in the = footnotes." That's why I've always made it a habit of reading the key = parts of the SEC filings during due diligence and immediately = eliminating any stock from further consideration where there were any = iffy accounting issues. Guess there's more Buffett vs WON in me than I = realized! Katherine ----- Original Message -----=20 From: Duke Miller=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 8:43 AM Subject: RE: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Well said. Unfortunately, and this isn't the first time this thought has been expressed, this and the future ones hiding in the woodwork, could very well spell the doom of the American stock market as we know it today. A radio columnist (Democracy Now) just yesterday was ruminating over the impact on the markets if (when) foreign = stockholders decide to take their money and run...away from "America's painfully corrupt financial markets." I have a suggestion (NOT my usual tongue in cheek, friends) for a = group project...a public service to all of us CAN SLIMers. What if we = create a FAQ on how to avoid these slime balls? =20 Should we start with Andersen Consulting's client(former) list. I = tried their website; no luck. =20 Then how about a list of tips on what to look for in SEC filings to ferret out red flags.=20 Duke -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman Sent: Wednesday, June 26, 2002 8:13 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] WCOM restatement The answer is: The same childish, short-sighted, immediate satisfaction that blinds them to the possibility that there is a tomorrow... They run the business like they live their life. All today and no tomorrow. Kent Norman --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" wrote: > Well said, Tom. What is it that makes people do things for = temporary=20 > gain when they know they'll probably get slammed for it in the = future? >=20 > I guess it's just greed, stupidity and arrogance. >=20 > -----Original Message----- > From: Tom Worley [mailto:stkguru@bellsouth.net] > Sent: Wednesday, June 26, 2002 12:53 AM > To: CANSLIM > Subject: [CANSLIM] WCOM restatement >=20 >=20 > once again, Andersen strikes again, this time by signing off on=20 > Worldcom hiding over $3 billion in expenses as capital expenditures, = > and thus inflating cash flow. Restatement expected to take away last = > five quarters of > profits and turn them into losses. >=20 > Who gave this sanction to a deviation from GAAP (Generally Accepted=20 > Accounting Principles)?? Andersen, of course. It's clear that Enron=20 > was only the tip of the iceberg, as if Waste Management, Sunbeam, = and=20 > a host of other > companies were not sufficient warning of major problems in corporate > policy > and infrastructure. Sad to see a great name like Andersen = prostituted > to > selling its certification services for any price, but also clear = that > it > must disappear from corporate America. And until every major company > audited > by Andersen undergoes a special review by the SEC on accounting > practices, I > doubt anyone will believe that we have finally seen it all. >=20 > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley >=20 >=20 >=20 > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe=20 > canslim". Do not use quotes in your email. >=20 > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe=20 > canslim". Do not use quotes in your email. =3D=3D=3D=3D=3D Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_00A5_01C21CF1.EB040340 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Duke,
 
I've uploaded 3 articles on looking for accounting red flags:
 
http://= WallStreet-LLC.com/canslim/AccountingRedFlags.doc
http://WallStreet-LLC.com/canslim/FORENSICACCOUNTINGRedFlags.doc
http:/= /WallStreet-LLC.com/canslim/DisectingFinancials.doc
 
Another good reference is "Financial Shenanigans: How to Detect = Accounting=20 Gimmicks & Fraud in Financial Reports" by Howard Schilit (recently = released=20 2nd edition)
 
While it's difficult to ferret out egregious fraud, there are = always tracks=20 left in the financials when shenanigans are afoot. Best thing I ever = learned in=20 accounting courses was "the real story is in the footnotes." That's why = I've=20 always made it a habit of reading the key parts of the SEC = filings during=20 due diligence and immediately eliminating any stock from further = consideration=20 where there were any iffy accounting issues. Guess there's more Buffett = vs WON=20 in me than I realized!
 
Katherine
----- Original Message -----
From:=20 Duke=20 Miller
Sent: Wednesday, June 26, 2002 = 8:43=20 AM
Subject: RE: Red Flag FAQ = Formerly:=20 [CANSLIM] WCOM restatement

Well said.  Unfortunately, and this isn't the = first time=20 this thought
has been expressed, this and the future ones hiding in = the=20 woodwork,
could very well spell the doom of the American stock = market as we=20 know
it today.  A radio columnist (Democracy Now) just = yesterday=20 was
ruminating over the impact on the markets if (when) foreign=20 stockholders
decide to take their money and run...away from = "America's=20 painfully
corrupt financial markets."

I have a suggestion = (NOT my=20 usual tongue in cheek, friends) for a group
project...a public = service to=20 all of us CAN SLIMers.  What if we create
a FAQ on how to = avoid these=20 slime balls? 

Should we start with Andersen Consulting's=20 client(former) list.  I tried
their website; no luck. =20

Then how about a list of tips on what to look for in SEC = filings=20 to
ferret out red flags.

Duke

-----Original=20 Message-----
From: owner-canslim@lists.xmis= sion.com
[mailto:owner-canslim@lists.xmission.com]=20 On Behalf Of Kent Norman
Sent: Wednesday, June 26, 2002 8:13 = AM
To: canslim@lists.xmission.com=
Subject:=20 RE: [CANSLIM] WCOM restatement


The answer is:

The = same=20 childish, short-sighted, immediate satisfaction that blinds
them to = the=20 possibility that there is a tomorrow... They run the
business like = they=20 live their life. All today and no tomorrow.

Kent = Norman

---=20 "Cefaloni, John L Jr. [AMSTA-AR-WEA]" <john.cefaloni@us.army.mil&g= t;
wrote:
>=20 Well said, Tom.  What is it that makes people do things for = temporary=20
> gain when they know they'll probably get slammed for it in = the=20 future?
>
> I guess it's just greed, stupidity and=20 arrogance.
>
> -----Original Message-----
> From: = Tom=20 Worley [mailto:stkguru@bellsouth.net]
> Sent: Wednesday, June = 26, 2002=20 12:53 AM
> To: CANSLIM
> Subject: [CANSLIM] WCOM=20 restatement
>
>
> once again, Andersen strikes = again, this=20 time by signing off on
> Worldcom hiding over $3 billion in = expenses as=20 capital expenditures,
> and thus inflating cash flow. = Restatement=20 expected to take away last
> five quarters of
> profits = and turn=20 them into losses.
>
> Who gave this sanction to a = deviation from=20 GAAP (Generally Accepted
> Accounting Principles)?? Andersen, = of=20 course. It's clear that Enron
> was only the tip of the = iceberg, as if=20 Waste Management, Sunbeam, and
> a host of other
> = companies were=20 not sufficient warning of major problems in corporate
> = policy
>=20 and infrastructure. Sad to see a great name like Andersen = prostituted
>=20 to
> selling its certification services for any price, but also = clear=20 that
> it
> must disappear from corporate America. And = until every=20 major company
> audited
> by Andersen undergoes a special = review=20 by the SEC on accounting
> practices, I
> doubt anyone = will=20 believe that we have finally seen it all.
>
> Tom = Worley
>=20 stkguru@bellsouth.net
> = AIM:=20 TexWorley
>
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or -"unsubscribe
>=20 canslim".  Do not use quotes in your email.
>
> = -
>=20 -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or -"unsubscribe
>=20 canslim".  Do not use quotes in your=20 email.


=3D=3D=3D=3D=3D
Opportunities always look bigger = going than=20 = coming.

__________________________________________________
Do = You=20 Yahoo!?
Yahoo! - Official partner of 2002 FIFA World Cup
http://fifaworldcup.yahoo.com<= BR>
-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.


-
-To = subscribe/unsubscribe, email=20 "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe = canslim". =20 Do not use quotes in your email. ------=_NextPart_000_00A5_01C21CF1.EB040340-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:29:57 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00BC_01C21CF4.0927DAC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Oops...that second article should be: http://WallStreet-LLC.com/canslim/FORENSICINVESTINGRedFlags.doc Katherine ----- Original Message -----=20 From: Katherine Malm=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 9:14 AM Subject: Re: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Hi Duke, I've uploaded 3 articles on looking for accounting red flags: http://WallStreet-LLC.com/canslim/AccountingRedFlags.doc http://WallStreet-LLC.com/canslim/FORENSICACCOUNTINGRedFlags.doc http://WallStreet-LLC.com/canslim/DisectingFinancials.doc Another good reference is "Financial Shenanigans: How to Detect = Accounting Gimmicks & Fraud in Financial Reports" by Howard Schilit = (recently released 2nd edition) While it's difficult to ferret out egregious fraud, there are always = tracks left in the financials when shenanigans are afoot. Best thing I = ever learned in accounting courses was "the real story is in the = footnotes." That's why I've always made it a habit of reading the key = parts of the SEC filings during due diligence and immediately = eliminating any stock from further consideration where there were any = iffy accounting issues. Guess there's more Buffett vs WON in me than I = realized! Katherine ----- Original Message -----=20 From: Duke Miller=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 8:43 AM Subject: RE: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Well said. Unfortunately, and this isn't the first time this = thought has been expressed, this and the future ones hiding in the woodwork, could very well spell the doom of the American stock market as we = know it today. A radio columnist (Democracy Now) just yesterday was ruminating over the impact on the markets if (when) foreign = stockholders decide to take their money and run...away from "America's painfully corrupt financial markets." I have a suggestion (NOT my usual tongue in cheek, friends) for a = group project...a public service to all of us CAN SLIMers. What if we = create a FAQ on how to avoid these slime balls? =20 Should we start with Andersen Consulting's client(former) list. I = tried their website; no luck. =20 Then how about a list of tips on what to look for in SEC filings to ferret out red flags.=20 Duke -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman Sent: Wednesday, June 26, 2002 8:13 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] WCOM restatement The answer is: The same childish, short-sighted, immediate satisfaction that blinds them to the possibility that there is a tomorrow... They run the business like they live their life. All today and no tomorrow. Kent Norman --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" = wrote: > Well said, Tom. What is it that makes people do things for = temporary=20 > gain when they know they'll probably get slammed for it in the = future? >=20 > I guess it's just greed, stupidity and arrogance. >=20 > -----Original Message----- > From: Tom Worley [mailto:stkguru@bellsouth.net] > Sent: Wednesday, June 26, 2002 12:53 AM > To: CANSLIM > Subject: [CANSLIM] WCOM restatement >=20 >=20 > once again, Andersen strikes again, this time by signing off on=20 > Worldcom hiding over $3 billion in expenses as capital = expenditures,=20 > and thus inflating cash flow. Restatement expected to take away = last=20 > five quarters of > profits and turn them into losses. >=20 > Who gave this sanction to a deviation from GAAP (Generally = Accepted=20 > Accounting Principles)?? Andersen, of course. It's clear that = Enron=20 > was only the tip of the iceberg, as if Waste Management, Sunbeam, = and=20 > a host of other > companies were not sufficient warning of major problems in = corporate > policy > and infrastructure. Sad to see a great name like Andersen = prostituted > to > selling its certification services for any price, but also clear = that > it > must disappear from corporate America. And until every major = company > audited > by Andersen undergoes a special review by the SEC on accounting > practices, I > doubt anyone will believe that we have finally seen it all. >=20 > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley >=20 >=20 >=20 > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe=20 > canslim". Do not use quotes in your email. >=20 > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe=20 > canslim". Do not use quotes in your email. =3D=3D=3D=3D=3D Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_00BC_01C21CF4.0927DAC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Oops...that=20 second article should be:
 
= http://WallStreet-LLC.com/canslim/FORENSICINVESTINGRedFlags.doc
 
Katherine
 
----- Original Message -----
From:=20 Katherine=20 Malm
Sent: Wednesday, June 26, 2002 = 9:14=20 AM
Subject: Re: Red Flag FAQ = Formerly:=20 [CANSLIM] WCOM restatement

Hi Duke,
 
I've uploaded 3 articles on looking for accounting red = flags:
 
http://= WallStreet-LLC.com/canslim/AccountingRedFlags.doc
http://WallStreet-LLC.com/canslim/FORENSICACCOUNTINGRedFlags.doc
http:/= /WallStreet-LLC.com/canslim/DisectingFinancials.doc
 
Another good reference is "Financial Shenanigans: How to Detect=20 Accounting Gimmicks & Fraud in Financial Reports" by Howard = Schilit=20 (recently released 2nd edition)
 
While it's difficult to ferret out egregious fraud, there are = always=20 tracks left in the financials when shenanigans are afoot. Best thing I = ever=20 learned in accounting courses was "the real story is in the = footnotes." That's=20 why I've always made it a habit of reading the key parts of the SEC=20 filings during due diligence and immediately eliminating any = stock from=20 further consideration where there were any iffy accounting issues. = Guess=20 there's more Buffett vs WON in me than I realized!
 
Katherine
----- Original Message -----
From:=20 Duke Miller
Sent: Wednesday, June 26, = 2002 8:43=20 AM
Subject: RE: Red Flag FAQ = Formerly:=20 [CANSLIM] WCOM restatement

Well said.  Unfortunately, and this isn't the = first time=20 this thought
has been expressed, this and the future ones hiding = in the=20 woodwork,
could very well spell the doom of the American stock = market as=20 we know
it today.  A radio columnist (Democracy Now) just = yesterday=20 was
ruminating over the impact on the markets if (when) foreign=20 stockholders
decide to take their money and run...away from = "America's=20 painfully
corrupt financial markets."

I have a suggestion = (NOT my=20 usual tongue in cheek, friends) for a group
project...a public = service to=20 all of us CAN SLIMers.  What if we create
a FAQ on how to = avoid=20 these slime balls? 

Should we start with Andersen = Consulting's=20 client(former) list.  I tried
their website; no luck. =20

Then how about a list of tips on what to look for in SEC = filings=20 to
ferret out red flags.

Duke

-----Original=20 Message-----
From: owner-canslim@lists.xmis= sion.com
[mailto:owner-canslim@lists.xmission.com]=20 On Behalf Of Kent Norman
Sent: Wednesday, June 26, 2002 8:13 = AM
To: canslim@lists.xmission.com=
Subject:=20 RE: [CANSLIM] WCOM restatement


The answer is:

The = same=20 childish, short-sighted, immediate satisfaction that blinds
them = to the=20 possibility that there is a tomorrow... They run the
business = like they=20 live their life. All today and no tomorrow.

Kent = Norman

---=20 "Cefaloni, John L Jr. [AMSTA-AR-WEA]" <john.cefaloni@us.army.mil&g= t;
wrote:
>=20 Well said, Tom.  What is it that makes people do things for = temporary=20
> gain when they know they'll probably get slammed for it in = the=20 future?
>
> I guess it's just greed, stupidity and=20 arrogance.
>
> -----Original Message-----
> From: = Tom=20 Worley [mailto:stkguru@bellsouth.net]
> Sent: Wednesday, June = 26, 2002=20 12:53 AM
> To: CANSLIM
> Subject: [CANSLIM] WCOM=20 restatement
>
>
> once again, Andersen strikes = again,=20 this time by signing off on
> Worldcom hiding over $3 billion = in=20 expenses as capital expenditures,
> and thus inflating cash = flow.=20 Restatement expected to take away last
> five quarters = of
>=20 profits and turn them into losses.
>
> Who gave this = sanction=20 to a deviation from GAAP (Generally Accepted
> Accounting=20 Principles)?? Andersen, of course. It's clear that Enron
> = was only=20 the tip of the iceberg, as if Waste Management, Sunbeam, and =
> a host=20 of other
> companies were not sufficient warning of major = problems in=20 corporate
> policy
> and infrastructure. Sad to see a = great name=20 like Andersen prostituted
> to
> selling its = certification=20 services for any price, but also clear that
> it
> must=20 disappear from corporate America. And until every major = company
>=20 audited
> by Andersen undergoes a special review by the SEC on = accounting
> practices, I
> doubt anyone will believe = that we=20 have finally seen it all.
>
> Tom Worley
> stkguru@bellsouth.net
> = AIM:=20 TexWorley
>
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or -"unsubscribe
>=20 canslim".  Do not use quotes in your email.
>
> = -
>=20 -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or -"unsubscribe
>=20 canslim".  Do not use quotes in your=20 email.


=3D=3D=3D=3D=3D
Opportunities always look = bigger going than=20 = coming.

__________________________________________________
Do = You=20 Yahoo!?
Yahoo! - Official partner of 2002 FIFA World Cup
http://fifaworldcup.yahoo.com<= BR>
-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.


-
-To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your = email.
------=_NextPart_000_00BC_01C21CF4.0927DAC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 10:33:19 -0400 People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on accounting > > > > > practices, I doubt anyone will believe that we have finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > ===== > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > ===== > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 11:17:55 -0400 At the risk of being corny, I thought I'd dig up some quotes from the movie "Wall Street" (because Hollywood tells us everything we need to know about life ;-) "The main thing about money, Bud, is that it makes you do things you don't want to do." "Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others." "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on accounting > > > > > practices, I doubt anyone will believe that we have finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > ===== > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > ===== > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 10:24:05 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00F9_01C21CFB.9952BAA0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi John, Thanks for the quotes...I just watched Wall Street again about 2 weeks = ago....far more amusing and interesting now than it was when first = released. What a kick! Katherine ----- Original Message -----=20 From: Cefaloni, John L Jr. [AMSTA-AR-WEA]=20 To: 'canslim@lists.xmission.com'=20 Sent: Wednesday, June 26, 2002 10:17 AM Subject: RE: [CANSLIM] WCOM restatement At the risk of being corny, I thought I'd dig up some quotes from the = movie "Wall Street" (because Hollywood tells us everything we need to know = about life ;-) "The main thing about money, Bud, is that it makes you do things you = don't want to do." "Stop going for the easy buck and start producing something with your = life. Create, instead of living off the buying and selling of others."=20 "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every = bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never = does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but = those will have to wait for another day. ------=_NextPart_000_00F9_01C21CFB.9952BAA0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi John,
 
Thanks for the quotes...I just watched Wall Street again about 2 = weeks=20 ago....far more amusing and interesting now than it was when first = released.=20 What a kick!
 
Katherine
----- Original Message -----
From:=20 Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
Sent: Wednesday, June 26, 2002 = 10:17=20 AM
Subject: RE: [CANSLIM] WCOM=20 restatement

At the risk of being corny, I thought I'd dig up some = quotes=20 from the movie
"Wall Street" (because Hollywood tells us everything = we need=20 to know about
life ;-)

"The main thing about money, Bud, is = that it=20 makes you do things you don't
want to do."

"Stop going for = the easy=20 buck and start producing something with your life.
Create, instead = of=20 living off the buying and selling of others."

"Stick to the=20 fundamentals.  That's how IBM and Hilton were = built."

"There are=20 no shotcuts.  Quick-buck artists come and go with every = bull
market,=20 but the steady players make it through the bear = markets."

"You're on a=20 roll, kid.  Enjoy it while it lasts, becuase it never = does."

and,=20 of course...

"Man looks in the abyss, there's nothing staring = back at=20 him. At that
moment, man finds his character. And that is what = keeps him=20 out of the
abyss."

Of course, the movie is packed with many = more=20 "bullish" quotes, but those
will have to wait for another=20 day. ------=_NextPart_000_00F9_01C21CFB.9952BAA0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 10:25:50 -0500 If I were new to this earth and had just learned what the US stock = market was by reading the comments shared this morning post-Worldcom I'd = think the stock market was going bye-bye. I'll admit- I'm still wet = behind the ears when it comes to investing experience but I can't for a = minute believe that the same types of comments weren't passed around = (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone = remember back that far? I am correct and memory short? Or this truly = "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I = own! -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM At the risk of being corny, I thought I'd dig up some quotes from the = movie "Wall Street" (because Hollywood tells us everything we need to know = about life ;-) "The main thing about money, Bud, is that it makes you do things you = don't want to do." "Stop going for the easy buck and start producing something with your = life. Create, instead of living off the buying and selling of others."=20 "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never = does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but = those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of = the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars = (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make = car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last = two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the = recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by = inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston = Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off = on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > > practices, I doubt anyone will believe that we have finally = seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In = the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 11:27:56 -0400 Those are really appropriate quotes, although my most memorable was " greed is good". ----- Original Message ----- Sent: Wednesday, June 26, 2002 11:17 AM > At the risk of being corny, I thought I'd dig up some quotes from the movie > "Wall Street" (because Hollywood tells us everything we need to know about > life ;-) > > "The main thing about money, Bud, is that it makes you do things you don't > want to do." > > "Stop going for the easy buck and start producing something with your life. > Create, instead of living off the buying and selling of others." > > "Stick to the fundamentals. That's how IBM and Hilton were built." > > "There are no shotcuts. Quick-buck artists come and go with every bull > market, but the steady players make it through the bear markets." > > "You're on a roll, kid. Enjoy it while it lasts, becuase it never does." > > and, of course... > > "Man looks in the abyss, there's nothing staring back at him. At that > moment, man finds his character. And that is what keeps him out of the > abyss." > > Of course, the movie is packed with many more "bullish" quotes, but those > will have to wait for another day. > > -----Original Message----- > From: Winston Little [mailto:wlittle1@peoplepc.com] > Sent: Wednesday, June 26, 2002 10:33 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > People in the rust belt are back in style. > > I believe the expression is "The meek shall inherit the earth". > There is merit to the people who work and sweat for a living, instead of the > glorified crooks of the past three years. > Remember all those clowns forming companies (with NO EARNINGS) that had > market capitalization greater than that of General Motors? > > Today: > Lear LEI is up.They make car seats and interior parts. > Delphi DPH guided up yesterday. They make electronic parts for cars (mostly > GM). > Visteon VC guided up this morning.They make car parts (mostly for Ford). > P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. > Donnelly DON (mirrors for cars) is to be bought out by Magna (they make car > parts) at 38% premium. > > > > > ----- Original Message ----- > From: "Duke Miller" > To: > Sent: Wednesday, June 26, 2002 10:07 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Absolutely. > > > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two > > years. Soap, toothpaste, quality people. All things you can count > > (on). > > > > Duke > > > > (I do have a position in P&G) > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > > Sent: Wednesday, June 26, 2002 9:48 AM > > To: canslim@lists.xmission.com > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > There may be some merit to companies that make goods that I can see, > > touch and count such as houses, cars, chemicals. > > > > There may also be some merit to companies that pay dividends, as the > > crooks are less likely to borrow or steal funds to pay dividends. > > > > > > ----- Original Message ----- > > From: "Dave Cameron" > > To: > > Sent: Wednesday, June 26, 2002 9:33 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > Rocky (and all), > > > > > > Yeah... this is amazing. As a professional statistician, the recent > > > events show why I don't use classical statistical techniques in > > > investing. I sold all my individual holdings in November - haven't > > > bought back in. Still hold the mutual funds for long term, but > > > continue to watch them dwindle. > > > > > > My line to people at work is that I'll be working until I'm 80.... > > > > > > Dave > > > > > > --- Rocky Sanghvi wrote: > > > > I wish I could say that today coming blowoff will be the last one. > > > > There are other skeletons in the closet. More importantly the > > > > impact of the > > > > dropping dollar will be enormous in our highly leveraged financial > > > > system. > > > > > > > > From ECON 101 > > > > Until now we were managing to balance our foreign deficits by inflow > > > > > > of cash from other countries into our markets. The falling dollar > > > > is an indication > > > > that money is moving OUT of the country. Watch out for the ripple > > > > effects. > > > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > > demand" for > > > > the the safety of the American dollar. ;) I guess I am cynical. > > > > Today > > > > the market lost me as an investor for a very long time. I quit. > > > > > > > > -----Original Message----- > > > > From: owner-canslim@lists.xmission.com > > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > > To: canslim@lists.xmission.com > > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > The mantra of the clowns: > > > > "I want it ALL" > > > > "Give it to me NOW" > > > > "It is MINE, I deserve it" > > > > > > > > ----- Original Message ----- > > > > From: "Kent Norman" > > > > To: > > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > > > > The answer is: > > > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > > blinds > > > > > them to the possibility that there is a tomorrow... They run the > > > > > business like they live their life. All today and no tomorrow. > > > > > > > > > > Kent Norman > > > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > > > wrote: > > > > > > Well said, Tom. What is it that makes people do things for > > > > temporary > > > > > > gain > > > > > > when they know they'll probably get slammed for it in the > > > > future? > > > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > > > -----Original Message----- > > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > > To: CANSLIM > > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > > expenditures, and > > > > thus > > > > > > inflating cash flow. Restatement expected to take away last > > > > five > > > > > > quarters of > > > > > > profits and turn them into losses. > > > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > > Accepted > > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > > Enron > > > > > > was only > > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > > host > > > > > > of other > > > > > > companies were not sufficient warning of major problems in > > > > corporate > > > > > > policy > > > > > > and infrastructure. Sad to see a great name like Andersen > > > > prostituted > > > > > > to > > > > > > selling its certification services for any price, but also > > > > clear that > > > > > > it > > > > > > must disappear from corporate America. And until every major > > > > company > > > > > > audited > > > > > > by Andersen undergoes a special review by the SEC on accounting > > > > > > practices, I doubt anyone will believe that we have finally seen > > > > > > > > it all. > > > > > > > > > > > > Tom Worley > > > > > > stkguru@bellsouth.net > > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > > > > > - > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > - > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > > > > ===== > > > > > Opportunities always look bigger going than coming. > > > > > > > > > > __________________________________________________ > > > > > Do You Yahoo!? > > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > > http://fifaworldcup.yahoo.com > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > > Do not use quotes in your email. > > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > > > not use quotes in your email. > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > > > not use quotes in your email. > > > > > > > > > ===== > > > Dave Cameron > > > dfcameron@yahoo.com > > > > > > __________________________________________________ > > > Do You Yahoo!? > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > http://fifaworldcup.yahoo.com > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or -"unsubscribe > > > canslim". Do not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 11:33:08 -0400 Kelly, Actually the 1987 crash was far more frightening although much briefer, as most of the damage was done all in one day and there were many people that expected an economic meltdown the following morning. Perhaps one of the reasons this market continues down is that it's a "chinese water torture" type of affair that is not creating real white knuckle fear, just a gnawing tightness in the gut that continues day after day. Jon ----- Original Message ----- Sent: Wednesday, June 26, 2002 11:25 AM If I were new to this earth and had just learned what the US stock market was by reading the comments shared this morning post-Worldcom I'd think the stock market was going bye-bye. I'll admit- I'm still wet behind the ears when it comes to investing experience but I can't for a minute believe that the same types of comments weren't passed around (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone remember back that far? I am correct and memory short? Or this truly "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I own! -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM At the risk of being corny, I thought I'd dig up some quotes from the movie "Wall Street" (because Hollywood tells us everything we need to know about life ;-) "The main thing about money, Bud, is that it makes you do things you don't want to do." "Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others." "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on accounting > > > > > practices, I doubt anyone will believe that we have finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > ===== > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > ===== > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 10:39:55 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0110_01C21CFD.CF98DAC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Kelly, The '87 crash was considerably different....far more an event than a = process as is the current Bear which is undoing the excesses of the late = '90's. At that time, cocktail conversations rarely included talk of = stocks, but on Black Monday...people who didn't even know what the stock = market was all about were gathered around the TV at lunch time. In = retrospect, the Fed's quick intervention and the adjustments to program = trading guidelines made this a blip on the bull market screen, so the = "throwing in the towel" talk was far more short-lived than now. Most = folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of market = history. But I'd bet the same conversations could be heard in the 30's = and the 60's. Sometimes the best way to *really* learn it is to live it. Besides, we're bored to tears..... :)) But I *am* enjoying the time off = to pursue summer reading...throw away novels of little consequence, = mindless fluff ....ah, what a pleasure! Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:25 AM Subject: RE: [CANSLIM] WCOM restatement If I were new to this earth and had just learned what the US stock = market was by reading the comments shared this morning post-Worldcom I'd = think the stock market was going bye-bye. I'll admit- I'm still wet = behind the ears when it comes to investing experience but I can't for a = minute believe that the same types of comments weren't passed around = (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone = remember back that far? I am correct and memory short? Or this truly = "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I = own! -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] WCOM restatement At the risk of being corny, I thought I'd dig up some quotes from the = movie "Wall Street" (because Hollywood tells us everything we need to know = about life ;-) "The main thing about money, Bud, is that it makes you do things you = don't want to do." "Stop going for the easy buck and start producing something with your = life. Create, instead of living off the buying and selling of others."=20 "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every = bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never = does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but = those will have to wait for another day. -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Wednesday, June 26, 2002 10:33 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead = of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that = had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars = (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for = Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they = make car parts) at 38% premium. ----- Original Message ----- From: "Duke Miller" To: Sent: Wednesday, June 26, 2002 10:07 AM Subject: RE: [CANSLIM] WCOM restatement > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last = two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston = Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the = recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - = haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the last = one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged = financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by = inflow > > > > of cash from other countries into our markets. The falling = dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the = ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am = cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston = Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run = the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off = on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear = that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and = a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > > practices, I doubt anyone will believe that we have finally = seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In = the > > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In = the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In = the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_0110_01C21CFD.CF98DAC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Kelly,
 
The '87 crash was considerably different....far more an event than = a=20 process as is the current Bear which is undoing the excesses of the late = '90's.=20 At that time, cocktail conversations rarely included talk of stocks, but = on=20 Black Monday...people who didn't even know what the stock market was all = about=20 were gathered around the TV at lunch time. In retrospect, the Fed's = quick=20 intervention and the adjustments to program trading guidelines made this = a blip=20 on the bull market screen, so the "throwing in the towel" talk was far = more=20 short-lived than now. Most folks investing these days know little of = what=20 creates value and perceived value in the stock market. Even fewer are = students=20 of market history. But I'd bet the same conversations could be heard in = the 30's=20 and the 60's. Sometimes the best way to *really* learn it is to live = it.
 
Besides, we're bored to tears..... :)) But I *am* enjoying the time = off to=20 pursue summer reading...throw away novels of little consequence, = mindless=20 fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, 2002 = 10:25=20 AM
Subject: RE: [CANSLIM] WCOM=20 restatement

If I were new to this earth and had just learned what = the US=20 stock market was by reading the comments shared this morning = post-Worldcom I'd=20 think the stock market was going bye-bye. I'll admit- I'm still wet = behind the=20 ears when it comes to investing experience but I can't for a minute = believe=20 that the same types of comments weren't passed around (albeit = pre-Internet,=20 shiver) regarding the 1987 crash. Can anyone remember back that far? I = am=20 correct and memory short? Or this truly "new"? Sorry folks- I was in = the sixth=20 grade in 1987.

Kelly

P.S. - thanks for the "Wall Street" = quotes-=20 it's the most used DVD I own!

-----Original = Message-----
From:=20 Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent: = Wednesday, June=20 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of being corny, = I=20 thought I'd dig up some quotes from the movie
"Wall Street" = (because=20 Hollywood tells us everything we need to know about
life = ;-)

"The=20 main thing about money, Bud, is that it makes you do things you = don't
want=20 to do."

"Stop going for the easy buck and start producing = something=20 with your life.
Create, instead of living off the buying and = selling of=20 others."

"Stick to the fundamentals.  That's how IBM and = Hilton=20 were built."

"There are no shotcuts.  Quick-buck artists = come and=20 go with every bull
market, but the steady players make it through = the bear=20 markets."

"You're on a roll, kid.  Enjoy it while it = lasts,=20 becuase it never does."

and, of course...

"Man looks in = the=20 abyss, there's nothing staring back at him. At that
moment, man = finds his=20 character. And that is what keeps him out of the
abyss."

Of = course,=20 the movie is packed with many more "bullish" quotes, but those
will = have to=20 wait for another day.

-----Original Message-----
From: = Winston=20 Little [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, = 2002 10:33=20 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the rust belt are = back in=20 style.

I believe the expression is "The meek shall inherit the=20 earth".
There is merit to the people who work and sweat for a = living,=20 instead of the
glorified crooks of the past three = years.
Remember all=20 those clowns forming companies (with NO EARNINGS) that had
market=20 capitalization greater than that of General = Motors?

Today:
Lear LEI=20 is up.They make car seats and interior parts.
Delphi DPH guided up=20 yesterday. They make electronic parts for cars = (mostly
GM).
Visteon VC=20 guided up this morning.They make car parts (mostly for = Ford).
P&G ( as=20 Duke pointed out) is up. Soap, toothpaste and paper = towels.
Donnelly=20 DON  (mirrors for cars) is to be bought out by Magna (they make=20 car
parts) at 38% premium.




----- Original = Message=20 -----
From: "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] WCOM=20 restatement


> Absolutely.
>
> P&G is up = over $1=20 at the open this a.m.  Up 16% this year.  43% last = two
>=20 years.  Soap, toothpaste, quality people.  All things you = can=20 count
> (on).
>
> Duke
>
> (I do have a = position=20 in P&G)
>
> -----Original Message-----
> From: = owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston = Little
>=20 Sent: Wednesday, June 26, 2002 9:48 AM
> To: canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM restatement
>
>
> There = may be=20 some merit to companies that make goods that I can see,
> touch = and=20 count such as houses, cars, chemicals.
>
> There may also = be some=20 merit to companies that pay dividends, as the
> crooks are less = likely=20 to borrow or steal funds to pay dividends.
>
>
> = -----=20 Original Message -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
> = <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE: [CANSLIM] = WCOM=20 restatement
>
>
> > Rocky (and all),
> = >
>=20 > Yeah... this is amazing.   As a professional = statistician, the=20 recent
> > events show why I don't use classical statistical=20 techniques in
> > investing.   I sold all my = individual=20 holdings in November - haven't
> > bought back = in.   Still=20 hold the mutual funds for long term, but
> > continue to = watch them=20 dwindle.
> >
> > My line to people at work is that = I'll be=20 working until I'm 80....
> >
> > Dave
> = >
>=20 > --- Rocky Sanghvi <rs@mylodestar.com> = wrote:
> >=20 > I wish I could say that today coming blowoff will be the last=20 one.
> > > There are other skeletons in the closet.  = More=20 importantly the
> > > impact of the
> > > = dropping=20 dollar will be enormous in our highly leveraged financial
> > = >=20 system.
> > >
> > > From ECON 101
> > = >=20 Until now we were managing to balance our foreign deficits by=20 inflow
>
> > > of cash from other countries into our = markets.  The falling dollar
> > > is an = indication
>=20 > > that money is moving OUT of the country.  Watch out for = the=20 ripple
> > > effects.
> > >
> > > = Unless=20 ofcourse we attack Iraq immediately and thereby create "a
> > = >=20 demand" for
> > > the the safety of the American = dollar. =20 ;)   I guess I am cynical.
> > > Today
> = > >=20 the market lost me as an investor for a very long time.  I = quit.
>=20 > >
> > > -----Original Message-----
> > = > From:=20 owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of = Winston=20 Little
> > > Sent: Wednesday, June 26, 2002 8:34 = AM
> >=20 > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> > = >
>=20 > >
> > >
> > > The mantra of the=20 clowns:
> > > "I want it ALL"
> > > "Give it = to me=20 NOW"
> > > "It is MINE, I deserve it"
> > = >
>=20 > > ----- Original Message -----
> > > From: "Kent = Norman"=20 <kent_norman@yahoo.com>
&g= t; >=20 > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> > > = RE: [CANSLIM] WCOM restatement
> > >
> > = >
>=20 > > > The answer is:
> > > >
> > > = >=20 The same childish, short-sighted, immediate satisfaction that
> = >=20 > blinds
> > > > them to the possibility that there = is a=20 tomorrow... They run the
> > > > business like they = live their=20 life. All today and no tomorrow.
> > > >
> > = > >=20 Kent Norman
> > > >
> > > > --- = "Cefaloni, John=20 L Jr. [AMSTA-AR-WEA]"
> > > <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well said, = Tom.  What=20 is it that makes people do things for
> > > = temporary
> >=20 > > > gain
> > > > > when they know they'll = probably get slammed for it in the
> > > future?
> = > >=20 > >
> > > > > I guess it's just greed, = stupidity and=20 arrogance.
> > > > >
> > > > >=20 -----Original Message-----
> > > > > From: Tom = Worley=20 [mailto:stkguru@bellsouth.net]
> > > > > Sent: = Wednesday,=20 June 26, 2002 12:53 AM
> > > > > To: CANSLIM
> = >=20 > > > Subject: [CANSLIM] WCOM restatement
> > > = >=20 >
> > > > >
> > > > > once = again,=20 Andersen strikes again, this time by signing off on
> > > = >=20 > Worldcom hiding over $3 billion in expenses as capital
> = > >=20 > > expenditures, and
> > > thus
> > > = > >=20 inflating cash flow. Restatement expected to take away last
> = > >=20 five
> > > > > quarters of
> > > > = >=20 profits and turn them into losses.
> > > > >
> = >=20 > > > Who gave this sanction to a deviation from GAAP=20 (Generally
> > > Accepted
> > > > > = Accounting=20 Principles)?? Andersen, of course. It's clear that
> > >=20 Enron
> > > > > was only
> > > > > = the tip=20 of the iceberg, as if Waste Management, Sunbeam, and a
> > = >=20 host
> > > > > of other
> > > > >=20 companies were not sufficient warning of major problems in
> = > >=20 corporate
> > > > > policy
> > > > = > and=20 infrastructure. Sad to see a great name like Andersen
> > = >=20 prostituted
> > > > > to
> > > > > = selling=20 its certification services for any price, but also
> > > = clear=20 that
> > > > > it
> > > > > must = disappear=20 from corporate America. And until every major
> > >=20 company
> > > > > audited
> > > > = > by=20 Andersen undergoes a special review by the SEC on accounting
> = > >=20 > > practices, I doubt anyone will believe that we have finally=20 seen
>
> > > > > it all.
> > > = >=20 >
> > > > > Tom Worley
> > > > = > stkguru@bellsouth.net
> = >=20 > > > AIM: TexWorley
> > > > >
> > = >=20 > >
> > > > >
> > > > > = -
>=20 > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In
>=20 > > > > the email body, write "subscribe canslim" or=20 -"unsubscribe
> > > > > canslim".  Do not use = quotes in=20 your email.
> > > > >
> > > > > = -
>=20 > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In
>=20 > > > > the email body, write "subscribe canslim" or=20 -"unsubscribe
> > > > > canslim".  Do not use = quotes in=20 your email.
> > > >
> > > >
> > = >=20 > =3D=3D=3D=3D=3D
> > > > Opportunities always look = bigger going than=20 coming.
> > > >
> > > >=20 __________________________________________________
> > > = > Do=20 You Yahoo!?
> > > > Yahoo! - Official partner of 2002 = FIFA=20 World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" -In = the
> > > > email body, write "subscribe canslim" or=20 -"unsubscribe canslim".
> > > > Do not use quotes in = your=20 email.
> > > >
> > >
> > = >
> >=20 > -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In = the
> > > email body, write "subscribe canslim" or = -"unsubscribe=20 canslim".  Do
>
> > > not use quotes in your=20 email.
> > >
> > >
> > >
> = > >=20 -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In = the
> > > email body, write "subscribe canslim" or = -"unsubscribe=20 canslim".  Do
>
> > > not use quotes in your=20 email.
> >
> >
> > =3D=3D=3D=3D=3D
> = > Dave=20 Cameron
> > dfcameron@yahoo.com
> = >
>=20 > __________________________________________________
> > = Do You=20 Yahoo!?
> > Yahoo! - Official partner of 2002 FIFA World = Cup
>=20 > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; >=20 -In the email body, write "subscribe canslim" or -"unsubscribe
> = >=20 canslim".  Do not use quotes in your email.
>=20 >
>
>
> -
> -To subscribe/unsubscribe, = email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>
>
>=20 -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>


-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.

-
-To subscribe/unsubscribe, = email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for = viruses.
Visit us=20 at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.
------=_NextPart_000_0110_01C21CFD.CF98DAC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 11:47:00 -0400 PS- For anyone who wants to read a brief but very vivid close up account of that fateful day in 1987, I recommend Marty Schwartz's "Pitbull". It has a short section on the day of the crash when Marty went to his safe deposit box to "get the gold" as he was one of those that expected the whole system to come undone. He states in the book that the public will never know how close we came to the events he feared..... Jon ----- Original Message ----- Sent: Wednesday, June 26, 2002 11:25 AM If I were new to this earth and had just learned what the US stock market was by reading the comments shared this morning post-Worldcom I'd think the stock market was going bye-bye. I'll admit- I'm still wet behind the ears when it comes to investing experience but I can't for a minute believe that the same types of comments weren't passed around (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone remember back that far? I am correct and memory short? Or this truly "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I own! -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM At the risk of being corny, I thought I'd dig up some quotes from the movie "Wall Street" (because Hollywood tells us everything we need to know about life ;-) "The main thing about money, Bud, is that it makes you do things you don't want to do." "Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others." "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on accounting > > > > > practices, I doubt anyone will believe that we have finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > ===== > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > ===== > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ____________________________________________________________________________ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 10:50:54 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C21D29.4108A188 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Katherine- =20 I think you recapped the past three weeks worth of conversations- we're = all bored! So let me pose this question to the group: DVD's. Who makes = money off DVD's?=20 -----Original Message----- Sent: Wednesday, June 26, 2002 10:40 AM Hi Kelly, =20 The '87 crash was considerably different....far more an event than a = process as is the current Bear which is undoing the excesses of the late = '90's. At that time, cocktail conversations rarely included talk of = stocks, but on Black Monday...people who didn't even know what the stock = market was all about were gathered around the TV at lunch time. In = retrospect, the Fed's quick intervention and the adjustments to program = trading guidelines made this a blip on the bull market screen, so the = "throwing in the towel" talk was far more short-lived than now. Most = folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of market = history. But I'd bet the same conversations could be heard in the 30's = and the 60's. Sometimes the best way to *really* learn it is to live it. =20 Besides, we're bored to tears..... :)) But I *am* enjoying the time off = to pursue summer reading...throw away novels of little consequence, = mindless fluff ....ah, what a pleasure! =20 Katherine =20 =20 ----- Original Message -----=20 Sent: Wednesday, June 26, 2002 10:25 AM If I were new to this earth and had just learned what the US stock = market was by reading the comments shared this morning post-Worldcom I'd = think the stock market was going bye-bye. I'll admit- I'm still wet = behind the ears when it comes to investing experience but I can't for a = minute believe that the same types of comments weren't passed around = (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone = remember back that far? I am correct and memory short? Or this truly = "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I = own! -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM At the risk of being corny, I thought I'd dig up some quotes from the = movie "Wall Street" (because Hollywood tells us everything we need to know = about life ;-) "The main thing about money, Bud, is that it makes you do things you = don't want to do." "Stop going for the easy buck and start producing something with your = life. Create, instead of living off the buying and selling of others."=20 "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never = does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but = those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of = the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars = (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make = car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last = two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" < dfcameron@yahoo.com> > To: < canslim@lists.xmission.com> > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the = recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi < rs@mylodestar.com> wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by = inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston = Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" < kent_norman@yahoo.com> > > > To: < canslim@lists.xmission.com> > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > < john.cefaloni@us.army.mil> > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off = on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > > practices, I doubt anyone will believe that we have finally = seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In = the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email " majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email " majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email " majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C21D29.4108A188 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Katherine-
 
I=20 think you recapped the past three weeks worth of conversations- we're = all bored!=20 So let me pose this question to the group: DVD's. Who makes money off = DVD's?=20
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, 2002 = 10:40=20 AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more an event = than a=20 process as is the current Bear which is undoing the excesses of the = late=20 '90's. At that time, cocktail conversations rarely included talk of = stocks,=20 but on Black Monday...people who didn't even know what the stock = market was=20 all about were gathered around the TV at lunch time. In retrospect, = the Fed's=20 quick intervention and the adjustments to program trading guidelines = made this=20 a blip on the bull market screen, so the "throwing in the towel" talk = was far=20 more short-lived than now. Most folks investing these days know little = of what=20 creates value and perceived value in the stock market. Even fewer are = students=20 of market history. But I'd bet the same conversations could be heard = in the=20 30's and the 60's. Sometimes the best way to *really* learn it is to = live=20 it.
 
Besides, we're bored to tears..... :)) But I *am* enjoying the = time off=20 to pursue summer reading...throw away novels of little = consequence,=20 mindless fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, = 2002 10:25=20 AM
Subject: RE: [CANSLIM] WCOM=20 restatement

If I were new to this earth and had just learned what = the US=20 stock market was by reading the comments shared this morning = post-Worldcom=20 I'd think the stock market was going bye-bye. I'll admit- I'm still = wet=20 behind the ears when it comes to investing experience but I can't = for a=20 minute believe that the same types of comments weren't passed around = (albeit=20 pre-Internet, shiver) regarding the 1987 crash. Can anyone remember = back=20 that far? I am correct and memory short? Or this truly "new"? Sorry = folks- I=20 was in the sixth grade in 1987.

Kelly

P.S. - thanks = for the=20 "Wall Street" quotes- it's the most used DVD I = own!

-----Original=20 Message-----
From: Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent: = Wednesday,=20 June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of being = corny, I=20 thought I'd dig up some quotes from the movie
"Wall Street" = (because=20 Hollywood tells us everything we need to know about
life = ;-)

"The=20 main thing about money, Bud, is that it makes you do things you=20 don't
want to do."

"Stop going for the easy buck and start = producing something with your life.
Create, instead of living off = the=20 buying and selling of others."

"Stick to the = fundamentals. =20 That's how IBM and Hilton were built."

"There are no = shotcuts. =20 Quick-buck artists come and go with every bull
market, but the = steady=20 players make it through the bear markets."

"You're on a roll, = kid.  Enjoy it while it lasts, becuase it never = does."

and, of=20 course...

"Man looks in the abyss, there's nothing staring = back at=20 him. At that
moment, man finds his character. And that is what = keeps him=20 out of the
abyss."

Of course, the movie is packed with = many more=20 "bullish" quotes, but those
will have to wait for another=20 day.

-----Original Message-----
From: Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, 2002 = 10:33=20 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the rust belt = are back=20 in style.

I believe the expression is "The meek shall inherit = the=20 earth".
There is merit to the people who work and sweat for a = living,=20 instead of the
glorified crooks of the past three = years.
Remember all=20 those clowns forming companies (with NO EARNINGS) that had
market = capitalization greater than that of General = Motors?

Today:
Lear=20 LEI is up.They make car seats and interior parts.
Delphi DPH = guided up=20 yesterday. They make electronic parts for cars = (mostly
GM).
Visteon VC=20 guided up this morning.They make car parts (mostly for = Ford).
P&G (=20 as Duke pointed out) is up. Soap, toothpaste and paper = towels.
Donnelly=20 DON  (mirrors for cars) is to be bought out by Magna (they make = car
parts) at 38% premium.




----- Original = Message=20 -----
From: "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] WCOM=20 restatement


> Absolutely.
>
> P&G is = up over=20 $1 at the open this a.m.  Up 16% this year.  43% last = two
>=20 years.  Soap, toothpaste, quality people.  All things you = can=20 count
> (on).
>
> Duke
>
> (I do have = a=20 position in P&G)
>
> -----Original = Message-----
>=20 From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston=20 Little
> Sent: Wednesday, June 26, 2002 9:48 AM
> To: canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM restatement
>
>
> = There may be=20 some merit to companies that make goods that I can see,
> = touch and=20 count such as houses, cars, chemicals.
>
> There may = also be=20 some merit to companies that pay dividends, as the
> crooks = are less=20 likely to borrow or steal funds to pay = dividends.
>
>
>=20 ----- Original Message -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
> = <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE: = [CANSLIM] WCOM=20 restatement
>
>
> > Rocky (and all),
>=20 >
> > Yeah... this is amazing.   As a = professional=20 statistician, the recent
> > events show why I don't use = classical=20 statistical techniques in
> > investing.   I sold = all my=20 individual holdings in November - haven't
> > bought back=20 in.   Still hold the mutual funds for long term, = but
> >=20 continue to watch them dwindle.
> >
> > My line to = people=20 at work is that I'll be working until I'm 80....
> = >
> >=20 Dave
> >
> > --- Rocky Sanghvi <rs@mylodestar.com> = wrote:
>=20 > > I wish I could say that today coming blowoff will be the = last=20 one.
> > > There are other skeletons in the = closet.  More=20 importantly the
> > > impact of the
> > > = dropping=20 dollar will be enormous in our highly leveraged financial
> = > >=20 system.
> > >
> > > From ECON 101
> = > >=20 Until now we were managing to balance our foreign deficits by=20 inflow
>
> > > of cash from other countries into = our=20 markets.  The falling dollar
> > > is an = indication
>=20 > > that money is moving OUT of the country.  Watch out = for the=20 ripple
> > > effects.
> > >
> > = > Unless=20 ofcourse we attack Iraq immediately and thereby create "a
> = > >=20 demand" for
> > > the the safety of the American = dollar. =20 ;)   I guess I am cynical.
> > > Today
> = >=20 > the market lost me as an investor for a very long time.  I = quit.
> > >
> > > -----Original = Message-----
>=20 > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of = Winston=20 Little
> > > Sent: Wednesday, June 26, 2002 8:34 = AM
> >=20 > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> > = >
>=20 > >
> > >
> > > The mantra of the=20 clowns:
> > > "I want it ALL"
> > > "Give it = to me=20 NOW"
> > > "It is MINE, I deserve it"
> > = >
>=20 > > ----- Original Message -----
> > > From: "Kent = Norman"=20 <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> > > = RE: [CANSLIM] WCOM restatement
> > >
> > = >
>=20 > > > The answer is:
> > > >
> > = > >=20 The same childish, short-sighted, immediate satisfaction = that
> >=20 > blinds
> > > > them to the possibility that = there is a=20 tomorrow... They run the
> > > > business like they = live=20 their life. All today and no tomorrow.
> > > = >
> >=20 > > Kent Norman
> > > >
> > > > = ---=20 "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> > > <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well said, = Tom.  What=20 is it that makes people do things for
> > > = temporary
>=20 > > > > gain
> > > > > when they know = they'll=20 probably get slammed for it in the
> > > future?
> = >=20 > > >
> > > > > I guess it's just greed,=20 stupidity and arrogance.
> > > > >
> > = > >=20 > -----Original Message-----
> > > > > From: = Tom Worley=20 [mailto:stkguru@bellsouth.net]
> > > > > Sent: = Wednesday,=20 June 26, 2002 12:53 AM
> > > > > To: = CANSLIM
> >=20 > > > Subject: [CANSLIM] WCOM restatement
> > > = >=20 >
> > > > >
> > > > > once = again,=20 Andersen strikes again, this time by signing off on
> > = > >=20 > Worldcom hiding over $3 billion in expenses as capital
> = >=20 > > > expenditures, and
> > > thus
> > = >=20 > > inflating cash flow. Restatement expected to take away=20 last
> > > five
> > > > > quarters = of
>=20 > > > > profits and turn them into losses.
> > = >=20 > >
> > > > > Who gave this sanction to a = deviation=20 from GAAP (Generally
> > > Accepted
> > > = > >=20 Accounting Principles)?? Andersen, of course. It's clear = that
> >=20 > Enron
> > > > > was only
> > > = > >=20 the tip of the iceberg, as if Waste Management, Sunbeam, and = a
> >=20 > host
> > > > > of other
> > > = > >=20 companies were not sufficient warning of major problems in
> = > >=20 corporate
> > > > > policy
> > > > = > and=20 infrastructure. Sad to see a great name like Andersen
> > = >=20 prostituted
> > > > > to
> > > > = >=20 selling its certification services for any price, but also
> = > >=20 clear that
> > > > > it
> > > > = > must=20 disappear from corporate America. And until every major
> > = >=20 company
> > > > > audited
> > > > = > by=20 Andersen undergoes a special review by the SEC on accounting
> = >=20 > > > practices, I doubt anyone will believe that we have = finally=20 seen
>
> > > > > it all.
> > > = >=20 >
> > > > > Tom Worley
> > > > = > stkguru@bellsouth.net
> = >=20 > > > AIM: TexWorley
> > > > >
> = > >=20 > >
> > > > >
> > > > > = -
>=20 > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In
>=20 > > > > the email body, write "subscribe canslim" or=20 -"unsubscribe
> > > > > canslim".  Do not use = quotes=20 in your email.
> > > > >
> > > > = >=20 -
> > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In
>=20 > > > > the email body, write "subscribe canslim" or=20 -"unsubscribe
> > > > > canslim".  Do not use = quotes=20 in your email.
> > > >
> > > >
> = >=20 > > =3D=3D=3D=3D=3D
> > > > Opportunities = always look bigger=20 going than coming.
> > > >
> > > >=20 __________________________________________________
> > > = > Do=20 You Yahoo!?
> > > > Yahoo! - Official partner of 2002 = FIFA=20 World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" = -In=20 the
> > > > email body, write "subscribe canslim" or=20 -"unsubscribe canslim".
> > > > Do not use quotes in = your=20 email.
> > > >
> > >
> > = >
>=20 > > -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In=20 the
> > > email body, write "subscribe canslim" or = -"unsubscribe=20 canslim".  Do
>
> > > not use quotes in your=20 email.
> > >
> > >
> > >
> = >=20 > -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In=20 the
> > > email body, write "subscribe canslim" or = -"unsubscribe=20 canslim".  Do
>
> > > not use quotes in your=20 email.
> >
> >
> > = =3D=3D=3D=3D=3D
> > Dave=20 Cameron
> > dfcameron@yahoo.com
>=20 >
> > = __________________________________________________
>=20 > Do You Yahoo!?
> > Yahoo! - Official partner of 2002 = FIFA=20 World Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, email = "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or = -"unsubscribe
>=20 > canslim".  Do not use quotes in your email.
>=20 >
>
>
> -
> -To subscribe/unsubscribe, = email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>
>
>=20 -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>


-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.

-
-To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for = viruses.
Visit=20 us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.

For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C21D29.4108A188-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Davellil5@aol.com Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 11:52:08 EDT I remember "Wall Street" for the anti-capitalism, anti-free-market propaganda, slipped into the dialogue. For example, from Gecko, the takeover artist, "greed (irrational acquisitiveness) is good", instead of "rational self-interest is good". Or, the words, "You know all businessmen are crooks" (underlining mine). I was just a kid in 1929, but I remember the exaggerated value claimed by some holding companies that sat at the top of pyramids of other holding companies. Hence the term, "watered stock". Nothing new about crookedness, nor is it peculiar to the capitalist system. The gold medal for crookedness is still held by the Soviet Union. In any system, someone is always looking for "a nangle" (Guys and Dolls). Problem is how to detect it before getting hurt. I see increasing evidence that one's main protection is letting the market say when to get out of a stock -- in spite of all evidence that it's a good bet -- because when a stock starts to fail it's because some people know what we don't know. They may be insiders or ancillaries, like accountants or lawyers, but we don't have to know that, They're making their escape. We have to follow in time -- recognizing that we're sometimes being manipulated by short interests and sometimes even deserting a perfectly sea-worthy vessel. Wish I knew that sooner. Regards to all, Dave - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 11:57:00 -0400 Jon: What was Schwart planning to do with the gold .... wear it or eat it? ----- Original Message ----- Sent: Wednesday, June 26, 2002 11:47 AM > PS- For anyone who wants to read a brief but very vivid close up account of > that fateful day in 1987, I recommend Marty Schwartz's "Pitbull". It has a > short section on the day of the crash when Marty went to his safe deposit > box to "get the gold" as he was one of those that expected the whole system > to come undone. He states in the book that the public will never know how > close we came to the events he feared..... > > Jon > ----- Original Message ----- > From: "Kelly Short" > To: > Sent: Wednesday, June 26, 2002 11:25 AM > Subject: RE: [CANSLIM] WCOM restatement > > > If I were new to this earth and had just learned what the US stock market > was by reading the comments shared this morning post-Worldcom I'd think the > stock market was going bye-bye. I'll admit- I'm still wet behind the ears > when it comes to investing experience but I can't for a minute believe that > the same types of comments weren't passed around (albeit pre-Internet, > shiver) regarding the 1987 crash. Can anyone remember back that far? I am > correct and memory short? Or this truly "new"? Sorry folks- I was in the > sixth grade in 1987. > > Kelly > > P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I own! > > -----Original Message----- > From: Cefaloni, John L Jr. [AMSTA-AR-WEA] > [mailto:john.cefaloni@us.army.mil] > Sent: Wednesday, June 26, 2002 10:18 AM > To: 'canslim@lists.xmission.com' > Subject: RE: [CANSLIM] WCOM restatement > > > At the risk of being corny, I thought I'd dig up some quotes from the movie > "Wall Street" (because Hollywood tells us everything we need to know about > life ;-) > > "The main thing about money, Bud, is that it makes you do things you don't > want to do." > > "Stop going for the easy buck and start producing something with your life. > Create, instead of living off the buying and selling of others." > > "Stick to the fundamentals. That's how IBM and Hilton were built." > > "There are no shotcuts. Quick-buck artists come and go with every bull > market, but the steady players make it through the bear markets." > > "You're on a roll, kid. Enjoy it while it lasts, becuase it never does." > > and, of course... > > "Man looks in the abyss, there's nothing staring back at him. At that > moment, man finds his character. And that is what keeps him out of the > abyss." > > Of course, the movie is packed with many more "bullish" quotes, but those > will have to wait for another day. > > -----Original Message----- > From: Winston Little [mailto:wlittle1@peoplepc.com] > Sent: Wednesday, June 26, 2002 10:33 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > People in the rust belt are back in style. > > I believe the expression is "The meek shall inherit the earth". > There is merit to the people who work and sweat for a living, instead of the > glorified crooks of the past three years. > Remember all those clowns forming companies (with NO EARNINGS) that had > market capitalization greater than that of General Motors? > > Today: > Lear LEI is up.They make car seats and interior parts. > Delphi DPH guided up yesterday. They make electronic parts for cars (mostly > GM). > Visteon VC guided up this morning.They make car parts (mostly for Ford). > P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. > Donnelly DON (mirrors for cars) is to be bought out by Magna (they make car > parts) at 38% premium. > > > > > ----- Original Message ----- > From: "Duke Miller" > To: > Sent: Wednesday, June 26, 2002 10:07 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Absolutely. > > > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two > > years. Soap, toothpaste, quality people. All things you can count > > (on). > > > > Duke > > > > (I do have a position in P&G) > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > > Sent: Wednesday, June 26, 2002 9:48 AM > > To: canslim@lists.xmission.com > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > There may be some merit to companies that make goods that I can see, > > touch and count such as houses, cars, chemicals. > > > > There may also be some merit to companies that pay dividends, as the > > crooks are less likely to borrow or steal funds to pay dividends. > > > > > > ----- Original Message ----- > > From: "Dave Cameron" > > To: > > Sent: Wednesday, June 26, 2002 9:33 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > Rocky (and all), > > > > > > Yeah... this is amazing. As a professional statistician, the recent > > > events show why I don't use classical statistical techniques in > > > investing. I sold all my individual holdings in November - haven't > > > bought back in. Still hold the mutual funds for long term, but > > > continue to watch them dwindle. > > > > > > My line to people at work is that I'll be working until I'm 80.... > > > > > > Dave > > > > > > --- Rocky Sanghvi wrote: > > > > I wish I could say that today coming blowoff will be the last one. > > > > There are other skeletons in the closet. More importantly the > > > > impact of the > > > > dropping dollar will be enormous in our highly leveraged financial > > > > system. > > > > > > > > From ECON 101 > > > > Until now we were managing to balance our foreign deficits by inflow > > > > > > of cash from other countries into our markets. The falling dollar > > > > is an indication > > > > that money is moving OUT of the country. Watch out for the ripple > > > > effects. > > > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > > demand" for > > > > the the safety of the American dollar. ;) I guess I am cynical. > > > > Today > > > > the market lost me as an investor for a very long time. I quit. > > > > > > > > -----Original Message----- > > > > From: owner-canslim@lists.xmission.com > > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > > To: canslim@lists.xmission.com > > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > The mantra of the clowns: > > > > "I want it ALL" > > > > "Give it to me NOW" > > > > "It is MINE, I deserve it" > > > > > > > > ----- Original Message ----- > > > > From: "Kent Norman" > > > > To: > > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > > > > The answer is: > > > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > > blinds > > > > > them to the possibility that there is a tomorrow... They run the > > > > > business like they live their life. All today and no tomorrow. > > > > > > > > > > Kent Norman > > > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > > > wrote: > > > > > > Well said, Tom. What is it that makes people do things for > > > > temporary > > > > > > gain > > > > > > when they know they'll probably get slammed for it in the > > > > future? > > > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > > > -----Original Message----- > > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > > To: CANSLIM > > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > > expenditures, and > > > > thus > > > > > > inflating cash flow. Restatement expected to take away last > > > > five > > > > > > quarters of > > > > > > profits and turn them into losses. > > > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > > Accepted > > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > > Enron > > > > > > was only > > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > > host > > > > > > of other > > > > > > companies were not sufficient warning of major problems in > > > > corporate > > > > > > policy > > > > > > and infrastructure. Sad to see a great name like Andersen > > > > prostituted > > > > > > to > > > > > > selling its certification services for any price, but also > > > > clear that > > > > > > it > > > > > > must disappear from corporate America. And until every major > > > > company > > > > > > audited > > > > > > by Andersen undergoes a special review by the SEC on accounting > > > > > > practices, I doubt anyone will believe that we have finally seen > > > > > > > > it all. > > > > > > > > > > > > Tom Worley > > > > > > stkguru@bellsouth.net > > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > > > > > - > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > - > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > > > > ===== > > > > > Opportunities always look bigger going than coming. > > > > > > > > > > __________________________________________________ > > > > > Do You Yahoo!? > > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > > http://fifaworldcup.yahoo.com > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > > Do not use quotes in your email. > > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > > > not use quotes in your email. > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > > > not use quotes in your email. > > > > > > > > > ===== > > > Dave Cameron > > > dfcameron@yahoo.com > > > > > > __________________________________________________ > > > Do You Yahoo!? > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > http://fifaworldcup.yahoo.com > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or -"unsubscribe > > > canslim". Do not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > ____________________________________________________________________________ > For your protection, this e-mail message has been scanned for viruses. > Visit us at http://www.neoris.com/ > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 12:01:19 -0400 Actually, he expected the banks to close down ( a la Banking "Holidays" declared under Roosevelt), so I think he just wanted to get some cash and his gold out of there. It may seem laughable 15 years later, but those of who were investing back then were scared @#%*#less. Jon ----- Original Message ----- Sent: Wednesday, June 26, 2002 11:57 AM > Jon: > What was Schwart planning to do with the gold .... wear it or eat it? > > ----- Original Message ----- > From: "J. Lobatto" > To: > Sent: Wednesday, June 26, 2002 11:47 AM > Subject: Re: [CANSLIM] WCOM restatement > > > > PS- For anyone who wants to read a brief but very vivid close up account > of > > that fateful day in 1987, I recommend Marty Schwartz's "Pitbull". It has a > > short section on the day of the crash when Marty went to his safe deposit > > box to "get the gold" as he was one of those that expected the whole > system > > to come undone. He states in the book that the public will never know how > > close we came to the events he feared..... > > > > Jon > > ----- Original Message ----- > > From: "Kelly Short" > > To: > > Sent: Wednesday, June 26, 2002 11:25 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > If I were new to this earth and had just learned what the US stock market > > was by reading the comments shared this morning post-Worldcom I'd think > the > > stock market was going bye-bye. I'll admit- I'm still wet behind the ears > > when it comes to investing experience but I can't for a minute believe > that > > the same types of comments weren't passed around (albeit pre-Internet, > > shiver) regarding the 1987 crash. Can anyone remember back that far? I am > > correct and memory short? Or this truly "new"? Sorry folks- I was in the > > sixth grade in 1987. > > > > Kelly > > > > P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I own! > > > > -----Original Message----- > > From: Cefaloni, John L Jr. [AMSTA-AR-WEA] > > [mailto:john.cefaloni@us.army.mil] > > Sent: Wednesday, June 26, 2002 10:18 AM > > To: 'canslim@lists.xmission.com' > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > At the risk of being corny, I thought I'd dig up some quotes from the > movie > > "Wall Street" (because Hollywood tells us everything we need to know about > > life ;-) > > > > "The main thing about money, Bud, is that it makes you do things you don't > > want to do." > > > > "Stop going for the easy buck and start producing something with your > life. > > Create, instead of living off the buying and selling of others." > > > > "Stick to the fundamentals. That's how IBM and Hilton were built." > > > > "There are no shotcuts. Quick-buck artists come and go with every bull > > market, but the steady players make it through the bear markets." > > > > "You're on a roll, kid. Enjoy it while it lasts, becuase it never does." > > > > and, of course... > > > > "Man looks in the abyss, there's nothing staring back at him. At that > > moment, man finds his character. And that is what keeps him out of the > > abyss." > > > > Of course, the movie is packed with many more "bullish" quotes, but those > > will have to wait for another day. > > > > -----Original Message----- > > From: Winston Little [mailto:wlittle1@peoplepc.com] > > Sent: Wednesday, June 26, 2002 10:33 AM > > To: canslim@lists.xmission.com > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > People in the rust belt are back in style. > > > > I believe the expression is "The meek shall inherit the earth". > > There is merit to the people who work and sweat for a living, instead of > the > > glorified crooks of the past three years. > > Remember all those clowns forming companies (with NO EARNINGS) that had > > market capitalization greater than that of General Motors? > > > > Today: > > Lear LEI is up.They make car seats and interior parts. > > Delphi DPH guided up yesterday. They make electronic parts for cars > (mostly > > GM). > > Visteon VC guided up this morning.They make car parts (mostly for Ford). > > P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. > > Donnelly DON (mirrors for cars) is to be bought out by Magna (they make > car > > parts) at 38% premium. > > > > > > > > > > ----- Original Message ----- > > From: "Duke Miller" > > To: > > Sent: Wednesday, June 26, 2002 10:07 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > Absolutely. > > > > > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two > > > years. Soap, toothpaste, quality people. All things you can count > > > (on). > > > > > > Duke > > > > > > (I do have a position in P&G) > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > > > Sent: Wednesday, June 26, 2002 9:48 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > There may be some merit to companies that make goods that I can see, > > > touch and count such as houses, cars, chemicals. > > > > > > There may also be some merit to companies that pay dividends, as the > > > crooks are less likely to borrow or steal funds to pay dividends. > > > > > > > > > ----- Original Message ----- > > > From: "Dave Cameron" > > > To: > > > Sent: Wednesday, June 26, 2002 9:33 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > Rocky (and all), > > > > > > > > Yeah... this is amazing. As a professional statistician, the recent > > > > events show why I don't use classical statistical techniques in > > > > investing. I sold all my individual holdings in November - haven't > > > > bought back in. Still hold the mutual funds for long term, but > > > > continue to watch them dwindle. > > > > > > > > My line to people at work is that I'll be working until I'm 80.... > > > > > > > > Dave > > > > > > > > --- Rocky Sanghvi wrote: > > > > > I wish I could say that today coming blowoff will be the last one. > > > > > There are other skeletons in the closet. More importantly the > > > > > impact of the > > > > > dropping dollar will be enormous in our highly leveraged financial > > > > > system. > > > > > > > > > > From ECON 101 > > > > > Until now we were managing to balance our foreign deficits by inflow > > > > > > > > of cash from other countries into our markets. The falling dollar > > > > > is an indication > > > > > that money is moving OUT of the country. Watch out for the ripple > > > > > effects. > > > > > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > > > demand" for > > > > > the the safety of the American dollar. ;) I guess I am cynical. > > > > > Today > > > > > the market lost me as an investor for a very long time. I quit. > > > > > > > > > > -----Original Message----- > > > > > From: owner-canslim@lists.xmission.com > > > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > > > To: canslim@lists.xmission.com > > > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > > > > > The mantra of the clowns: > > > > > "I want it ALL" > > > > > "Give it to me NOW" > > > > > "It is MINE, I deserve it" > > > > > > > > > > ----- Original Message ----- > > > > > From: "Kent Norman" > > > > > To: > > > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > The answer is: > > > > > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > > > blinds > > > > > > them to the possibility that there is a tomorrow... They run the > > > > > > business like they live their life. All today and no tomorrow. > > > > > > > > > > > > Kent Norman > > > > > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > > > > > wrote: > > > > > > > Well said, Tom. What is it that makes people do things for > > > > > temporary > > > > > > > gain > > > > > > > when they know they'll probably get slammed for it in the > > > > > future? > > > > > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > > > > > -----Original Message----- > > > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > > > To: CANSLIM > > > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > > > expenditures, and > > > > > thus > > > > > > > inflating cash flow. Restatement expected to take away last > > > > > five > > > > > > > quarters of > > > > > > > profits and turn them into losses. > > > > > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > > > Accepted > > > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > > > Enron > > > > > > > was only > > > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > > > host > > > > > > > of other > > > > > > > companies were not sufficient warning of major problems in > > > > > corporate > > > > > > > policy > > > > > > > and infrastructure. Sad to see a great name like Andersen > > > > > prostituted > > > > > > > to > > > > > > > selling its certification services for any price, but also > > > > > clear that > > > > > > > it > > > > > > > must disappear from corporate America. And until every major > > > > > company > > > > > > > audited > > > > > > > by Andersen undergoes a special review by the SEC on accounting > > > > > > > practices, I doubt anyone will believe that we have finally seen > > > > > > > > > > it all. > > > > > > > > > > > > > > Tom Worley > > > > > > > stkguru@bellsouth.net > > > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > > > > > > > > > - > > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > > > - > > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > > > > > > > ===== > > > > > > Opportunities always look bigger going than coming. > > > > > > > > > > > > __________________________________________________ > > > > > > Do You Yahoo!? > > > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > > > http://fifaworldcup.yahoo.com > > > > > > > > > > > > - > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > > > Do not use quotes in your email. > > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > > > > > not use quotes in your email. > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > > > > > not use quotes in your email. > > > > > > > > > > > > ===== > > > > Dave Cameron > > > > dfcameron@yahoo.com > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or -"unsubscribe > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > ____________________________________________________________________________ > > For your protection, this e-mail message has been scanned for viruses. > > Visit us at http://www.neoris.com/ > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 12:10:13 -0400 I noted on CNBC this morning (forgive me, Father, for I have sinned...but I just had to sneak a pundit peak) that the folks on "the floor" were hoping the market would open with a huge loss this a.m. and show signs of recovery by the end of the day. Their worst fear is what Jon states below: a gradual, continual slide into the abyss. As of noon, that looks to be the case. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of J. Lobatto Sent: Wednesday, June 26, 2002 11:33 AM Kelly, Actually the 1987 crash was far more frightening although much briefer, as most of the damage was done all in one day and there were many people that expected an economic meltdown the following morning. Perhaps one of the reasons this market continues down is that it's a "chinese water torture" type of affair that is not creating real white knuckle fear, just a gnawing tightness in the gut that continues day after day. Jon ----- Original Message ----- Sent: Wednesday, June 26, 2002 11:25 AM If I were new to this earth and had just learned what the US stock market was by reading the comments shared this morning post-Worldcom I'd think the stock market was going bye-bye. I'll admit- I'm still wet behind the ears when it comes to investing experience but I can't for a minute believe that the same types of comments weren't passed around (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone remember back that far? I am correct and memory short? Or this truly "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I own! -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM At the risk of being corny, I thought I'd dig up some quotes from the movie "Wall Street" (because Hollywood tells us everything we need to know about life ;-) "The main thing about money, Bud, is that it makes you do things you don't want to do." "Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others." "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last > two years. Soap, toothpaste, quality people. All things you can > count (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the dropping dollar will be enormous in our highly > > > leveraged financial system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by > > > inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication that money is moving OUT of the country. Watch > > > out for the ripple effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston > > > Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off > > > > > on Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on > > > > > accounting practices, I doubt anyone will believe that we have > > > > > finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > ===== > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > Do > > > > not use quotes in your email. > > > > > > ===== > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ________________________________________________________________________ ____ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 12:11:14 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_001C_01C21D0A.91668A10 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit Amen. -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Katherine Malm Sent: Wednesday, June 26, 2002 11:40 AM Hi Kelly, The '87 crash was considerably different....far more an event than a process as is the current Bear which is undoing the excesses of the late '90's. At that time, cocktail conversations rarely included talk of stocks, but on Black Monday...people who didn't even know what the stock market was all about were gathered around the TV at lunch time. In retrospect, the Fed's quick intervention and the adjustments to program trading guidelines made this a blip on the bull market screen, so the "throwing in the towel" talk was far more short-lived than now. Most folks investing these days know little of what creates value and perceived value in the stock market. Even fewer are students of market history. But I'd bet the same conversations could be heard in the 30's and the 60's. Sometimes the best way to *really* learn it is to live it. Besides, we're bored to tears..... :)) But I *am* enjoying the time off to pursue summer reading...throw away novels of little consequence, mindless fluff ....ah, what a pleasure! Katherine ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:25 AM If I were new to this earth and had just learned what the US stock market was by reading the comments shared this morning post-Worldcom I'd think the stock market was going bye-bye. I'll admit- I'm still wet behind the ears when it comes to investing experience but I can't for a minute believe that the same types of comments weren't passed around (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone remember back that far? I am correct and memory short? Or this truly "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I own! -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM At the risk of being corny, I thought I'd dig up some quotes from the movie "Wall Street" (because Hollywood tells us everything we need to know about life ;-) "The main thing about money, Bud, is that it makes you do things you don't want to do." "Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others." "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on accounting > > > > > practices, I doubt anyone will believe that we have finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > ===== > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > ===== > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ________________________________________________________________________ ____ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_001C_01C21D0A.91668A10 Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable Message
Amen.
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]=20 On Behalf Of Katherine Malm
Sent: Wednesday, June 26, = 2002=20 11:40 AM
To: canslim@lists.xmission.com
Subject: = Re:=20 [CANSLIM] WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more an event = than a=20 process as is the current Bear which is undoing the excesses of the = late=20 '90's. At that time, cocktail conversations rarely included talk of = stocks,=20 but on Black Monday...people who didn't even know what the stock = market was=20 all about were gathered around the TV at lunch time. In retrospect, = the Fed's=20 quick intervention and the adjustments to program trading guidelines = made this=20 a blip on the bull market screen, so the "throwing in the towel" talk = was far=20 more short-lived than now. Most folks investing these days know little = of what=20 creates value and perceived value in the stock market. Even fewer are = students=20 of market history. But I'd bet the same conversations could be heard = in the=20 30's and the 60's. Sometimes the best way to *really* learn it is to = live=20 it.
 
Besides, we're bored to tears..... :)) But I *am* enjoying the = time off=20 to pursue summer reading...throw away novels of little = consequence,=20 mindless fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, = 2002 10:25=20 AM
Subject: RE: [CANSLIM] WCOM=20 restatement

If I were new to this earth and had just learned what = the US=20 stock market was by reading the comments shared this morning = post-Worldcom=20 I'd think the stock market was going bye-bye. I'll admit- I'm still = wet=20 behind the ears when it comes to investing experience but I can't = for a=20 minute believe that the same types of comments weren't passed around = (albeit=20 pre-Internet, shiver) regarding the 1987 crash. Can anyone remember = back=20 that far? I am correct and memory short? Or this truly "new"? Sorry = folks- I=20 was in the sixth grade in 1987.

Kelly

P.S. - thanks = for the=20 "Wall Street" quotes- it's the most used DVD I = own!

-----Original=20 Message-----
From: Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent: = Wednesday,=20 June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of being = corny, I=20 thought I'd dig up some quotes from the movie
"Wall Street" = (because=20 Hollywood tells us everything we need to know about
life = ;-)

"The=20 main thing about money, Bud, is that it makes you do things you=20 don't
want to do."

"Stop going for the easy buck and start = producing something with your life.
Create, instead of living off = the=20 buying and selling of others."

"Stick to the = fundamentals. =20 That's how IBM and Hilton were built."

"There are no = shotcuts. =20 Quick-buck artists come and go with every bull
market, but the = steady=20 players make it through the bear markets."

"You're on a roll, = kid.  Enjoy it while it lasts, becuase it never = does."

and, of=20 course...

"Man looks in the abyss, there's nothing staring = back at=20 him. At that
moment, man finds his character. And that is what = keeps him=20 out of the
abyss."

Of course, the movie is packed with = many more=20 "bullish" quotes, but those
will have to wait for another=20 day.

-----Original Message-----
From: Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, 2002 = 10:33=20 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the rust belt = are back=20 in style.

I believe the expression is "The meek shall inherit = the=20 earth".
There is merit to the people who work and sweat for a = living,=20 instead of the
glorified crooks of the past three = years.
Remember all=20 those clowns forming companies (with NO EARNINGS) that had
market = capitalization greater than that of General = Motors?

Today:
Lear=20 LEI is up.They make car seats and interior parts.
Delphi DPH = guided up=20 yesterday. They make electronic parts for cars = (mostly
GM).
Visteon VC=20 guided up this morning.They make car parts (mostly for = Ford).
P&G (=20 as Duke pointed out) is up. Soap, toothpaste and paper = towels.
Donnelly=20 DON  (mirrors for cars) is to be bought out by Magna (they make = car
parts) at 38% premium.




----- Original = Message=20 -----
From: "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] WCOM=20 restatement


> Absolutely.
>
> P&G is = up over=20 $1 at the open this a.m.  Up 16% this year.  43% last = two
>=20 years.  Soap, toothpaste, quality people.  All things you = can=20 count
> (on).
>
> Duke
>
> (I do have = a=20 position in P&G)
>
> -----Original = Message-----
>=20 From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston=20 Little
> Sent: Wednesday, June 26, 2002 9:48 AM
> To: canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM restatement
>
>
> = There may be=20 some merit to companies that make goods that I can see,
> = touch and=20 count such as houses, cars, chemicals.
>
> There may = also be=20 some merit to companies that pay dividends, as the
> crooks = are less=20 likely to borrow or steal funds to pay = dividends.
>
>
>=20 ----- Original Message -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
> = <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE: = [CANSLIM] WCOM=20 restatement
>
>
> > Rocky (and all),
>=20 >
> > Yeah... this is amazing.   As a = professional=20 statistician, the recent
> > events show why I don't use = classical=20 statistical techniques in
> > investing.   I sold = all my=20 individual holdings in November - haven't
> > bought back=20 in.   Still hold the mutual funds for long term, = but
> >=20 continue to watch them dwindle.
> >
> > My line to = people=20 at work is that I'll be working until I'm 80....
> = >
> >=20 Dave
> >
> > --- Rocky Sanghvi <rs@mylodestar.com> = wrote:
>=20 > > I wish I could say that today coming blowoff will be the = last=20 one.
> > > There are other skeletons in the = closet.  More=20 importantly the
> > > impact of the
> > > = dropping=20 dollar will be enormous in our highly leveraged financial
> = > >=20 system.
> > >
> > > From ECON 101
> = > >=20 Until now we were managing to balance our foreign deficits by=20 inflow
>
> > > of cash from other countries into = our=20 markets.  The falling dollar
> > > is an = indication
>=20 > > that money is moving OUT of the country.  Watch out = for the=20 ripple
> > > effects.
> > >
> > = > Unless=20 ofcourse we attack Iraq immediately and thereby create "a
> = > >=20 demand" for
> > > the the safety of the American = dollar. =20 ;)   I guess I am cynical.
> > > Today
> = >=20 > the market lost me as an investor for a very long time.  I = quit.
> > >
> > > -----Original = Message-----
>=20 > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of = Winston=20 Little
> > > Sent: Wednesday, June 26, 2002 8:34 = AM
> >=20 > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> > = >
>=20 > >
> > >
> > > The mantra of the=20 clowns:
> > > "I want it ALL"
> > > "Give it = to me=20 NOW"
> > > "It is MINE, I deserve it"
> > = >
>=20 > > ----- Original Message -----
> > > From: "Kent = Norman"=20 <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> > > = RE: [CANSLIM] WCOM restatement
> > >
> > = >
>=20 > > > The answer is:
> > > >
> > = > >=20 The same childish, short-sighted, immediate satisfaction = that
> >=20 > blinds
> > > > them to the possibility that = there is a=20 tomorrow... They run the
> > > > business like they = live=20 their life. All today and no tomorrow.
> > > = >
> >=20 > > Kent Norman
> > > >
> > > > = ---=20 "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> > > <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well said, = Tom.  What=20 is it that makes people do things for
> > > = temporary
>=20 > > > > gain
> > > > > when they know = they'll=20 probably get slammed for it in the
> > > future?
> = >=20 > > >
> > > > > I guess it's just greed,=20 stupidity and arrogance.
> > > > >
> > = > >=20 > -----Original Message-----
> > > > > From: = Tom Worley=20 [mailto:stkguru@bellsouth.net]
> > > > > Sent: = Wednesday,=20 June 26, 2002 12:53 AM
> > > > > To: = CANSLIM
> >=20 > > > Subject: [CANSLIM] WCOM restatement
> > > = >=20 >
> > > > >
> > > > > once = again,=20 Andersen strikes again, this time by signing off on
> > = > >=20 > Worldcom hiding over $3 billion in expenses as capital
> = >=20 > > > expenditures, and
> > > thus
> > = >=20 > > inflating cash flow. Restatement expected to take away=20 last
> > > five
> > > > > quarters = of
>=20 > > > > profits and turn them into losses.
> > = >=20 > >
> > > > > Who gave this sanction to a = deviation=20 from GAAP (Generally
> > > Accepted
> > > = > >=20 Accounting Principles)?? Andersen, of course. It's clear = that
> >=20 > Enron
> > > > > was only
> > > = > >=20 the tip of the iceberg, as if Waste Management, Sunbeam, and = a
> >=20 > host
> > > > > of other
> > > = > >=20 companies were not sufficient warning of major problems in
> = > >=20 corporate
> > > > > policy
> > > > = > and=20 infrastructure. Sad to see a great name like Andersen
> > = >=20 prostituted
> > > > > to
> > > > = >=20 selling its certification services for any price, but also
> = > >=20 clear that
> > > > > it
> > > > = > must=20 disappear from corporate America. And until every major
> > = >=20 company
> > > > > audited
> > > > = > by=20 Andersen undergoes a special review by the SEC on accounting
> = >=20 > > > practices, I doubt anyone will believe that we have = finally=20 seen
>
> > > > > it all.
> > > = >=20 >
> > > > > Tom Worley
> > > > = > stkguru@bellsouth.net
> = >=20 > > > AIM: TexWorley
> > > > >
> = > >=20 > >
> > > > >
> > > > > = -
>=20 > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In
>=20 > > > > the email body, write "subscribe canslim" or=20 -"unsubscribe
> > > > > canslim".  Do not use = quotes=20 in your email.
> > > > >
> > > > = >=20 -
> > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In
>=20 > > > > the email body, write "subscribe canslim" or=20 -"unsubscribe
> > > > > canslim".  Do not use = quotes=20 in your email.
> > > >
> > > >
> = >=20 > > =3D=3D=3D=3D=3D
> > > > Opportunities = always look bigger=20 going than coming.
> > > >
> > > >=20 __________________________________________________
> > > = > Do=20 You Yahoo!?
> > > > Yahoo! - Official partner of 2002 = FIFA=20 World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" = -In=20 the
> > > > email body, write "subscribe canslim" or=20 -"unsubscribe canslim".
> > > > Do not use quotes in = your=20 email.
> > > >
> > >
> > = >
>=20 > > -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In=20 the
> > > email body, write "subscribe canslim" or = -"unsubscribe=20 canslim".  Do
>
> > > not use quotes in your=20 email.
> > >
> > >
> > >
> = >=20 > -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In=20 the
> > > email body, write "subscribe canslim" or = -"unsubscribe=20 canslim".  Do
>
> > > not use quotes in your=20 email.
> >
> >
> > = =3D=3D=3D=3D=3D
> > Dave=20 Cameron
> > dfcameron@yahoo.com
>=20 >
> > = __________________________________________________
>=20 > Do You Yahoo!?
> > Yahoo! - Official partner of 2002 = FIFA=20 World Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, email = "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or = -"unsubscribe
>=20 > canslim".  Do not use quotes in your email.
>=20 >
>
>
> -
> -To subscribe/unsubscribe, = email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>
>
>=20 -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>


-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.

-
-To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for = viruses.
Visit=20 us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your = email.
------=_NextPart_000_001C_01C21D0A.91668A10-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Bill Triffet" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 09:16:25 -0700 I'm waiting for the now famous CNBC quote: " But the selling was orderly". (g) -Bill ----- Original Message ----- Sent: Wednesday, June 26, 2002 9:10 AM > I noted on CNBC this morning (forgive me, Father, for I have > sinned...but I just had to sneak a pundit peak) that the folks on "the > floor" were hoping the market would open with a huge loss this a.m. and > show signs of recovery by the end of the day. Their worst fear is what > Jon states below: a gradual, continual slide into the abyss. As of > noon, that looks to be the case. > > Duke > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of J. Lobatto > Sent: Wednesday, June 26, 2002 11:33 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > Kelly, > > Actually the 1987 crash was far more frightening although much briefer, > as most of the damage was done all in one day and there were many people > that expected an economic meltdown the following morning. Perhaps one of > the reasons this market continues down is that it's a "chinese water > torture" type of affair that is not creating real white knuckle fear, > just a gnawing tightness in the gut that continues day after day. > > Jon > ----- Original Message ----- > From: "Kelly Short" > To: > Sent: Wednesday, June 26, 2002 11:25 AM > Subject: RE: [CANSLIM] WCOM restatement > > > If I were new to this earth and had just learned what the US stock > market was by reading the comments shared this morning post-Worldcom I'd > think the stock market was going bye-bye. I'll admit- I'm still wet > behind the ears when it comes to investing experience but I can't for a > minute believe that the same types of comments weren't passed around > (albeit pre-Internet, > shiver) regarding the 1987 crash. Can anyone remember back that far? I > am correct and memory short? Or this truly "new"? Sorry folks- I was in > the sixth grade in 1987. > > Kelly > > P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I > own! > > -----Original Message----- > From: Cefaloni, John L Jr. [AMSTA-AR-WEA] > [mailto:john.cefaloni@us.army.mil] > Sent: Wednesday, June 26, 2002 10:18 AM > To: 'canslim@lists.xmission.com' > Subject: RE: [CANSLIM] WCOM restatement > > > At the risk of being corny, I thought I'd dig up some quotes from the > movie "Wall Street" (because Hollywood tells us everything we need to > know about life ;-) > > "The main thing about money, Bud, is that it makes you do things you > don't want to do." > > "Stop going for the easy buck and start producing something with your > life. Create, instead of living off the buying and selling of others." > > "Stick to the fundamentals. That's how IBM and Hilton were built." > > "There are no shotcuts. Quick-buck artists come and go with every bull > market, but the steady players make it through the bear markets." > > "You're on a roll, kid. Enjoy it while it lasts, becuase it never > does." > > and, of course... > > "Man looks in the abyss, there's nothing staring back at him. At that > moment, man finds his character. And that is what keeps him out of the > abyss." > > Of course, the movie is packed with many more "bullish" quotes, but > those will have to wait for another day. > > -----Original Message----- > From: Winston Little [mailto:wlittle1@peoplepc.com] > Sent: Wednesday, June 26, 2002 10:33 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > People in the rust belt are back in style. > > I believe the expression is "The meek shall inherit the earth". There is > merit to the people who work and sweat for a living, instead of the > glorified crooks of the past three years. Remember all those clowns > forming companies (with NO EARNINGS) that had market capitalization > greater than that of General Motors? > > Today: > Lear LEI is up.They make car seats and interior parts. > Delphi DPH guided up yesterday. They make electronic parts for cars > (mostly GM). Visteon VC guided up this morning.They make car parts > (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste > and paper towels. Donnelly DON (mirrors for cars) is to be bought out > by Magna (they make car > parts) at 38% premium. > > > > > ----- Original Message ----- > From: "Duke Miller" > To: > Sent: Wednesday, June 26, 2002 10:07 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Absolutely. > > > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last > > two years. Soap, toothpaste, quality people. All things you can > > count (on). > > > > Duke > > > > (I do have a position in P&G) > > > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > > Sent: Wednesday, June 26, 2002 9:48 AM > > To: canslim@lists.xmission.com > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > There may be some merit to companies that make goods that I can see, > > touch and count such as houses, cars, chemicals. > > > > There may also be some merit to companies that pay dividends, as the > > crooks are less likely to borrow or steal funds to pay dividends. > > > > > > ----- Original Message ----- > > From: "Dave Cameron" > > To: > > Sent: Wednesday, June 26, 2002 9:33 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > Rocky (and all), > > > > > > Yeah... this is amazing. As a professional statistician, the > recent > > > events show why I don't use classical statistical techniques in > > > investing. I sold all my individual holdings in November - haven't > > > bought back in. Still hold the mutual funds for long term, but > > > continue to watch them dwindle. > > > > > > My line to people at work is that I'll be working until I'm 80.... > > > > > > Dave > > > > > > --- Rocky Sanghvi wrote: > > > > I wish I could say that today coming blowoff will be the last one. > > > > > There are other skeletons in the closet. More importantly the > > > > impact of the dropping dollar will be enormous in our highly > > > > leveraged financial system. > > > > > > > > From ECON 101 > > > > Until now we were managing to balance our foreign deficits by > > > > inflow > > > > > > of cash from other countries into our markets. The falling dollar > > > > > is an indication that money is moving OUT of the country. Watch > > > > out for the ripple effects. > > > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > > demand" for > > > > the the safety of the American dollar. ;) I guess I am cynical. > > > > Today > > > > the market lost me as an investor for a very long time. I quit. > > > > > > > > -----Original Message----- > > > > From: owner-canslim@lists.xmission.com > > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston > > > > Little > > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > > To: canslim@lists.xmission.com > > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > The mantra of the clowns: > > > > "I want it ALL" > > > > "Give it to me NOW" > > > > "It is MINE, I deserve it" > > > > > > > > ----- Original Message ----- > > > > From: "Kent Norman" > > > > To: > > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > > > > The answer is: > > > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > > blinds > > > > > them to the possibility that there is a tomorrow... They run the > > > > > > business like they live their life. All today and no tomorrow. > > > > > > > > > > Kent Norman > > > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > > > wrote: > > > > > > Well said, Tom. What is it that makes people do things for > > > > temporary > > > > > > gain > > > > > > when they know they'll probably get slammed for it in the > > > > future? > > > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > > > -----Original Message----- > > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > > To: CANSLIM > > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off > > > > > > on Worldcom hiding over $3 billion in expenses as capital > > > > > > expenditures, and > > > > thus > > > > > > inflating cash flow. Restatement expected to take away last > > > > five > > > > > > quarters of > > > > > > profits and turn them into losses. > > > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > > Accepted > > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > > Enron > > > > > > was only > > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > > host > > > > > > of other > > > > > > companies were not sufficient warning of major problems in > > > > corporate > > > > > > policy > > > > > > and infrastructure. Sad to see a great name like Andersen > > > > prostituted > > > > > > to > > > > > > selling its certification services for any price, but also > > > > clear that > > > > > > it > > > > > > must disappear from corporate America. And until every major > > > > company > > > > > > audited > > > > > > by Andersen undergoes a special review by the SEC on > > > > > > accounting practices, I doubt anyone will believe that we have > > > > > > > finally seen > > > > > > > > it all. > > > > > > > > > > > > Tom Worley > > > > > > stkguru@bellsouth.net > > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > > > > > - > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > - > > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > > > > ===== > > > > > Opportunities always look bigger going than coming. > > > > > > > > > > __________________________________________________ > > > > > Do You Yahoo!? > > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > > http://fifaworldcup.yahoo.com > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do > > > > > > not use quotes in your email. > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do > > > > > > not use quotes in your email. > > > > > > > > > ===== > > > Dave Cameron > > > dfcameron@yahoo.com > > > > > > __________________________________________________ > > > Do You Yahoo!? > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > http://fifaworldcup.yahoo.com > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > ________________________________________________________________________ > ____ > For your protection, this e-mail message has been scanned for viruses. > Visit us at http://www.neoris.com/ > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: jch Subject: RE: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement Date: 26 Jun 2002 11:24:34 -0500 --=======1CBD3459======= Content-Type: multipart/alternative; x-avg-checked=avg-ok-1AB42B13; boundary="=====================_50221250==_.ALT" --=====================_50221250==_.ALT Content-Type: text/plain; x-avg-checked=avg-ok-1AB42B13; charset=us-ascii; format=flowed Content-Transfer-Encoding: 8bit Have long felt intuitively some measure of corrupt behavior would be bell ringer signalling a secular change in a market's direction--witness decline since 1989 of Japanese market preceeded by Recruit-Cosmos stocks for favors bribery scandal causing Prime Minister plus his successor's resignations along with Cabinet Ministers, House of Rep members & top execs at other corps.. Go to following link for recent WSJ in depth analysis of our undiscovered inventory of embezzlement: http://pages.stern.nyu.edu/~mwu1/Media/020620WSJ.htm Within that article there may be a "slimeball" measurement --see Min Wu of NYU's chart..Unfortunately our bell ringing arrives two years after the secular top of March 2000..By the way this is my maiden speech in this venue--My name is John Heiman--semi-retired in St Louis having fired myself June of 1999 by selling my electrical distribution biz--partially because I was distressed at dishonest behavior unfolding daily..I spend some time now as a contributing editor at an esoteric industry publication-a recent Dec 01 article discussed fraud theft,etc. So I'm very sensitive to corrupt behavior & it's economic impact..Don't know if any corruption/greed measures can predict M's future however jch >Well said. Unfortunately, and this isn't the first time this thought >has been expressed, this and the future ones hiding in the woodwork, >could very well spell the doom of the American stock market as we know >it today. A radio columnist (Democracy Now) just yesterday was >ruminating over the impact on the markets if (when) foreign stockholders >decide to take their money and run...away from "America's painfully >corrupt financial markets." > >I have a suggestion (NOT my usual tongue in cheek, friends) for a group >project...a public service to all of us CAN SLIMers. What if we create >a FAQ on how to avoid these slime balls? > >Should we start with Andersen Consulting's client(former) list. I tried >their website; no luck. > >Then how about a list of tips on what to look for in SEC filings to >ferret out red flags. > >Duke > >-----Original Message----- >From: owner-canslim@lists.xmission.com >[mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman >Sent: Wednesday, June 26, 2002 8:13 AM >To: canslim@lists.xmission.com >Subject: RE: [CANSLIM] WCOM restatement > > >The answer is: > >The same childish, short-sighted, immediate satisfaction that blinds >them to the possibility that there is a tomorrow... They run the >business like they live their life. All today and no tomorrow. > >Kent Norman > >--- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" >wrote: > > Well said, Tom. What is it that makes people do things for temporary > > gain when they know they'll probably get slammed for it in the future? > > > > I guess it's just greed, stupidity and arrogance. > > > > -----Original Message----- > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > Sent: Wednesday, June 26, 2002 12:53 AM > > To: CANSLIM > > Subject: [CANSLIM] WCOM restatement > > > > > > once again, Andersen strikes again, this time by signing off on > > Worldcom hiding over $3 billion in expenses as capital expenditures, > > and thus inflating cash flow. Restatement expected to take away last > > five quarters of > > profits and turn them into losses. > > > > Who gave this sanction to a deviation from GAAP (Generally Accepted > > Accounting Principles)?? Andersen, of course. It's clear that Enron > > was only the tip of the iceberg, as if Waste Management, Sunbeam, and > > a host of other > > companies were not sufficient warning of major problems in corporate > > policy > > and infrastructure. Sad to see a great name like Andersen prostituted > > to > > selling its certification services for any price, but also clear that > > it > > must disappear from corporate America. And until every major company > > audited > > by Andersen undergoes a special review by the SEC on accounting > > practices, I > > doubt anyone will believe that we have finally seen it all. > > > > Tom Worley > > stkguru@bellsouth.net > > AIM: TexWorley > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > >===== >Opportunities always look bigger going than coming. > >__________________________________________________ >Do You Yahoo!? >Yahoo! - Official partner of 2002 FIFA World Cup >http://fifaworldcup.yahoo.com > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > >--- >Incoming mail is certified Virus Free. >Checked by AVG anti-virus system (http://www.grisoft.com). >Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002 --=====================_50221250==_.ALT Content-Type: text/html; x-avg-checked=avg-ok-1AB42B13; charset=us-ascii Content-Transfer-Encoding: 8bit Have long felt intuitively some measure of corrupt behavior would be bell ringer signalling a secular change in a market's direction--witness decline since 1989 of Japanese market preceeded by Recruit-Cosmos stocks for favors bribery scandal causing Prime Minister plus his successor's  resignations along with Cabinet Ministers, House of Rep members & top execs at other corps..
Go to following link for recent WSJ in depth analysis of our undiscovered inventory of embezzlement:  http://pages.stern.nyu.edu/~mwu1/Media/020620WSJ.htm
  Within that article there may be a "slimeball" measurement --see Min Wu of NYU's chart..Unfortunately our bell ringing arrives two years after the secular top of March 2000..By the way this is my maiden speech in this venue--My name is John Heiman--semi-retired in St Louis having fired myself June of 1999 by selling my electrical distribution biz--partially because I was distressed at dishonest behavior unfolding daily..I spend some time now as a contributing editor at an esoteric industry publication-a recent Dec 01 article discussed fraud theft,etc. So I'm very sensitive to corrupt behavior & it's economic impact..Don't know if any corruption/greed measures can predict M's future however
jch

Well said.  Unfortunately, and this isn't the first time this thought
has been expressed, this and the future ones hiding in the woodwork,
could very well spell the doom of the American stock market as we know
it today.  A radio columnist (Democracy Now) just yesterday was
ruminating over the impact on the markets if (when) foreign stockholders
decide to take their money and run...away from "America's painfully
corrupt financial markets."

I have a suggestion (NOT my usual tongue in cheek, friends) for a group
project...a public service to all of us CAN SLIMers.  What if we create
a FAQ on how to avoid these slime balls? 

Should we start with Andersen Consulting's client(former) list.  I tried
their website; no luck. 

Then how about a list of tips on what to look for in SEC filings to
ferret out red flags.

Duke

-----Original Message-----
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman
Sent: Wednesday, June 26, 2002 8:13 AM

The answer is:

The same childish, short-sighted, immediate satisfaction that blinds
them to the possibility that there is a tomorrow... They run the
business like they live their life. All today and no tomorrow.

Kent Norman

--- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" <john.cefaloni@us.army.mil>
wrote:
> Well said, Tom.  What is it that makes people do things for temporary
> gain when they know they'll probably get slammed for it in the future?
>
> I guess it's just greed, stupidity and arrogance.
>
> -----Original Message-----
> From: Tom Worley [mailto:stkguru@bellsouth.net]
> Sent: Wednesday, June 26, 2002 12:53 AM
> To: CANSLIM
> Subject: [CANSLIM] WCOM restatement
>
>
> once again, Andersen strikes again, this time by signing off on
> Worldcom hiding over $3 billion in expenses as capital expenditures,
> and thus inflating cash flow. Restatement expected to take away last
> five quarters of
> profits and turn them into losses.
>
> Who gave this sanction to a deviation from GAAP (Generally Accepted
> Accounting Principles)?? Andersen, of course. It's clear that Enron
> was only the tip of the iceberg, as if Waste Management, Sunbeam, and
> a host of other
> companies were not sufficient warning of major problems in corporate
> policy
> and infrastructure. Sad to see a great name like Andersen prostituted
> to
> selling its certification services for any price, but also clear that
> it
> must disappear from corporate America. And until every major company
> audited
> by Andersen undergoes a special review by the SEC on accounting
> practices, I
> doubt anyone will believe that we have finally seen it all.
>
> Tom Worley
> stkguru@bellsouth.net
> AIM: TexWorley
>
>
>
> -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
> -In the email body, write "subscribe canslim" or -"unsubscribe
> canslim".  Do not use quotes in your email.
>
> -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
> -In the email body, write "subscribe canslim" or -"unsubscribe
> canslim".  Do not use quotes in your email.


=====
Opportunities always look bigger going than coming.

__________________________________________________
Do You Yahoo!?
Yahoo! - Official partner of 2002 FIFA World Cup
http://fifaworldcup.yahoo.com

-
-To subscribe/unsubscribe, email "majordomo@xmission.com"
-In the email body, write "subscribe canslim" or
-"unsubscribe canslim".  Do not use quotes in your email.


-
-To subscribe/unsubscribe, email "majordomo@xmission.com"
-In the email body, write "subscribe canslim" or
-"unsubscribe canslim".  Do not use quotes in your email.


---
Incoming mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002
--=====================_50221250==_.ALT-- --=======1CBD3459======= Content-Type: text/plain; charset=us-ascii; x-avg=cert; x-avg-checked=avg-ok-1AB42B13 Content-Disposition: inline --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002 --=======1CBD3459=======-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Fw: DVD's (was [CANSLIM] WCOM restatement) Date: 26 Jun 2002 11:29:55 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0147_01C21D04.CB859840 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable For starters: -DVD distributors such as DISK, HDL etc -Retailers such as AMZN, BBY etc -Hardware---runs the gamut from gaming hardware (Nintendo, XBox, etc), = to video chips to handle the increased graphics requirements, to -DVD = players (Samsung, Matsushita), to chips (INTC and some specialty chip = makers), to DVD drive makers, etc. -Software, such as NAVR and ROXI etc. -Hardware components distributors such as TECD, IM, Games Makers who = will beef up games offereings given the extra content capabilities of = DVD based games, etc. -etc -etc Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:50 AM Subject: RE: [CANSLIM] WCOM restatement Katherine- I think you recapped the past three weeks worth of conversations- = we're all bored! So let me pose this question to the group: DVD's. Who = makes money off DVD's?=20 ----- ------=_NextPart_000_0147_01C21D04.CB859840 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable

For starters:
 
-DVD distributors such as DISK, HDL etc
-Retailers such as AMZN, BBY etc
-Hardware---runs the gamut from gaming hardware (Nintendo, XBox, = etc), to=20 video chips to handle the increased graphics requirements, to -DVD = players=20 (Samsung, Matsushita), to chips (INTC and some specialty chip makers), = to DVD=20 drive makers, etc.
-Software, such as NAVR and ROXI etc.
-Hardware components distributors such as TECD, IM, Games Makers = who will=20 beef up games offereings given the extra content capabilities of DVD = based=20 games, etc.
-etc
-etc
 
Katherine
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, 2002 = 10:50=20 AM
Subject: RE: [CANSLIM] WCOM=20 restatement

Katherine-
 
I=20 think you recapped the past three weeks worth of conversations- we're = all=20 bored! So let me pose this question to the group: DVD's. Who makes = money off=20 DVD's?

------=_NextPart_000_0147_01C21D04.CB859840-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: DVD's (was [CANSLIM] WCOM restatement) Date: 26 Jun 2002 11:27:20 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0135_01C21D04.6F3341A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable For starters: -DVD distributors such as DISK, HDL etc -Retailers such as AMZN, BBY etc -Hardware---runs the gamut from gaming hardware (Nintendo, XBox, etc), = to video chips to handle the increased graphics requirements, to -DVD = players (Samsung, Matsushita), to chips (INTC and some specialty chip = makers), to DVD drive makers, etc. -Software, such as NAVR and ROXI etc. -Hardware components distributors such as TECD, IM, Games Makers who = will beef up games offereings given the extra content capabilities of = DVD based games, etc. -etc -etc Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:50 AM Subject: RE: [CANSLIM] WCOM restatement Katherine- I think you recapped the past three weeks worth of conversations- = we're all bored! So let me pose this question to the group: DVD's. Who = makes money off DVD's?=20 -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 10:40 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement Hi Kelly, The '87 crash was considerably different....far more an event than a = process as is the current Bear which is undoing the excesses of the late = '90's. At that time, cocktail conversations rarely included talk of = stocks, but on Black Monday...people who didn't even know what the stock = market was all about were gathered around the TV at lunch time. In = retrospect, the Fed's quick intervention and the adjustments to program = trading guidelines made this a blip on the bull market screen, so the = "throwing in the towel" talk was far more short-lived than now. Most = folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of market = history. But I'd bet the same conversations could be heard in the 30's = and the 60's. Sometimes the best way to *really* learn it is to live it. Besides, we're bored to tears..... :)) But I *am* enjoying the time = off to pursue summer reading...throw away novels of little consequence, = mindless fluff ....ah, what a pleasure! Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:25 AM Subject: RE: [CANSLIM] WCOM restatement If I were new to this earth and had just learned what the US stock = market was by reading the comments shared this morning post-Worldcom I'd = think the stock market was going bye-bye. I'll admit- I'm still wet = behind the ears when it comes to investing experience but I can't for a = minute believe that the same types of comments weren't passed around = (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone = remember back that far? I am correct and memory short? Or this truly = "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD = I own! -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] WCOM restatement At the risk of being corny, I thought I'd dig up some quotes from = the movie "Wall Street" (because Hollywood tells us everything we need to = know about life ;-) "The main thing about money, Bud, is that it makes you do things = you don't want to do." "Stop going for the easy buck and start producing something with = your life. Create, instead of living off the buying and selling of others."=20 "Stick to the fundamentals. That's how IBM and Hilton were = built." "There are no shotcuts. Quick-buck artists come and go with every = bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never = does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At = that moment, man finds his character. And that is what keeps him out of = the abyss." Of course, the movie is packed with many more "bullish" quotes, = but those will have to wait for another day. -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Wednesday, June 26, 2002 10:33 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, = instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) = that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for = cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for = Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper = towels. Donnelly DON (mirrors for cars) is to be bought out by Magna = (they make car parts) at 38% premium. ----- Original Message ----- From: "Duke Miller" To: Sent: Wednesday, June 26, 2002 10:07 AM Subject: RE: [CANSLIM] WCOM restatement > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% = last two > years. Soap, toothpaste, quality people. All things you can = count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston = Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can = see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as = the > crooks are less likely to borrow or steal funds to pay = dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the = recent > > events show why I don't use classical statistical techniques = in > > investing. I sold all my individual holdings in November - = haven't > > bought back in. Still hold the mutual funds for long term, = but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm = 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the = last one. > > > There are other skeletons in the closet. More importantly = the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged = financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits = by inflow > > > > of cash from other countries into our markets. The falling = dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the = ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby = create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am = cynical. > > > Today > > > the market lost me as an investor for a very long time. I = quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of = Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction = that > > > blinds > > > > them to the possibility that there is a tomorrow... They = run the > > > > business like they live their life. All today and no = tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things = for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in = the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing = off on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away = last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP = (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear = that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, = and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems = in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like = Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but = also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every = major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > > practices, I doubt anyone will believe that we have = finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In the > > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In the > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In the > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for = viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_0135_01C21D04.6F3341A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
For starters:
 
-DVD distributors such as DISK, HDL etc
-Retailers such as AMZN, BBY etc
-Hardware---runs the gamut from gaming hardware (Nintendo, XBox, = etc), to=20 video chips to handle the increased graphics requirements, to -DVD = players=20 (Samsung, Matsushita), to chips (INTC and some specialty chip makers), = to DVD=20 drive makers, etc.
-Software, such as NAVR and ROXI etc.
-Hardware components distributors such as TECD, IM, Games Makers = who will=20 beef up games offereings given the extra content capabilities of DVD = based=20 games, etc.
-etc
-etc
 
Katherine
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, 2002 = 10:50=20 AM
Subject: RE: [CANSLIM] WCOM=20 restatement

Katherine-
 
I=20 think you recapped the past three weeks worth of conversations- we're = all=20 bored! So let me pose this question to the group: DVD's. Who makes = money off=20 DVD's?
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002 10:40=20 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more an event = than a=20 process as is the current Bear which is undoing the excesses of the = late=20 '90's. At that time, cocktail conversations rarely included talk of = stocks,=20 but on Black Monday...people who didn't even know what the stock = market was=20 all about were gathered around the TV at lunch time. In retrospect, = the=20 Fed's quick intervention and the adjustments to program trading = guidelines=20 made this a blip on the bull market screen, so the "throwing in the = towel"=20 talk was far more short-lived than now. Most folks investing these = days know=20 little of what creates value and perceived value in the stock = market. Even=20 fewer are students of market history. But I'd bet the same = conversations=20 could be heard in the 30's and the 60's. Sometimes the best way to = *really*=20 learn it is to live it.
 
Besides, we're bored to tears..... :)) But I *am* enjoying the = time off=20 to pursue summer reading...throw away novels of little = consequence,=20 mindless fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly=20 Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June 26, = 2002 10:25=20 AM
Subject: RE: [CANSLIM] WCOM = restatement

If I were new to this earth and had just learned = what the=20 US stock market was by reading the comments shared this morning=20 post-Worldcom I'd think the stock market was going bye-bye. I'll = admit-=20 I'm still wet behind the ears when it comes to investing = experience but I=20 can't for a minute believe that the same types of comments weren't = passed=20 around (albeit pre-Internet, shiver) regarding the 1987 crash. Can = anyone=20 remember back that far? I am correct and memory short? Or this = truly=20 "new"? Sorry folks- I was in the sixth grade in=20 1987.

Kelly

P.S. - thanks for the "Wall Street" = quotes- it's=20 the most used DVD I own!

-----Original = Message-----
From:=20 Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent: = Wednesday,=20 June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of being = corny, I=20 thought I'd dig up some quotes from the movie
"Wall Street" = (because=20 Hollywood tells us everything we need to know about
life=20 ;-)

"The main thing about money, Bud, is that it makes you = do=20 things you don't
want to do."

"Stop going for the easy = buck and=20 start producing something with your life.
Create, instead of = living off=20 the buying and selling of others."

"Stick to the=20 fundamentals.  That's how IBM and Hilton were = built."

"There=20 are no shotcuts.  Quick-buck artists come and go with every=20 bull
market, but the steady players make it through the bear=20 markets."

"You're on a roll, kid.  Enjoy it while it = lasts,=20 becuase it never does."

and, of course...

"Man looks = in the=20 abyss, there's nothing staring back at him. At that
moment, man = finds=20 his character. And that is what keeps him out of = the
abyss."

Of=20 course, the movie is packed with many more "bullish" quotes, but=20 those
will have to wait for another day.

-----Original=20 Message-----
From: Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, 2002 = 10:33=20 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the rust belt = are back=20 in style.

I believe the expression is "The meek shall = inherit the=20 earth".
There is merit to the people who work and sweat for a = living,=20 instead of the
glorified crooks of the past three = years.
Remember=20 all those clowns forming companies (with NO EARNINGS) that = had
market=20 capitalization greater than that of General = Motors?

Today:
Lear=20 LEI is up.They make car seats and interior parts.
Delphi DPH = guided up=20 yesterday. They make electronic parts for cars = (mostly
GM).
Visteon=20 VC guided up this morning.They make car parts (mostly for=20 Ford).
P&G ( as Duke pointed out) is up. Soap, toothpaste = and paper=20 towels.
Donnelly DON  (mirrors for cars) is to be bought = out by=20 Magna (they make car
parts) at 38% = premium.




-----=20 Original Message -----
From: "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] WCOM=20 restatement


> Absolutely.
>
> P&G is = up over=20 $1 at the open this a.m.  Up 16% this year.  43% last=20 two
> years.  Soap, toothpaste, quality people.  = All=20 things you can count
> (on).
>
> = Duke
>
> (I=20 do have a position in P&G)
>
> -----Original=20 Message-----
> From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston=20 Little
> Sent: Wednesday, June 26, 2002 9:48 AM
> To: = canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM restatement
>
>
> = There may=20 be some merit to companies that make goods that I can see,
> = touch=20 and count such as houses, cars, chemicals.
>
> There = may also=20 be some merit to companies that pay dividends, as the
> = crooks are=20 less likely to borrow or steal funds to pay=20 dividends.
>
>
> ----- Original Message = -----
>=20 From: "Dave Cameron" <dfcameron@yahoo.com>
> = <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE: = [CANSLIM] WCOM=20 restatement
>
>
> > Rocky (and all),
>=20 >
> > Yeah... this is amazing.   As a = professional=20 statistician, the recent
> > events show why I don't use=20 classical statistical techniques in
> > = investing.   I=20 sold all my individual holdings in November - haven't
> > = bought=20 back in.   Still hold the mutual funds for long term,=20 but
> > continue to watch them dwindle.
> = >
> >=20 My line to people at work is that I'll be working until I'm = 80....
>=20 >
> > Dave
> >
> > --- Rocky Sanghvi = <rs@mylodestar.com> = wrote:
>=20 > > I wish I could say that today coming blowoff will be the = last=20 one.
> > > There are other skeletons in the = closet.  More=20 importantly the
> > > impact of the
> > > = dropping=20 dollar will be enormous in our highly leveraged financial
> = >=20 > system.
> > >
> > > From ECON = 101
>=20 > > Until now we were managing to balance our foreign = deficits by=20 inflow
>
> > > of cash from other countries into = our=20 markets.  The falling dollar
> > > is an=20 indication
> > > that money is moving OUT of the=20 country.  Watch out for the ripple
> > > = effects.
>=20 > >
> > > Unless ofcourse we attack Iraq = immediately and=20 thereby create "a
> > > demand" for
> > > = the the=20 safety of the American dollar.  ;)   I guess I am=20 cynical.
> > > Today
> > > the market lost = me as=20 an investor for a very long time.  I quit.
> > = >
>=20 > > -----Original Message-----
> > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of = Winston=20 Little
> > > Sent: Wednesday, June 26, 2002 8:34 = AM
>=20 > > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> >=20 >
> > >
> > >
> > > The = mantra of=20 the clowns:
> > > "I want it ALL"
> > > = "Give it=20 to me NOW"
> > > "It is MINE, I deserve it"
> = >=20 >
> > > ----- Original Message -----
> > = >=20 From: "Kent Norman" <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> > > = Subject: RE: [CANSLIM] WCOM restatement
> > >
> = >=20 >
> > > > The answer is:
> > > = >
>=20 > > > The same childish, short-sighted, immediate = satisfaction=20 that
> > > blinds
> > > > them to the=20 possibility that there is a tomorrow... They run the
> > = >=20 > business like they live their life. All today and no=20 tomorrow.
> > > >
> > > > Kent=20 Norman
> > > >
> > > > --- = "Cefaloni, John L=20 Jr. [AMSTA-AR-WEA]"
> > > <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well said, = Tom. =20 What is it that makes people do things for
> > >=20 temporary
> > > > > gain
> > > > = >=20 when they know they'll probably get slammed for it in the
> = >=20 > future?
> > > > >
> > > > = > I=20 guess it's just greed, stupidity and arrogance.
> > > = >=20 >
> > > > > -----Original = Message-----
> >=20 > > > From: Tom Worley = [mailto:stkguru@bellsouth.net]
>=20 > > > > Sent: Wednesday, June 26, 2002 12:53 = AM
> >=20 > > > To: CANSLIM
> > > > > Subject: = [CANSLIM]=20 WCOM restatement
> > > > >
> > > = >=20 >
> > > > > once again, Andersen strikes = again, this=20 time by signing off on
> > > > > Worldcom hiding = over $3=20 billion in expenses as capital
> > > > > = expenditures,=20 and
> > > thus
> > > > > inflating = cash=20 flow. Restatement expected to take away last
> > >=20 five
> > > > > quarters of
> > > = > >=20 profits and turn them into losses.
> > > > = >
>=20 > > > > Who gave this sanction to a deviation from = GAAP=20 (Generally
> > > Accepted
> > > > >=20 Accounting Principles)?? Andersen, of course. It's clear = that
> >=20 > Enron
> > > > > was only
> > > = >=20 > the tip of the iceberg, as if Waste Management, Sunbeam, and=20 a
> > > host
> > > > > of = other
> >=20 > > > companies were not sufficient warning of major = problems=20 in
> > > corporate
> > > > > = policy
>=20 > > > > and infrastructure. Sad to see a great name = like=20 Andersen
> > > prostituted
> > > > > = to
> > > > > selling its certification services = for any=20 price, but also
> > > clear that
> > > = > >=20 it
> > > > > must disappear from corporate = America. And=20 until every major
> > > company
> > > > = >=20 audited
> > > > > by Andersen undergoes a = special review=20 by the SEC on accounting
> > > > > practices, I = doubt=20 anyone will believe that we have finally seen
>
> > = >=20 > > it all.
> > > > >
> > > = > >=20 Tom Worley
> > > > > stkguru@bellsouth.net
> = >=20 > > > AIM: TexWorley
> > > > >
> = >=20 > > >
> > > > >
> > > > = >=20 -
> > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In
> > > > > the email body, write "subscribe = canslim"=20 or -"unsubscribe
> > > > > canslim".  Do = not use=20 quotes in your email.
> > > > >
> > = > >=20 > -
> > > > > -To subscribe/unsubscribe, = email "majordomo@xmission.com" = -In
> > > > > the email body, write "subscribe = canslim"=20 or -"unsubscribe
> > > > > canslim".  Do = not use=20 quotes in your email.
> > > >
> > >=20 >
> > > > =3D=3D=3D=3D=3D
> > > > = Opportunities=20 always look bigger going than coming.
> > > = >
> >=20 > > = __________________________________________________
> >=20 > > Do You Yahoo!?
> > > > Yahoo! - Official = partner=20 of 2002 FIFA World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > > -To = subscribe/unsubscribe, email "majordomo@xmission.com" = -In=20 the
> > > > email body, write "subscribe canslim" = or=20 -"unsubscribe canslim".
> > > > Do not use quotes = in your=20 email.
> > > >
> > >
> > = >
>=20 > > -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" = -In=20 the
> > > email body, write "subscribe canslim" or=20 -"unsubscribe canslim".  Do
>
> > > not use = quotes=20 in your email.
> > >
> > >
> >=20 >
> > > -
> > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"=20 -In the
> > > email body, write "subscribe canslim" or = -"unsubscribe canslim".  Do
>
> > > not use = quotes=20 in your email.
> >
> >
> > = =3D=3D=3D=3D=3D
> >=20 Dave Cameron
> > dfcameron@yahoo.com
>=20 >
> >=20 __________________________________________________
> > Do = You=20 Yahoo!?
> > Yahoo! - Official partner of 2002 FIFA World=20 Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, email = "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or=20 -"unsubscribe
> > canslim".  Do not use quotes in = your=20 email.
> >
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>
>
>=20 -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe=20 canslim".  Do not use quotes in your=20 email.
>


-
-To subscribe/unsubscribe, email = "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your email.

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for=20 viruses.
Visit us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your email.

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0135_01C21D04.6F3341A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: DVD's (was [CANSLIM] WCOM restatement) Date: 26 Jun 2002 11:42:06 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C21D30.6879DB48 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Katherine- =20 A wealth of information as usual- thank you. But WHO makes money in this = business? Is it Blockbuster? Philips/Sony? Movie Studios? Fed-Ex? Or = does anyone make money in DVD's (has it gone the way of the pc)? =20 I appreciate your opinions- Kelly -----Original Message----- Sent: Wednesday, June 26, 2002 11:27 AM For starters: =20 -DVD distributors such as DISK, HDL etc -Retailers such as AMZN, BBY etc -Hardware---runs the gamut from gaming hardware (Nintendo, XBox, etc), = to video chips to handle the increased graphics requirements, to -DVD = players (Samsung, Matsushita), to chips (INTC and some specialty chip = makers), to DVD drive makers, etc. -Software, such as NAVR and ROXI etc. -Hardware components distributors such as TECD, IM, Games Makers who = will beef up games offereings given the extra content capabilities of = DVD based games, etc. -etc -etc =20 Katherine ----- Original Message -----=20 Sent: Wednesday, June 26, 2002 10:50 AM Katherine- =20 I think you recapped the past three weeks worth of conversations- we're = all bored! So let me pose this question to the group: DVD's. Who makes = money off DVD's?=20 -----Original Message----- Sent: Wednesday, June 26, 2002 10:40 AM Hi Kelly, =20 The '87 crash was considerably different....far more an event than a = process as is the current Bear which is undoing the excesses of the late = '90's. At that time, cocktail conversations rarely included talk of = stocks, but on Black Monday...people who didn't even know what the stock = market was all about were gathered around the TV at lunch time. In = retrospect, the Fed's quick intervention and the adjustments to program = trading guidelines made this a blip on the bull market screen, so the = "throwing in the towel" talk was far more short-lived than now. Most = folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of market = history. But I'd bet the same conversations could be heard in the 30's = and the 60's. Sometimes the best way to *really* learn it is to live it. =20 Besides, we're bored to tears..... :)) But I *am* enjoying the time off = to pursue summer reading...throw away novels of little consequence, = mindless fluff ....ah, what a pleasure! =20 Katherine =20 =20 ----- Original Message -----=20 Sent: Wednesday, June 26, 2002 10:25 AM If I were new to this earth and had just learned what the US stock = market was by reading the comments shared this morning post-Worldcom I'd = think the stock market was going bye-bye. I'll admit- I'm still wet = behind the ears when it comes to investing experience but I can't for a = minute believe that the same types of comments weren't passed around = (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone = remember back that far? I am correct and memory short? Or this truly = "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I = own! -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM At the risk of being corny, I thought I'd dig up some quotes from the = movie "Wall Street" (because Hollywood tells us everything we need to know = about life ;-) "The main thing about money, Bud, is that it makes you do things you = don't want to do." "Stop going for the easy buck and start producing something with your = life. Create, instead of living off the buying and selling of others."=20 "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never = does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but = those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of = the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars = (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make = car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last = two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" < dfcameron@yahoo.com> > To: < canslim@lists.xmission.com> > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the = recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi < rs@mylodestar.com> wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by = inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston = Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" < kent_norman@yahoo.com> > > > To: < canslim@lists.xmission.com> > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > < john.cefaloni@us.army.mil> > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off = on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > > practices, I doubt anyone will believe that we have finally = seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In = the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email " majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email " majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email " majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C21D30.6879DB48 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Katherine-
 
A=20 wealth of information as usual- thank you. But WHO makes money in this = business?=20 Is it Blockbuster? Philips/Sony? Movie Studios? Fed-Ex? Or does anyone = make=20 money in DVD's (has it gone the way of the pc)?
 
I=20 appreciate your opinions- Kelly
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, 2002 = 11:27=20 AM
To: canslim@lists.xmission.com
Subject: Re: = DVD's (was=20 [CANSLIM] WCOM restatement)

For starters:
 
-DVD distributors such as DISK, HDL etc
-Retailers such as AMZN, BBY etc
-Hardware---runs the gamut from gaming hardware (Nintendo, XBox, = etc), to=20 video chips to handle the increased graphics requirements, to -DVD = players=20 (Samsung, Matsushita), to chips (INTC and some specialty chip makers), = to DVD=20 drive makers, etc.
-Software, such as NAVR and ROXI etc.
-Hardware components distributors such as TECD, IM, Games Makers = who will=20 beef up games offereings given the extra content capabilities of DVD = based=20 games, etc.
-etc
-etc
 
Katherine
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, = 2002 10:50=20 AM
Subject: RE: [CANSLIM] WCOM=20 restatement

Katherine-
 
I=20 think you recapped the past three weeks worth of conversations- = we're all=20 bored! So let me pose this question to the group: DVD's. Who makes = money off=20 DVD's?
-----Original Message-----
From: Katherine Malm = [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002=20 10:40 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more an event = than a=20 process as is the current Bear which is undoing the excesses of = the late=20 '90's. At that time, cocktail conversations rarely included talk = of=20 stocks, but on Black Monday...people who didn't even know what the = stock=20 market was all about were gathered around the TV at lunch time. In = retrospect, the Fed's quick intervention and the adjustments to = program=20 trading guidelines made this a blip on the bull market screen, so = the=20 "throwing in the towel" talk was far more short-lived than now. = Most folks=20 investing these days know little of what creates value and = perceived value=20 in the stock market. Even fewer are students of market history. = But I'd=20 bet the same conversations could be heard in the 30's and the = 60's.=20 Sometimes the best way to *really* learn it is to live it.
 
Besides, we're bored to tears..... :)) But I *am* enjoying = the time=20 off to pursue summer reading...throw away novels of little=20 consequence, mindless fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June 26, = 2002=20 10:25 AM
Subject: RE: [CANSLIM] = WCOM=20 restatement

If I were new to this earth and had just learned = what the=20 US stock market was by reading the comments shared this morning=20 post-Worldcom I'd think the stock market was going bye-bye. I'll = admit-=20 I'm still wet behind the ears when it comes to investing = experience but=20 I can't for a minute believe that the same types of comments = weren't=20 passed around (albeit pre-Internet, shiver) regarding the 1987 = crash.=20 Can anyone remember back that far? I am correct and memory = short? Or=20 this truly "new"? Sorry folks- I was in the sixth grade in=20 1987.

Kelly

P.S. - thanks for the "Wall Street" = quotes-=20 it's the most used DVD I own!

-----Original = Message-----
From:=20 Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent: = Wednesday,=20 June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of being = corny, I=20 thought I'd dig up some quotes from the movie
"Wall Street" = (because=20 Hollywood tells us everything we need to know about
life=20 ;-)

"The main thing about money, Bud, is that it makes = you do=20 things you don't
want to do."

"Stop going for the easy = buck=20 and start producing something with your life.
Create, instead = of=20 living off the buying and selling of others."

"Stick to = the=20 fundamentals.  That's how IBM and Hilton were = built."

"There=20 are no shotcuts.  Quick-buck artists come and go with every = bull
market, but the steady players make it through the bear=20 markets."

"You're on a roll, kid.  Enjoy it while it = lasts,=20 becuase it never does."

and, of course...

"Man = looks in=20 the abyss, there's nothing staring back at him. At = that
moment, man=20 finds his character. And that is what keeps him out of=20 the
abyss."

Of course, the movie is packed with many = more=20 "bullish" quotes, but those
will have to wait for another=20 day.

-----Original Message-----
From: Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, 2002 = 10:33=20 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the rust = belt are=20 back in style.

I believe the expression is "The meek = shall=20 inherit the earth".
There is merit to the people who work and = sweat=20 for a living, instead of the
glorified crooks of the past = three=20 years.
Remember all those clowns forming companies (with NO = EARNINGS)=20 that had
market capitalization greater than that of General=20 Motors?

Today:
Lear LEI is up.They make car seats and = interior=20 parts.
Delphi DPH guided up yesterday. They make electronic = parts for=20 cars (mostly
GM).
Visteon VC guided up this morning.They = make car=20 parts (mostly for Ford).
P&G ( as Duke pointed out) is = up. Soap,=20 toothpaste and paper towels.
Donnelly DON  (mirrors for = cars) is=20 to be bought out by Magna (they make car
parts) at 38%=20 premium.




----- Original Message = -----
From: "Duke=20 Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] WCOM = restatement


> Absolutely.
>
> P&G = is up=20 over $1 at the open this a.m.  Up 16% this year.  43% = last=20 two
> years.  Soap, toothpaste, quality people.  = All=20 things you can count
> (on).
>
> = Duke
>
>=20 (I do have a position in P&G)
>
> -----Original=20 Message-----
> From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston=20 Little
> Sent: Wednesday, June 26, 2002 9:48 AM
> = = href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM restatement
>
>
> = There=20 may be some merit to companies that make goods that I can = see,
>=20 touch and count such as houses, cars, chemicals.
>
> = There=20 may also be some merit to companies that pay dividends, as = the
>=20 crooks are less likely to borrow or steal funds to pay=20 dividends.
>
>
> ----- Original Message = -----
>=20 From: "Dave Cameron" <dfcameron@yahoo.com>
>=20 To: <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE: = [CANSLIM]=20 WCOM restatement
>
>
> > Rocky (and = all),
>=20 >
> > Yeah... this is amazing.   As a = professional=20 statistician, the recent
> > events show why I don't = use=20 classical statistical techniques in
> > = investing.  =20 I sold all my individual holdings in November - haven't
> = >=20 bought back in.   Still hold the mutual funds for long = term,=20 but
> > continue to watch them dwindle.
> = >
>=20 > My line to people at work is that I'll be working until I'm = 80....
> >
> > Dave
> >
> > = ---=20 Rocky Sanghvi <rs@mylodestar.com> = wrote:
>=20 > > I wish I could say that today coming blowoff will be = the last=20 one.
> > > There are other skeletons in the = closet. =20 More importantly the
> > > impact of the
> = > >=20 dropping dollar will be enormous in our highly leveraged=20 financial
> > > system.
> > >
> = > >=20 From ECON 101
> > > Until now we were managing to = balance=20 our foreign deficits by inflow
>
> > > of cash = from=20 other countries into our markets.  The falling = dollar
> >=20 > is an indication
> > > that money is moving OUT = of the=20 country.  Watch out for the ripple
> > >=20 effects.
> > >
> > > Unless ofcourse we = attack=20 Iraq immediately and thereby create "a
> > > demand" = for
> > > the the safety of the American = dollar. =20 ;)   I guess I am cynical.
> > > = Today
>=20 > > the market lost me as an investor for a very long = time. =20 I quit.
> > >
> > > -----Original=20 Message-----
> > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of = Winston=20 Little
> > > Sent: Wednesday, June 26, 2002 8:34 = AM
>=20 > > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> >=20 >
> > >
> > >
> > > The = mantra of=20 the clowns:
> > > "I want it ALL"
> > > = "Give it=20 to me NOW"
> > > "It is MINE, I deserve it"
> = >=20 >
> > > ----- Original Message -----
> > = >=20 From: "Kent Norman" <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> > = >=20 Subject: RE: [CANSLIM] WCOM restatement
> > = >
> >=20 >
> > > > The answer is:
> > >=20 >
> > > > The same childish, short-sighted, = immediate=20 satisfaction that
> > > blinds
> > > = > them=20 to the possibility that there is a tomorrow... They run = the
> >=20 > > business like they live their life. All today and no=20 tomorrow.
> > > >
> > > > Kent=20 Norman
> > > >
> > > > --- = "Cefaloni, John=20 L Jr. [AMSTA-AR-WEA]"
> > > <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well said, = Tom. =20 What is it that makes people do things for
> > >=20 temporary
> > > > > gain
> > > = > >=20 when they know they'll probably get slammed for it in = the
> >=20 > future?
> > > > >
> > > > = > I=20 guess it's just greed, stupidity and arrogance.
> > = > >=20 >
> > > > > -----Original = Message-----
> >=20 > > > From: Tom Worley = [mailto:stkguru@bellsouth.net]
>=20 > > > > Sent: Wednesday, June 26, 2002 12:53 = AM
> >=20 > > > To: CANSLIM
> > > > > Subject:=20 [CANSLIM] WCOM restatement
> > > > >
> = > >=20 > >
> > > > > once again, Andersen = strikes=20 again, this time by signing off on
> > > > > = Worldcom=20 hiding over $3 billion in expenses as capital
> > > = >=20 > expenditures, and
> > > thus
> > > = >=20 > inflating cash flow. Restatement expected to take away = last
>=20 > > five
> > > > > quarters of
> = > >=20 > > profits and turn them into losses.
> > > = >=20 >
> > > > > Who gave this sanction to a = deviation=20 from GAAP (Generally
> > > Accepted
> > = > >=20 > Accounting Principles)?? Andersen, of course. It's clear=20 that
> > > Enron
> > > > > was=20 only
> > > > > the tip of the iceberg, as if = Waste=20 Management, Sunbeam, and a
> > > host
> > = > >=20 > of other
> > > > > companies were not = sufficient=20 warning of major problems in
> > > corporate
> = >=20 > > > policy
> > > > > and = infrastructure.=20 Sad to see a great name like Andersen
> > >=20 prostituted
> > > > > to
> > > = > >=20 selling its certification services for any price, but = also
> >=20 > clear that
> > > > > it
> > > = >=20 > must disappear from corporate America. And until every=20 major
> > > company
> > > > >=20 audited
> > > > > by Andersen undergoes a = special=20 review by the SEC on accounting
> > > > > = practices, I=20 doubt anyone will believe that we have finally = seen
>
> >=20 > > > it all.
> > > > >
> > = >=20 > > Tom Worley
> > > > > stkguru@bellsouth.net
>=20 > > > > AIM: TexWorley
> > > > = >
>=20 > > > >
> > > > >
> > = > >=20 > -
> > > > > -To subscribe/unsubscribe, = email "majordomo@xmission.com"=20 -In
> > > > > the email body, write "subscribe = canslim" or -"unsubscribe
> > > > > = canslim".  Do=20 not use quotes in your email.
> > > > = >
> >=20 > > > -
> > > > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"=20 -In
> > > > > the email body, write "subscribe = canslim" or -"unsubscribe
> > > > > = canslim".  Do=20 not use quotes in your email.
> > > >
> = > >=20 >
> > > > =3D=3D=3D=3D=3D
> > > = > Opportunities=20 always look bigger going than coming.
> > > = >
>=20 > > >=20 __________________________________________________
> > = >=20 > Do You Yahoo!?
> > > > Yahoo! - Official = partner of=20 2002 FIFA World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > > = -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" -In=20 the
> > > > email body, write "subscribe canslim" = or=20 -"unsubscribe canslim".
> > > > Do not use quotes = in your=20 email.
> > > >
> > >
> >=20 >
> > > -
> > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In=20 the
> > > email body, write "subscribe canslim" or=20 -"unsubscribe canslim".  Do
>
> > > not = use=20 quotes in your email.
> > >
> > = >
> >=20 >
> > > -
> > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In=20 the
> > > email body, write "subscribe canslim" or=20 -"unsubscribe canslim".  Do
>
> > > not = use=20 quotes in your email.
> >
> >
> >=20 =3D=3D=3D=3D=3D
> > Dave Cameron
> > dfcameron@yahoo.com
>=20 >
> >=20 __________________________________________________
> > = Do You=20 Yahoo!?
> > Yahoo! - Official partner of 2002 FIFA = World=20 Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, = email "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or=20 -"unsubscribe
> > canslim".  Do not use quotes in = your=20 email.
> >
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>
>
>=20 -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe=20 canslim".  Do not use quotes in your=20 email.
>


-
-To subscribe/unsubscribe, email = "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your email.

-
-To = subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for=20 viruses.
Visit us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C21D30.6879DB48-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: DVD's (was [CANSLIM] WCOM restatement) Date: 26 Jun 2002 13:07:38 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0093_01C21D12.721FD1E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Consider who does NOT make money on DVD. AMZN (Ha!..Ha!...Ha ...the laughing CEO) has not ..unless you consider = PRO-FORMA to be making money .. and perhaps never will .. the more they = sell ..is the more they lose! ROXI just had their head handed to them on a platter this morning (down = 50%) ...PER =3D105 ... wont make the $0.14 expected ... consider = something closer to $0.02 or less and the beat goes on....... ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 12:42 PM Subject: RE: DVD's (was [CANSLIM] WCOM restatement) Katherine- A wealth of information as usual- thank you. But WHO makes money in = this business? Is it Blockbuster? Philips/Sony? Movie Studios? Fed-Ex? = Or does anyone make money in DVD's (has it gone the way of the pc)? I appreciate your opinions- Kelly -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 11:27 AM To: canslim@lists.xmission.com Subject: Re: DVD's (was [CANSLIM] WCOM restatement) For starters: -DVD distributors such as DISK, HDL etc -Retailers such as AMZN, BBY etc -Hardware---runs the gamut from gaming hardware (Nintendo, XBox, = etc), to video chips to handle the increased graphics requirements, to = -DVD players (Samsung, Matsushita), to chips (INTC and some specialty = chip makers), to DVD drive makers, etc. -Software, such as NAVR and ROXI etc. -Hardware components distributors such as TECD, IM, Games Makers who = will beef up games offereings given the extra content capabilities of = DVD based games, etc. -etc -etc Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:50 AM Subject: RE: [CANSLIM] WCOM restatement Katherine- I think you recapped the past three weeks worth of conversations- = we're all bored! So let me pose this question to the group: DVD's. Who = makes money off DVD's?=20 -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 10:40 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement Hi Kelly, The '87 crash was considerably different....far more an event = than a process as is the current Bear which is undoing the excesses of = the late '90's. At that time, cocktail conversations rarely included = talk of stocks, but on Black Monday...people who didn't even know what = the stock market was all about were gathered around the TV at lunch = time. In retrospect, the Fed's quick intervention and the adjustments to = program trading guidelines made this a blip on the bull market screen, = so the "throwing in the towel" talk was far more short-lived than now. = Most folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of market = history. But I'd bet the same conversations could be heard in the 30's = and the 60's. Sometimes the best way to *really* learn it is to live it. Besides, we're bored to tears..... :)) But I *am* enjoying the = time off to pursue summer reading...throw away novels of little = consequence, mindless fluff ....ah, what a pleasure! Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:25 AM Subject: RE: [CANSLIM] WCOM restatement If I were new to this earth and had just learned what the US = stock market was by reading the comments shared this morning = post-Worldcom I'd think the stock market was going bye-bye. I'll admit- = I'm still wet behind the ears when it comes to investing experience but = I can't for a minute believe that the same types of comments weren't = passed around (albeit pre-Internet, shiver) regarding the 1987 crash. = Can anyone remember back that far? I am correct and memory short? Or = this truly "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used = DVD I own! -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] WCOM restatement At the risk of being corny, I thought I'd dig up some quotes = from the movie "Wall Street" (because Hollywood tells us everything we need = to know about life ;-) "The main thing about money, Bud, is that it makes you do = things you don't want to do." "Stop going for the easy buck and start producing something = with your life. Create, instead of living off the buying and selling of = others."=20 "Stick to the fundamentals. That's how IBM and Hilton were = built." "There are no shotcuts. Quick-buck artists come and go with = every bull market, but the steady players make it through the bear = markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it = never does." and, of course... "Man looks in the abyss, there's nothing staring back at him. = At that moment, man finds his character. And that is what keeps him = out of the abyss." Of course, the movie is packed with many more "bullish" = quotes, but those will have to wait for another day. -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Wednesday, June 26, 2002 10:33 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement People in the rust belt are back in style. I believe the expression is "The meek shall inherit the = earth". There is merit to the people who work and sweat for a living, = instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) = that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for = cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly = for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper = towels. Donnelly DON (mirrors for cars) is to be bought out by Magna = (they make car parts) at 38% premium. ----- Original Message ----- From: "Duke Miller" To: Sent: Wednesday, June 26, 2002 10:07 AM Subject: RE: [CANSLIM] WCOM restatement > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. = 43% last two > years. Soap, toothpaste, quality people. All things you = can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of = Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I = can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay = dividends, as the > crooks are less likely to borrow or steal funds to pay = dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, = the recent > > events show why I don't use classical statistical = techniques in > > investing. I sold all my individual holdings in November = - haven't > > bought back in. Still hold the mutual funds for long = term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until = I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the = last one. > > > There are other skeletons in the closet. More = importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged = financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign = deficits by inflow > > > > of cash from other countries into our markets. The = falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for = the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby = create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I = am cynical. > > > Today > > > the market lost me as an investor for a very long time. = I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of = Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate = satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... = They run the > > > > business like they live their life. All today and no = tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do = things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it = in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by = signing off on > > > > > Worldcom hiding over $3 billion in expenses as = capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take = away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP = (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's = clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, = Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major = problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like = Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, = but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until = every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > > practices, I doubt anyone will believe that we have = finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or = -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for = viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_0093_01C21D12.721FD1E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Consider who does NOT  make money on = DVD.
 
AMZN (Ha!..Ha!...Ha ...the laughing CEO) has not = .unless you=20 consider PRO-FORMA to be making money .. and perhaps never will .. the = more they=20 sell ..is the more they lose!
 
ROXI just had their head handed to them on a platter = this=20 morning (down 50%) ...PER =3D105 ... wont make the $0.14 expected = ..=20 consider something closer to $0.02 or less
 
and the beat goes on.......
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, 2002 = 12:42=20 PM
Subject: RE: DVD's (was = [CANSLIM] WCOM=20 restatement)

Katherine-
 
A=20 wealth of information as usual- thank you. But WHO makes money in this = business? Is it Blockbuster? Philips/Sony? Movie Studios? Fed-Ex? Or = does=20 anyone make money in DVD's (has it gone the way of the=20 pc)?
 
I=20 appreciate your opinions- Kelly
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002 11:27=20 AM
To: canslim@lists.xmission.com
Subject: Re: = DVD's=20 (was [CANSLIM] WCOM restatement)

For starters:
 
-DVD distributors such as DISK, HDL etc
-Retailers such as AMZN, BBY etc
-Hardware---runs the gamut from gaming hardware (Nintendo, = XBox, etc),=20 to video chips to handle the increased graphics requirements, to = -DVD=20 players (Samsung, Matsushita), to chips (INTC and some specialty = chip=20 makers), to DVD drive makers, etc.
-Software, such as NAVR and ROXI etc.
-Hardware components distributors such as TECD, IM, Games = Makers who=20 will beef up games offereings given the extra content capabilities = of DVD=20 based games, etc.
-etc
-etc
 
Katherine
----- Original Message ----- =
From:=20 Kelly=20 Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June 26, = 2002 10:50=20 AM
Subject: RE: [CANSLIM] WCOM = restatement

Katherine-
 
I think you recapped the past three weeks worth of = conversations-=20 we're all bored! So let me pose this question to the group: DVD's. = Who=20 makes money off DVD's?
-----Original Message-----
From: Katherine = Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002=20 10:40 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more an = event than=20 a process as is the current Bear which is undoing the excesses = of the=20 late '90's. At that time, cocktail conversations rarely included = talk of=20 stocks, but on Black Monday...people who didn't even know what = the stock=20 market was all about were gathered around the TV at lunch time. = In=20 retrospect, the Fed's quick intervention and the adjustments to = program=20 trading guidelines made this a blip on the bull market screen, = so the=20 "throwing in the towel" talk was far more short-lived than now. = Most=20 folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of = market=20 history. But I'd bet the same conversations could be heard in = the 30's=20 and the 60's. Sometimes the best way to *really* learn it is to = live=20 it.
 
Besides, we're bored to tears..... :)) But I *am* enjoying = the time=20 off to pursue summer reading...throw away novels of little=20 consequence, mindless fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June = 26, 2002=20 10:25 AM
Subject: RE: [CANSLIM] = WCOM=20 restatement

If I were new to this earth and had just = learned what=20 the US stock market was by reading the comments shared this = morning=20 post-Worldcom I'd think the stock market was going bye-bye. = I'll=20 admit- I'm still wet behind the ears when it comes to = investing=20 experience but I can't for a minute believe that the same = types of=20 comments weren't passed around (albeit pre-Internet, shiver) = regarding=20 the 1987 crash. Can anyone remember back that far? I am = correct and=20 memory short? Or this truly "new"? Sorry folks- I was in the = sixth=20 grade in 1987.

Kelly

P.S. - thanks for the "Wall = Street"=20 quotes- it's the most used DVD I own!

-----Original=20 Message-----
From: Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent:=20 Wednesday, June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of being = corny,=20 I thought I'd dig up some quotes from the movie
"Wall = Street"=20 (because Hollywood tells us everything we need to know = about
life=20 ;-)

"The main thing about money, Bud, is that it makes = you do=20 things you don't
want to do."

"Stop going for the = easy buck=20 and start producing something with your life.
Create, = instead of=20 living off the buying and selling of others."

"Stick = to the=20 fundamentals.  That's how IBM and Hilton were=20 built."

"There are no shotcuts.  Quick-buck = artists come=20 and go with every bull
market, but the steady players make = it=20 through the bear markets."

"You're on a roll, = kid.  Enjoy=20 it while it lasts, becuase it never does."

and, of=20 course...

"Man looks in the abyss, there's nothing = staring back=20 at him. At that
moment, man finds his character. And that = is what=20 keeps him out of the
abyss."

Of course, the movie is = packed=20 with many more "bullish" quotes, but those
will have to = wait for=20 another day.

-----Original Message-----
From: = Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, = 2002 10:33=20 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the rust = belt are=20 back in style.

I believe the expression is "The meek = shall=20 inherit the earth".
There is merit to the people who work = and sweat=20 for a living, instead of the
glorified crooks of the past = three=20 years.
Remember all those clowns forming companies (with NO = EARNINGS) that had
market capitalization greater than that = of=20 General Motors?

Today:
Lear LEI is up.They make car = seats=20 and interior parts.
Delphi DPH guided up yesterday. They = make=20 electronic parts for cars (mostly
GM).
Visteon VC guided = up this=20 morning.They make car parts (mostly for Ford).
P&G ( as = Duke=20 pointed out) is up. Soap, toothpaste and paper = towels.
Donnelly=20 DON  (mirrors for cars) is to be bought out by Magna = (they make=20 car
parts) at 38% premium.




----- = Original=20 Message -----
From: "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] = WCOM=20 restatement


> Absolutely.
>
> = P&G is up=20 over $1 at the open this a.m.  Up 16% this year.  = 43% last=20 two
> years.  Soap, toothpaste, quality = people.  All=20 things you can count
> (on).
>
>=20 Duke
>
> (I do have a position in = P&G)
>
>=20 -----Original Message-----
> From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston = Little
> Sent: Wednesday, June 26, 2002 9:48 AM
> = = href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM = restatement
>
>
> There=20 may be some merit to companies that make goods that I can = see,
>=20 touch and count such as houses, cars, = chemicals.
>
> There=20 may also be some merit to companies that pay dividends, as = the
>=20 crooks are less likely to borrow or steal funds to pay=20 dividends.
>
>
> ----- Original Message=20 -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
>=20 To: <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE: = [CANSLIM]=20 WCOM restatement
>
>
> > Rocky (and = all),
>=20 >
> > Yeah... this is amazing.   As a=20 professional statistician, the recent
> > events show = why I=20 don't use classical statistical techniques in
> >=20 investing.   I sold all my individual holdings in = November -=20 haven't
> > bought back in.   Still hold = the mutual=20 funds for long term, but
> > continue to watch them=20 dwindle.
> >
> > My line to people at work = is that=20 I'll be working until I'm 80....
> >
> >=20 Dave
> >
> > --- Rocky Sanghvi <rs@mylodestar.com>=20 wrote:
> > > I wish I could say that today coming = blowoff=20 will be the last one.
> > > There are other = skeletons in=20 the closet.  More importantly the
> > > = impact of=20 the
> > > dropping dollar will be enormous in our = highly=20 leveraged financial
> > > system.
> >=20 >
> > > From ECON 101
> > > Until = now we=20 were managing to balance our foreign deficits by=20 inflow
>
> > > of cash from other countries = into our=20 markets.  The falling dollar
> > > is an=20 indication
> > > that money is moving OUT of the=20 country.  Watch out for the ripple
> > >=20 effects.
> > >
> > > Unless ofcourse = we attack=20 Iraq immediately and thereby create "a
> > > = demand"=20 for
> > > the the safety of the American = dollar. =20 ;)   I guess I am cynical.
> > > = Today
>=20 > > the market lost me as an investor for a very long=20 time.  I quit.
> > >
> > > = -----Original=20 Message-----
> > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On Behalf = Of=20 Winston Little
> > > Sent: Wednesday, June 26, = 2002 8:34=20 AM
> > > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> > = >
> > >
> > >
> > > The = mantra=20 of the clowns:
> > > "I want it ALL"
> > = >=20 "Give it to me NOW"
> > > "It is MINE, I deserve=20 it"
> > >
> > > ----- Original Message = -----
> > > From: "Kent Norman" <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> > = >=20 Subject: RE: [CANSLIM] WCOM restatement
> > = >
> >=20 >
> > > > The answer is:
> > >=20 >
> > > > The same childish, short-sighted,=20 immediate satisfaction that
> > > blinds
> = > >=20 > them to the possibility that there is a tomorrow... They = run=20 the
> > > > business like they live their life. = All=20 today and no tomorrow.
> > > >
> > = > >=20 Kent Norman
> > > >
> > > > ---=20 "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> > > <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well said,=20 Tom.  What is it that makes people do things for
> = >=20 > temporary
> > > > > gain
> > = > >=20 > when they know they'll probably get slammed for it in = the
>=20 > > future?
> > > > >
> > = > >=20 > I guess it's just greed, stupidity and arrogance.
> = >=20 > > >
> > > > > -----Original=20 Message-----
> > > > > From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
> > > > > = Sent:=20 Wednesday, June 26, 2002 12:53 AM
> > > > > = CANSLIM
> > > > > Subject: [CANSLIM] WCOM=20 restatement
> > > > >
> > > > = >
> > > > > once again, Andersen strikes = again,=20 this time by signing off on
> > > > > = Worldcom=20 hiding over $3 billion in expenses as capital
> > = > >=20 > expenditures, and
> > > thus
> > = > >=20 > inflating cash flow. Restatement expected to take away=20 last
> > > five
> > > > > = quarters=20 of
> > > > > profits and turn them into=20 losses.
> > > > >
> > > > = > Who=20 gave this sanction to a deviation from GAAP (Generally
> = >=20 > Accepted
> > > > > Accounting = Principles)??=20 Andersen, of course. It's clear that
> > > = Enron
>=20 > > > > was only
> > > > > the = tip of=20 the iceberg, as if Waste Management, Sunbeam, and a
> = > >=20 host
> > > > > of other
> > > = > >=20 companies were not sufficient warning of major problems = in
>=20 > > corporate
> > > > > policy
> = >=20 > > > and infrastructure. Sad to see a great name = like=20 Andersen
> > > prostituted
> > > > = >=20 to
> > > > > selling its certification = services for=20 any price, but also
> > > clear that
> > = >=20 > > it
> > > > > must disappear from = corporate=20 America. And until every major
> > > = company
> >=20 > > > audited
> > > > > by Andersen = undergoes a special review by the SEC on accounting
> = > >=20 > > practices, I doubt anyone will believe that we have = finally=20 seen
>
> > > > > it all.
> > = >=20 > >
> > > > > Tom Worley
> > = >=20 > > stkguru@bellsouth.net
>=20 > > > > AIM: TexWorley
> > > > = >
>=20 > > > >
> > > > >
> > = > >=20 > -
> > > > > -To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > > = canslim". =20 Do not use quotes in your email.
> > > > = >
>=20 > > > > -
> > > > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > > = canslim". =20 Do not use quotes in your email.
> > > = >
> >=20 > >
> > > > =3D=3D=3D=3D=3D
> > = > >=20 Opportunities always look bigger going than coming.
> = > >=20 >
> > > >=20 __________________________________________________
> = > >=20 > Do You Yahoo!?
> > > > Yahoo! - Official = partner=20 of 2002 FIFA World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > > = -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" -In=20 the
> > > > email body, write "subscribe = canslim" or=20 -"unsubscribe canslim".
> > > > Do not use = quotes in=20 your email.
> > > >
> > >
> = >=20 >
> > > -
> > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In=20 the
> > > email body, write "subscribe canslim" or = -"unsubscribe canslim".  Do
>
> > > not = use=20 quotes in your email.
> > >
> > = >
> >=20 >
> > > -
> > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In=20 the
> > > email body, write "subscribe canslim" or = -"unsubscribe canslim".  Do
>
> > > not = use=20 quotes in your email.
> >
> >
> >=20 =3D=3D=3D=3D=3D
> > Dave Cameron
> > dfcameron@yahoo.com
>=20 >
> >=20 __________________________________________________
> = > Do You=20 Yahoo!?
> > Yahoo! - Official partner of 2002 FIFA = World=20 Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, = email "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or=20 -"unsubscribe
> > canslim".  Do not use quotes = in your=20 email.
> >
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe=20 canslim".  Do not use quotes in your=20 email.
>
>
> -
> -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe=20 canslim".  Do not use quotes in your=20 email.
>


-
-To subscribe/unsubscribe, = email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for=20 viruses.
Visit us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0093_01C21D12.721FD1E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: DVD's (was [CANSLIM] WCOM restatement) Date: 26 Jun 2002 12:08:39 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0156_01C21D0A.34F75CA0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Kelly, I'm not intimately familiar with all the names under this macrotheme, = but in general, I'd say that the shift to DVD-based entertainment has = been substantial and any time there is a secular shift in technology, = there are real profits to be had. In this case, I think the profits are = spread around very well between all industry sectors. (but as with all = technologies, those with the proprietary elements get the lion's share = of the profits) DVD prices are still quite high, though I noticed at = Christmas, for the first time, that the prices of DVD players had = dropped substantially, indicating that demand is reaching critical mass. = That means that the lower prices make DVD players more affordable = (scarcity becomes abundance), people replace and/or supplement their = VCR's with DVD's, and then demand for DVD media becomes larger. That = snowballs throughout the supply chain. Still up for grabs are = implementations of DVD recording standards established somewhat = recently....that could start a whole new chain of events. I'd been disinclined to compare DVD's to PCs....the former early in its = adoption life cycle, the latter late in its business life cycle = (maturity phase, though arguably not yet in the decline phase). Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 11:42 AM Subject: RE: DVD's (was [CANSLIM] WCOM restatement) Katherine- A wealth of information as usual- thank you. But WHO makes money in = this business? Is it Blockbuster? Philips/Sony? Movie Studios? Fed-Ex? = Or does anyone make money in DVD's (has it gone the way of the pc)? I appreciate your opinions- Kelly -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 11:27 AM To: canslim@lists.xmission.com Subject: Re: DVD's (was [CANSLIM] WCOM restatement) For starters: -DVD distributors such as DISK, HDL etc -Retailers such as AMZN, BBY etc -Hardware---runs the gamut from gaming hardware (Nintendo, XBox, = etc), to video chips to handle the increased graphics requirements, to = -DVD players (Samsung, Matsushita), to chips (INTC and some specialty = chip makers), to DVD drive makers, etc. -Software, such as NAVR and ROXI etc. -Hardware components distributors such as TECD, IM, Games Makers who = will beef up games offereings given the extra content capabilities of = DVD based games, etc. -etc -etc Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:50 AM Subject: RE: [CANSLIM] WCOM restatement Katherine- I think you recapped the past three weeks worth of conversations- = we're all bored! So let me pose this question to the group: DVD's. Who = makes money off DVD's?=20 -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 10:40 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement Hi Kelly, The '87 crash was considerably different....far more an event = than a process as is the current Bear which is undoing the excesses of = the late '90's. At that time, cocktail conversations rarely included = talk of stocks, but on Black Monday...people who didn't even know what = the stock market was all about were gathered around the TV at lunch = time. In retrospect, the Fed's quick intervention and the adjustments to = program trading guidelines made this a blip on the bull market screen, = so the "throwing in the towel" talk was far more short-lived than now. = Most folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of market = history. But I'd bet the same conversations could be heard in the 30's = and the 60's. Sometimes the best way to *really* learn it is to live it. Besides, we're bored to tears..... :)) But I *am* enjoying the = time off to pursue summer reading...throw away novels of little = consequence, mindless fluff ....ah, what a pleasure! Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:25 AM Subject: RE: [CANSLIM] WCOM restatement If I were new to this earth and had just learned what the US = stock market was by reading the comments shared this morning = post-Worldcom I'd think the stock market was going bye-bye. I'll admit- = I'm still wet behind the ears when it comes to investing experience but = I can't for a minute believe that the same types of comments weren't = passed around (albeit pre-Internet, shiver) regarding the 1987 crash. = Can anyone remember back that far? I am correct and memory short? Or = this truly "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used = DVD I own! -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] WCOM restatement At the risk of being corny, I thought I'd dig up some quotes = from the movie "Wall Street" (because Hollywood tells us everything we need = to know about life ;-) "The main thing about money, Bud, is that it makes you do = things you don't want to do." "Stop going for the easy buck and start producing something = with your life. Create, instead of living off the buying and selling of = others."=20 "Stick to the fundamentals. That's how IBM and Hilton were = built." "There are no shotcuts. Quick-buck artists come and go with = every bull market, but the steady players make it through the bear = markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it = never does." and, of course... "Man looks in the abyss, there's nothing staring back at him. = At that moment, man finds his character. And that is what keeps him = out of the abyss." Of course, the movie is packed with many more "bullish" = quotes, but those will have to wait for another day. -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Wednesday, June 26, 2002 10:33 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement People in the rust belt are back in style. I believe the expression is "The meek shall inherit the = earth". There is merit to the people who work and sweat for a living, = instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) = that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for = cars (mostly GM). Visteon VC guided up this morning.They make car parts (mostly = for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper = towels. Donnelly DON (mirrors for cars) is to be bought out by Magna = (they make car parts) at 38% premium. ----- Original Message ----- From: "Duke Miller" To: Sent: Wednesday, June 26, 2002 10:07 AM Subject: RE: [CANSLIM] WCOM restatement > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. = 43% last two > years. Soap, toothpaste, quality people. All things you = can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of = Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I = can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay = dividends, as the > crooks are less likely to borrow or steal funds to pay = dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, = the recent > > events show why I don't use classical statistical = techniques in > > investing. I sold all my individual holdings in November = - haven't > > bought back in. Still hold the mutual funds for long = term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until = I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be the = last one. > > > There are other skeletons in the closet. More = importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged = financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign = deficits by inflow > > > > of cash from other countries into our markets. The = falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for = the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby = create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I = am cynical. > > > Today > > > the market lost me as an investor for a very long time. = I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of = Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate = satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... = They run the > > > > business like they live their life. All today and no = tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do = things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it = in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by = signing off on > > > > > Worldcom hiding over $3 billion in expenses as = capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take = away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP = (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's = clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, = Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major = problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like = Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, = but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until = every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > > practices, I doubt anyone will believe that we have = finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe = canslim". Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or = -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for = viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_0156_01C21D0A.34F75CA0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Kelly,
 
I'm not intimately familiar with all the names under this = macrotheme, but=20 in general, I'd say that the shift to DVD-based entertainment has been=20 substantial and any time there is a secular shift in technology, there = are real=20 profits to be had. In this case, I think the profits are spread around = very well=20 between all industry sectors. (but as with all technologies, those with = the=20 proprietary elements get the lion's share of the profits)  DVD = prices are=20 still quite high, though I noticed at Christmas, for the first time, = that the=20 prices of DVD players had dropped substantially, indicating that demand = is=20 reaching critical mass. That means that the lower prices make DVD = players more=20 affordable (scarcity becomes abundance), people replace and/or = supplement their=20 VCR's with DVD's, and then demand for DVD media becomes larger. That = snowballs=20 throughout the supply chain. Still up for grabs are implementations of = DVD=20 recording standards established somewhat recently....that could start a = whole=20 new chain of events.
 
I'd been disinclined to compare DVD's to PCs....the former early in = its=20 adoption life cycle, the latter late in its business life cycle = (maturity phase,=20 though arguably not yet in the decline phase).
 
Katherine
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, 2002 = 11:42=20 AM
Subject: RE: DVD's (was = [CANSLIM] WCOM=20 restatement)

Katherine-
 
A=20 wealth of information as usual- thank you. But WHO makes money in this = business? Is it Blockbuster? Philips/Sony? Movie Studios? Fed-Ex? Or = does=20 anyone make money in DVD's (has it gone the way of the=20 pc)?
 
I=20 appreciate your opinions- Kelly
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002 11:27=20 AM
To: canslim@lists.xmission.com
Subject: Re: = DVD's=20 (was [CANSLIM] WCOM restatement)

For starters:
 
-DVD distributors such as DISK, HDL etc
-Retailers such as AMZN, BBY etc
-Hardware---runs the gamut from gaming hardware (Nintendo, = XBox, etc),=20 to video chips to handle the increased graphics requirements, to = -DVD=20 players (Samsung, Matsushita), to chips (INTC and some specialty = chip=20 makers), to DVD drive makers, etc.
-Software, such as NAVR and ROXI etc.
-Hardware components distributors such as TECD, IM, Games = Makers who=20 will beef up games offereings given the extra content capabilities = of DVD=20 based games, etc.
-etc
-etc
 
Katherine
----- Original Message ----- =
From:=20 Kelly=20 Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June 26, = 2002 10:50=20 AM
Subject: RE: [CANSLIM] WCOM = restatement

Katherine-
 
I think you recapped the past three weeks worth of = conversations-=20 we're all bored! So let me pose this question to the group: DVD's. = Who=20 makes money off DVD's?
-----Original Message-----
From: Katherine = Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002=20 10:40 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more an = event than=20 a process as is the current Bear which is undoing the excesses = of the=20 late '90's. At that time, cocktail conversations rarely included = talk of=20 stocks, but on Black Monday...people who didn't even know what = the stock=20 market was all about were gathered around the TV at lunch time. = In=20 retrospect, the Fed's quick intervention and the adjustments to = program=20 trading guidelines made this a blip on the bull market screen, = so the=20 "throwing in the towel" talk was far more short-lived than now. = Most=20 folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of = market=20 history. But I'd bet the same conversations could be heard in = the 30's=20 and the 60's. Sometimes the best way to *really* learn it is to = live=20 it.
 
Besides, we're bored to tears..... :)) But I *am* enjoying = the time=20 off to pursue summer reading...throw away novels of little=20 consequence, mindless fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June = 26, 2002=20 10:25 AM
Subject: RE: [CANSLIM] = WCOM=20 restatement

If I were new to this earth and had just = learned what=20 the US stock market was by reading the comments shared this = morning=20 post-Worldcom I'd think the stock market was going bye-bye. = I'll=20 admit- I'm still wet behind the ears when it comes to = investing=20 experience but I can't for a minute believe that the same = types of=20 comments weren't passed around (albeit pre-Internet, shiver) = regarding=20 the 1987 crash. Can anyone remember back that far? I am = correct and=20 memory short? Or this truly "new"? Sorry folks- I was in the = sixth=20 grade in 1987.

Kelly

P.S. - thanks for the "Wall = Street"=20 quotes- it's the most used DVD I own!

-----Original=20 Message-----
From: Cefaloni, John L Jr.=20 [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent:=20 Wednesday, June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of being = corny,=20 I thought I'd dig up some quotes from the movie
"Wall = Street"=20 (because Hollywood tells us everything we need to know = about
life=20 ;-)

"The main thing about money, Bud, is that it makes = you do=20 things you don't
want to do."

"Stop going for the = easy buck=20 and start producing something with your life.
Create, = instead of=20 living off the buying and selling of others."

"Stick = to the=20 fundamentals.  That's how IBM and Hilton were=20 built."

"There are no shotcuts.  Quick-buck = artists come=20 and go with every bull
market, but the steady players make = it=20 through the bear markets."

"You're on a roll, = kid.  Enjoy=20 it while it lasts, becuase it never does."

and, of=20 course...

"Man looks in the abyss, there's nothing = staring back=20 at him. At that
moment, man finds his character. And that = is what=20 keeps him out of the
abyss."

Of course, the movie is = packed=20 with many more "bullish" quotes, but those
will have to = wait for=20 another day.

-----Original Message-----
From: = Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, = 2002 10:33=20 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the rust = belt are=20 back in style.

I believe the expression is "The meek = shall=20 inherit the earth".
There is merit to the people who work = and sweat=20 for a living, instead of the
glorified crooks of the past = three=20 years.
Remember all those clowns forming companies (with NO = EARNINGS) that had
market capitalization greater than that = of=20 General Motors?

Today:
Lear LEI is up.They make car = seats=20 and interior parts.
Delphi DPH guided up yesterday. They = make=20 electronic parts for cars (mostly
GM).
Visteon VC guided = up this=20 morning.They make car parts (mostly for Ford).
P&G ( as = Duke=20 pointed out) is up. Soap, toothpaste and paper = towels.
Donnelly=20 DON  (mirrors for cars) is to be bought out by Magna = (they make=20 car
parts) at 38% premium.




----- = Original=20 Message -----
From: "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] = WCOM=20 restatement


> Absolutely.
>
> = P&G is up=20 over $1 at the open this a.m.  Up 16% this year.  = 43% last=20 two
> years.  Soap, toothpaste, quality = people.  All=20 things you can count
> (on).
>
>=20 Duke
>
> (I do have a position in = P&G)
>
>=20 -----Original Message-----
> From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston = Little
> Sent: Wednesday, June 26, 2002 9:48 AM
> = = href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM = restatement
>
>
> There=20 may be some merit to companies that make goods that I can = see,
>=20 touch and count such as houses, cars, = chemicals.
>
> There=20 may also be some merit to companies that pay dividends, as = the
>=20 crooks are less likely to borrow or steal funds to pay=20 dividends.
>
>
> ----- Original Message=20 -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
>=20 To: <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE: = [CANSLIM]=20 WCOM restatement
>
>
> > Rocky (and = all),
>=20 >
> > Yeah... this is amazing.   As a=20 professional statistician, the recent
> > events show = why I=20 don't use classical statistical techniques in
> >=20 investing.   I sold all my individual holdings in = November -=20 haven't
> > bought back in.   Still hold = the mutual=20 funds for long term, but
> > continue to watch them=20 dwindle.
> >
> > My line to people at work = is that=20 I'll be working until I'm 80....
> >
> >=20 Dave
> >
> > --- Rocky Sanghvi <rs@mylodestar.com>=20 wrote:
> > > I wish I could say that today coming = blowoff=20 will be the last one.
> > > There are other = skeletons in=20 the closet.  More importantly the
> > > = impact of=20 the
> > > dropping dollar will be enormous in our = highly=20 leveraged financial
> > > system.
> >=20 >
> > > From ECON 101
> > > Until = now we=20 were managing to balance our foreign deficits by=20 inflow
>
> > > of cash from other countries = into our=20 markets.  The falling dollar
> > > is an=20 indication
> > > that money is moving OUT of the=20 country.  Watch out for the ripple
> > >=20 effects.
> > >
> > > Unless ofcourse = we attack=20 Iraq immediately and thereby create "a
> > > = demand"=20 for
> > > the the safety of the American = dollar. =20 ;)   I guess I am cynical.
> > > = Today
>=20 > > the market lost me as an investor for a very long=20 time.  I quit.
> > >
> > > = -----Original=20 Message-----
> > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On Behalf = Of=20 Winston Little
> > > Sent: Wednesday, June 26, = 2002 8:34=20 AM
> > > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> > = >
> > >
> > >
> > > The = mantra=20 of the clowns:
> > > "I want it ALL"
> > = >=20 "Give it to me NOW"
> > > "It is MINE, I deserve=20 it"
> > >
> > > ----- Original Message = -----
> > > From: "Kent Norman" <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> > = >=20 Subject: RE: [CANSLIM] WCOM restatement
> > = >
> >=20 >
> > > > The answer is:
> > >=20 >
> > > > The same childish, short-sighted,=20 immediate satisfaction that
> > > blinds
> = > >=20 > them to the possibility that there is a tomorrow... They = run=20 the
> > > > business like they live their life. = All=20 today and no tomorrow.
> > > >
> > = > >=20 Kent Norman
> > > >
> > > > ---=20 "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> > > <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well said,=20 Tom.  What is it that makes people do things for
> = >=20 > temporary
> > > > > gain
> > = > >=20 > when they know they'll probably get slammed for it in = the
>=20 > > future?
> > > > >
> > = > >=20 > I guess it's just greed, stupidity and arrogance.
> = >=20 > > >
> > > > > -----Original=20 Message-----
> > > > > From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
> > > > > = Sent:=20 Wednesday, June 26, 2002 12:53 AM
> > > > > = CANSLIM
> > > > > Subject: [CANSLIM] WCOM=20 restatement
> > > > >
> > > > = >
> > > > > once again, Andersen strikes = again,=20 this time by signing off on
> > > > > = Worldcom=20 hiding over $3 billion in expenses as capital
> > = > >=20 > expenditures, and
> > > thus
> > = > >=20 > inflating cash flow. Restatement expected to take away=20 last
> > > five
> > > > > = quarters=20 of
> > > > > profits and turn them into=20 losses.
> > > > >
> > > > = > Who=20 gave this sanction to a deviation from GAAP (Generally
> = >=20 > Accepted
> > > > > Accounting = Principles)??=20 Andersen, of course. It's clear that
> > > = Enron
>=20 > > > > was only
> > > > > the = tip of=20 the iceberg, as if Waste Management, Sunbeam, and a
> = > >=20 host
> > > > > of other
> > > = > >=20 companies were not sufficient warning of major problems = in
>=20 > > corporate
> > > > > policy
> = >=20 > > > and infrastructure. Sad to see a great name = like=20 Andersen
> > > prostituted
> > > > = >=20 to
> > > > > selling its certification = services for=20 any price, but also
> > > clear that
> > = >=20 > > it
> > > > > must disappear from = corporate=20 America. And until every major
> > > = company
> >=20 > > > audited
> > > > > by Andersen = undergoes a special review by the SEC on accounting
> = > >=20 > > practices, I doubt anyone will believe that we have = finally=20 seen
>
> > > > > it all.
> > = >=20 > >
> > > > > Tom Worley
> > = >=20 > > stkguru@bellsouth.net
>=20 > > > > AIM: TexWorley
> > > > = >
>=20 > > > >
> > > > >
> > = > >=20 > -
> > > > > -To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > > = canslim". =20 Do not use quotes in your email.
> > > > = >
>=20 > > > > -
> > > > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > > = canslim". =20 Do not use quotes in your email.
> > > = >
> >=20 > >
> > > > =3D=3D=3D=3D=3D
> > = > >=20 Opportunities always look bigger going than coming.
> = > >=20 >
> > > >=20 __________________________________________________
> = > >=20 > Do You Yahoo!?
> > > > Yahoo! - Official = partner=20 of 2002 FIFA World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > > = -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" -In=20 the
> > > > email body, write "subscribe = canslim" or=20 -"unsubscribe canslim".
> > > > Do not use = quotes in=20 your email.
> > > >
> > >
> = >=20 >
> > > -
> > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In=20 the
> > > email body, write "subscribe canslim" or = -"unsubscribe canslim".  Do
>
> > > not = use=20 quotes in your email.
> > >
> > = >
> >=20 >
> > > -
> > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In=20 the
> > > email body, write "subscribe canslim" or = -"unsubscribe canslim".  Do
>
> > > not = use=20 quotes in your email.
> >
> >
> >=20 =3D=3D=3D=3D=3D
> > Dave Cameron
> > dfcameron@yahoo.com
>=20 >
> >=20 __________________________________________________
> = > Do You=20 Yahoo!?
> > Yahoo! - Official partner of 2002 FIFA = World=20 Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, = email "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or=20 -"unsubscribe
> > canslim".  Do not use quotes = in your=20 email.
> >
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe=20 canslim".  Do not use quotes in your=20 email.
>
>
> -
> -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe=20 canslim".  Do not use quotes in your=20 email.
>


-
-To subscribe/unsubscribe, = email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for=20 viruses.
Visit us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0156_01C21D0A.34F75CA0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: RE: [CANSLIM] WCOM restatement Date: 26 Jun 2002 11:46:26 -0600 Just don't do it again and we won't hold it against you.... On 26 Jun 2002 at 12:10, Duke Miller wrote: > I noted on CNBC this morning (forgive me, Father, for I have > sinned...but I just had to sneak a pundit peak) that the folks on "the - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] EBITDA Date: 26 Jun 2002 13:55:26 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_00CF_01C21D19.1FE849A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable David Faber on CNBC was speaking about WCOM. EBITDA =3D Earnings Before I Trick Dumb Auditors=20 is what was used to effect the fraud. ------=_NextPart_000_00CF_01C21D19.1FE849A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
David Faber on CNBC was speaking about = WCOM.
 
EBITDA =3D Earnings Before I Trick Dumb Auditors =
is what was used to effect the=20 fraud.
------=_NextPart_000_00CF_01C21D19.1FE849A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 16:00:32 EDT Group: I'm surprised noone has mentioned this yet: But CANSLIM (in particular the 1st 2 letters) is based on fundamentally analyzing and accepting that quarterly and annual earnings will be approximately 25%. However, with the accounting scandals going on, and big companies like Enron, WorldCom etc., being involved, will CANSLIM erode in NSLIM? jans - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: majorgenson@attbi.com Subject: [CANSLIM] Technical Anaylsis Book? Date: 26 Jun 2002 20:22:24 +0000 Does anyone have a recommendation on a good Technical Anaylsis Book to buy? > > The mantra of the clowns: > "I want it ALL" > "Give it to me NOW" > "It is MINE, I deserve it" > > ----- Original Message ----- > From: "Kent Norman" > To: > Sent: Wednesday, June 26, 2002 8:12 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > The answer is: > > > > The same childish, short-sighted, immediate satisfaction that blinds > > them to the possibility that there is a tomorrow... They run the > > business like they live their life. All today and no tomorrow. > > > > Kent Norman > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > wrote: > > > Well said, Tom. What is it that makes people do things for temporary > > > gain > > > when they know they'll probably get slammed for it in the future? > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > -----Original Message----- > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > To: CANSLIM > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > Worldcom > > > hiding over $3 billion in expenses as capital expenditures, and thus > > > inflating cash flow. Restatement expected to take away last five > > > quarters of > > > profits and turn them into losses. > > > > > > Who gave this sanction to a deviation from GAAP (Generally Accepted > > > Accounting Principles)?? Andersen, of course. It's clear that Enron > > > was only > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > > > of other > > > companies were not sufficient warning of major problems in corporate > > > policy > > > and infrastructure. Sad to see a great name like Andersen prostituted > > > to > > > selling its certification services for any price, but also clear that > > > it > > > must disappear from corporate America. And until every major company > > > audited > > > by Andersen undergoes a special review by the SEC on accounting > > > practices, I > > > doubt anyone will believe that we have finally seen it all. > > > > > > Tom Worley > > > stkguru@bellsouth.net > > > AIM: TexWorley > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > ===== > > Opportunities always look bigger going than coming. > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Rocky Sanghvi" Subject: [CANSLIM] Re: Blacklist? Date: 26 Jun 2002 16:16:04 -0400 Here's a first stab at companies (IMO) that are still questionable. Please feel to add to this list or removing names. This is ofcourse just my humble opinion. Trouble coming? Lucent Nortel Juniper Nextel Dynegy AT&T Amazon Mergers / Debt etc? JP Morgan Citigroup AOL HP Sun Micro Done Deal: Worldcom Enron Adelphia -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Spencer48@aol.com Sent: Wednesday, June 26, 2002 4:01 PM Group: I'm surprised noone has mentioned this yet: But CANSLIM (in particular the 1st 2 letters) is based on fundamentally analyzing and accepting that quarterly and annual earnings will be approximately 25%. However, with the accounting scandals going on, and big companies like Enron, WorldCom etc., being involved, will CANSLIM erode in NSLIM? jans - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: [CANSLIM] Technical Anaylsis Book? Date: 26 Jun 2002 15:55:54 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_02F5_01C21D29.F4188EF0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Go to the Equis Site (Metastock) at = http://www.equis.com/free/taaz/index.html and you can read Technical Analysis from A to Z for free. I also recommend 'Intro to Technical Analysis by Martin Pring'... has a = CD and is a great learning tool. Gene ----- Original Message -----=20 From: majorgenson@attbi.com=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 3:22 PM Subject: [CANSLIM] Technical Anaylsis Book? Does anyone have a recommendation on a good Technical=20 Anaylsis Book to buy? >=20 > The mantra of the clowns: > "I want it ALL" > "Give it to me NOW" > "It is MINE, I deserve it" >=20 > ----- Original Message -----=20 > From: "Kent Norman" > To: > Sent: Wednesday, June 26, 2002 8:12 AM > Subject: RE: [CANSLIM] WCOM restatement >=20 >=20 > > The answer is: > >=20 > > The same childish, short-sighted, immediate satisfaction that = blinds > > them to the possibility that there is a tomorrow... They run the > > business like they live their life. All today and no tomorrow. > >=20 > > Kent Norman > >=20 > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" = > > wrote: > > > Well said, Tom. What is it that makes people do things for = temporary > > > gain > > > when they know they'll probably get slammed for it in the = future? =20 > > >=20 > > > I guess it's just greed, stupidity and arrogance. > > >=20 > > > -----Original Message----- > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > To: CANSLIM > > > Subject: [CANSLIM] WCOM restatement > > >=20 > > >=20 > > > once again, Andersen strikes again, this time by signing off on > > > Worldcom > > > hiding over $3 billion in expenses as capital expenditures, and = thus > > > inflating cash flow. Restatement expected to take away last five > > > quarters of > > > profits and turn them into losses. > > >=20 > > > Who gave this sanction to a deviation from GAAP (Generally = Accepted > > > Accounting Principles)?? Andersen, of course. It's clear that = Enron > > > was only > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a = host > > > of other > > > companies were not sufficient warning of major problems in = corporate > > > policy > > > and infrastructure. Sad to see a great name like Andersen = prostituted > > > to > > > selling its certification services for any price, but also clear = that > > > it > > > must disappear from corporate America. And until every major = company > > > audited > > > by Andersen undergoes a special review by the SEC on accounting > > > practices, I > > > doubt anyone will believe that we have finally seen it all. > > >=20 > > > Tom Worley > > > stkguru@bellsouth.net > > > AIM: TexWorley > > >=20 > > >=20 > > >=20 > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > >=20 > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > >=20 > >=20 > > =3D=3D=3D=3D=3D > > Opportunities always look bigger going than coming. > >=20 > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > >=20 > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > >=20 >=20 >=20 > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_02F5_01C21D29.F4188EF0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Go to the Equis Site (Metastock) at http://www.equis.com/f= ree/taaz/index.html
and you can read Technical Analysis = from A to Z=20 for free.
 
I also recommend 'Intro to Technical = Analysis by=20 Martin Pring'... has a CD and is a great learning tool.
 
Gene
----- Original Message -----
From:=20 majorgenson@attbi.com
Sent: Wednesday, June 26, 2002 = 3:22=20 PM
Subject: [CANSLIM] Technical = Anaylsis=20 Book?

Does anyone have a recommendation on a good Technical=20
Anaylsis Book to buy?
>
> The mantra of the = clowns:
>=20 "I want it ALL"
> "Give it to me NOW"
> "It is MINE, I = deserve=20 it"
>
> ----- Original Message -----
> From: "Kent = Norman"=20 <kent_norman@yahoo.com>
&g= t; To:=20 <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 8:12 AM
> Subject: RE: [CANSLIM] = WCOM=20 restatement
>
>
> > The answer is:
> > =
> > The same childish, short-sighted, immediate satisfaction = that=20 blinds
> > them to the possibility that there is a = tomorrow... They=20 run the
> > business like they live their life. All today and = no=20 tomorrow.
> >
> > Kent Norman
> >
> = >=20 --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" <john.cefaloni@us.army.mil&g= t;
>=20 > wrote:
> > > Well said, Tom.  What is it that = makes=20 people do things for temporary
> > > gain
> > = > when=20 they know they'll probably get slammed for it in the future?  =
>=20 > >
> > > I guess it's just greed, stupidity and=20 arrogance.
> > >
> > > -----Original=20 Message-----
> > > From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
> > > Sent: Wednesday, June = 26,=20 2002 12:53 AM
> > > To: CANSLIM
> > > Subject: = [CANSLIM] WCOM restatement
> > >
> > > =
> >=20 > once again, Andersen strikes again, this time by signing off = on
>=20 > > Worldcom
> > > hiding over $3 billion in = expenses as=20 capital expenditures, and thus
> > > inflating cash flow.=20 Restatement expected to take away last five
> > > quarters = of
> > > profits and turn them into losses.
> > = >=20
> > > Who gave this sanction to a deviation from GAAP = (Generally=20 Accepted
> > > Accounting Principles)?? Andersen, of = course. It's=20 clear that Enron
> > > was only
> > > the tip = of the=20 iceberg, as if Waste Management, Sunbeam, and a host
> > > = of=20 other
> > > companies were not sufficient warning of major = problems in corporate
> > > policy
> > > and=20 infrastructure. Sad to see a great name like Andersen = prostituted
> >=20 > to
> > > selling its certification services for any = price,=20 but also clear that
> > > it
> > > must = disappear from=20 corporate America. And until every major company
> > >=20 audited
> > > by Andersen undergoes a special review by = the SEC on=20 accounting
> > > practices, I
> > > doubt = anyone will=20 believe that we have finally seen it all.
> > >
> = > >=20 Tom Worley
> > > stkguru@bellsouth.net
> = >=20 > AIM: TexWorley
> > >
> > >
> > = >=20
> > > -
> > > -To subscribe/unsubscribe, = email "majordomo@xmission.com"
>= ; >=20 > -In the email body, write "subscribe canslim" or
> > = >=20 -"unsubscribe canslim".  Do not use quotes in your email.
> = >=20 >
> > > -
> > > -To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"
>= ;=20 > > -In the email body, write "subscribe canslim" or
> = > >=20 -"unsubscribe canslim".  Do not use quotes in your email.
> = >=20
> >
> > =3D=3D=3D=3D=3D
> > Opportunities = always look=20 bigger going than coming.
> >
> >=20 __________________________________________________
> > Do You = Yahoo!?
> > Yahoo! - Official partner of 2002 FIFA World = Cup
>=20 > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; >=20 -In the email body, write "subscribe canslim" or
> > = -"unsubscribe=20 canslim".  Do not use quotes in your email.
> >
> =
>
> -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your email.

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.
------=_NextPart_000_02F5_01C21D29.F4188EF0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Technical Anaylsis Book? Date: 26 Jun 2002 16:53:03 -0400 majorgenson: Consider "Using Technical Analysis" by Clifford Pistolese revised 1994. 253 pages. ----- Original Message ----- Sent: Wednesday, June 26, 2002 4:22 PM > Does anyone have a recommendation on a good Technical > Anaylsis Book to buy? > > > > The mantra of the clowns: > > "I want it ALL" > > "Give it to me NOW" > > "It is MINE, I deserve it" > > > > ----- Original Message ----- > > From: "Kent Norman" > > To: > > Sent: Wednesday, June 26, 2002 8:12 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > The answer is: > > > > > > The same childish, short-sighted, immediate satisfaction that blinds > > > them to the possibility that there is a tomorrow... They run the > > > business like they live their life. All today and no tomorrow. > > > > > > Kent Norman > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > wrote: > > > > Well said, Tom. What is it that makes people do things for temporary > > > > gain > > > > when they know they'll probably get slammed for it in the future? > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > -----Original Message----- > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > To: CANSLIM > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > Worldcom > > > > hiding over $3 billion in expenses as capital expenditures, and thus > > > > inflating cash flow. Restatement expected to take away last five > > > > quarters of > > > > profits and turn them into losses. > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally Accepted > > > > Accounting Principles)?? Andersen, of course. It's clear that Enron > > > > was only > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > > > > of other > > > > companies were not sufficient warning of major problems in corporate > > > > policy > > > > and infrastructure. Sad to see a great name like Andersen prostituted > > > > to > > > > selling its certification services for any price, but also clear that > > > > it > > > > must disappear from corporate America. And until every major company > > > > audited > > > > by Andersen undergoes a special review by the SEC on accounting > > > > practices, I > > > > doubt anyone will believe that we have finally seen it all. > > > > > > > > Tom Worley > > > > stkguru@bellsouth.net > > > > AIM: TexWorley > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or > > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or > > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > ===== > > > Opportunities always look bigger going than coming. > > > > > > __________________________________________________ > > > Do You Yahoo!? > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > http://fifaworldcup.yahoo.com > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] Re: Blacklist? Date: 26 Jun 2002 16:53:55 EDT Hi Add Q to Trouble Coming list. Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Fanus Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 13:54:13 -0700 (PDT) So, you are saying throw away the fundamentals and trade only on the technicals? There are probably close to 10000 public traded companies and just because a handful of companies committed fraud and use creative accounting, does that mean the other 99% are also just as bad? This is like saying because a small fraction of the population is in prison, this mean all people are criminals. - Fanus --- Spencer48@aol.com wrote: > Group: > > I'm surprised noone has mentioned this yet: > But CANSLIM (in particular > the 1st 2 letters) is based on fundamentally > analyzing and accepting that > quarterly and annual earnings will be approximately > 25%. > > However, with the accounting scandals going on, > and big companies like > Enron, WorldCom etc., being involved, will CANSLIM > erode in NSLIM? > > jans > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] Technical Anaylsis Book? Date: 26 Jun 2002 17:01:53 EDT Hi Kent: Here is a book I used at KELLOGG GRADUATE SCHOOL OF MANAGEMENT, NORTHWESTERN UNIVERSITY: TECHNICAL ANALYSIS OF STOCK TRENDS BY EDWARDS AND MAGEE Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: jch Subject: Re: [CANSLIM] Technical Anaylsis Book? Date: 26 Jun 2002 16:13:02 -0500 --=======56E6154F======= Content-Type: text/plain; x-avg-checked=avg-ok-1AB42B13; charset=us-ascii; format=flowed Content-Transfer-Encoding: 8bit It's a monster--700 pages & may no longer be in print--look for 7th edition or later--can't remember if it addresses cwh jch >Hi Kent: >Here is a book I used at KELLOGG GRADUATE SCHOOL OF MANAGEMENT, NORTHWESTERN >UNIVERSITY: > > >TECHNICAL ANALYSIS OF STOCK TRENDS BY EDWARDS AND MAGEE > > >Kris > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > >--- --=======56E6154F======= Content-Type: text/plain; charset=us-ascii; x-avg=cert; x-avg-checked=avg-ok-1AB42B13 Content-Disposition: inline --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002 --=======56E6154F=======-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 17:23:46 -0400 Fanus: The points you make are very true. I also believe that a big part of t he blame for WCOM, ENE, GX, KM and other similar are the fault of shareholders. Not many people vote to appoint Board of Directors (BOD) or attend and PARTICIPATE in annual meetings. There are just a few hundred CEO (conceited, exclusive, overpaid ) whose names recurrently appear on the BOD as you go from company to company. These members slap each other on the back, are more interested in each others golf handicap than corporate matters, and vote for excessive pay and greed, so that they too will receive excessive rewards. Look at what happened to Walter Hewlett when he challenged those clowns. Did the share holders come to his defense? No, they went with the slimeballs. When shareholders vote for independent and outside BOD, they have a right to expect vigilance and honesty. When we do not and allow the BOD to be populated by hacks in a circle, we can only expect to be jerked. ----- Original Message ----- Sent: Wednesday, June 26, 2002 4:54 PM > So, you are saying throw away the fundamentals and > trade only on the technicals? > > There are probably close to 10000 public traded > companies and just because a handful of companies > committed fraud and use creative accounting, does that > mean the other 99% are also just as bad? This is > like saying because a small fraction of the population > is in prison, this mean all people are criminals. > > - Fanus > > --- Spencer48@aol.com wrote: > > Group: > > > > I'm surprised noone has mentioned this yet: > > But CANSLIM (in particular > > the 1st 2 letters) is based on fundamentally > > analyzing and accepting that > > quarterly and annual earnings will be approximately > > 25%. > > > > However, with the accounting scandals going on, > > and big companies like > > Enron, WorldCom etc., being involved, will CANSLIM > > erode in NSLIM? > > > > jans > > > > - > > -To subscribe/unsubscribe, email > > "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your > email. > > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 16:36:26 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0387_01C21D2F.9D7871E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Winston, what's your inside 'poop' on HWP/CPQ those in the 'know' say it = was a life support move for both firms. =20 ----- Original Message -----=20 From: Winston Little=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 4:23 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Fanus: The points you make are very true. I also believe that a big part of t he blame for WCOM, ENE, GX, KM and = other similar are the fault of shareholders. Not many people vote to appoint Board of Directors (BOD) or attend and PARTICIPATE in annual meetings. There are just a few hundred CEO (conceited, exclusive, overpaid ) = whose names recurrently appear on the BOD as you go from company to company. = These members slap each other on the back, are more interested in each = others golf handicap than corporate matters, and vote for excessive pay and greed, = so that they too will receive excessive rewards. Look at what happened to Walter Hewlett when he challenged those = clowns. Did the share holders come to his defense? No, they went with the = slimeballs. When shareholders vote for independent and outside BOD, they have a = right to expect vigilance and honesty. When we do not and allow the BOD to be populated by hacks in a circle, we can only expect to be jerked. ----- Original Message ----- From: "Fanus" To: Sent: Wednesday, June 26, 2002 4:54 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > So, you are saying throw away the fundamentals and > trade only on the technicals? > > There are probably close to 10000 public traded > companies and just because a handful of companies > committed fraud and use creative accounting, does that > mean the other 99% are also just as bad? This is > like saying because a small fraction of the population > is in prison, this mean all people are criminals. > > - Fanus > > --- Spencer48@aol.com wrote: > > Group: > > > > I'm surprised noone has mentioned this yet: > > But CANSLIM (in particular > > the 1st 2 letters) is based on fundamentally > > analyzing and accepting that > > quarterly and annual earnings will be approximately > > 25%. > > > > However, with the accounting scandals going on, > > and big companies like > > Enron, WorldCom etc., being involved, will CANSLIM > > erode in NSLIM? > > > > jans > > > > - > > -To subscribe/unsubscribe, email > > "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your > email. > > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_0387_01C21D2F.9D7871E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Winston, what's your inside 'poop' on = HWP/CPQ=20 those in the 'know' say it was a life support move for both = firms.
 
 
----- Original Message -----
From:=20 Winston=20 Little
Sent: Wednesday, June 26, 2002 = 4:23=20 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?

Fanus:

The points you make are very = true.

I also=20 believe that a big part of t he blame for WCOM, ENE, GX, KM and=20 other
similar are the fault of shareholders.

Not many people = vote to=20 appoint Board of Directors (BOD) or attend and
PARTICIPATE in = annual=20 meetings.

There are just a few hundred CEO (conceited, = exclusive,=20 overpaid )  whose
names recurrently appear on the BOD as you = go from=20 company to company. These
members slap each other on the back, are = more=20 interested in each others golf
handicap than corporate matters, and = vote=20 for excessive pay and greed, so
that they too will receive = excessive=20 rewards.

Look at what happened to Walter Hewlett when he = challenged=20 those clowns. Did
the share holders come to his defense? No, they = went with=20 the slimeballs.

When shareholders vote for independent and = outside BOD,=20 they have a right to
expect vigilance and honesty. When we do not = and allow=20 the BOD to be
populated by hacks in a circle, we can only expect to = be=20 jerked.


----- Original Message -----
From: "Fanus" = <fanus13@yahoo.com>
To: = <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 4:54 PM
Subject: Re: [CANSLIM] Re: = Retstatement of=20 CANSLIM?


> So, you are saying throw away the = fundamentals=20 and
> trade only on the technicals?
>
> There are = probably=20 close to 10000 public traded
> companies and just because a = handful of=20 companies
> committed fraud and use creative accounting, does=20 that
> mean the other 99% are also just as bad?   This = is
> like saying because a small fraction of the = population
> is=20 in prison, this mean all people are criminals.
>
> -=20 Fanus
>
> --- Spencer48@aol.com wrote:
> = >=20 Group:
> >
> >      I'm = surprised=20 noone has mentioned this yet:
> > But CANSLIM (in = particular
>=20 > the 1st 2 letters) is based on fundamentally
> > = analyzing and=20 accepting that
> > quarterly and annual earnings will be=20 approximately
> > 25%.
> >
>=20 >      However, with the accounting = scandals going=20 on,
> > and big companies like
> > Enron, WorldCom = etc.,=20 being involved, will CANSLIM
> > erode in NSLIM?
> = >
>=20 > jans
> >
> > -
> > -To = subscribe/unsubscribe,=20 email
> > "majordomo@xmission.com"
>= ; >=20 -In the email body, write "subscribe canslim" or
> > = -"unsubscribe=20 canslim".  Do not use quotes in your
>=20 email.
>
>
>=20 __________________________________________________
> Do You=20 Yahoo!?
> Yahoo! - Official partner of 2002 FIFA World = Cup
> http://fifaworldcup.yahoo.com<= BR>>
>=20 -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>


-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.
------=_NextPart_000_0387_01C21D2F.9D7871E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Warren Keuffel Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 15:50:56 -0600 I am of the opinion -- and I would dearly loved to be proved wrong -- that how we, as individual investors vote doesn't amount to much more than a spit in the ocean. The real power comes from the institutions, such as the Calif. pension funds, etc. that are just now starting to exercise that power. Some of these institutions are pushing for better corporate governance, reasonable CEO pay, etc.and an end to the interlocking directorships of cronies. also, have you ever noticed how many non-business people get on boards? People who run non-profits, arts organizations, etc. Hello? What expertise do people like Jesse Jackson (extreme example) have to offer to a corporation? Warren Winston Little wrote: >Fanus: > >The points you make are very true. > >I also believe that a big part of t he blame for WCOM, ENE, GX, KM and other >similar are the fault of shareholders. > >Not many people vote to appoint Board of Directors (BOD) or attend and >PARTICIPATE in annual meetings. > >There are just a few hundred CEO (conceited, exclusive, overpaid ) whose >names recurrently appear on the BOD as you go from company to company. These >members slap each other on the back, are more interested in each others golf >handicap than corporate matters, and vote for excessive pay and greed, so >that they too will receive excessive rewards. > >Look at what happened to Walter Hewlett when he challenged those clowns. Did >the share holders come to his defense? No, they went with the slimeballs. > >When shareholders vote for independent and outside BOD, they have a right to >expect vigilance and honesty. When we do not and allow the BOD to be >populated by hacks in a circle, we can only expect to be jerked. > > >----- Original Message ----- >From: "Fanus" >To: >Sent: Wednesday, June 26, 2002 4:54 PM >Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > >>So, you are saying throw away the fundamentals and >>trade only on the technicals? >> >>There are probably close to 10000 public traded >>companies and just because a handful of companies >>committed fraud and use creative accounting, does that >>mean the other 99% are also just as bad? This is >>like saying because a small fraction of the population >>is in prison, this mean all people are criminals. >> >>- Fanus >> >>--- Spencer48@aol.com wrote: >> >>>Group: >>> >>> I'm surprised noone has mentioned this yet: >>>But CANSLIM (in particular >>>the 1st 2 letters) is based on fundamentally >>>analyzing and accepting that >>>quarterly and annual earnings will be approximately >>>25%. >>> >>> However, with the accounting scandals going on, >>>and big companies like >>>Enron, WorldCom etc., being involved, will CANSLIM >>>erode in NSLIM? >>> >>>jans >>> >>>- >>>-To subscribe/unsubscribe, email >>>"majordomo@xmission.com" >>>-In the email body, write "subscribe canslim" or >>>-"unsubscribe canslim". Do not use quotes in your >>> >>email. >> >> >>__________________________________________________ >>Do You Yahoo!? >>Yahoo! - Official partner of 2002 FIFA World Cup >>http://fifaworldcup.yahoo.com >> >>- >>-To subscribe/unsubscribe, email "majordomo@xmission.com" >>-In the email body, write "subscribe canslim" or >>-"unsubscribe canslim". Do not use quotes in your email. >> > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 18:00:58 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0084_01C21D3B.6CBB85E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Gene: My personal assessment is that one company was on a fast trip with = driver after driver accelerating down a one way road which terminated at = a cliff. The other was driven by a misfit running out of time and = products.=20 The motivation of both drivers was a personal reward of over $100 = million outrageously approved by their circle hacks. The strategy for = the combined operation was and is a mystery. WH challenged this = motivation and lack of strategy. He was branded a misfit or traitor. = Shareholders went with default vote which supported the incumbent hacks. = In many ways, the situation reminded me of an old black and white movie = "Twelve Angry Men" with Henry Fonda, except that the this time the = outcome was the opposite of the movie. ----- Original Message -----=20 From: Gene Ricci=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 5:36 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Winston, what's your inside 'poop' on HWP/CPQ those in the 'know' say = it was a life support move for both firms. ----- Original Message -----=20 From: Winston Little=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 4:23 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Fanus: The points you make are very true. I also believe that a big part of t he blame for WCOM, ENE, GX, KM = and other similar are the fault of shareholders. Not many people vote to appoint Board of Directors (BOD) or attend = and PARTICIPATE in annual meetings. There are just a few hundred CEO (conceited, exclusive, overpaid ) = whose names recurrently appear on the BOD as you go from company to = company. These members slap each other on the back, are more interested in each = others golf handicap than corporate matters, and vote for excessive pay and = greed, so that they too will receive excessive rewards. Look at what happened to Walter Hewlett when he challenged those = clowns. Did the share holders come to his defense? No, they went with the = slimeballs. When shareholders vote for independent and outside BOD, they have a = right to expect vigilance and honesty. When we do not and allow the BOD to be populated by hacks in a circle, we can only expect to be jerked. ----- Original Message ----- From: "Fanus" To: Sent: Wednesday, June 26, 2002 4:54 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > So, you are saying throw away the fundamentals and > trade only on the technicals? > > There are probably close to 10000 public traded > companies and just because a handful of companies > committed fraud and use creative accounting, does that > mean the other 99% are also just as bad? This is > like saying because a small fraction of the population > is in prison, this mean all people are criminals. > > - Fanus > > --- Spencer48@aol.com wrote: > > Group: > > > > I'm surprised noone has mentioned this yet: > > But CANSLIM (in particular > > the 1st 2 letters) is based on fundamentally > > analyzing and accepting that > > quarterly and annual earnings will be approximately > > 25%. > > > > However, with the accounting scandals going on, > > and big companies like > > Enron, WorldCom etc., being involved, will CANSLIM > > erode in NSLIM? > > > > jans > > > > - > > -To subscribe/unsubscribe, email > > "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your > email. > > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_0084_01C21D3B.6CBB85E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Gene:
My personal assessment is that one company was on a = fast trip=20 with driver after driver accelerating down a one way road which = terminated=20 at a cliff. The other was driven by a misfit = running out of=20 time and products.
 
The motivation of both drivers was a personal reward = of over=20 $100 million outrageously approved by their circle hacks. The = strategy for=20 the combined operation was and is a mystery. WH challenged this = motivation and=20 lack of strategy. He  was branded a misfit or traitor. Shareholders = went=20 with default vote which supported the incumbent hacks.
 
In many ways, the situation reminded me of an old = black and=20 white movie "Twelve Angry Men" with Henry Fonda, except that the this = time the=20 outcome was the opposite of the movie.
 
----- Original Message -----
From:=20 Gene = Ricci
Sent: Wednesday, June 26, 2002 = 5:36=20 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?

Winston, what's your inside 'poop' = on HWP/CPQ=20 those in the 'know' say it was a life support move for both=20 firms.
 
 
----- Original Message -----
From:=20 Winston=20 Little
Sent: Wednesday, June 26, = 2002 4:23=20 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?

Fanus:

The points you make are very = true.

I=20 also believe that a big part of t he blame for WCOM, ENE, GX, KM and = other
similar are the fault of shareholders.

Not many = people vote=20 to appoint Board of Directors (BOD) or attend and
PARTICIPATE in = annual=20 meetings.

There are just a few hundred CEO (conceited, = exclusive,=20 overpaid )  whose
names recurrently appear on the BOD as you = go from=20 company to company. These
members slap each other on the back, = are more=20 interested in each others golf
handicap than corporate matters, = and vote=20 for excessive pay and greed, so
that they too will receive = excessive=20 rewards.

Look at what happened to Walter Hewlett when he = challenged=20 those clowns. Did
the share holders come to his defense? No, they = went=20 with the slimeballs.

When shareholders vote for independent = and=20 outside BOD, they have a right to
expect vigilance and honesty. = When we=20 do not and allow the BOD to be
populated by hacks in a circle, we = can=20 only expect to be jerked.


----- Original Message = -----
From:=20 "Fanus" <fanus13@yahoo.com>
To: = <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 4:54 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?


> So, you are saying throw away the = fundamentals=20 and
> trade only on the technicals?
>
> There are = probably=20 close to 10000 public traded
> companies and just because a = handful of=20 companies
> committed fraud and use creative accounting, does=20 that
> mean the other 99% are also just as bad?   = This=20 is
> like saying because a small fraction of the = population
> is=20 in prison, this mean all people are criminals.
>
> -=20 Fanus
>
> --- Spencer48@aol.com = wrote:
> >=20 Group:
> >
> >      I'm = surprised=20 noone has mentioned this yet:
> > But CANSLIM (in=20 particular
> > the 1st 2 letters) is based on = fundamentally
>=20 > analyzing and accepting that
> > quarterly and annual = earnings=20 will be approximately
> > 25%.
> >
>=20 >      However, with the accounting = scandals=20 going on,
> > and big companies like
> > Enron, = WorldCom=20 etc., being involved, will CANSLIM
> > erode in = NSLIM?
>=20 >
> > jans
> >
> > -
> > -To=20 subscribe/unsubscribe, email
> > "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or
> >=20 -"unsubscribe canslim".  Do not use quotes in your
>=20 email.
>
>
>=20 __________________________________________________
> Do You=20 Yahoo!?
> Yahoo! - Official partner of 2002 FIFA World = Cup
> http://fifaworldcup.yahoo.com<= BR>>
>=20 -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>


-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your = email.
------=_NextPart_000_0084_01C21D3B.6CBB85E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: DVD's (was [CANSLIM] WCOM restatement) Date: 26 Jun 2002 15:30:22 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C21D50.4B9BBCC8 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Katherine, =20 Well- the answer may be that no one is making money in DVD's (at least = not yet). I did a cursory run down of DVD distributors, equipment = manufacturers, piracy solutions makers, etc. with sales growth of 20% or = more and assets of $50M or more. The list is short and when you look at = the IBD overall score- well, let's just say that WON isn't a fan. Most = of the stars (if we can call them that) are traded outside the states. = Oh well- I still think there's something to be had there (especially = with Circuit City moving exclusively to DVD offerings over VHS) but I = can't figure out what. For spreadsheet: = http://www.kellyrshort.com/canslim/dvd_companies.xls =20 Kelly -----Original Message----- Sent: Wednesday, June 26, 2002 12:09 PM Kelly, =20 I'm not intimately familiar with all the names under this macrotheme, = but in general, I'd say that the shift to DVD-based entertainment has = been substantial and any time there is a secular shift in technology, = there are real profits to be had. In this case, I think the profits are = spread around very well between all industry sectors. (but as with all = technologies, those with the proprietary elements get the lion's share = of the profits) DVD prices are still quite high, though I noticed at = Christmas, for the first time, that the prices of DVD players had = dropped substantially, indicating that demand is reaching critical mass. = That means that the lower prices make DVD players more affordable = (scarcity becomes abundance), people replace and/or supplement their = VCR's with DVD's, and then demand for DVD media becomes larger. That = snowballs throughout the supply chain. Still up for grabs are = implementations of DVD recording standards established somewhat = recently....that could start a whole new chain of events. =20 I'd been disinclined to compare DVD's to PCs....the former early in its = adoption life cycle, the latter late in its business life cycle = (maturity phase, though arguably not yet in the decline phase). =20 Katherine ----- Original Message -----=20 Sent: Wednesday, June 26, 2002 11:42 AM Katherine- =20 A wealth of information as usual- thank you. But WHO makes money in this = business? Is it Blockbuster? Philips/Sony? Movie Studios? Fed-Ex? Or = does anyone make money in DVD's (has it gone the way of the pc)? =20 I appreciate your opinions- Kelly -----Original Message----- Sent: Wednesday, June 26, 2002 11:27 AM For starters: =20 -DVD distributors such as DISK, HDL etc -Retailers such as AMZN, BBY etc -Hardware---runs the gamut from gaming hardware (Nintendo, XBox, etc), = to video chips to handle the increased graphics requirements, to -DVD = players (Samsung, Matsushita), to chips (INTC and some specialty chip = makers), to DVD drive makers, etc. -Software, such as NAVR and ROXI etc. -Hardware components distributors such as TECD, IM, Games Makers who = will beef up games offereings given the extra content capabilities of = DVD based games, etc. -etc -etc =20 Katherine ----- Original Message -----=20 Sent: Wednesday, June 26, 2002 10:50 AM Katherine- =20 I think you recapped the past three weeks worth of conversations- we're = all bored! So let me pose this question to the group: DVD's. Who makes = money off DVD's?=20 -----Original Message----- Sent: Wednesday, June 26, 2002 10:40 AM Hi Kelly, =20 The '87 crash was considerably different....far more an event than a = process as is the current Bear which is undoing the excesses of the late = '90's. At that time, cocktail conversations rarely included talk of = stocks, but on Black Monday...people who didn't even know what the stock = market was all about were gathered around the TV at lunch time. In = retrospect, the Fed's quick intervention and the adjustments to program = trading guidelines made this a blip on the bull market screen, so the = "throwing in the towel" talk was far more short-lived than now. Most = folks investing these days know little of what creates value and = perceived value in the stock market. Even fewer are students of market = history. But I'd bet the same conversations could be heard in the 30's = and the 60's. Sometimes the best way to *really* learn it is to live it. =20 Besides, we're bored to tears..... :)) But I *am* enjoying the time off = to pursue summer reading...throw away novels of little consequence, = mindless fluff ....ah, what a pleasure! =20 Katherine =20 =20 ----- Original Message -----=20 Sent: Wednesday, June 26, 2002 10:25 AM If I were new to this earth and had just learned what the US stock = market was by reading the comments shared this morning post-Worldcom I'd = think the stock market was going bye-bye. I'll admit- I'm still wet = behind the ears when it comes to investing experience but I can't for a = minute believe that the same types of comments weren't passed around = (albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone = remember back that far? I am correct and memory short? Or this truly = "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I = own! -----Original Message----- [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM At the risk of being corny, I thought I'd dig up some quotes from the = movie "Wall Street" (because Hollywood tells us everything we need to know = about life ;-) "The main thing about money, Bud, is that it makes you do things you = don't want to do." "Stop going for the easy buck and start producing something with your = life. Create, instead of living off the buying and selling of others."=20 "Stick to the fundamentals. That's how IBM and Hilton were built." "There are no shotcuts. Quick-buck artists come and go with every bull market, but the steady players make it through the bear markets." "You're on a roll, kid. Enjoy it while it lasts, becuase it never = does." and, of course... "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." Of course, the movie is packed with many more "bullish" quotes, but = those will have to wait for another day. -----Original Message----- Sent: Wednesday, June 26, 2002 10:33 AM People in the rust belt are back in style. I believe the expression is "The meek shall inherit the earth". There is merit to the people who work and sweat for a living, instead of = the glorified crooks of the past three years. Remember all those clowns forming companies (with NO EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts for cars = (mostly GM). Visteon VC guided up this morning.They make car parts (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels. Donnelly DON (mirrors for cars) is to be bought out by Magna (they make = car parts) at 38% premium. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:07 AM > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this year. 43% last = two > years. Soap, toothpaste, quality people. All things you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay dividends, as the > crooks are less likely to borrow or steal funds to pay dividends. > > > ----- Original Message ----- > From: "Dave Cameron" < dfcameron@yahoo.com> > To: < canslim@lists.xmission.com> > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional statistician, the = recent > > events show why I don't use classical statistical techniques in > > investing. I sold all my individual holdings in November - haven't > > bought back in. Still hold the mutual funds for long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi < rs@mylodestar.com> wrote: > > > I wish I could say that today coming blowoff will be the last one. > > > There are other skeletons in the closet. More importantly the > > > impact of the > > > dropping dollar will be enormous in our highly leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign deficits by = inflow > > > > of cash from other countries into our markets. The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess I am cynical. > > > Today > > > the market lost me as an investor for a very long time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston = Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" < kent_norman@yahoo.com> > > > To: < canslim@lists.xmission.com> > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate satisfaction that > > > blinds > > > > them to the possibility that there is a tomorrow... They run the > > > > business like they live their life. All today and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > < john.cefaloni@us.army.mil> > > > > wrote: > > > > > Well said, Tom. What is it that makes people do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off = on > > > > > Worldcom hiding over $3 billion in expenses as capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > > practices, I doubt anyone will believe that we have finally = seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In = the > > > > email body, write "subscribe canslim" or -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or -"unsubscribe canslim". = Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email " majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email " majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email " majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email " majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C21D50.4B9BBCC8 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Katherine,
 
Well-=20 the answer may be that no one is making money in DVD's (at least not = yet). I did=20 a cursory run down of DVD distributors, equipment manufacturers, piracy=20 solutions makers, etc. with sales growth of 20% or more and assets of = $50M or=20 more. The list is short and when you look at the IBD overall score- = well, let's=20 just say that WON isn't a fan. Most of the stars (if we can call them = that) are=20 traded outside the states. Oh well- I still think there's something to = be had=20 there (especially with Circuit City moving exclusively to DVD offerings = over=20 VHS) but I can't figure out what. For spreadsheet: http://www.= kellyrshort.com/canslim/dvd_companies.xls
 
Kelly
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, 2002 = 12:09=20 PM
To: canslim@lists.xmission.com
Subject: Re: = DVD's (was=20 [CANSLIM] WCOM restatement)

Kelly,
 
I'm not intimately familiar with all the names under this = macrotheme, but=20 in general, I'd say that the shift to DVD-based entertainment has been = substantial and any time there is a secular shift in technology, there = are=20 real profits to be had. In this case, I think the profits are spread = around=20 very well between all industry sectors. (but as with all technologies, = those=20 with the proprietary elements get the lion's share of the profits) =  DVD=20 prices are still quite high, though I noticed at Christmas, for the = first=20 time, that the prices of DVD players had dropped substantially, = indicating=20 that demand is reaching critical mass. That means that the lower = prices make=20 DVD players more affordable (scarcity becomes abundance), people = replace=20 and/or supplement their VCR's with DVD's, and then demand for DVD = media=20 becomes larger. That snowballs throughout the supply chain. Still up = for grabs=20 are implementations of DVD recording standards established somewhat=20 recently....that could start a whole new chain of events.
 
I'd been disinclined to compare DVD's to PCs....the former early = in its=20 adoption life cycle, the latter late in its business life cycle = (maturity=20 phase, though arguably not yet in the decline phase).
 
Katherine
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, = 2002 11:42=20 AM
Subject: RE: DVD's (was = [CANSLIM] WCOM=20 restatement)

Katherine-
 
A=20 wealth of information as usual- thank you. But WHO makes money in = this=20 business? Is it Blockbuster? Philips/Sony? Movie Studios? Fed-Ex? Or = does=20 anyone make money in DVD's (has it gone the way of the=20 pc)?
 
I=20 appreciate your opinions- Kelly
-----Original Message-----
From: Katherine Malm = [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002=20 11:27 AM
To: = canslim@lists.xmission.com
Subject: Re:=20 DVD's (was [CANSLIM] WCOM restatement)

For starters:
 
-DVD distributors such as DISK, HDL etc
-Retailers such as AMZN, BBY etc
-Hardware---runs the gamut from gaming hardware (Nintendo, = XBox,=20 etc), to video chips to handle the increased graphics = requirements, to=20 -DVD players (Samsung, Matsushita), to chips (INTC and some = specialty chip=20 makers), to DVD drive makers, etc.
-Software, such as NAVR and ROXI etc.
-Hardware components distributors such as TECD, IM, Games = Makers who=20 will beef up games offereings given the extra content capabilities = of DVD=20 based games, etc.
-etc
-etc
 
Katherine
----- Original Message ----- =
From:=20 Kelly Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June 26, = 2002=20 10:50 AM
Subject: RE: [CANSLIM] = WCOM=20 restatement

Katherine-
 
I think you recapped the past three weeks worth of = conversations-=20 we're all bored! So let me pose this question to the group: = DVD's. Who=20 makes money off DVD's?
-----Original Message-----
From: Katherine = Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June = 26, 2002=20 10:40 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more an = event=20 than a process as is the current Bear which is undoing the = excesses of=20 the late '90's. At that time, cocktail conversations rarely = included=20 talk of stocks, but on Black Monday...people who didn't even = know what=20 the stock market was all about were gathered around the TV at = lunch=20 time. In retrospect, the Fed's quick intervention and the = adjustments=20 to program trading guidelines made this a blip on the bull = market=20 screen, so the "throwing in the towel" talk was far more = short-lived=20 than now. Most folks investing these days know little of what = creates=20 value and perceived value in the stock market. Even fewer are = students=20 of market history. But I'd bet the same conversations could be = heard=20 in the 30's and the 60's. Sometimes the best way to *really* = learn it=20 is to live it.
 
Besides, we're bored to tears..... :)) But I *am* = enjoying the=20 time off to pursue summer reading...throw away novels of = little=20 consequence, mindless fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly Short =
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June = 26, 2002=20 10:25 AM
Subject: RE: = [CANSLIM] WCOM=20 restatement

If I were new to this earth and had just = learned what=20 the US stock market was by reading the comments shared this = morning=20 post-Worldcom I'd think the stock market was going bye-bye. = I'll=20 admit- I'm still wet behind the ears when it comes to = investing=20 experience but I can't for a minute believe that the same = types of=20 comments weren't passed around (albeit pre-Internet, shiver) = regarding the 1987 crash. Can anyone remember back that far? = I am=20 correct and memory short? Or this truly "new"? Sorry folks- = I was in=20 the sixth grade in 1987.

Kelly

P.S. - thanks = for the=20 "Wall Street" quotes- it's the most used DVD I=20 own!

-----Original Message-----
From: Cefaloni, = John L Jr.=20 = [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent:=20 Wednesday, June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of = being=20 corny, I thought I'd dig up some quotes from the = movie
"Wall=20 Street" (because Hollywood tells us everything we need to = know=20 about
life ;-)

"The main thing about money, Bud, = is that=20 it makes you do things you don't
want to = do."

"Stop going=20 for the easy buck and start producing something with your=20 life.
Create, instead of living off the buying and = selling of=20 others."

"Stick to the fundamentals.  That's = how IBM=20 and Hilton were built."

"There are no shotcuts.  = Quick-buck artists come and go with every bull
market, = but the=20 steady players make it through the bear = markets."

"You're on=20 a roll, kid.  Enjoy it while it lasts, becuase it never = does."

and, of course...

"Man looks in the = abyss,=20 there's nothing staring back at him. At that
moment, man = finds=20 his character. And that is what keeps him out of=20 the
abyss."

Of course, the movie is packed with = many more=20 "bullish" quotes, but those
will have to wait for another = day.

-----Original Message-----
From: Winston = Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, = 2002=20 10:33 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the rust = belt=20 are back in style.

I believe the expression is "The = meek=20 shall inherit the earth".
There is merit to the people = who work=20 and sweat for a living, instead of the
glorified crooks = of the=20 past three years.
Remember all those clowns forming = companies=20 (with NO EARNINGS) that had
market capitalization greater = than=20 that of General Motors?

Today:
Lear LEI is up.They = make=20 car seats and interior parts.
Delphi DPH guided up = yesterday.=20 They make electronic parts for cars = (mostly
GM).
Visteon VC=20 guided up this morning.They make car parts (mostly for=20 Ford).
P&G ( as Duke pointed out) is up. Soap, = toothpaste and=20 paper towels.
Donnelly DON  (mirrors for cars) is to = be=20 bought out by Magna (they make car
parts) at 38%=20 premium.




----- Original Message = -----
From:=20 "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] = WCOM=20 restatement


> Absolutely.
>
> = P&G is=20 up over $1 at the open this a.m.  Up 16% this = year.  43%=20 last two
> years.  Soap, toothpaste, quality=20 people.  All things you can count
> = (on).
>
>=20 Duke
>
> (I do have a position in=20 P&G)
>
> -----Original Message-----
> = = href=3D"mailto:owner-canslim@lists.xmission.com">owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of = Winston=20 Little
> Sent: Wednesday, June 26, 2002 9:48 = AM
> To: canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM = restatement
>
>
>=20 There may be some merit to companies that make goods that I = can=20 see,
> touch and count such as houses, cars,=20 chemicals.
>
> There may also be some merit to = companies=20 that pay dividends, as the
> crooks are less likely to = borrow=20 or steal funds to pay dividends.
>
>
> = -----=20 Original Message -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
>=20 To: <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE:=20 [CANSLIM] WCOM restatement
>
>
> > = Rocky (and=20 all),
> >
> > Yeah... this is = amazing.  =20 As a professional statistician, the recent
> > = events show=20 why I don't use classical statistical techniques in
> = >=20 investing.   I sold all my individual holdings in = November=20 - haven't
> > bought back in.   Still = hold the=20 mutual funds for long term, but
> > continue to = watch them=20 dwindle.
> >
> > My line to people at work = is that=20 I'll be working until I'm 80....
> >
> >=20 Dave
> >
> > --- Rocky Sanghvi <rs@mylodestar.com>=20 wrote:
> > > I wish I could say that today = coming=20 blowoff will be the last one.
> > > There are = other=20 skeletons in the closet.  More importantly the
> = >=20 > impact of the
> > > dropping dollar will be = enormous in our highly leveraged financial
> > > = system.
> > >
> > > From ECON = 101
>=20 > > Until now we were managing to balance our foreign = deficits=20 by inflow
>
> > > of cash from other = countries=20 into our markets.  The falling dollar
> > > = is an=20 indication
> > > that money is moving OUT of the = country.  Watch out for the ripple
> > >=20 effects.
> > >
> > > Unless ofcourse = we=20 attack Iraq immediately and thereby create "a
> > = >=20 demand" for
> > > the the safety of the American = dollar.  ;)   I guess I am cynical.
> = > >=20 Today
> > > the market lost me as an investor = for a very=20 long time.  I quit.
> > >
> > > = -----Original Message-----
> > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On Behalf = Of=20 Winston Little
> > > Sent: Wednesday, June 26, = 2002 8:34=20 AM
> > > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> = >=20 >
> > >
> > >
> > > = The=20 mantra of the clowns:
> > > "I want it = ALL"
> >=20 > "Give it to me NOW"
> > > "It is MINE, I = deserve=20 it"
> > >
> > > ----- Original = Message=20 -----
> > > From: "Kent Norman" <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> = > >=20 Subject: RE: [CANSLIM] WCOM restatement
> > = >
>=20 > >
> > > > The answer is:
> > = >=20 >
> > > > The same childish, = short-sighted,=20 immediate satisfaction that
> > > blinds
> = >=20 > > them to the possibility that there is a = tomorrow... They=20 run the
> > > > business like they live their = life.=20 All today and no tomorrow.
> > > >
> = > >=20 > Kent Norman
> > > >
> > > = > ---=20 "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> > > = <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well said, = Tom.  What is it that makes people do things = for
> >=20 > temporary
> > > > > gain
> > = >=20 > > when they know they'll probably get slammed for it = in=20 the
> > > future?
> > > > = >
>=20 > > > > I guess it's just greed, stupidity and=20 arrogance.
> > > > >
> > > = > >=20 -----Original Message-----
> > > > > From: = Tom=20 Worley [mailto:stkguru@bellsouth.net]
> > > > = >=20 Sent: Wednesday, June 26, 2002 12:53 AM
> > > = > >=20 To: CANSLIM
> > > > > Subject: [CANSLIM] = WCOM=20 restatement
> > > > >
> > > = >=20 >
> > > > > once again, Andersen = strikes again,=20 this time by signing off on
> > > > > = Worldcom=20 hiding over $3 billion in expenses as capital
> > = > >=20 > expenditures, and
> > > thus
> > = > >=20 > inflating cash flow. Restatement expected to take away=20 last
> > > five
> > > > > = quarters=20 of
> > > > > profits and turn them into=20 losses.
> > > > >
> > > > = > Who=20 gave this sanction to a deviation from GAAP = (Generally
> >=20 > Accepted
> > > > > Accounting = Principles)??=20 Andersen, of course. It's clear that
> > > = Enron
>=20 > > > > was only
> > > > > the = tip of=20 the iceberg, as if Waste Management, Sunbeam, and a
> = >=20 > host
> > > > > of other
> > = >=20 > > companies were not sufficient warning of major = problems=20 in
> > > corporate
> > > > >=20 policy
> > > > > and infrastructure. Sad = to see a=20 great name like Andersen
> > > = prostituted
> >=20 > > > to
> > > > > selling its=20 certification services for any price, but also
> > = >=20 clear that
> > > > > it
> > > = >=20 > must disappear from corporate America. And until every=20 major
> > > company
> > > > >=20 audited
> > > > > by Andersen undergoes a = special=20 review by the SEC on accounting
> > > > >=20 practices, I doubt anyone will believe that we have finally=20 seen
>
> > > > > it all.
> = > >=20 > >
> > > > > Tom Worley
> = > >=20 > > stkguru@bellsouth.net
>=20 > > > > AIM: TexWorley
> > > >=20 >
> > > > >
> > > > = >
>=20 > > > > -
> > > > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > >=20 canslim".  Do not use quotes in your email.
> = > >=20 > >
> > > > > -
> > > = > >=20 -To subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > >=20 canslim".  Do not use quotes in your email.
> = > >=20 >
> > > >
> > > > = =3D=3D=3D=3D=3D
>=20 > > > Opportunities always look bigger going than=20 coming.
> > > >
> > > >=20 __________________________________________________
> = > >=20 > Do You Yahoo!?
> > > > Yahoo! - Official = partner=20 of 2002 FIFA World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > = > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" -In=20 the
> > > > email body, write "subscribe = canslim" or=20 -"unsubscribe canslim".
> > > > Do not use = quotes in=20 your email.
> > > >
> > >
> = >=20 >
> > > -
> > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" -In=20 the
> > > email body, write "subscribe canslim" = or=20 -"unsubscribe canslim".  Do
>
> > > = not use=20 quotes in your email.
> > >
> > = >
>=20 > >
> > > -
> > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" -In=20 the
> > > email body, write "subscribe canslim" = or=20 -"unsubscribe canslim".  Do
>
> > > = not use=20 quotes in your email.
> >
> >
> > = =3D=3D=3D=3D=3D
> > Dave Cameron
> > dfcameron@yahoo.com
>=20 >
> >=20 __________________________________________________
> = > Do=20 You Yahoo!?
> > Yahoo! - Official partner of 2002 = FIFA=20 World Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or=20 -"unsubscribe
> > canslim".  Do not use quotes = in your=20 email.
> >
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
>=20 -"unsubscribe canslim".  Do not use quotes in your=20 email.
>
>
> -
> -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
>=20 -"unsubscribe canslim".  Do not use quotes in your=20 email.
>


-
-To subscribe/unsubscribe, = email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for=20 viruses.
Visit us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C21D50.4B9BBCC8-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 18:18:44 -0400 Warren: Mrs. Evelyn Davis has PROVEN that positive action can produce dramatic results. For years she has owned ONE share of each of several large companies. That ONE share gave her the RIGHT to attend every annual meeting, and she did. It also gave her the RIGHT to raise questions at the meetings. She gave several of the top 500 CEO a dressing down in public over strategy etc, which left several of them speechless. Afterwards she wrote a book every year and published the accounts and their responses or stutterings. Annual sales of these books is reported to have exceeded $1 million. None of these clowns have wanted to be mentioned in a negative light in her writings. She became so feared that in 1984 Donald Peterson, then CEO of Ford, flew down to Washington to personally deliver the keys to the first Tempo equipped with an air bag to her. This was in response to her action at the prior annual meeting. Do you vote in presidential elections? You have only ONE vote. Does it ever matter? (perhaps after the last election, this was not a good question). ----- Original Message ----- Sent: Wednesday, June 26, 2002 5:50 PM > I am of the opinion -- and I would dearly loved to be proved wrong -- > that how we, as individual investors vote doesn't amount to much more > than a spit in the ocean. The real power comes from the institutions, > such as the Calif. pension funds, etc. that are just now starting to > exercise that power. Some of these institutions are pushing for better > corporate governance, reasonable CEO pay, etc.and an end to the > interlocking directorships of cronies. > also, have you ever noticed how many non-business people get on boards? > People who run non-profits, arts organizations, etc. Hello? What > expertise do people like Jesse Jackson (extreme example) have to offer > to a corporation? > > Warren > > Winston Little wrote: > > >Fanus: > > > >The points you make are very true. > > > >I also believe that a big part of t he blame for WCOM, ENE, GX, KM and other > >similar are the fault of shareholders. > > > >Not many people vote to appoint Board of Directors (BOD) or attend and > >PARTICIPATE in annual meetings. > > > >There are just a few hundred CEO (conceited, exclusive, overpaid ) whose > >names recurrently appear on the BOD as you go from company to company. These > >members slap each other on the back, are more interested in each others golf > >handicap than corporate matters, and vote for excessive pay and greed, so > >that they too will receive excessive rewards. > > > >Look at what happened to Walter Hewlett when he challenged those clowns. Did > >the share holders come to his defense? No, they went with the slimeballs. > > > >When shareholders vote for independent and outside BOD, they have a right to > >expect vigilance and honesty. When we do not and allow the BOD to be > >populated by hacks in a circle, we can only expect to be jerked. > > > > > >----- Original Message ----- > >From: "Fanus" > >To: > >Sent: Wednesday, June 26, 2002 4:54 PM > >Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > > > >>So, you are saying throw away the fundamentals and > >>trade only on the technicals? > >> > >>There are probably close to 10000 public traded > >>companies and just because a handful of companies > >>committed fraud and use creative accounting, does that > >>mean the other 99% are also just as bad? This is > >>like saying because a small fraction of the population > >>is in prison, this mean all people are criminals. > >> > >>- Fanus > >> > >>--- Spencer48@aol.com wrote: > >> > >>>Group: > >>> > >>> I'm surprised noone has mentioned this yet: > >>>But CANSLIM (in particular > >>>the 1st 2 letters) is based on fundamentally > >>>analyzing and accepting that > >>>quarterly and annual earnings will be approximately > >>>25%. > >>> > >>> However, with the accounting scandals going on, > >>>and big companies like > >>>Enron, WorldCom etc., being involved, will CANSLIM > >>>erode in NSLIM? > >>> > >>>jans > >>> > >>>- > >>>-To subscribe/unsubscribe, email > >>>"majordomo@xmission.com" > >>>-In the email body, write "subscribe canslim" or > >>>-"unsubscribe canslim". Do not use quotes in your > >>> > >>email. > >> > >> > >>__________________________________________________ > >>Do You Yahoo!? > >>Yahoo! - Official partner of 2002 FIFA World Cup > >>http://fifaworldcup.yahoo.com > >> > >>- > >>-To subscribe/unsubscribe, email "majordomo@xmission.com" > >>-In the email body, write "subscribe canslim" or > >>-"unsubscribe canslim". Do not use quotes in your email. > >> > > > > > >- > >-To subscribe/unsubscribe, email "majordomo@xmission.com" > >-In the email body, write "subscribe canslim" or > >-"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Chas" <1440lda@tm.net> Subject: [CANSLIM] Banks Date: 26 Jun 2002 19:06:33 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0195_01C21D44.9791EDA0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Banks have popped up on my screens occasionally but after initial due = diligence i have always DQ'd them because there is no way to accurately = determine risk that they take on ( bad loans ....poor trading = decisions....etc ). WCOM had loans with US banks as well as other = countries ...200M here and 200M there =3D 3.4 BBBillion. Todays news = just reinforce's my cautions on that sector as a whole. It probably will also result in big cap companies paying a higher price = for the money they borrow which in turn will reduce earnings. A big = stone has just fallen into the lake and the ripples are starting to = spead.I'm sure congress will be all over this one......with another law = that will NOT be enforced. Chas ------=_NextPart_000_0195_01C21D44.9791EDA0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Banks have popped up on my screens = occasionally=20 but after initial due diligence i have always DQ'd them because there is = no way=20 to accurately determine risk that they take on ( bad loans ....poor = trading=20 decisions....etc ).  WCOM had loans with US banks as well as other=20 countries ...200M here and 200M there =3D 3.4 BBBillion. Todays news = just=20 reinforce's my cautions on that sector as a whole.
It probably will also result in big = cap=20 companies paying a higher price for the money they borrow which in turn = will=20 reduce earnings. A big stone has just fallen into the lake and the = ripples are=20 starting to spead.I'm sure congress will be all over this one......with = another=20 law that will NOT be enforced.
 
Chas
------=_NextPart_000_0195_01C21D44.9791EDA0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Marty" Subject: Re: [CANSLIM] Technical Anaylsis Book? Date: 26 Jun 2002 16:38:04 -0700 Thanks everyone for the book tips. Marty ----- Original Message ----- Sent: Wednesday, June 26, 2002 1:22 PM > Does anyone have a recommendation on a good Technical > Anaylsis Book to buy? > > > > The mantra of the clowns: > > "I want it ALL" > > "Give it to me NOW" > > "It is MINE, I deserve it" > > > > ----- Original Message ----- > > From: "Kent Norman" > > To: > > Sent: Wednesday, June 26, 2002 8:12 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > The answer is: > > > > > > The same childish, short-sighted, immediate satisfaction that blinds > > > them to the possibility that there is a tomorrow... They run the > > > business like they live their life. All today and no tomorrow. > > > > > > Kent Norman > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > wrote: > > > > Well said, Tom. What is it that makes people do things for temporary > > > > gain > > > > when they know they'll probably get slammed for it in the future? > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > -----Original Message----- > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > To: CANSLIM > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off on > > > > Worldcom > > > > hiding over $3 billion in expenses as capital expenditures, and thus > > > > inflating cash flow. Restatement expected to take away last five > > > > quarters of > > > > profits and turn them into losses. > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally Accepted > > > > Accounting Principles)?? Andersen, of course. It's clear that Enron > > > > was only > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a host > > > > of other > > > > companies were not sufficient warning of major problems in corporate > > > > policy > > > > and infrastructure. Sad to see a great name like Andersen prostituted > > > > to > > > > selling its certification services for any price, but also clear that > > > > it > > > > must disappear from corporate America. And until every major company > > > > audited > > > > by Andersen undergoes a special review by the SEC on accounting > > > > practices, I > > > > doubt anyone will believe that we have finally seen it all. > > > > > > > > Tom Worley > > > > stkguru@bellsouth.net > > > > AIM: TexWorley > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or > > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or > > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > ===== > > > Opportunities always look bigger going than coming. > > > > > > __________________________________________________ > > > Do You Yahoo!? > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > http://fifaworldcup.yahoo.com > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] Technical Anaylsis Book? Date: 26 Jun 2002 18:46:08 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_01BE_01C21D41.BBCDC660 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Marty, I'm not sure how deeply you want to get into technical analysis, so = here's a couple of "simple" versions, just the basics of price/volume = and moving averages, no mumbo-jumbo and well-suited for CANSLIM = investing: Secrets for Profiting in Bull and Bear Markets by Stan Weinstein How Charts Can Help You in the Stock Market by William L. Jiler and my favorite for in-depth statistics and descriptions of specific = chart patterns: The Encyclopedia of Chart Patterns by Thomas Bulkowski. I personally use Edwards and Magee as a sleeping pill (despite the = Bible-esque stature of the text). Katherine ----- Original Message -----=20 From: Marty=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 6:38 PM Subject: Re: [CANSLIM] Technical Anaylsis Book? Thanks everyone for the book tips. Marty ----- Original Message ----- From: To: Sent: Wednesday, June 26, 2002 1:22 PM Subject: [CANSLIM] Technical Anaylsis Book? > Does anyone have a recommendation on a good Technical > Anaylsis Book to buy? > > > > The mantra of the clowns: > > "I want it ALL" > > "Give it to me NOW" > > "It is MINE, I deserve it" > > > > ----- Original Message ----- > > From: "Kent Norman" > > To: > > Sent: Wednesday, June 26, 2002 8:12 AM > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > The answer is: > > > > > > The same childish, short-sighted, immediate satisfaction that = blinds > > > them to the possibility that there is a tomorrow... They run the > > > business like they live their life. All today and no tomorrow. > > > > > > Kent Norman > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" = > > > wrote: > > > > Well said, Tom. What is it that makes people do things for temporary > > > > gain > > > > when they know they'll probably get slammed for it in the = future? > > > > > > > > I guess it's just greed, stupidity and arrogance. > > > > > > > > -----Original Message----- > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > To: CANSLIM > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > once again, Andersen strikes again, this time by signing off = on > > > > Worldcom > > > > hiding over $3 billion in expenses as capital expenditures, = and thus > > > > inflating cash flow. Restatement expected to take away last = five > > > > quarters of > > > > profits and turn them into losses. > > > > > > > > Who gave this sanction to a deviation from GAAP (Generally = Accepted > > > > Accounting Principles)?? Andersen, of course. It's clear that = Enron > > > > was only > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a = host > > > > of other > > > > companies were not sufficient warning of major problems in = corporate > > > > policy > > > > and infrastructure. Sad to see a great name like Andersen prostituted > > > > to > > > > selling its certification services for any price, but also = clear that > > > > it > > > > must disappear from corporate America. And until every major = company > > > > audited > > > > by Andersen undergoes a special review by the SEC on = accounting > > > > practices, I > > > > doubt anyone will believe that we have finally seen it all. > > > > > > > > Tom Worley > > > > stkguru@bellsouth.net > > > > AIM: TexWorley > > > > > > > > > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or > > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > - > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > > -In the email body, write "subscribe canslim" or > > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > =3D=3D=3D=3D=3D > > > Opportunities always look bigger going than coming. > > > > > > __________________________________________________ > > > Do You Yahoo!? > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > http://fifaworldcup.yahoo.com > > > > > > - > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > > -In the email body, write "subscribe canslim" or > > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_01BE_01C21D41.BBCDC660 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Marty,
 
I'm not sure how deeply you want to get into technical analysis, so = here's=20 a couple of "simple" versions, just the basics of price/volume and = moving=20 averages, no mumbo-jumbo and well-suited for CANSLIM investing:
 
Secrets for Profiting in Bull and Bear Markets by Stan = Weinstein
How Charts Can Help You in the Stock Market by William L. = Jiler
 
and my favorite for in-depth statistics and descriptions of = specific chart=20 patterns:
The Encyclopedia of Chart Patterns by Thomas Bulkowski.
 
I personally use Edwards and Magee as a sleeping pill (despite = the=20 Bible-esque stature of the text).
 
Katherine
----- Original Message -----
From:=20 Marty=20
Sent: Wednesday, June 26, 2002 = 6:38=20 PM
Subject: Re: [CANSLIM] = Technical Anaylsis=20 Book?

Thanks everyone for the book = tips.

Marty
-----=20 Original Message -----
From: <majorgenson@attbi.com>
To= :=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 1:22 PM
Subject: [CANSLIM] Technical = Anaylsis=20 Book?


> Does anyone have a recommendation on a good=20 Technical
> Anaylsis Book to buy?
> >
> > The = mantra=20 of the clowns:
> > "I want it ALL"
> > "Give it to = me=20 NOW"
> > "It is MINE, I deserve it"
> >
> > = -----=20 Original Message -----
> > From: "Kent Norman" <kent_norman@yahoo.com>
&g= t; >=20 To: <canslim@lists.xmission.com= >
>=20 > Sent: Wednesday, June 26, 2002 8:12 AM
> > Subject: RE:=20 [CANSLIM] WCOM restatement
> >
> >
> > > = The=20 answer is:
> > >
> > > The same childish,=20 short-sighted, immediate satisfaction that blinds
> > > = them to=20 the possibility that there is a tomorrow... They run the
> > = >=20 business like they live their life. All today and no tomorrow.
> = >=20 >
> > > Kent Norman
> > >
> > > = ---=20 "Cefaloni, John L Jr. [AMSTA-AR-WEA]" <john.cefaloni@us.army.mil&g= t;
>=20 > > wrote:
> > > > Well said, Tom.  What is = it that=20 makes people do things for
temporary
> > > > = gain
>=20 > > > when they know they'll probably get slammed for it in = the=20 future?
> > > >
> > > > I guess it's = just greed,=20 stupidity and arrogance.
> > > >
> > > > = -----Original Message-----
> > > > From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
> > > > Sent: Wednesday, = June=20 26, 2002 12:53 AM
> > > > To: CANSLIM
> > > = >=20 Subject: [CANSLIM] WCOM restatement
> > > >
> = > >=20 >
> > > > once again, Andersen strikes again, this = time by=20 signing off on
> > > > Worldcom
> > > > = hiding=20 over $3 billion in expenses as capital expenditures, and thus
> = >=20 > > inflating cash flow. Restatement expected to take away last=20 five
> > > > quarters of
> > > > profits = and=20 turn them into losses.
> > > >
> > > > = Who gave=20 this sanction to a deviation from GAAP (Generally Accepted
> = > >=20 > Accounting Principles)?? Andersen, of course. It's clear that=20 Enron
> > > > was only
> > > > the tip = of the=20 iceberg, as if Waste Management, Sunbeam, and a host
> > > = > of=20 other
> > > > companies were not sufficient warning of = major=20 problems in corporate
> > > > policy
> > > = > and=20 infrastructure. Sad to see a great name like = Andersen
prostituted
>=20 > > > to
> > > > selling its certification = services=20 for any price, but also clear
that
> > > > = it
> >=20 > > must disappear from corporate America. And until every major = company
> > > > audited
> > > > by = Andersen=20 undergoes a special review by the SEC on accounting
> > > = >=20 practices, I
> > > > doubt anyone will believe that we = have=20 finally seen it all.
> > > >
> > > > Tom = Worley
> > > > stkguru@bellsouth.net
> = >=20 > > AIM: TexWorley
> > > >
> > > = >
>=20 > > >
> > > > -
> > > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; >=20 > > -In the email body, write "subscribe canslim" or
> = > >=20 > -"unsubscribe canslim".  Do not use quotes in your = email.
>=20 > > >
> > > > -
> > > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; >=20 > > -In the email body, write "subscribe canslim" or
> = > >=20 > -"unsubscribe canslim".  Do not use quotes in your = email.
>=20 > >
> > >
> > > =3D=3D=3D=3D=3D
> = > >=20 Opportunities always look bigger going than coming.
> > = >
>=20 > > __________________________________________________
> = > >=20 Do You Yahoo!?
> > > Yahoo! - Official partner of 2002 = FIFA World=20 Cup
> > > http://fifaworldcup.yahoo.com<= BR>>=20 > >
> > > -
> > > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
>= ; >=20 > -In the email body, write "subscribe canslim" or
> > = >=20 -"unsubscribe canslim".  Do not use quotes in your email.
> = >=20 >
> >
> >
> > -
> > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; >=20 -In the email body, write "subscribe canslim" or
> > = -"unsubscribe=20 canslim".  Do not use quotes in your email.
>
> = -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your email.


-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.
------=_NextPart_000_01BE_01C21D41.BBCDC660-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: [CANSLIM] Suitable for framing Date: 26 Jun 2002 19:01:19 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_01C9_01C21D43.DB214440 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable From this evening's Big Picture at Investors.com: "Stocks such as Enron, ImClone (IMCL), Tyco (TYC) and WorldCom have = shaken investor confidence. But there was no reason for growth investors = who study fundamentals and technicals to be caught in these downdrafts. = Long before the headlines turned nasty, these and other infamous stocks = had broken down from established uptrends. You just don't see scandals = hitting leading stocks from out of the blue. WorldCom peaked in June 1999 after failing to break out successfully = from a late-stage base. End of story for growth investors. The stock = slid as its fundamentals deteriorated. It never presented another buying = opportunity if your criteria include superior fundamentals, a strong = industry group and a sound price base. So while the SEC issues press releases expressing its outrage over = WorldCom, the ultimate safety net is your own knowledge and discipline = to follow a set of good trading rules." --Amen. Katherine ------=_NextPart_000_01C9_01C21D43.DB214440 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
From this evening's Big Picture at Investors.com:
 

"Stocks such as Enron, ImClone (IMCL),=20 Tyco (TYC)=20 and WorldCom have shaken investor confidence. But there was no reason = for growth=20 investors who study fundamentals and technicals to be caught in these=20 downdrafts. Long before the headlines turned nasty, these and other = infamous=20 stocks had broken down from established uptrends. You just don't see = scandals=20 hitting leading stocks from out of the blue.

WorldCom peaked in June 1999 after failing to break out successfully = from a=20 late-stage base. End of story for growth investors. The stock slid as = its=20 fundamentals deteriorated. It never presented another buying opportunity = if your=20 criteria include superior fundamentals, a strong industry group and a = sound=20 price base.

So while the SEC issues press releases expressing its outrage over = WorldCom,=20 the ultimate = safety net is=20 your own knowledge and discipline to follow a set of good trading=20 rules."

 

--Amen.

Katherine

------=_NextPart_000_01C9_01C21D43.DB214440-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: DVD's (was [CANSLIM] WCOM restatement) Date: 26 Jun 2002 17:22:18 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_019F_01C21D36.05F0C5A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Kelly, One of the problems with DVD related stocks is that, with rare = exception, the companies are not exclusively serving that particular = market. That means their sales and earnings will be diluted by other = more mature product lines. When I view a group of stocks that may move = based on some broad-based theme, I do so only to build background. = Ultimately, when the leaders start to move, you will see them = demonstrate their leadership via fundamental and technical indicators, = showing that institutions are being drawn to the stocks. Until then, = however, an exercise such as this is useful for building a mental = database and a context for potential stock movement, but nothing more. A = value investor would dig deep and find hidden value, purchase and then = wait (hopefully) for others to be attracted to the stock. CANSLIMers, = however, do no such thing. When the stock is ready to move, it will move = and flash "hey-look at me" signs in bright neon colors. Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 3:30 PM Subject: RE: DVD's (was [CANSLIM] WCOM restatement) Katherine, Well- the answer may be that no one is making money in DVD's (at least = not yet). I did a cursory run down of DVD distributors, equipment = manufacturers, piracy solutions makers, etc. with sales growth of 20% or = more and assets of $50M or more. The list is short and when you look at = the IBD overall score- well, let's just say that WON isn't a fan. Most = of the stars (if we can call them that) are traded outside the states. = Oh well- I still think there's something to be had there (especially = with Circuit City moving exclusively to DVD offerings over VHS) but I = can't figure out what. For spreadsheet: = http://www.kellyrshort.com/canslim/dvd_companies.xls Kelly -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 12:09 PM To: canslim@lists.xmission.com Subject: Re: DVD's (was [CANSLIM] WCOM restatement) Kelly, I'm not intimately familiar with all the names under this = macrotheme, but in general, I'd say that the shift to DVD-based = entertainment has been substantial and any time there is a secular shift = in technology, there are real profits to be had. In this case, I think = the profits are spread around very well between all industry sectors. = (but as with all technologies, those with the proprietary elements get = the lion's share of the profits) DVD prices are still quite high, = though I noticed at Christmas, for the first time, that the prices of = DVD players had dropped substantially, indicating that demand is = reaching critical mass. That means that the lower prices make DVD = players more affordable (scarcity becomes abundance), people replace = and/or supplement their VCR's with DVD's, and then demand for DVD media = becomes larger. That snowballs throughout the supply chain. Still up for = grabs are implementations of DVD recording standards established = somewhat recently....that could start a whole new chain of events. I'd been disinclined to compare DVD's to PCs....the former early in = its adoption life cycle, the latter late in its business life cycle = (maturity phase, though arguably not yet in the decline phase). Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 11:42 AM Subject: RE: DVD's (was [CANSLIM] WCOM restatement) Katherine- A wealth of information as usual- thank you. But WHO makes money = in this business? Is it Blockbuster? Philips/Sony? Movie Studios? = Fed-Ex? Or does anyone make money in DVD's (has it gone the way of the = pc)? I appreciate your opinions- Kelly -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 11:27 AM To: canslim@lists.xmission.com Subject: Re: DVD's (was [CANSLIM] WCOM restatement) For starters: -DVD distributors such as DISK, HDL etc -Retailers such as AMZN, BBY etc -Hardware---runs the gamut from gaming hardware (Nintendo, XBox, = etc), to video chips to handle the increased graphics requirements, to = -DVD players (Samsung, Matsushita), to chips (INTC and some specialty = chip makers), to DVD drive makers, etc. -Software, such as NAVR and ROXI etc. -Hardware components distributors such as TECD, IM, Games Makers = who will beef up games offereings given the extra content capabilities = of DVD based games, etc. -etc -etc Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:50 AM Subject: RE: [CANSLIM] WCOM restatement Katherine- I think you recapped the past three weeks worth of = conversations- we're all bored! So let me pose this question to the = group: DVD's. Who makes money off DVD's?=20 -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 10:40 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement Hi Kelly, The '87 crash was considerably different....far more an = event than a process as is the current Bear which is undoing the = excesses of the late '90's. At that time, cocktail conversations rarely = included talk of stocks, but on Black Monday...people who didn't even = know what the stock market was all about were gathered around the TV at = lunch time. In retrospect, the Fed's quick intervention and the = adjustments to program trading guidelines made this a blip on the bull = market screen, so the "throwing in the towel" talk was far more = short-lived than now. Most folks investing these days know little of = what creates value and perceived value in the stock market. Even fewer = are students of market history. But I'd bet the same conversations could = be heard in the 30's and the 60's. Sometimes the best way to *really* = learn it is to live it. Besides, we're bored to tears..... :)) But I *am* enjoying = the time off to pursue summer reading...throw away novels of little = consequence, mindless fluff ....ah, what a pleasure! Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:25 AM Subject: RE: [CANSLIM] WCOM restatement If I were new to this earth and had just learned what the = US stock market was by reading the comments shared this morning = post-Worldcom I'd think the stock market was going bye-bye. I'll admit- = I'm still wet behind the ears when it comes to investing experience but = I can't for a minute believe that the same types of comments weren't = passed around (albeit pre-Internet, shiver) regarding the 1987 crash. = Can anyone remember back that far? I am correct and memory short? Or = this truly "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the most = used DVD I own! -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] WCOM restatement At the risk of being corny, I thought I'd dig up some = quotes from the movie "Wall Street" (because Hollywood tells us everything we = need to know about life ;-) "The main thing about money, Bud, is that it makes you do = things you don't want to do." "Stop going for the easy buck and start producing = something with your life. Create, instead of living off the buying and selling of = others."=20 "Stick to the fundamentals. That's how IBM and Hilton = were built." "There are no shotcuts. Quick-buck artists come and go = with every bull market, but the steady players make it through the bear = markets." "You're on a roll, kid. Enjoy it while it lasts, becuase = it never does." and, of course... "Man looks in the abyss, there's nothing staring back at = him. At that moment, man finds his character. And that is what keeps = him out of the abyss." Of course, the movie is packed with many more "bullish" = quotes, but those will have to wait for another day. -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Wednesday, June 26, 2002 10:33 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement People in the rust belt are back in style. I believe the expression is "The meek shall inherit the = earth". There is merit to the people who work and sweat for a = living, instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO = EARNINGS) that had market capitalization greater than that of General Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic parts = for cars (mostly GM). Visteon VC guided up this morning.They make car parts = (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and = paper towels. Donnelly DON (mirrors for cars) is to be bought out by = Magna (they make car parts) at 38% premium. ----- Original Message ----- From: "Duke Miller" To: Sent: Wednesday, June 26, 2002 10:07 AM Subject: RE: [CANSLIM] WCOM restatement > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this = year. 43% last two > years. Soap, toothpaste, quality people. All things = you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of = Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods = that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay = dividends, as the > crooks are less likely to borrow or steal funds to pay = dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional = statistician, the recent > > events show why I don't use classical statistical = techniques in > > investing. I sold all my individual holdings in = November - haven't > > bought back in. Still hold the mutual funds for long = term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working = until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will be = the last one. > > > There are other skeletons in the closet. More = importantly the > > > impact of the > > > dropping dollar will be enormous in our highly = leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign = deficits by inflow > > > > of cash from other countries into our markets. The = falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch out = for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and = thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I guess = I am cynical. > > > Today > > > the market lost me as an investor for a very long = time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf = Of Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate = satisfaction that > > > blinds > > > > them to the possibility that there is a = tomorrow... They run the > > > > business like they live their life. All today and = no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people do = things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed for = it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and = arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time by = signing off on > > > > > Worldcom hiding over $3 billion in expenses as = capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to = take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from GAAP = (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. = It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste Management, = Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major = problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name like = Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any = price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And until = every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the = SEC on accounting > > > > > practices, I doubt anyone will believe that we = have finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than = coming. > > > > > > > > __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or = -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or = -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or = -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or = -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email = "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your = email. > > > - > -To subscribe/unsubscribe, email = "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your = email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. = _________________________________________________________________________= ___ For your protection, this e-mail message has been scanned = for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. For your protection, this e-mail message has been scanned = for viruses.=20 Visit us at http://www.neoris.com/=20 For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 --- ------=_NextPart_000_019F_01C21D36.05F0C5A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Kelly,
 
One of the problems with DVD related stocks is that, with rare=20 exception, the companies are not exclusively serving that = particular=20 market. That means their sales and earnings will be diluted by other = more mature=20 product lines. When I view a group of stocks that may move based on some = broad-based theme, I do so only to build background. Ultimately, when = the=20 leaders start to move, you will see them demonstrate their leadership = via=20 fundamental and technical indicators, showing that institutions are = being drawn=20 to the stocks. Until then, however, an exercise such as this is useful = for=20 building a mental database and a context for potential stock movement, = but=20 nothing more. A value investor would dig deep and find hidden value, = purchase=20 and then wait (hopefully) for others to be attracted to the stock. = CANSLIMers,=20 however, do no such thing. When the stock is ready to move, it will move = and=20 flash "hey-look at me" signs in bright neon colors.
 
Katherine
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, 2002 = 3:30=20 PM
Subject: RE: DVD's (was = [CANSLIM] WCOM=20 restatement)

Katherine,
 
Well- the answer may be that no one is making money in DVD's = (at least=20 not yet). I did a cursory run down of DVD distributors, equipment=20 manufacturers, piracy solutions makers, etc. with sales growth of 20% = or more=20 and assets of $50M or more. The list is short and when you look at the = IBD=20 overall score- well, let's just say that WON isn't a fan. Most of the = stars=20 (if we can call them that) are traded outside the states. Oh well- I = still=20 think there's something to be had there (especially with Circuit City = moving=20 exclusively to DVD offerings over VHS) but I can't figure out what. = For=20 spreadsheet: http://www.= kellyrshort.com/canslim/dvd_companies.xls
 
Kelly
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002 12:09=20 PM
To: canslim@lists.xmission.com
Subject: Re: = DVD's=20 (was [CANSLIM] WCOM restatement)

Kelly,
 
I'm not intimately familiar with all the names under this = macrotheme,=20 but in general, I'd say that the shift to DVD-based entertainment = has been=20 substantial and any time there is a secular shift in technology, = there are=20 real profits to be had. In this case, I think the profits are spread = around=20 very well between all industry sectors. (but as with all = technologies, those=20 with the proprietary elements get the lion's share of the profits) =  DVD=20 prices are still quite high, though I noticed at Christmas, for the = first=20 time, that the prices of DVD players had dropped substantially, = indicating=20 that demand is reaching critical mass. That means that the lower = prices make=20 DVD players more affordable (scarcity becomes abundance), people = replace=20 and/or supplement their VCR's with DVD's, and then demand for DVD = media=20 becomes larger. That snowballs throughout the supply chain. Still up = for=20 grabs are implementations of DVD recording standards established = somewhat=20 recently....that could start a whole new chain of events.
 
I'd been disinclined to compare DVD's to PCs....the former = early in its=20 adoption life cycle, the latter late in its business life cycle = (maturity=20 phase, though arguably not yet in the decline phase).
 
Katherine
----- Original Message ----- =
From:=20 Kelly=20 Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June 26, = 2002 11:42=20 AM
Subject: RE: DVD's (was = [CANSLIM]=20 WCOM restatement)

Katherine-
 
A wealth of information as usual- thank you. But WHO = makes money in=20 this business? Is it Blockbuster? Philips/Sony? Movie Studios? = Fed-Ex? Or=20 does anyone make money in DVD's (has it gone the way of the=20 pc)?
 
I appreciate your opinions- Kelly
-----Original Message-----
From: Katherine = Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002=20 11:27 AM
To: = canslim@lists.xmission.com
Subject: Re:=20 DVD's (was [CANSLIM] WCOM restatement)

For starters:
 
-DVD distributors such as DISK, HDL etc
-Retailers such as AMZN, BBY etc
-Hardware---runs the gamut from gaming hardware (Nintendo, = XBox,=20 etc), to video chips to handle the increased graphics = requirements, to=20 -DVD players (Samsung, Matsushita), to chips (INTC and some = specialty=20 chip makers), to DVD drive makers, etc.
-Software, such as NAVR and ROXI etc.
-Hardware components distributors such as TECD, IM, Games = Makers=20 who will beef up games offereings given the extra content = capabilities=20 of DVD based games, etc.
-etc
-etc
 
Katherine
----- Original Message ----- =
From:=20 Kelly Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June = 26, 2002=20 10:50 AM
Subject: RE: [CANSLIM] = WCOM=20 restatement

Katherine-
 
I think you recapped the past three weeks worth of=20 conversations- we're all bored! So let me pose this question = to the=20 group: DVD's. Who makes money off DVD's?
-----Original Message-----
From: = Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June = 26,=20 2002 10:40 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more an = event=20 than a process as is the current Bear which is undoing the = excesses=20 of the late '90's. At that time, cocktail conversations = rarely=20 included talk of stocks, but on Black Monday...people who = didn't=20 even know what the stock market was all about were gathered = around=20 the TV at lunch time. In retrospect, the Fed's quick = intervention=20 and the adjustments to program trading guidelines made this = a blip=20 on the bull market screen, so the "throwing in the towel" = talk was=20 far more short-lived than now. Most folks investing these = days know=20 little of what creates value and perceived value in the = stock=20 market. Even fewer are students of market history. But I'd = bet the=20 same conversations could be heard in the 30's and the 60's.=20 Sometimes the best way to *really* learn it is to live = it.
 
Besides, we're bored to tears..... :)) But I *am* = enjoying the=20 time off to pursue summer reading...throw away novels = of little=20 consequence, mindless fluff ....ah, what a pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly Short =
To: canslim@lists.xmission.com= =20
Sent: Wednesday, = June 26,=20 2002 10:25 AM
Subject: RE: = [CANSLIM] WCOM=20 restatement

If I were new to this earth and had just = learned=20 what the US stock market was by reading the comments = shared this=20 morning post-Worldcom I'd think the stock market was going = bye-bye. I'll admit- I'm still wet behind the ears when it = comes=20 to investing experience but I can't for a minute believe = that the=20 same types of comments weren't passed around (albeit = pre-Internet,=20 shiver) regarding the 1987 crash. Can anyone remember back = that=20 far? I am correct and memory short? Or this truly "new"? = Sorry=20 folks- I was in the sixth grade in = 1987.

Kelly

P.S.=20 - thanks for the "Wall Street" quotes- it's the most used = DVD I=20 own!

-----Original Message-----
From: Cefaloni, = John L=20 Jr. = [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent:=20 Wednesday, June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of = being=20 corny, I thought I'd dig up some quotes from the = movie
"Wall=20 Street" (because Hollywood tells us everything we need to = know=20 about
life ;-)

"The main thing about money, Bud, = is that=20 it makes you do things you don't
want to = do."

"Stop=20 going for the easy buck and start producing something with = your=20 life.
Create, instead of living off the buying and = selling of=20 others."

"Stick to the fundamentals.  That's = how IBM=20 and Hilton were built."

"There are no = shotcuts. =20 Quick-buck artists come and go with every bull
market, = but the=20 steady players make it through the bear = markets."

"You're=20 on a roll, kid.  Enjoy it while it lasts, becuase it = never=20 does."

and, of course...

"Man looks in the = abyss,=20 there's nothing staring back at him. At that
moment, = man finds=20 his character. And that is what keeps him out of=20 the
abyss."

Of course, the movie is packed with = many=20 more "bullish" quotes, but those
will have to wait for = another=20 day.

-----Original Message-----
From: Winston = Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June = 26, 2002=20 10:33 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the = rust belt=20 are back in style.

I believe the expression is "The = meek=20 shall inherit the earth".
There is merit to the people = who work=20 and sweat for a living, instead of the
glorified crooks = of the=20 past three years.
Remember all those clowns forming = companies=20 (with NO EARNINGS) that had
market capitalization = greater than=20 that of General Motors?

Today:
Lear LEI is = up.They make=20 car seats and interior parts.
Delphi DPH guided up = yesterday.=20 They make electronic parts for cars = (mostly
GM).
Visteon VC=20 guided up this morning.They make car parts (mostly for=20 Ford).
P&G ( as Duke pointed out) is up. Soap, = toothpaste=20 and paper towels.
Donnelly DON  (mirrors for cars) = is to=20 be bought out by Magna (they make car
parts) at 38%=20 premium.




----- Original Message = -----
From:=20 "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: = [CANSLIM] WCOM=20 restatement


> Absolutely.
>
> = P&G is=20 up over $1 at the open this a.m.  Up 16% this = year.  43%=20 last two
> years.  Soap, toothpaste, quality=20 people.  All things you can count
>=20 (on).
>
> Duke
>
> (I do have a = position=20 in P&G)
>
> -----Original = Message-----
>=20 From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of = Winston=20 Little
> Sent: Wednesday, June 26, 2002 9:48 = AM
> To:=20 canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM = restatement
>
>
>=20 There may be some merit to companies that make goods that = I can=20 see,
> touch and count such as houses, cars,=20 chemicals.
>
> There may also be some merit to = companies that pay dividends, as the
> crooks are = less=20 likely to borrow or steal funds to pay=20 dividends.
>
>
> ----- Original Message=20 -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
>=20 To: <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: = RE:=20 [CANSLIM] WCOM restatement
>
>
> > = Rocky (and=20 all),
> >
> > Yeah... this is=20 amazing.   As a professional statistician, the=20 recent
> > events show why I don't use classical=20 statistical techniques in
> > = investing.   I=20 sold all my individual holdings in November - = haven't
> >=20 bought back in.   Still hold the mutual funds = for long=20 term, but
> > continue to watch them = dwindle.
>=20 >
> > My line to people at work is that I'll = be=20 working until I'm 80....
> >
> > = Dave
>=20 >
> > --- Rocky Sanghvi <rs@mylodestar.com>=20 wrote:
> > > I wish I could say that today = coming=20 blowoff will be the last one.
> > > There are = other=20 skeletons in the closet.  More importantly = the
> >=20 > impact of the
> > > dropping dollar will = be=20 enormous in our highly leveraged financial
> > = >=20 system.
> > >
> > > From ECON = 101
>=20 > > Until now we were managing to balance our = foreign=20 deficits by inflow
>
> > > of cash from = other=20 countries into our markets.  The falling = dollar
> >=20 > is an indication
> > > that money is = moving OUT=20 of the country.  Watch out for the ripple
> = > >=20 effects.
> > >
> > > Unless = ofcourse we=20 attack Iraq immediately and thereby create "a
> > = >=20 demand" for
> > > the the safety of the = American=20 dollar.  ;)   I guess I am cynical.
> = >=20 > Today
> > > the market lost me as an = investor for=20 a very long time.  I quit.
> > >
> = >=20 > -----Original Message-----
> > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On = Behalf Of=20 Winston Little
> > > Sent: Wednesday, June 26, = 2002=20 8:34 AM
> > > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM restatement
> = >=20 >
> > >
> > >
> > > = The=20 mantra of the clowns:
> > > "I want it = ALL"
>=20 > > "Give it to me NOW"
> > > "It is = MINE, I=20 deserve it"
> > >
> > > ----- = Original=20 Message -----
> > > From: "Kent Norman" <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> = > >=20 Subject: RE: [CANSLIM] WCOM restatement
> > = >
>=20 > >
> > > > The answer is:
> = > >=20 >
> > > > The same childish, = short-sighted,=20 immediate satisfaction that
> > > = blinds
> >=20 > > them to the possibility that there is a = tomorrow... They=20 run the
> > > > business like they live = their life.=20 All today and no tomorrow.
> > > >
> = >=20 > > Kent Norman
> > > >
> > = >=20 > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> = > >=20 <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well = said,=20 Tom.  What is it that makes people do things = for
> >=20 > temporary
> > > > > gain
> = > >=20 > > when they know they'll probably get slammed for = it in=20 the
> > > future?
> > > > = >
>=20 > > > > I guess it's just greed, stupidity and = arrogance.
> > > > >
> > > = > >=20 -----Original Message-----
> > > > > = Worley [mailto:stkguru@bellsouth.net]
> > > = > >=20 Sent: Wednesday, June 26, 2002 12:53 AM
> > > = >=20 > To: CANSLIM
> > > > > Subject: = [CANSLIM]=20 WCOM restatement
> > > > >
> > = >=20 > >
> > > > > once again, Andersen = strikes=20 again, this time by signing off on
> > > > = >=20 Worldcom hiding over $3 billion in expenses as = capital
>=20 > > > > expenditures, and
> > >=20 thus
> > > > > inflating cash flow. = Restatement=20 expected to take away last
> > > five
> = >=20 > > > quarters of
> > > > > = profits and=20 turn them into losses.
> > > > >
> = >=20 > > > Who gave this sanction to a deviation from = GAAP=20 (Generally
> > > Accepted
> > > = > >=20 Accounting Principles)?? Andersen, of course. It's clear=20 that
> > > Enron
> > > > > = was=20 only
> > > > > the tip of the iceberg, = as if=20 Waste Management, Sunbeam, and a
> > > = host
>=20 > > > > of other
> > > > > = companies=20 were not sufficient warning of major problems in
> = > >=20 corporate
> > > > > policy
> > = >=20 > > and infrastructure. Sad to see a great name like = Andersen
> > > prostituted
> > > = > >=20 to
> > > > > selling its certification = services=20 for any price, but also
> > > clear = that
> >=20 > > > it
> > > > > must = disappear from=20 corporate America. And until every major
> > > = company
> > > > > audited
> > = > >=20 > by Andersen undergoes a special review by the SEC on=20 accounting
> > > > > practices, I doubt = anyone=20 will believe that we have finally seen
>
> = > >=20 > > it all.
> > > > >
> > = >=20 > > Tom Worley
> > > > > stkguru@bellsouth.net
>=20 > > > > AIM: TexWorley
> > > >=20 >
> > > > >
> > > >=20 >
> > > > > -
> > > > = > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > >=20 canslim".  Do not use quotes in your email.
> = > >=20 > >
> > > > > -
> > > = >=20 > -To subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > >=20 canslim".  Do not use quotes in your email.
> = > >=20 >
> > > >
> > > > = =3D=3D=3D=3D=3D
>=20 > > > Opportunities always look bigger going than = coming.
> > > >
> > > >=20 __________________________________________________
> = >=20 > > Do You Yahoo!?
> > > > Yahoo! - = Official=20 partner of 2002 FIFA World Cup
> > > > http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > > = > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In the
> > > > email body, write = "subscribe=20 canslim" or -"unsubscribe canslim".
> > > > = Do not=20 use quotes in your email.
> > > >
> = >=20 >
> > >
> > > -
> > = > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In the
> > > email body, write "subscribe = canslim" or=20 -"unsubscribe canslim".  Do
>
> > > = not use=20 quotes in your email.
> > >
> > = >
>=20 > >
> > > -
> > > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In the
> > > email body, write "subscribe = canslim" or=20 -"unsubscribe canslim".  Do
>
> > > = not use=20 quotes in your email.
> >
> >
> = >=20 =3D=3D=3D=3D=3D
> > Dave Cameron
> > dfcameron@yahoo.com
>=20 >
> >=20 __________________________________________________
> = > Do=20 You Yahoo!?
> > Yahoo! - Official partner of 2002 = FIFA=20 World Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To = subscribe/unsubscribe, email=20 "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or=20 -"unsubscribe
> > canslim".  Do not use = quotes in=20 your email.
> >
>
>
> -
> = -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
>=20 -"unsubscribe canslim".  Do not use quotes in your=20 email.
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
>=20 -"unsubscribe canslim".  Do not use quotes in your=20 email.
>


-
-To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned for=20 viruses.
Visit us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

For your protection, this e-mail message has been scanned = for=20 viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_019F_01C21D36.05F0C5A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: Re: [CANSLIM] Banks Date: 26 Jun 2002 20:30:25 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0063_01C21D50.4D781620 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Chas, You might want to stick with the smaller regional banks or S&Ls that = probably have little exposure to the Enrons of the world........... ----- Original Message -----=20 From: Chas=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 7:06 PM Subject: [CANSLIM] Banks Banks have popped up on my screens occasionally but after initial due = diligence i have always DQ'd them because there is no way to accurately = determine risk that they take on ( bad loans ....poor trading = decisions....etc ). WCOM had loans with US banks as well as other = countries ...200M here and 200M there =3D 3.4 BBBillion. Todays news = just reinforce's my cautions on that sector as a whole. It probably will also result in big cap companies paying a higher = price for the money they borrow which in turn will reduce earnings. A = big stone has just fallen into the lake and the ripples are starting to = spead.I'm sure congress will be all over this one......with another law = that will NOT be enforced. Chas ------=_NextPart_000_0063_01C21D50.4D781620 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Chas,
 
You might want to stick with the = smaller=20 regional banks or S&Ls that probably have little exposure to the = Enrons of=20 the world...........
----- Original Message -----
From:=20 Chas =
Sent: Wednesday, June 26, 2002 = 7:06=20 PM
Subject: [CANSLIM] Banks

Banks have popped up on my screens = occasionally but after initial due diligence i have always DQ'd them = because=20 there is no way to accurately determine risk that they take on ( bad = loans=20 ....poor trading decisions....etc ).  WCOM had loans with US = banks as=20 well as other countries ...200M here and 200M there =3D 3.4 BBBillion. = Todays=20 news just reinforce's my cautions on that sector as a = whole.
It probably will also result in = big cap=20 companies paying a higher price for the money they borrow which in = turn will=20 reduce earnings. A big stone has just fallen into the lake and the = ripples are=20 starting to spead.I'm sure congress will be all over this = one......with=20 another law that will NOT be enforced.
 
Chas
------=_NextPart_000_0063_01C21D50.4D781620-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] Technical Anaylsis Book? Date: 26 Jun 2002 19:04:17 -0600 Its still in print, very good book, the edition I read did not have the C&H in it, this is also the book I would recommend for someone looking for a good comprehensive guied to TA. On 26 Jun 2002 at 16:13, jch wrote: > It's a monster--700 pages & may no longer be in print--look for 7th edition > or later--can't remember if it addresses cwh > jch > > >Hi Kent: > >Here is a book I used at KELLOGG GRADUATE SCHOOL OF MANAGEMENT, NORTHWESTERN > >UNIVERSITY: - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] S&P index "M" Date: 26 Jun 2002 20:25:50 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C21D79.9261DA90 Content-Type: text/plain From what I see, today's price action looks like the turn low I have been expecting. A close tomorrow above today's high is the signal I usually look for to confirm a turn. However, trading from this turn would be very risky. The sheer strength of this down move puts this turn in jeopardy, while from my technical perspective this low turn is set up very well, the overwhelming negative sentiment that is currently in the market could easily negate this set-up. Even if today proves out to be the low of the move, the upside appears to be very limited. E -----Original Message----- Sent: Monday, June 24, 2002 9:34 PM Today's price action meets all my technical criteria for the termination of the current down move. However, I believe we have a little further to go before the projected turn low has been made. While today's low has occurred within the turn low time window, if today is indeed the low it would mean that the turn came early in the window. Often sharp moves in the direction of the dominate trend tend to terminate in the last half of the turn window, and occasionally beyond the projected turn window. For this reason I am not convinced that today was the end to the current short term move down. Even if today does prove out to be the projected turn low the market is still likely to move back down toward the end of the current time window. At this point any attempt to trade long would be too risky. I will wait out the remainder of this time window before declaring a turn or projecting a new target for the next turn high. Unless of course the market demands that I comment sooner. E -----Original Message----- Sent: Saturday, June 15, 2002 6:01 PM The next significant low turn for the S&P should occur within four trading days of 6-26 with the turn most likely happening during the last half of the window from 6-26 to 7-2. The target price range is 965 - 958. If the turn comes early in the window it is more likely to be in the high part of the range and if the turn comes late in the window it is more likely to be in the low part of the range. E -----Original Message----- Sent: Tuesday, June 11, 2002 10:10 PM Today's market action all but confirms that Friday was no aberration, but was indeed a warning signal. I believe the high turn that I forecast for the time window of 6-10 to 6-20 was made today and well short of the low target of 1048.41. Even if the market should manage to make it up to 1048 over the course of the next few days the risk is far greater than the potential reward. The primary reason that I think this short term high turn has been made is because the S&P has closed significantly below the target range of 1034-1027 that I had forecast for the low turn that I had anticipated in my post from 5-21. Also in that post I had mentioned that there were two time windows that the low turn I was looking for could be made. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time window for the turn occurs, but the next high turn is made early in the window is often only one or two days up and is very weak with the market turning below target levels. When this happens the second time window for the turn should be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of 6-4 has blown past its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect that this down swing could challenge last Septembers lows before a meaningful move up can be made. I wanted to get this post out tonight to warn those of you who give weight to my analysis. If any of you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happen. E -----Original Message----- Sent: Sunday, June 09, 2002 4:06 PM On Tuesday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the highest probability target day. The next day it closed above the high of the previous day, signaling that a turn had been made. Then the very next day Thursday the market dropped again hitting an intra-day low of 1026.91 right at the bottom of my projected target range. All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas, all was not well Friday! First the optimistic view. Sometimes these target levels can hold true based on closing prices. This usually occurs when a market aberration causes the target to be overrun, yet prices will still close at or near the target levels. This could have happened Friday with the market closing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 will hold through the next low turn. Now for the much grimmer forecast. If Friday was not an aberration then it is very possible that the next turn low could break the 1012.45 level and possibly challenge last September's lows. At this point the picture is very muddy we will just have to sit back and let the market tell us where it is going to go. Assuming that Friday was indeed the low point of the current down move (hopefully Monday will give us a confirmation signal), then we can anticipate the next turn high to occur within four trading days of 6-14. The most likely targets for this turn would be a .382 retracement of the last move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .618 retracement of the same move. This would give us a target prices of 1048.41 for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating. In either case the next turn high will likely occur very soon and without much strength to the upside. Sorry Duke, it's not what I was hoping for either. For those of you who are strong optimists there is a low probability target of 1104.60 which if it occurs it would be late in the turn window. Of course if the market breaks the 1012.45 level on Monday then this forecast would no longer be valid. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C21D79.9261DA90 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

From what I see, today’s price action looks like the turn low = I have been expecting. A close tomorrow above today’s high is the signal I u= sually look for to confirm a turn.

 <= /span>

However, trading from this turn would be very risky. The sheer stren= gth of this down move puts this turn in jeopardy, while from my technical perspect= ive this low turn is set up very well, the overwhelming negative sentiment that= is currently in the market could easily negate this set-up.<= /font>

 <= /span>

Even if today proves out to be the low of the move, the upside appea= rs to be very limited.

 <= /span>

E

 <= /span>

-----Original Message-----
From: Hill, Ernie
Sent: Monday, June 24, 2002 = 9:34 PM
To: 'canslim@lists.xmission.= com'
Subject: RE: [CANSLIM] S&= ;P index "M"

 <= /o:p>

Today's price action meets all my technical criteria for the termination of the current down mov= e. However, I believe we have a little further to go before the projected turn= low has been made.

 

While today's low h= as occurred within the turn low time window, if today is indeed the low it wou= ld mean that the turn came early in the window. Often sharp moves in the direc= tion of the dominate trend tend to terminate in the last half of the turn window, and occasionally beyond the projected turn window. For this reason I am not convinced that today was the end to the current short term move down. Even = if today does prove out to be the projected turn low the market is still likel= y to move back down toward the end of the current time window.=

 

At this point any a= ttempt to trade long would be too risky. I will wait out the remainder of this time window before declaring a turn or projecting a new target for the next turn high. Unless of course the market demands that I comment sooner.=

 

E=

 

 

-----Original Message-----
From: Hill, Ernie
Sent: Saturday, June 15, 200= 2 6:01 PM
To: 'canslim@lists.xmission.= com'
Subject: RE:[CANSLIM] S&P index "M"

 = ;

= The next significant low turn for the S&P should occur within four trading days = of 6-26 with the turn most likely happening during the last half of the window from 6-26 to 7-2. The target price range is 965 - 958. If the turn comes ea= rly in the window it is more likely to be in the high part of the range and if = the turn comes late in the window it is more likely to be in the low part of the range.

=  

= E

 

-----Original Message-----
From: Hill, Ernie
Sent: Tuesday, June 11, 2002= 10:10 PM
To: 'canslim@lists.xmission.= com'
Subject: RE: [CANSLIM] S&= ;P index "M"

 = ;

= Today's market action all but confirms that Friday was no aberration, but was indeed a war= ning signal. I believe the high turn that I forecast for the time window of 6-10= to 6-20 was made today and well short of the low target of 1048.41. Even if the market should manage to make it up to 1048 over the course of the next few = days the risk is far greater than the potential reward.=

=  

= The primary reason that I think this short term high turn has been made is beca= use the S&P has closed significantly below the target range of 1034-1027 th= at I had forecast for the low turn that I had anticipated in my post from 5-21. = Also in that post I had mentioned that there were two time windows that the low = turn I was looking for could be made. What has happened almost always occurs when the market is in the midst of a strong trend. In this case a down trend. The first and most likely time window for the turn occurs, but the next high tu= rn is made early in the window is often only one or two days up and is very we= ak with the market turning below target levels. When this happens the second t= ime window for the turn should be expected and the move is exaggerated. This means that the low turn I had originally forecast to occur within four trading days of= 6-4 has blown past its target and should now occur within four trading days of 6-26. I haven't had time yet to calculate the likely targets for this turn, but I suspect that = this down swing could challenge last Septembers lows before a meaningful move up= can be made.

=  

= I wanted to get this post out tonight to warn those of you who give weight to my analysis. If any of you are holding on to positions expecting the S&P to reach 1048 per my analysis, the market has spoken, it ain't likely to happe= n.

=  

= E

=  

-----Original Message-----
From: Hill, Ernie
Sent: Sunday, June 09, 2002 = 4:06 PM
To: 'canslim@lists.xmission.= com'
Subject: [CANSLIM] S&P i= ndex "M"

 = ;

On Tu= esday the S&P index hit a low of 1030.49 right in the middle of the highest probability target range and on the highest probability target day. The next day it closed above the high of the previous day, signaling that a turn had been made. Then the very next day Thursday the market dropped again hitting= an intra-day low of 1026.91 right at the bottom of my projected target range. = All was still well and within parameters. I fully expected Friday to close above the high for Thursday and again signal that a turn had been made. But alas,= all was not well Friday!

 = ;

First= the optimistic view. Sometimes these target levels can hold true based on closi= ng prices. This usually occurs when a market aberration causes the target to be overrun, yet prices will still close at or near the target levels. This cou= ld have happened Friday with the market closing at 1027.53. If Friday was an aberration then the intra-day low of 1012.45 will hold through the next low turn.

 = ;

Now f= or the much grimmer forecast. If Friday was not an aberration then it is very poss= ible that the next turn low could break the 1012.45 level and possibly challenge last September's lows.

 = ;

At th= is point the picture is very muddy we will just have to sit back and let the market = tell us where it is going to go.

 = ;

Assum= ing that Friday was indeed the low point of the current down move (hopefully Monday = will give us a confirmation signal), then we can anticipate the next turn high to occur within four trading days of 6-14. The most likely targets for this tu= rn would be a .382 retracement of the last move down which began on 5-17 at 1106.59 and ended on 6-7 at 1012.45 or a .618 retracement of the same move. This would give us a target prices of 1048.41 for the .382 retracement and 1070.62. for the .618 retracement. Both of these targets carry approximately the same probability rating.

 = ;

In ei= ther case the next turn high will likely occur very soon and without much streng= th to the upside. Sorry Duke, it's not what I was hoping for either. For those= of you who are strong optimists there is a low probability target of 1104.60 w= hich if it occurs it would be late in the turn window.

 = ;

Of co= urse if the market breaks the 1012.45 level on Monday then this forecast would no longer be valid.

 = ;

E

 



*= *****************************************************************
T= his email and any files transmitted with it from the ElPaso
C= orporation are confidential and intended solely for the
u= se of the individual or entity to whom they are addressed.
I= f you have received this email in error please notify the
s= ender.
*= *****************************************************************



*= *****************************************************************
T= his email and any files transmitted with it from the ElPaso
C= orporation are confidential and intended solely for the
u= se of the individual or entity to whom they are addressed.
I= f you have received this email in error please notify the
s= ender.
*= *****************************************************************



*= *****************************************************************
T= his email and any files transmitted with it from the ElPaso
C= orporation are confidential and intended solely for the
u= se of the individual or entity to whom they are addressed.
I= f you have received this email in error please notify the
s= ender.
*= *****************************************************************



*= *****************************************************************
T= his email and any files transmitted with it from the ElPaso
C= orporation are confidential and intended solely for the
u= se of the individual or entity to whom they are addressed.
I= f you have received this email in error please notify the
s= ender.
*= *****************************************************************



*= *****************************************************************
T= his email and any files transmitted with it from the ElPaso
C= orporation are confidential and intended solely for the
u= se of the individual or entity to whom they are addressed.
I= f you have received this email in error please notify the
s= ender.
*= *****************************************************************



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C21D79.9261DA90-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] Suitable for framing Date: 26 Jun 2002 20:29:15 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0039_01C21D50.23DBED00 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Could not agree more! -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Katherine Malm Sent: Wednesday, June 26, 2002 7:01 PM To: canslim@lists.xmission.com Subject: [CANSLIM] Suitable for framing From this evening's Big Picture at Investors.com: "Stocks such as Enron, ImClone (IMCL), Tyco (TYC) and WorldCom have shaken investor confidence. But there was no reason for growth investors who study fundamentals and technicals to be caught in these downdrafts. Long before the headlines turned nasty, these and other infamous stocks had broken down from established uptrends. You just don't see scandals hitting leading stocks from out of the blue. WorldCom peaked in June 1999 after failing to break out successfully from a late-stage base. End of story for growth investors. The stock slid as its fundamentals deteriorated. It never presented another buying opportunity if your criteria include superior fundamentals, a strong industry group and a sound price base. So while the SEC issues press releases expressing its outrage over WorldCom, the ultimate safety net is your own knowledge and discipline to follow a set of good trading rules." --Amen. Katherine ------=_NextPart_000_0039_01C21D50.23DBED00 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Could=20 not agree more!
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Katherine = Malm
Sent: Wednesday, June 26, 2002 7:01 PM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] Suitable for=20 framing

From this evening's Big Picture at Investors.com:
 

"Stocks such as Enron, ImClone (IMCL),=20 Tyco (TYC)=20 and WorldCom have shaken investor confidence. But there was no reason = for=20 growth investors who study fundamentals and technicals to be caught in = these=20 downdrafts. Long before the headlines turned nasty, these and other = infamous=20 stocks had broken down from established uptrends. You just don't see = scandals=20 hitting leading stocks from out of the blue.

WorldCom peaked in June 1999 after failing to break out = successfully from a=20 late-stage base. End of story for growth investors. The stock slid as = its=20 fundamentals deteriorated. It never presented another buying = opportunity if=20 your criteria include superior fundamentals, a strong industry group = and a=20 sound price base.

So while the SEC issues press releases expressing its outrage over=20 WorldCom, the = ultimate=20 safety net is your own knowledge and discipline to follow a set of = good=20 trading rules."

 

--Amen.

Katherine

------=_NextPart_000_0039_01C21D50.23DBED00-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] WCOM restatement Date: 26 Jun 2002 21:29:54 -0400 I saw several reports that indicated they (WCOM) failed to follow GAAP. I also saw one report in which Andersen defended themselves by saying they didn't know what the CFO had done because they only looked at what the CFO gave them (funny, I thought that was the job of the auditor, to look at and investigate everything to be sure that all decisions taken throughout the year were done correctly and according to GAAP, isn't that why we call it an "audit" instead of a "rubber stamp party"??). ----- Original Message ----- Sent: Wednesday, June 26, 2002 9:28 AM Tom: I've heard on TV that it wasn't a "deviation" from GAAP. From what I understand, there are options that an accountant/bookkeeper can use, and Anderson chose capital expensing what normally would be a regular expense item. In my opinion, it was just a matter of time before such horrendous manipulation of any company's books was discovered (The question isn't why did it take so long to discover, but rather, what company will be the next to reveal that they falsified records. And I wouldn't be at all surprised that there are a lot of them out there.) Unfortunately, accountants have learned from lawyers how to obfuscate the truth and maneuver the justice system in order that lying can be put in the best possible light, and truth and accuracy can be avoided. That's why GAAP (I believe) covered up (instead of revealing) WorldCom's problems. As for CANSLIM: I wonder how WON believes we can now fundamentally analyze a company-especially after its been revealed that WorldCom's Cash-Flow is bogus. A few weeks ago, WON said: Look at the cash-flow to see that earnings are really funneling down-into the bottom line. Now what's he going to say? Probably, look at the managers of the companies to see if they have a history of dishonesty. Unfortunately, though, I don't believe that will cut it. Even if the manager is scrupulously honest, Enron and WorldCom teach us that that is not enough. The ACCOUNTANTS also must be honest. So now will WON's injunction be to: Look at the history of the accounting firm, and the history of the accountants employed by the accounting firm, who work on the company's books? jans In a message dated 6/26/2002 12:53:51 AM Eastern Daylight Time, stkguru@bellsouth.net writes: << once again, Andersen strikes again, this time by signing off on Worldcom hiding over $3 billion in expenses as capital expenditures, and thus inflating cash flow. Restatement expected to take away last five quarters of profits and turn them into losses. Who gave this sanction to a deviation from GAAP (Generally Accepted Accounting Principles)?? >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Re: Blacklist? Date: 26 Jun 2002 22:01:50 -0400 Rocky, care to elaborate briefly why each is on the list? I would propose any major company that was using Andersen during the past two, or even three, years also be on the list. Those that kept them right to the bitter end may be retrievable from a news source, as they would have announced changing accounting firms. Course, the SEC could make it easy and publish a list of those that dumped Andersen in the past year. ----- Original Message ----- Sent: Wednesday, June 26, 2002 4:16 PM Here's a first stab at companies (IMO) that are still questionable. Please feel to add to this list or removing names. This is ofcourse just my humble opinion. Trouble coming? Lucent Nortel Juniper Nextel Dynegy AT&T Amazon Mergers / Debt etc? JP Morgan Citigroup AOL HP Sun Micro Done Deal: Worldcom Enron Adelphia -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Spencer48@aol.com Sent: Wednesday, June 26, 2002 4:01 PM Group: I'm surprised noone has mentioned this yet: But CANSLIM (in particular the 1st 2 letters) is based on fundamentally analyzing and accepting that quarterly and annual earnings will be approximately 25%. However, with the accounting scandals going on, and big companies like Enron, WorldCom etc., being involved, will CANSLIM erode in NSLIM? jans - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 22:12:12 EDT Fanus: My point-and it is just an opinion- was just to point out a fact (not to make an implication that only technical chart reading can now to be used safely.) However, I believe you are right. Of all publically traded stock companies, 99% are probably as pure as Ivory Soap. However, the question becomes which are the 1%. Taking your assumption of 10,000, 1% of that leaves 100 companies to avoid. But which are they? And since it is not possible to know what companies are keeping inaccurate records before they are uncovered, one wonders is it wise to pay attention to the fundamentals of earnings and cash-flow? Katherine, in "Suitable for Framing", sent some "Big Picture" passages that are pertinent to this discussion.. The companies that have been discovered as having bogus financial records are the same companies whose charts have fallen apart. This, I suppose then, is the way to spot these companies. After all, the CANSLIM investor is not interested primarily in uncovering"accounting fraud"; his/her first concern is to find a stock that looks as if it is a winner. jans In a message dated 6/26/2002 4:54:48 PM Eastern Daylight Time, fanus13@yahoo.com writes: << So, you are saying throw away the fundamentals and trade only on the technicals? There are probably close to 10000 public traded companies and just because a handful of companies committed fraud and use creative accounting, does that mean the other 99% are also just as bad? This is like saying because a small fraction of the population is in prison, this mean all people are criminals. - Fanus >> In a message dated 6/26/02, Katherine Malcolm writes: <> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 22:15:45 -0400 I have very little doubt in my mind that large block shareholders such as pension funds are more interested in inside information than in wielding their power and influence to ensure "better corporate governance, reasonable CEO pay, etc.and an end to the interlocking directorships of cronies." And it makes sense, since their first loyalty is not to the investing public / community, but rather the investors in the pension fund. I would like to see the SEC mandate that the Board of Directors consist of 51% independent directors in all cases. And for corps over certain market value, say $1 billion, require that independent Directors be over 67% and of those Directors include at least a minority of successful, but retired, businessmen or businesswomen (I nominate Katherine) that will be willing to speak out publicly if necessary when they are concerned about what they see. But recognizing that Directors meet, at the most, one day a month, it is unlikely they will ever know what is really going on outside the dog and pony show undoubtedly put on for them. ----- Original Message ----- Sent: Wednesday, June 26, 2002 5:50 PM I am of the opinion -- and I would dearly loved to be proved wrong -- that how we, as individual investors vote doesn't amount to much more than a spit in the ocean. The real power comes from the institutions, such as the Calif. pension funds, etc. that are just now starting to exercise that power. Some of these institutions are pushing for better corporate governance, reasonable CEO pay, etc.and an end to the interlocking directorships of cronies. also, have you ever noticed how many non-business people get on boards? People who run non-profits, arts organizations, etc. Hello? What expertise do people like Jesse Jackson (extreme example) have to offer to a corporation? Warren Winston Little wrote: >Fanus: > >The points you make are very true. > >I also believe that a big part of t he blame for WCOM, ENE, GX, KM and other >similar are the fault of shareholders. > >Not many people vote to appoint Board of Directors (BOD) or attend and >PARTICIPATE in annual meetings. > >There are just a few hundred CEO (conceited, exclusive, overpaid ) whose >names recurrently appear on the BOD as you go from company to company. These >members slap each other on the back, are more interested in each others golf >handicap than corporate matters, and vote for excessive pay and greed, so >that they too will receive excessive rewards. > >Look at what happened to Walter Hewlett when he challenged those clowns. Did >the share holders come to his defense? No, they went with the slimeballs. > >When shareholders vote for independent and outside BOD, they have a right to >expect vigilance and honesty. When we do not and allow the BOD to be >populated by hacks in a circle, we can only expect to be jerked. > > >----- Original Message ----- >From: "Fanus" >To: >Sent: Wednesday, June 26, 2002 4:54 PM >Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > >>So, you are saying throw away the fundamentals and >>trade only on the technicals? >> >>There are probably close to 10000 public traded >>companies and just because a handful of companies >>committed fraud and use creative accounting, does that >>mean the other 99% are also just as bad? This is >>like saying because a small fraction of the population >>is in prison, this mean all people are criminals. >> >>- Fanus >> >>--- Spencer48@aol.com wrote: >> >>>Group: >>> >>> I'm surprised noone has mentioned this yet: >>>But CANSLIM (in particular >>>the 1st 2 letters) is based on fundamentally >>>analyzing and accepting that >>>quarterly and annual earnings will be approximately >>>25%. >>> >>> However, with the accounting scandals going on, >>>and big companies like >>>Enron, WorldCom etc., being involved, will CANSLIM >>>erode in NSLIM? >>> >>>jans >>> >>>- >>>-To subscribe/unsubscribe, email >>>"majordomo@xmission.com" >>>-In the email body, write "subscribe canslim" or >>>-"unsubscribe canslim". Do not use quotes in your >>> >>email. >> >> >>__________________________________________________ >>Do You Yahoo!? >>Yahoo! - Official partner of 2002 FIFA World Cup >>http://fifaworldcup.yahoo.com >> >>- >>-To subscribe/unsubscribe, email "majordomo@xmission.com" >>-In the email body, write "subscribe canslim" or >>-"unsubscribe canslim". Do not use quotes in your email. >> > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 22:25:18 -0400 part of the problem we suffer as investors in individual stocks is that the market is driven by human psychology. After all, Worldcom was already down to 83 cents before the news yesterday. Who cares if it dropped 90% to 9 cents in off market trading, that was still only 74 cents drop, a pittance to a viable company. The chart already said it was in trouble, and had been for months. The loss in value over the past six months was far greater than the past 24 or 48 hours. On the other hand, the "market" takes WCOM's news and extrapolates it to cover the entire marketplace, as if every company out there is at least a possible suspect in the same faulty accounting practices. Likewise, I assume every company (including one I personally own) is suspect if they continued to use Andersen until just a few months ago. The entire marketplace is condemned by this type of behavior, and now must once again prove itself. Foreign investors, just like us, withdraw investment dollars from the US markets because they don't know what is safe or trustworthy. It is clear that Andersen has a morality / infrastructure problem that far transcends the Houston office, and has persisted for a number of years. Maybe all companies of a certain size, where they have much to gain (via employee stock options), and have the cash available, and "cash flow", need a special exam by the SEC. But I would still start with former Andersen clients. Credibility in financial reporting must be restored before it is too late. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:12 PM Fanus: My point-and it is just an opinion- was just to point out a fact (not to make an implication that only technical chart reading can now to be used safely.) However, I believe you are right. Of all publically traded stock companies, 99% are probably as pure as Ivory Soap. However, the question becomes which are the 1%. Taking your assumption of 10,000, 1% of that leaves 100 companies to avoid. But which are they? And since it is not possible to know what companies are keeping inaccurate records before they are uncovered, one wonders is it wise to pay attention to the fundamentals of earnings and cash-flow? Katherine, in "Suitable for Framing", sent some "Big Picture" passages that are pertinent to this discussion.. The companies that have been discovered as having bogus financial records are the same companies whose charts have fallen apart. This, I suppose then, is the way to spot these companies. After all, the CANSLIM investor is not interested primarily in uncovering"accounting fraud"; his/her first concern is to find a stock that looks as if it is a winner. jans In a message dated 6/26/2002 4:54:48 PM Eastern Daylight Time, fanus13@yahoo.com writes: << So, you are saying throw away the fundamentals and trade only on the technicals? There are probably close to 10000 public traded companies and just because a handful of companies committed fraud and use creative accounting, does that mean the other 99% are also just as bad? This is like saying because a small fraction of the population is in prison, this mean all people are criminals. - Fanus >> In a message dated 6/26/02, Katherine Malcolm writes: <> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 22:50:42 EDT Tom: I'm not entirely sure what you mean by an independent director. If this means a director who has no stake in the company's success or failure, I don't know that this is an idea that should be adopted. It seems to me that a company whose directors own a certain percentage of the stock, would be more likely to have directors that care about that company's future. An independent director (ie. someone who has no stake in the company's future), I see as nothing but a mouthpiece for whatever political agenda that particular director is driven by. jans In a message dated 6/26/2002 10:16:30 PM Eastern Daylight Time, stkguru@bellsouth.net writes: << I would like to see the SEC mandate that the Board of Directors consist of 51% independent directors in all cases. And for corps over certain market value, say $1 billion, require that independent Directors be over 67% and of those Directors include at least a minority of successful, but retired, businessmen or businesswomen (I nominate Katherine) that will be willing to speak out publicly if necessary when they are concerned about what they see. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 23:06:56 -0400 I look at a guy like Jimmy Carter, who was not a very effective Prez, but is to me a man of character. I have little doubt that there is no offer that could be made to him that would work if he was on a Board, and detected anything that smelled questionable to him. Don't know how many others there are that both have strong moral ethics, rich enough that they don't need stock options, and also have some understanding of business. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:50 PM Tom: I'm not entirely sure what you mean by an independent director. If this means a director who has no stake in the company's success or failure, I don't know that this is an idea that should be adopted. It seems to me that a company whose directors own a certain percentage of the stock, would be more likely to have directors that care about that company's future. An independent director (ie. someone who has no stake in the company's future), I see as nothing but a mouthpiece for whatever political agenda that particular director is driven by. jans In a message dated 6/26/2002 10:16:30 PM Eastern Daylight Time, stkguru@bellsouth.net writes: << I would like to see the SEC mandate that the Board of Directors consist of 51% independent directors in all cases. And for corps over certain market value, say $1 billion, require that independent Directors be over 67% and of those Directors include at least a minority of successful, but retired, businessmen or businesswomen (I nominate Katherine) that will be willing to speak out publicly if necessary when they are concerned about what they see. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Robert Gammon" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 22:17:09 -0500 (CDT) Here, Here. The only problem we really have is identifying sufficient people with similar strength of public ethics/morality to match that of Pres Carter and people who would be accepted by corporations/executives as members of the board. Robert Gammon On Wed, 26 Jun 2002 23:06:56 -0400, Tom Worley wrote: >I look at a guy like Jimmy Carter, who was not a very effective Prez, but is >to me a man of character. I have little doubt that there is no offer that >could be made to him that would work if he was on a Board, and detected >anything that smelled questionable to him. Don't know how many others there >are that both have strong moral ethics, rich enough that they don't need >stock options, and also have some understanding of business. > >----- Original Message ----- >From: >To: >Sent: Wednesday, June 26, 2002 10:50 PM >Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > >Tom: > > I'm not entirely sure what you mean by an independent director. If >this >means a director who has no stake in the company's success or failure, I >don't know that this is an idea that should be adopted. > > It seems to me that a company whose directors own a certain percentage >of the stock, would be more likely to have directors that care about that >company's future. An independent director (ie. someone who has no stake in >the company's future), I see as nothing but a mouthpiece for whatever >political agenda that particular director is driven by. > >jans > > >In a message dated 6/26/2002 10:16:30 PM Eastern Daylight Time, >stkguru@bellsouth.net writes: > ><< I would like to see the SEC mandate that the Board of Directors consist >of > 51% independent directors in all cases. And for corps over certain market > value, say $1 billion, require that independent Directors be over 67% and >of > those Directors include at least a minority of successful, but retired, > businessmen or businesswomen (I nominate Katherine) that will be willing to > speak out publicly if necessary when they are concerned about what they >see. > >> > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 26 Jun 2002 23:20:12 -0400 altho smiling Martha might have also made a short list until recently ----- Original Message ----- Sent: Wednesday, June 26, 2002 11:17 PM Here, Here. The only problem we really have is identifying sufficient people with similar strength of public ethics/morality to match that of Pres Carter and people who would be accepted by corporations/executives as members of the board. Robert Gammon On Wed, 26 Jun 2002 23:06:56 -0400, Tom Worley wrote: >I look at a guy like Jimmy Carter, who was not a very effective Prez, but is >to me a man of character. I have little doubt that there is no offer that >could be made to him that would work if he was on a Board, and detected >anything that smelled questionable to him. Don't know how many others there >are that both have strong moral ethics, rich enough that they don't need >stock options, and also have some understanding of business. > >----- Original Message ----- >From: >To: >Sent: Wednesday, June 26, 2002 10:50 PM >Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > >Tom: > > I'm not entirely sure what you mean by an independent director. If >this >means a director who has no stake in the company's success or failure, I >don't know that this is an idea that should be adopted. > > It seems to me that a company whose directors own a certain percentage >of the stock, would be more likely to have directors that care about that >company's future. An independent director (ie. someone who has no stake in >the company's future), I see as nothing but a mouthpiece for whatever >political agenda that particular director is driven by. > >jans > > >In a message dated 6/26/2002 10:16:30 PM Eastern Daylight Time, >stkguru@bellsouth.net writes: > ><< I would like to see the SEC mandate that the Board of Directors consist >of > 51% independent directors in all cases. And for corps over certain market > value, say $1 billion, require that independent Directors be over 67% and >of > those Directors include at least a minority of successful, but retired, > businessmen or businesswomen (I nominate Katherine) that will be willing to > speak out publicly if necessary when they are concerned about what they >see. > >> > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Ed Hedin" Subject: [CANSLIM] O'Neal interfiew part II Date: 26 Jun 2002 20:42:43 -0700 For anyone interested in part two of the motley fool interview of WON go to this site. Ed Hedin http://www.fool.com/Specials/2002/02062000sp.htm - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: DVD's (was [CANSLIM] WCOM restatement) Date: 26 Jun 2002 19:33:49 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0050_01C21D48.65921B00 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable They're practically giving away DVD players at COSTCO (sp?) ----- Original Message -----=20 From: Katherine Malm=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 5:22 PM Subject: Re: DVD's (was [CANSLIM] WCOM restatement) Kelly, One of the problems with DVD related stocks is that, with rare = exception, the companies are not exclusively serving that particular = market. That means their sales and earnings will be diluted by other = more mature product lines. When I view a group of stocks that may move = based on some broad-based theme, I do so only to build background. = Ultimately, when the leaders start to move, you will see them = demonstrate their leadership via fundamental and technical indicators, = showing that institutions are being drawn to the stocks. Until then, = however, an exercise such as this is useful for building a mental = database and a context for potential stock movement, but nothing more. A = value investor would dig deep and find hidden value, purchase and then = wait (hopefully) for others to be attracted to the stock. CANSLIMers, = however, do no such thing. When the stock is ready to move, it will move = and flash "hey-look at me" signs in bright neon colors. Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 3:30 PM Subject: RE: DVD's (was [CANSLIM] WCOM restatement) Katherine, Well- the answer may be that no one is making money in DVD's (at = least not yet). I did a cursory run down of DVD distributors, equipment = manufacturers, piracy solutions makers, etc. with sales growth of 20% or = more and assets of $50M or more. The list is short and when you look at = the IBD overall score- well, let's just say that WON isn't a fan. Most = of the stars (if we can call them that) are traded outside the states. = Oh well- I still think there's something to be had there (especially = with Circuit City moving exclusively to DVD offerings over VHS) but I = can't figure out what. For spreadsheet: = http://www.kellyrshort.com/canslim/dvd_companies.xls Kelly -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 12:09 PM To: canslim@lists.xmission.com Subject: Re: DVD's (was [CANSLIM] WCOM restatement) Kelly, I'm not intimately familiar with all the names under this = macrotheme, but in general, I'd say that the shift to DVD-based = entertainment has been substantial and any time there is a secular shift = in technology, there are real profits to be had. In this case, I think = the profits are spread around very well between all industry sectors. = (but as with all technologies, those with the proprietary elements get = the lion's share of the profits) DVD prices are still quite high, = though I noticed at Christmas, for the first time, that the prices of = DVD players had dropped substantially, indicating that demand is = reaching critical mass. That means that the lower prices make DVD = players more affordable (scarcity becomes abundance), people replace = and/or supplement their VCR's with DVD's, and then demand for DVD media = becomes larger. That snowballs throughout the supply chain. Still up for = grabs are implementations of DVD recording standards established = somewhat recently....that could start a whole new chain of events. I'd been disinclined to compare DVD's to PCs....the former early = in its adoption life cycle, the latter late in its business life cycle = (maturity phase, though arguably not yet in the decline phase). Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 11:42 AM Subject: RE: DVD's (was [CANSLIM] WCOM restatement) Katherine- A wealth of information as usual- thank you. But WHO makes money = in this business? Is it Blockbuster? Philips/Sony? Movie Studios? = Fed-Ex? Or does anyone make money in DVD's (has it gone the way of the = pc)? I appreciate your opinions- Kelly -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 11:27 AM To: canslim@lists.xmission.com Subject: Re: DVD's (was [CANSLIM] WCOM restatement) For starters: -DVD distributors such as DISK, HDL etc -Retailers such as AMZN, BBY etc -Hardware---runs the gamut from gaming hardware (Nintendo, = XBox, etc), to video chips to handle the increased graphics = requirements, to -DVD players (Samsung, Matsushita), to chips (INTC and = some specialty chip makers), to DVD drive makers, etc. -Software, such as NAVR and ROXI etc. -Hardware components distributors such as TECD, IM, Games = Makers who will beef up games offereings given the extra content = capabilities of DVD based games, etc. -etc -etc Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:50 AM Subject: RE: [CANSLIM] WCOM restatement Katherine- I think you recapped the past three weeks worth of = conversations- we're all bored! So let me pose this question to the = group: DVD's. Who makes money off DVD's?=20 -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Wednesday, June 26, 2002 10:40 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement Hi Kelly, The '87 crash was considerably different....far more an = event than a process as is the current Bear which is undoing the = excesses of the late '90's. At that time, cocktail conversations rarely = included talk of stocks, but on Black Monday...people who didn't even = know what the stock market was all about were gathered around the TV at = lunch time. In retrospect, the Fed's quick intervention and the = adjustments to program trading guidelines made this a blip on the bull = market screen, so the "throwing in the towel" talk was far more = short-lived than now. Most folks investing these days know little of = what creates value and perceived value in the stock market. Even fewer = are students of market history. But I'd bet the same conversations could = be heard in the 30's and the 60's. Sometimes the best way to *really* = learn it is to live it. Besides, we're bored to tears..... :)) But I *am* enjoying = the time off to pursue summer reading...throw away novels of little = consequence, mindless fluff ....ah, what a pleasure! Katherine ----- Original Message -----=20 From: Kelly Short=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:25 AM Subject: RE: [CANSLIM] WCOM restatement If I were new to this earth and had just learned what = the US stock market was by reading the comments shared this morning = post-Worldcom I'd think the stock market was going bye-bye. I'll admit- = I'm still wet behind the ears when it comes to investing experience but = I can't for a minute believe that the same types of comments weren't = passed around (albeit pre-Internet, shiver) regarding the 1987 crash. = Can anyone remember back that far? I am correct and memory short? Or = this truly "new"? Sorry folks- I was in the sixth grade in 1987. Kelly P.S. - thanks for the "Wall Street" quotes- it's the = most used DVD I own! -----Original Message----- From: Cefaloni, John L Jr. [AMSTA-AR-WEA] [mailto:john.cefaloni@us.army.mil] Sent: Wednesday, June 26, 2002 10:18 AM To: 'canslim@lists.xmission.com' Subject: RE: [CANSLIM] WCOM restatement At the risk of being corny, I thought I'd dig up some = quotes from the movie "Wall Street" (because Hollywood tells us everything we = need to know about life ;-) "The main thing about money, Bud, is that it makes you = do things you don't want to do." "Stop going for the easy buck and start producing = something with your life. Create, instead of living off the buying and selling of = others."=20 "Stick to the fundamentals. That's how IBM and Hilton = were built." "There are no shotcuts. Quick-buck artists come and go = with every bull market, but the steady players make it through the bear = markets." "You're on a roll, kid. Enjoy it while it lasts, = becuase it never does." and, of course... "Man looks in the abyss, there's nothing staring back at = him. At that moment, man finds his character. And that is what keeps = him out of the abyss." Of course, the movie is packed with many more "bullish" = quotes, but those will have to wait for another day. -----Original Message----- From: Winston Little [mailto:wlittle1@peoplepc.com] Sent: Wednesday, June 26, 2002 10:33 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] WCOM restatement People in the rust belt are back in style. I believe the expression is "The meek shall inherit the = earth". There is merit to the people who work and sweat for a = living, instead of the glorified crooks of the past three years. Remember all those clowns forming companies (with NO = EARNINGS) that had market capitalization greater than that of General = Motors? Today: Lear LEI is up.They make car seats and interior parts. Delphi DPH guided up yesterday. They make electronic = parts for cars (mostly GM). Visteon VC guided up this morning.They make car parts = (mostly for Ford). P&G ( as Duke pointed out) is up. Soap, toothpaste and = paper towels. Donnelly DON (mirrors for cars) is to be bought out by = Magna (they make car parts) at 38% premium. ----- Original Message ----- From: "Duke Miller" To: Sent: Wednesday, June 26, 2002 10:07 AM Subject: RE: [CANSLIM] WCOM restatement > Absolutely. > > P&G is up over $1 at the open this a.m. Up 16% this = year. 43% last two > years. Soap, toothpaste, quality people. All things = you can count > (on). > > Duke > > (I do have a position in P&G) > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of = Winston Little > Sent: Wednesday, June 26, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM restatement > > > There may be some merit to companies that make goods = that I can see, > touch and count such as houses, cars, chemicals. > > There may also be some merit to companies that pay = dividends, as the > crooks are less likely to borrow or steal funds to pay = dividends. > > > ----- Original Message ----- > From: "Dave Cameron" > To: > Sent: Wednesday, June 26, 2002 9:33 AM > Subject: RE: [CANSLIM] WCOM restatement > > > > Rocky (and all), > > > > Yeah... this is amazing. As a professional = statistician, the recent > > events show why I don't use classical statistical = techniques in > > investing. I sold all my individual holdings in = November - haven't > > bought back in. Still hold the mutual funds for = long term, but > > continue to watch them dwindle. > > > > My line to people at work is that I'll be working = until I'm 80.... > > > > Dave > > > > --- Rocky Sanghvi wrote: > > > I wish I could say that today coming blowoff will = be the last one. > > > There are other skeletons in the closet. More = importantly the > > > impact of the > > > dropping dollar will be enormous in our highly = leveraged financial > > > system. > > > > > > From ECON 101 > > > Until now we were managing to balance our foreign = deficits by inflow > > > > of cash from other countries into our markets. = The falling dollar > > > is an indication > > > that money is moving OUT of the country. Watch = out for the ripple > > > effects. > > > > > > Unless ofcourse we attack Iraq immediately and = thereby create "a > > > demand" for > > > the the safety of the American dollar. ;) I = guess I am cynical. > > > Today > > > the market lost me as an investor for a very long = time. I quit. > > > > > > -----Original Message----- > > > From: owner-canslim@lists.xmission.com > > > [mailto:owner-canslim@lists.xmission.com]On Behalf = Of Winston Little > > > Sent: Wednesday, June 26, 2002 8:34 AM > > > To: canslim@lists.xmission.com > > > Subject: Re: [CANSLIM] WCOM restatement > > > > > > > > > > > > The mantra of the clowns: > > > "I want it ALL" > > > "Give it to me NOW" > > > "It is MINE, I deserve it" > > > > > > ----- Original Message ----- > > > From: "Kent Norman" > > > To: > > > Sent: Wednesday, June 26, 2002 8:12 AM > > > Subject: RE: [CANSLIM] WCOM restatement > > > > > > > > > > The answer is: > > > > > > > > The same childish, short-sighted, immediate = satisfaction that > > > blinds > > > > them to the possibility that there is a = tomorrow... They run the > > > > business like they live their life. All today = and no tomorrow. > > > > > > > > Kent Norman > > > > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" > > > > > > > wrote: > > > > > Well said, Tom. What is it that makes people = do things for > > > temporary > > > > > gain > > > > > when they know they'll probably get slammed = for it in the > > > future? > > > > > > > > > > I guess it's just greed, stupidity and = arrogance. > > > > > > > > > > -----Original Message----- > > > > > From: Tom Worley = [mailto:stkguru@bellsouth.net] > > > > > Sent: Wednesday, June 26, 2002 12:53 AM > > > > > To: CANSLIM > > > > > Subject: [CANSLIM] WCOM restatement > > > > > > > > > > > > > > > once again, Andersen strikes again, this time = by signing off on > > > > > Worldcom hiding over $3 billion in expenses as = capital > > > > > expenditures, and > > > thus > > > > > inflating cash flow. Restatement expected to = take away last > > > five > > > > > quarters of > > > > > profits and turn them into losses. > > > > > > > > > > Who gave this sanction to a deviation from = GAAP (Generally > > > Accepted > > > > > Accounting Principles)?? Andersen, of course. = It's clear that > > > Enron > > > > > was only > > > > > the tip of the iceberg, as if Waste = Management, Sunbeam, and a > > > host > > > > > of other > > > > > companies were not sufficient warning of major = problems in > > > corporate > > > > > policy > > > > > and infrastructure. Sad to see a great name = like Andersen > > > prostituted > > > > > to > > > > > selling its certification services for any = price, but also > > > clear that > > > > > it > > > > > must disappear from corporate America. And = until every major > > > company > > > > > audited > > > > > by Andersen undergoes a special review by the = SEC on accounting > > > > > practices, I doubt anyone will believe that we = have finally seen > > > > > > it all. > > > > > > > > > > Tom Worley > > > > > stkguru@bellsouth.net > > > > > AIM: TexWorley > > > > > > > > > > > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > - > > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In > > > > > the email body, write "subscribe canslim" or = -"unsubscribe > > > > > canslim". Do not use quotes in your email. > > > > > > > > > > > > =3D=3D=3D=3D=3D > > > > Opportunities always look bigger going than = coming. > > > > > > > > = __________________________________________________ > > > > Do You Yahoo!? > > > > Yahoo! - Official partner of 2002 FIFA World Cup > > > > http://fifaworldcup.yahoo.com > > > > > > > > - > > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > > email body, write "subscribe canslim" or = -"unsubscribe canslim". > > > > Do not use quotes in your email. > > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or = -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > > > > > > > - > > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the > > > email body, write "subscribe canslim" or = -"unsubscribe canslim". Do > > > > not use quotes in your email. > > > > > > =3D=3D=3D=3D=3D > > Dave Cameron > > dfcameron@yahoo.com > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email = "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or = -"unsubscribe > > canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email = "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your = email. > > > - > -To subscribe/unsubscribe, email = "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your = email. > - -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your = email. - -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your = email. = _________________________________________________________________________= ___ For your protection, this e-mail message has been = scanned for viruses. Visit us at http://www.neoris.com/ - -To subscribe/unsubscribe, email = "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your = email. For your protection, this e-mail message has been scanned = for viruses.=20 Visit us at http://www.neoris.com/=20 For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 - For your protection, this e-mail message has been scanned for = viruses.=20 Visit us at http://www.neoris.com/=20 - ------=_NextPart_000_0050_01C21D48.65921B00 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
They're practically giving away DVD = players at=20 COSTCO (sp?)
------=_NextPart_000_0050_01C21D48.65921B00-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "zillagirl" Subject: [CANSLIM] Date: Wed, 26 Jun 2002 22:28:27 -0700 Date: 26 Jun 2002 23:26:28 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_0018_01C21D60.CAB942C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable quest-tyco ------=_NextPart_000_0018_01C21D60.CAB942C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
quest-tyco
------=_NextPart_000_0018_01C21D60.CAB942C0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] nice article Date: 27 Jun 2002 07:29:51 -0400 worth reading, if you care about how politics, and politicians, continue to interfere with cleaning up Wall Street and all the crooked accounting and practices. http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&d ist=yhoo&guid=%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D Tom Worley stkguru@bellsouth.net AIM: TexWorley - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] O'Neal interfiew part II Date: 27 Jun 2002 07:39:26 -0400 Good interview. Thanks, Ed. -----Original Message----- Sent: Wednesday, June 26, 2002 11:43 PM For anyone interested in part two of the motley fool interview of WON go to this site. Ed Hedin http://www.fool.com/Specials/2002/02062000sp.htm - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] O'Neal interfiew part II Date: 27 Jun 2002 07:47:39 -0400 I haven't gotten into the 3rd edition of HTMMIS yet, but notice in the interview, part 2, that WON talks of buying stocks at least $10 in price or higher. Anyone else seen an indication that the prior $12 guidance had been lowered? ----- Original Message ----- Sent: Wednesday, June 26, 2002 11:42 PM For anyone interested in part two of the motley fool interview of WON go to this site. Ed Hedin http://www.fool.com/Specials/2002/02062000sp.htm - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Keeley" Subject: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 05:53:46 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_00C5_01C21D9F.00B14BA0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable About a year and a half ago the company I work for allowed us to = transfer our pension savings to a brokerage (Schwab) account? I want to = get into individual stock investing and decided to be a CANSLIMer. = However the M has kept me out of the market the entire time. My question now is where is a good place to accumulate interest? The = money market fund where my cash is now is almost worthless. I certainly enjoy the wealth of expertise on this board and can't wait = until the stock market turns around so I can invest. Thanks in advance for your help. Pat ------=_NextPart_000_00C5_01C21D9F.00B14BA0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
About a = year and a=20 half ago the company I work for allowed us to transfer our pension = savings=20 to a brokerage (Schwab) account? I want to get into individual = stock=20 investing and decided to be a CANSLIMer. However the M has kept me out = of the=20 market the entire time.
 
My question = now is where=20 is a good place to accumulate interest? The money market fund where my = cash is=20 now is almost worthless.
 
I certainly = enjoy the=20 wealth of expertise on this board and can't wait until the stock market = turns=20 around so I can invest.
 
Thanks in = advance for=20 your help.
 
Pat
------=_NextPart_000_00C5_01C21D9F.00B14BA0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Robert Gammon" Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 07:00:25 -0500 (CDT) With higher yields, you also get risk of loss of principle. You will want this cash at a moment's notice when M turns around. You don't know whether that will be 30 days or 30 months or 30 quarters. Virtually everything that pays more than money markets also carries with it market price fluctuation. If you need the cash in a hurry, market price may well be LOWER than your purchase price (particularly so if interest rates start to tick back up again). So, how much risk of loss of capital are you will to tolerate? How long are you willing to tie up your capital? Robert Gammon On Thu, 27 Jun 2002 05:53:46 -0600, Patrick Keeley wrote: >About a year and a half ago the company I work for allowed us to transfer our pension savings to a brokerage (Schwab) account? I want to get into individual stock investing and decided to be a CANSLIMer. However the M has kept me out of the market the entire time. > >My question now is where is a good place to accumulate interest? The money market fund where my cash is now is almost worthless. > >I certainly enjoy the wealth of expertise on this board and can't wait until the stock market turns around so I can invest. > >Thanks in advance for your help. > >Pat > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 07:28:38 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_000A_01C21DAC.41570E80 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Actually, if it has preserved your capital in the past year and a half, I would think that it was worth something! Many investors have lost 40-60% of their capital during that period. So the little interest you received might be considered to be very large in relation to your capital. -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Patrick Keeley Sent: Thursday, June 27, 2002 6:54 AM To: canslim@lists.xmission.com Subject: [CANSLIM] Where do I put my cash? About a year and a half ago the company I work for allowed us to transfer our pension savings to a brokerage (Schwab) account? I want to get into individual stock investing and decided to be a CANSLIMer. However the M has kept me out of the market the entire time. My question now is where is a good place to accumulate interest? The money market fund where my cash is now is almost worthless. I certainly enjoy the wealth of expertise on this board and can't wait until the stock market turns around so I can invest. Thanks in advance for your help. Pat ------=_NextPart_000_000A_01C21DAC.41570E80 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Actually, if it has preserved your capital in the past year and = a half, I=20 would think that it was worth something!
 
Many=20 investors have lost 40-60% of their capital during that period.  So = the=20 little interest you received might be considered to be very large in = relation to=20 your capital.
----- Original Message -----
From:=20 Katherine=20 Malm
Sent: Wednesday, June 26, 2002 = 5:22=20 PM
Subject: Re: DVD's (was = [CANSLIM] WCOM=20 restatement)

Kelly,
 
One of the problems with DVD related stocks is that, with rare=20 exception, the companies are not exclusively serving that = particular=20 market. That means their sales and earnings will be diluted by other = more=20 mature product lines. When I view a group of stocks that may move = based on=20 some broad-based theme, I do so only to build background. Ultimately, = when the=20 leaders start to move, you will see them demonstrate their leadership = via=20 fundamental and technical indicators, showing that institutions are = being=20 drawn to the stocks. Until then, however, an exercise such as this is = useful=20 for building a mental database and a context for potential stock = movement, but=20 nothing more. A value investor would dig deep and find hidden value, = purchase=20 and then wait (hopefully) for others to be attracted to the stock. = CANSLIMers,=20 however, do no such thing. When the stock is ready to move, it will = move and=20 flash "hey-look at me" signs in bright neon colors.
 
Katherine
----- Original Message -----
From:=20 Kelly=20 Short
Sent: Wednesday, June 26, = 2002 3:30=20 PM
Subject: RE: DVD's (was = [CANSLIM] WCOM=20 restatement)

Katherine,
 
Well- the answer may be that no one is making money in = DVD's (at=20 least not yet). I did a cursory run down of DVD distributors, = equipment=20 manufacturers, piracy solutions makers, etc. with sales growth of = 20% or=20 more and assets of $50M or more. The list is short and when you look = at the=20 IBD overall score- well, let's just say that WON isn't a fan. Most = of the=20 stars (if we can call them that) are traded outside the states. Oh = well- I=20 still think there's something to be had there (especially with = Circuit City=20 moving exclusively to DVD offerings over VHS) but I can't figure out = what.=20 For spreadsheet: http://www.= kellyrshort.com/canslim/dvd_companies.xls
 
Kelly
-----Original Message-----
From: Katherine Malm = [mailto:kmalm@earthlink.net]
Sent: Wednesday, June 26, = 2002=20 12:09 PM
To: = canslim@lists.xmission.com
Subject: Re:=20 DVD's (was [CANSLIM] WCOM restatement)

Kelly,
 
I'm not intimately familiar with all the names under this = macrotheme,=20 but in general, I'd say that the shift to DVD-based entertainment = has been=20 substantial and any time there is a secular shift in technology, = there are=20 real profits to be had. In this case, I think the profits are = spread=20 around very well between all industry sectors. (but as with all=20 technologies, those with the proprietary elements get the lion's = share of=20 the profits)  DVD prices are still quite high, though I = noticed at=20 Christmas, for the first time, that the prices of DVD players had = dropped=20 substantially, indicating that demand is reaching critical mass. = That=20 means that the lower prices make DVD players more affordable = (scarcity=20 becomes abundance), people replace and/or supplement their VCR's = with=20 DVD's, and then demand for DVD media becomes larger. That = snowballs=20 throughout the supply chain. Still up for grabs are = implementations of DVD=20 recording standards established somewhat recently....that could = start a=20 whole new chain of events.
 
I'd been disinclined to compare DVD's to PCs....the former = early in=20 its adoption life cycle, the latter late in its business life = cycle=20 (maturity phase, though arguably not yet in the decline = phase).
 
Katherine
----- Original Message ----- =
From:=20 Kelly Short
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June 26, = 2002=20 11:42 AM
Subject: RE: DVD's (was = [CANSLIM]=20 WCOM restatement)

Katherine-
 
A wealth of information as usual- thank you. But WHO = makes money=20 in this business? Is it Blockbuster? Philips/Sony? Movie = Studios?=20 Fed-Ex? Or does anyone make money in DVD's (has it gone the way = of the=20 pc)?
 
I appreciate your opinions- Kelly
-----Original Message-----
From: Katherine = Malm=20 [mailto:kmalm@earthlink.net]
Sent: Wednesday, June = 26, 2002=20 11:27 AM
To: = canslim@lists.xmission.com
Subject:=20 Re: DVD's (was [CANSLIM] WCOM = restatement)

For starters:
 
-DVD distributors such as DISK, HDL etc
-Retailers such as AMZN, BBY etc
-Hardware---runs the gamut from gaming hardware = (Nintendo, XBox,=20 etc), to video chips to handle the increased graphics = requirements, to=20 -DVD players (Samsung, Matsushita), to chips (INTC and some = specialty=20 chip makers), to DVD drive makers, etc.
-Software, such as NAVR and ROXI etc.
-Hardware components distributors such as TECD, IM, Games = Makers=20 who will beef up games offereings given the extra content = capabilities=20 of DVD based games, etc.
-etc
-etc
 
Katherine
----- Original Message ----- =
From:=20 Kelly Short =
To: canslim@lists.xmission.com= =20
Sent: Wednesday, June = 26, 2002=20 10:50 AM
Subject: RE: = [CANSLIM] WCOM=20 restatement

Katherine-
 
I think you recapped the past three weeks worth of=20 conversations- we're all bored! So let me pose this question = to the=20 group: DVD's. Who makes money off DVD's? =
-----Original = Message-----
From:=20 Katherine Malm = [mailto:kmalm@earthlink.net]
Sent:=20 Wednesday, June 26, 2002 10:40 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement

Hi Kelly,
 
The '87 crash was considerably different....far more = an event=20 than a process as is the current Bear which is undoing the = excesses of the late '90's. At that time, cocktail = conversations=20 rarely included talk of stocks, but on Black = Monday...people who=20 didn't even know what the stock market was all about were = gathered=20 around the TV at lunch time. In retrospect, the Fed's = quick=20 intervention and the adjustments to program trading = guidelines=20 made this a blip on the bull market screen, so the = "throwing in=20 the towel" talk was far more short-lived than now. Most = folks=20 investing these days know little of what creates value and = perceived value in the stock market. Even fewer are = students of=20 market history. But I'd bet the same conversations could = be heard=20 in the 30's and the 60's. Sometimes the best way to = *really* learn=20 it is to live it.
 
Besides, we're bored to tears..... :)) But I *am* = enjoying=20 the time off to pursue summer reading...throw away = novels of=20 little consequence, mindless fluff ....ah, what a = pleasure!
 
Katherine
 
 
----- Original Message -----
From:=20 Kelly Short =
To: canslim@lists.xmission.com= =20
Sent: Wednesday, = June 26,=20 2002 10:25 AM
Subject: RE: = [CANSLIM] WCOM=20 restatement

If I were new to this earth and had just = learned=20 what the US stock market was by reading the comments = shared this=20 morning post-Worldcom I'd think the stock market was = going=20 bye-bye. I'll admit- I'm still wet behind the ears when = it comes=20 to investing experience but I can't for a minute believe = that=20 the same types of comments weren't passed around (albeit = pre-Internet, shiver) regarding the 1987 crash. Can = anyone=20 remember back that far? I am correct and memory short? = Or this=20 truly "new"? Sorry folks- I was in the sixth grade in=20 1987.

Kelly

P.S. - thanks for the "Wall = Street"=20 quotes- it's the most used DVD I = own!

-----Original=20 Message-----
From: Cefaloni, John L Jr.=20 = [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent:=20 Wednesday, June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 RE: [CANSLIM] WCOM restatement


At the risk of = being=20 corny, I thought I'd dig up some quotes from the = movie
"Wall=20 Street" (because Hollywood tells us everything we need = to know=20 about
life ;-)

"The main thing about money, = Bud, is=20 that it makes you do things you don't
want to=20 do."

"Stop going for the easy buck and start = producing=20 something with your life.
Create, instead of living = off the=20 buying and selling of others."

"Stick to the=20 fundamentals.  That's how IBM and Hilton were=20 built."

"There are no shotcuts.  Quick-buck = artists=20 come and go with every bull
market, but the steady = players=20 make it through the bear markets."

"You're on a = roll,=20 kid.  Enjoy it while it lasts, becuase it never=20 does."

and, of course...

"Man looks in the = abyss,=20 there's nothing staring back at him. At that
moment, = man=20 finds his character. And that is what keeps him out of=20 the
abyss."

Of course, the movie is packed = with many=20 more "bullish" quotes, but those
will have to wait = for=20 another day.

-----Original Message-----
From: = Winston=20 Little [mailto:wlittle1@peoplepc.com]
Sent: = Wednesday, June=20 26, 2002 10:33 AM
To: canslim@lists.xmission.com=
Subject:=20 Re: [CANSLIM] WCOM restatement


People in the = rust=20 belt are back in style.

I believe the expression = is "The=20 meek shall inherit the earth".
There is merit to the = people=20 who work and sweat for a living, instead of = the
glorified=20 crooks of the past three years.
Remember all those = clowns=20 forming companies (with NO EARNINGS) that had
market=20 capitalization greater than that of General=20 Motors?

Today:
Lear LEI is up.They make car = seats and=20 interior parts.
Delphi DPH guided up yesterday. They = make=20 electronic parts for cars (mostly
GM).
Visteon VC = guided=20 up this morning.They make car parts (mostly for=20 Ford).
P&G ( as Duke pointed out) is up. Soap, = toothpaste=20 and paper towels.
Donnelly DON  (mirrors for = cars) is to=20 be bought out by Magna (they make car
parts) at 38%=20 premium.




----- Original Message=20 -----
From: "Duke Miller" <dukemill@tampabay.rr.com>=
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:07 AM
Subject: RE: = [CANSLIM] WCOM=20 restatement


> Absolutely.
>
> = P&G=20 is up over $1 at the open this a.m.  Up 16% this=20 year.  43% last two
> years.  Soap, = toothpaste,=20 quality people.  All things you can count
>=20 (on).
>
> Duke
>
> (I do have a = position=20 in P&G)
>
> -----Original = Message-----
>=20 From: owner-canslim@lists.xmis= sion.com
>=20 [mailto:owner-canslim@lists.xmission.com] On Behalf Of = Winston=20 Little
> Sent: Wednesday, June 26, 2002 9:48 = AM
>=20 To: canslim@lists.xmission.com=
>=20 Subject: Re: [CANSLIM] WCOM = restatement
>
>
>=20 There may be some merit to companies that make goods = that I can=20 see,
> touch and count such as houses, cars,=20 chemicals.
>
> There may also be some merit = to=20 companies that pay dividends, as the
> crooks are = less=20 likely to borrow or steal funds to pay=20 dividends.
>
>
> ----- Original = Message=20 -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
>=20 To: <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: = RE:=20 [CANSLIM] WCOM restatement
>
>
> > = Rocky=20 (and all),
> >
> > Yeah... this is=20 amazing.   As a professional statistician, the = recent
> > events show why I don't use = classical=20 statistical techniques in
> > = investing.   I=20 sold all my individual holdings in November - = haven't
>=20 > bought back in.   Still hold the mutual = funds for=20 long term, but
> > continue to watch them=20 dwindle.
> >
> > My line to people at = work is=20 that I'll be working until I'm 80....
> = >
> >=20 Dave
> >
> > --- Rocky Sanghvi <rs@mylodestar.com>=20 wrote:
> > > I wish I could say that today = coming=20 blowoff will be the last one.
> > > There = are other=20 skeletons in the closet.  More importantly = the
> >=20 > impact of the
> > > dropping dollar = will be=20 enormous in our highly leveraged financial
> > = >=20 system.
> > >
> > > From ECON=20 101
> > > Until now we were managing to = balance our=20 foreign deficits by inflow
>
> > > of = cash=20 from other countries into our markets.  The falling = dollar
> > > is an indication
> > = > that=20 money is moving OUT of the country.  Watch out for = the=20 ripple
> > > effects.
> > = >
> >=20 > Unless ofcourse we attack Iraq immediately and = thereby=20 create "a
> > > demand" for
> > = > the=20 the safety of the American dollar.  ;)   = I guess=20 I am cynical.
> > > Today
> > > = the=20 market lost me as an investor for a very long = time.  I=20 quit.
> > >
> > > -----Original=20 Message-----
> > > From: owner-canslim@lists.xmis= sion.com
>=20 > > [mailto:owner-canslim@lists.xmission.com]On = Behalf Of=20 Winston Little
> > > Sent: Wednesday, June = 26, 2002=20 8:34 AM
> > > To: canslim@lists.xmission.com=
>=20 > > Subject: Re: [CANSLIM] WCOM = restatement
> >=20 >
> > >
> > >
> > = > The=20 mantra of the clowns:
> > > "I want it = ALL"
>=20 > > "Give it to me NOW"
> > > "It is = MINE, I=20 deserve it"
> > >
> > > ----- = Original=20 Message -----
> > > From: "Kent Norman" = <kent_norman@yahoo.com>
&g= t;=20 > > To: <canslim@lists.xmission.com= >
>=20 > > Sent: Wednesday, June 26, 2002 8:12 AM
> = >=20 > Subject: RE: [CANSLIM] WCOM restatement
> = >=20 >
> > >
> > > > The answer = is:
> > > >
> > > > The = same=20 childish, short-sighted, immediate satisfaction = that
>=20 > > blinds
> > > > them to the = possibility=20 that there is a tomorrow... They run the
> > = > >=20 business like they live their life. All today and no=20 tomorrow.
> > > >
> > > > = Kent=20 Norman
> > > >
> > > > --- = "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> > > = <john.cefaloni@us.army.mil&g= t;
>=20 > > > wrote:
> > > > > Well = said,=20 Tom.  What is it that makes people do things = for
>=20 > > temporary
> > > > > = gain
>=20 > > > > when they know they'll probably get = slammed=20 for it in the
> > > future?
> > = > >=20 >
> > > > > I guess it's just = greed,=20 stupidity and arrogance.
> > > > = >
>=20 > > > > -----Original Message-----
> = > >=20 > > From: Tom Worley=20 [mailto:stkguru@bellsouth.net]
> > > > = > Sent:=20 Wednesday, June 26, 2002 12:53 AM
> > > > = >=20 To: CANSLIM
> > > > > Subject: = [CANSLIM] WCOM=20 restatement
> > > > >
> > = > >=20 >
> > > > > once again, Andersen = strikes=20 again, this time by signing off on
> > > = > >=20 Worldcom hiding over $3 billion in expenses as = capital
>=20 > > > > expenditures, and
> > >=20 thus
> > > > > inflating cash flow.=20 Restatement expected to take away last
> > > = five
> > > > > quarters of
> = > >=20 > > profits and turn them into losses.
> = > >=20 > >
> > > > > Who gave this = sanction to=20 a deviation from GAAP (Generally
> > >=20 Accepted
> > > > > Accounting = Principles)??=20 Andersen, of course. It's clear that
> > >=20 Enron
> > > > > was only
> > = >=20 > > the tip of the iceberg, as if Waste = Management,=20 Sunbeam, and a
> > > host
> > > = >=20 > of other
> > > > > companies were = not=20 sufficient warning of major problems in
> > = >=20 corporate
> > > > > policy
> = > >=20 > > and infrastructure. Sad to see a great name = like=20 Andersen
> > > prostituted
> > > = >=20 > to
> > > > > selling its = certification=20 services for any price, but also
> > > clear = that
> > > > > it
> > > = > >=20 must disappear from corporate America. And until every=20 major
> > > company
> > > > = >=20 audited
> > > > > by Andersen = undergoes a=20 special review by the SEC on accounting
> > = > >=20 > practices, I doubt anyone will believe that we have = finally=20 seen
>
> > > > > it all.
> = >=20 > > >
> > > > > Tom = Worley
>=20 > > > > stkguru@bellsouth.net
>=20 > > > > AIM: TexWorley
> > > = >=20 >
> > > > >
> > > >=20 >
> > > > > -
> > > = > >=20 -To subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > >=20 canslim".  Do not use quotes in your email.
> = >=20 > > >
> > > > > -
> = > >=20 > > -To subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In
> > > > > the email body, write = "subscribe=20 canslim" or -"unsubscribe
> > > > >=20 canslim".  Do not use quotes in your email.
> = >=20 > >
> > > >
> > > >=20 =3D=3D=3D=3D=3D
> > > > Opportunities = always look bigger=20 going than coming.
> > > >
> > = > >=20 = __________________________________________________
> >=20 > > Do You Yahoo!?
> > > > Yahoo! - = Official partner of 2002 FIFA World Cup
> > = > >=20 http://fifaworldcup.yahoo.com<= BR>>=20 > > >
> > > > -
> > = > >=20 -To subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In the
> > > > email body, write = "subscribe=20 canslim" or -"unsubscribe canslim".
> > > = > Do=20 not use quotes in your email.
> > > = >
>=20 > >
> > >
> > > -
> = >=20 > -To subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In the
> > > email body, write "subscribe = canslim"=20 or -"unsubscribe canslim".  Do
>
> > = >=20 not use quotes in your email.
> > >
> = >=20 >
> > >
> > > -
> > = > -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"=20 -In the
> > > email body, write "subscribe = canslim"=20 or -"unsubscribe canslim".  Do
>
> > = >=20 not use quotes in your email.
> >
> = >
>=20 > =3D=3D=3D=3D=3D
> > Dave Cameron
> = > dfcameron@yahoo.com
>=20 >
> >=20 = __________________________________________________
> >=20 Do You Yahoo!?
> > Yahoo! - Official partner of = 2002=20 FIFA World Cup
> > http://fifaworldcup.yahoo.com<= BR>>=20 >
> > -
> > -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
>= ;=20 > -In the email body, write "subscribe canslim" or=20 -"unsubscribe
> > canslim".  Do not use = quotes in=20 your email.
> >
>
>
> = -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe canslim".  Do not use quotes in your=20 email.
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 -In the email body, write "subscribe canslim" or
> = -"unsubscribe canslim".  Do not use quotes in your=20 email.
>


-
-To = subscribe/unsubscribe, email=20 "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your=20 = email.

___________________________________________________________= _________________
For=20 your protection, this e-mail message has been scanned = for=20 viruses.
Visit us at http://www.neoris.com/

-
-T= o=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" = or
-"unsubscribe=20 canslim".  Do not use quotes in your = email.

For your protection, this e-mail message has been scanned = for=20 viruses.=20

Visit us at http://www.neoris.com/ =



For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Patrick=20 Keeley
Sent: Thursday, June 27, 2002 6:54 AM
To:=20 canslim@lists.xmission.com
Subject: [CANSLIM] Where do I put = my=20 cash?

About a = year and a=20 half ago the company I work for allowed us to transfer our = pension=20 savings to a brokerage (Schwab) account? I want to get into = individual=20 stock investing and decided to be a CANSLIMer. However the M has kept = me out=20 of the market the entire time.
 
My = question now is=20 where is a good place to accumulate interest? The money market fund = where my=20 cash is now is almost worthless.
 
I = certainly enjoy the=20 wealth of expertise on this board and can't wait until the stock = market turns=20 around so I can invest.
 
Thanks in = advance for=20 your help.
 
Pat
------=_NextPart_000_000A_01C21DAC.41570E80-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 08:32:33 -0400 absolutely correct. There is a fairly direct correlation between risk and reward. Some vehicles, such as bond funds, utility funds, and REITs, pay a considerably higher return than money markets, but all carry market risk. If you look at the Dow Jones Utility Index, for example, you will see that it is now well under its Sept lows, even tho it is often seen as a defensive haven for mutual funds that must invest somewhere, even in bad times. If price depreciation is measurable, it can completely offset the higher income return, and give you a net loss. ----- Original Message ----- Sent: Thursday, June 27, 2002 8:00 AM With higher yields, you also get risk of loss of principle. You will want this cash at a moment's notice when M turns around. You don't know whether that will be 30 days or 30 months or 30 quarters. Virtually everything that pays more than money markets also carries with it market price fluctuation. If you need the cash in a hurry, market price may well be LOWER than your purchase price (particularly so if interest rates start to tick back up again). So, how much risk of loss of capital are you will to tolerate? How long are you willing to tie up your capital? Robert Gammon On Thu, 27 Jun 2002 05:53:46 -0600, Patrick Keeley wrote: >About a year and a half ago the company I work for allowed us to transfer our pension savings to a brokerage (Schwab) account? I want to get into individual stock investing and decided to be a CANSLIMer. However the M has kept me out of the market the entire time. > >My question now is where is a good place to accumulate interest? The money market fund where my cash is now is almost worthless. > >I certainly enjoy the wealth of expertise on this board and can't wait until the stock market turns around so I can invest. > >Thanks in advance for your help. > >Pat > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 08:38:44 -0400 should have finished my thought before hitting send. REITs have generally been doing nicely for some time, and with the continued strong housing market, and low interest rates continuing at least until late this year, should continue to pay high returns with reduced market risk. But I would only commit a small portion of cash to this, and be prepared to get out as soon as perceptions shift towards expectations of an upcoming Fed rate hike. REITs can seriously underperform when rates start rising. ----- Original Message ----- Sent: Thursday, June 27, 2002 8:32 AM absolutely correct. There is a fairly direct correlation between risk and reward. Some vehicles, such as bond funds, utility funds, and REITs, pay a considerably higher return than money markets, but all carry market risk. If you look at the Dow Jones Utility Index, for example, you will see that it is now well under its Sept lows, even tho it is often seen as a defensive haven for mutual funds that must invest somewhere, even in bad times. If price depreciation is measurable, it can completely offset the higher income return, and give you a net loss. ----- Original Message ----- Sent: Thursday, June 27, 2002 8:00 AM With higher yields, you also get risk of loss of principle. You will want this cash at a moment's notice when M turns around. You don't know whether that will be 30 days or 30 months or 30 quarters. Virtually everything that pays more than money markets also carries with it market price fluctuation. If you need the cash in a hurry, market price may well be LOWER than your purchase price (particularly so if interest rates start to tick back up again). So, how much risk of loss of capital are you will to tolerate? How long are you willing to tie up your capital? Robert Gammon On Thu, 27 Jun 2002 05:53:46 -0600, Patrick Keeley wrote: >About a year and a half ago the company I work for allowed us to transfer our pension savings to a brokerage (Schwab) account? I want to get into individual stock investing and decided to be a CANSLIMer. However the M has kept me out of the market the entire time. > >My question now is where is a good place to accumulate interest? The money market fund where my cash is now is almost worthless. > >I certainly enjoy the wealth of expertise on this board and can't wait until the stock market turns around so I can invest. > >Thanks in advance for your help. > >Pat > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Ann" Subject: [CANSLIM] HTMMIS Date: 27 Jun 2002 09:03:34 -0400 I got an ad from amazon in my mailbox this morning for HTMMIS: http://www.amazon.com/exec/obidos/ASIN/0071373616/ref%3Dmk%5Fpb%5Fmcf/104-84 45445-4202347#product-details Ann - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: William J Butler Jr Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 08:11:28 -0500 In a money market account. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 27 Jun 2002 09:17:59 -0400 When Ross Perot was a director of GM, he refused to participate in the "excess and other skuldugery" of the GM HQ12th floor. He even REFUSED the free cars and eating in the executive dining room. He wrote a series "How I would Reform GM" and the incumbents were so dismayed that they asked him to leave the company. Their view was that he wanted to deprive them of their birthright! My point is that even with the infrequent meetings and shows, if one is alert, one can usually smell the stink in the place. In a later note Tom mentions Jimmy Carter(JEC). Itoo view him (JEC) as an honorable man, but he is too trusting of people. I wonder if he would detect the smell in many of the crooked houses around. ----- Original Message ----- Sent: Wednesday, June 26, 2002 10:15 PM > I have very little doubt in my mind that large block shareholders such as > pension funds are more interested in inside information than in wielding > their power and influence to ensure "better corporate governance, reasonable > CEO pay, etc.and an end to the interlocking directorships of cronies." And > it makes sense, since their first loyalty is not to the investing public / > community, but rather the investors in the pension fund. > > I would like to see the SEC mandate that the Board of Directors consist of > 51% independent directors in all cases. And for corps over certain market > value, say $1 billion, require that independent Directors be over 67% and of > those Directors include at least a minority of successful, but retired, > businessmen or businesswomen (I nominate Katherine) that will be willing to > speak out publicly if necessary when they are concerned about what they see. > > But recognizing that Directors meet, at the most, one day a month, it is > unlikely they will ever know what is really going on outside the dog and > pony show undoubtedly put on for them. > > ----- Original Message ----- > From: "Warren Keuffel" > To: > Sent: Wednesday, June 26, 2002 5:50 PM > Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > I am of the opinion -- and I would dearly loved to be proved wrong -- > that how we, as individual investors vote doesn't amount to much more > than a spit in the ocean. The real power comes from the institutions, > such as the Calif. pension funds, etc. that are just now starting to > exercise that power. Some of these institutions are pushing for better > corporate governance, reasonable CEO pay, etc.and an end to the > interlocking directorships of cronies. > also, have you ever noticed how many non-business people get on boards? > People who run non-profits, arts organizations, etc. Hello? What > expertise do people like Jesse Jackson (extreme example) have to offer > to a corporation? > > Warren > > Winston Little wrote: > > >Fanus: > > > >The points you make are very true. > > > >I also believe that a big part of t he blame for WCOM, ENE, GX, KM and > other > >similar are the fault of shareholders. > > > >Not many people vote to appoint Board of Directors (BOD) or attend and > >PARTICIPATE in annual meetings. > > > >There are just a few hundred CEO (conceited, exclusive, overpaid ) whose > >names recurrently appear on the BOD as you go from company to company. > These > >members slap each other on the back, are more interested in each others > golf > >handicap than corporate matters, and vote for excessive pay and greed, so > >that they too will receive excessive rewards. > > > >Look at what happened to Walter Hewlett when he challenged those clowns. > Did > >the share holders come to his defense? No, they went with the slimeballs. > > > >When shareholders vote for independent and outside BOD, they have a right > to > >expect vigilance and honesty. When we do not and allow the BOD to be > >populated by hacks in a circle, we can only expect to be jerked. > > > > > >----- Original Message ----- > >From: "Fanus" > >To: > >Sent: Wednesday, June 26, 2002 4:54 PM > >Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > > > >>So, you are saying throw away the fundamentals and > >>trade only on the technicals? > >> > >>There are probably close to 10000 public traded > >>companies and just because a handful of companies > >>committed fraud and use creative accounting, does that > >>mean the other 99% are also just as bad? This is > >>like saying because a small fraction of the population > >>is in prison, this mean all people are criminals. > >> > >>- Fanus > >> > >>--- Spencer48@aol.com wrote: > >> > >>>Group: > >>> > >>> I'm surprised noone has mentioned this yet: > >>>But CANSLIM (in particular > >>>the 1st 2 letters) is based on fundamentally > >>>analyzing and accepting that > >>>quarterly and annual earnings will be approximately > >>>25%. > >>> > >>> However, with the accounting scandals going on, > >>>and big companies like > >>>Enron, WorldCom etc., being involved, will CANSLIM > >>>erode in NSLIM? > >>> > >>>jans > >>> > >>>- > >>>-To subscribe/unsubscribe, email > >>>"majordomo@xmission.com" > >>>-In the email body, write "subscribe canslim" or > >>>-"unsubscribe canslim". Do not use quotes in your > >>> > >>email. > >> > >> > >>__________________________________________________ > >>Do You Yahoo!? > >>Yahoo! - Official partner of 2002 FIFA World Cup > >>http://fifaworldcup.yahoo.com > >> > >>- > >>-To subscribe/unsubscribe, email "majordomo@xmission.com" > >>-In the email body, write "subscribe canslim" or > >>-"unsubscribe canslim". Do not use quotes in your email. > >> > > > > > >- > >-To subscribe/unsubscribe, email "majordomo@xmission.com" > >-In the email body, write "subscribe canslim" or > >-"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 08:18:18 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0044_01C21DB3.318BEB40 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Pat, Give Schwab a call and ask them this question, they're good about giving = you options. Also consider their high yield money market fund (still not = a great return, but better than 0%): SWVXX. I believe the minimum to = open is $25K, lower if the money is in an IRA account. Katherine ----- Original Message -----=20 From: Patrick Keeley=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 27, 2002 6:53 AM Subject: [CANSLIM] Where do I put my cash? About a year and a half ago the company I work for allowed us to = transfer our pension savings to a brokerage (Schwab) account? I want to = get into individual stock investing and decided to be a CANSLIMer. = However the M has kept me out of the market the entire time. My question now is where is a good place to accumulate interest? The = money market fund where my cash is now is almost worthless. I certainly enjoy the wealth of expertise on this board and can't wait = until the stock market turns around so I can invest. Thanks in advance for your help. Pat ------=_NextPart_000_0044_01C21DB3.318BEB40 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Pat,
 
Give Schwab a call and ask them this question, they're good about = giving=20 you options. Also consider their high yield money market fund (still not = a great=20 return, but better than 0%): SWVXX. I believe the minimum to open is = $25K, lower=20 if the money is in an IRA account.
 
Katherine
----- Original Message -----
From:=20 Patrick Keeley
Sent: Thursday, June 27, 2002 = 6:53=20 AM
Subject: [CANSLIM] Where do I = put my=20 cash?

About a = year and a=20 half ago the company I work for allowed us to transfer our = pension=20 savings to a brokerage (Schwab) account? I want to get into = individual=20 stock investing and decided to be a CANSLIMer. However the M has kept = me out=20 of the market the entire time.
 
My = question now is=20 where is a good place to accumulate interest? The money market fund = where my=20 cash is now is almost worthless.
 
I = certainly enjoy the=20 wealth of expertise on this board and can't wait until the stock = market turns=20 around so I can invest.
 
Thanks in = advance for=20 your help.
 
Pat
------=_NextPart_000_0044_01C21DB3.318BEB40-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 27 Jun 2002 08:26:05 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_004C_01C21DB4.47C978E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Just have to chime in here...while I have only the greatest respect for = someone like Jimmy Carter, this is *not* what Boards need. They need = hard-hitting board members who know business, and who are not afraid to = tell the CEO and executives that they are full of $&*^ when they pull = outrageous acts or are sleeping on the job. Instead, many boards are = filled with window dressing. I know quite a few folks who sit on boards = and don't do SQUAT, yet they do so to "build their network." What a = crock. Katherine ----- Original Message -----=20 From: Winston Little=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 27, 2002 8:17 AM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? When Ross Perot was a director of GM, he refused to participate in the "excess and other skuldugery" of the GM HQ12th floor. He even REFUSED the free cars and eating in the executive dining room. = He wrote a series "How I would Reform GM" and the incumbents were so = dismayed that they asked him to leave the company. Their view was that he = wanted to deprive them of their birthright! My point is that even with the infrequent meetings and shows, if one = is alert, one can usually smell the stink in the place. In a later note Tom mentions Jimmy Carter(JEC). Itoo view him (JEC) as = an honorable man, but he is too trusting of people. I wonder if he would = detect the smell in many of the crooked houses around. ----- Original Message ----- From: "Tom Worley" To: Sent: Wednesday, June 26, 2002 10:15 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > I have very little doubt in my mind that large block shareholders = such as > pension funds are more interested in inside information than in = wielding > their power and influence to ensure "better corporate governance, reasonable > CEO pay, etc.and an end to the interlocking directorships of = cronies." And > it makes sense, since their first loyalty is not to the investing = public / > community, but rather the investors in the pension fund. > > I would like to see the SEC mandate that the Board of Directors = consist of > 51% independent directors in all cases. And for corps over certain = market > value, say $1 billion, require that independent Directors be over = 67% and of > those Directors include at least a minority of successful, but = retired, > businessmen or businesswomen (I nominate Katherine) that will be = willing to > speak out publicly if necessary when they are concerned about what = they see. > > But recognizing that Directors meet, at the most, one day a month, = it is > unlikely they will ever know what is really going on outside the dog = and > pony show undoubtedly put on for them. > > ----- Original Message ----- > From: "Warren Keuffel" > To: > Sent: Wednesday, June 26, 2002 5:50 PM > Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > I am of the opinion -- and I would dearly loved to be proved wrong = -- > that how we, as individual investors vote doesn't amount to much = more > than a spit in the ocean. The real power comes from the = institutions, > such as the Calif. pension funds, etc. that are just now starting to > exercise that power. Some of these institutions are pushing for = better > corporate governance, reasonable CEO pay, etc.and an end to the > interlocking directorships of cronies. > also, have you ever noticed how many non-business people get on = boards? > People who run non-profits, arts organizations, etc. Hello? What > expertise do people like Jesse Jackson (extreme example) have to = offer > to a corporation? > > Warren > > Winston Little wrote: > > >Fanus: > > > >The points you make are very true. > > > >I also believe that a big part of t he blame for WCOM, ENE, GX, KM = and > other > >similar are the fault of shareholders. > > > >Not many people vote to appoint Board of Directors (BOD) or attend = and > >PARTICIPATE in annual meetings. > > > >There are just a few hundred CEO (conceited, exclusive, overpaid ) = whose > >names recurrently appear on the BOD as you go from company to = company. > These > >members slap each other on the back, are more interested in each = others > golf > >handicap than corporate matters, and vote for excessive pay and = greed, so > >that they too will receive excessive rewards. > > > >Look at what happened to Walter Hewlett when he challenged those = clowns. > Did > >the share holders come to his defense? No, they went with the = slimeballs. > > > >When shareholders vote for independent and outside BOD, they have a = right > to > >expect vigilance and honesty. When we do not and allow the BOD to = be > >populated by hacks in a circle, we can only expect to be jerked. > > > > > >----- Original Message ----- > >From: "Fanus" > >To: > >Sent: Wednesday, June 26, 2002 4:54 PM > >Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > > > >>So, you are saying throw away the fundamentals and > >>trade only on the technicals? > >> > >>There are probably close to 10000 public traded > >>companies and just because a handful of companies > >>committed fraud and use creative accounting, does that > >>mean the other 99% are also just as bad? This is > >>like saying because a small fraction of the population > >>is in prison, this mean all people are criminals. > >> > >>- Fanus > >> > >>--- Spencer48@aol.com wrote: > >> > >>>Group: > >>> > >>> I'm surprised noone has mentioned this yet: > >>>But CANSLIM (in particular > >>>the 1st 2 letters) is based on fundamentally > >>>analyzing and accepting that > >>>quarterly and annual earnings will be approximately > >>>25%. > >>> > >>> However, with the accounting scandals going on, > >>>and big companies like > >>>Enron, WorldCom etc., being involved, will CANSLIM > >>>erode in NSLIM? > >>> > >>>jans > >>> > >>>- > >>>-To subscribe/unsubscribe, email > >>>"majordomo@xmission.com" > >>>-In the email body, write "subscribe canslim" or > >>>-"unsubscribe canslim". Do not use quotes in your > >>> > >>email. > >> > >> > >>__________________________________________________ > >>Do You Yahoo!? > >>Yahoo! - Official partner of 2002 FIFA World Cup > >>http://fifaworldcup.yahoo.com > >> > >>- > >>-To subscribe/unsubscribe, email "majordomo@xmission.com" > >>-In the email body, write "subscribe canslim" or > >>-"unsubscribe canslim". Do not use quotes in your email. > >> > > > > > >- > >-To subscribe/unsubscribe, email "majordomo@xmission.com" > >-In the email body, write "subscribe canslim" or > >-"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_004C_01C21DB4.47C978E0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Just have to chime in here...while I have only the greatest respect = for=20 someone like Jimmy Carter, this is *not* what Boards need. They need=20 hard-hitting board members who know business, and who are not afraid to = tell the=20 CEO and executives that they are full of $&*^ when they pull = outrageous acts=20 or are sleeping on the job. Instead, many boards are filled with window=20 dressing. I know quite a few folks who sit on boards and don't do SQUAT, = yet=20 they do so to "build their network." What a crock.
 
Katherine
----- Original Message -----
From:=20 Winston=20 Little
Sent: Thursday, June 27, 2002 = 8:17=20 AM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?

When Ross Perot was a director of GM, he refused to = participate=20 in the
"excess and other skuldugery" of the GM HQ12th floor.
He = even=20 REFUSED the free cars and eating in the executive dining room. = He
wrote a=20 series "How I would Reform GM" and the incumbents were so = dismayed
that=20 they asked him to leave the company. Their view was that he wanted=20 to
deprive them of their birthright!

My point is that even = with the=20 infrequent meetings and shows, if one is
alert, one can usually = smell the=20 stink in the place.
In a later note Tom mentions Jimmy Carter(JEC). = Itoo=20 view him (JEC) as an
honorable man, but he is too trusting of = people. I=20 wonder if he would detect
the smell in many of the crooked houses=20 around.

----- Original Message -----
From: "Tom Worley" = <stkguru@bellsouth.net>
To= :=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:15 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?


> I have very little doubt in my mind that = large=20 block shareholders such as
> pension funds are more interested = in inside=20 information than in wielding
> their power and influence to = ensure=20 "better corporate governance,
reasonable
> CEO pay, etc.and = an end to=20 the interlocking directorships of cronies." And
> it makes = sense, since=20 their first loyalty is not to the investing public /
> = community, but=20 rather the investors in the pension fund.
>
> I would like = to see=20 the SEC mandate that the Board of Directors consist of
> 51% = independent=20 directors in all cases. And for corps over certain market
> = value, say=20 $1 billion, require that independent Directors be over 67% = and
of
>=20 those Directors include at least a minority of successful, but=20 retired,
> businessmen or businesswomen (I nominate Katherine) = that will=20 be willing
to
> speak out publicly if necessary when they are = concerned about what they
see.
>
> But recognizing that = Directors meet, at the most, one day a month, it is
> unlikely = they will=20 ever know what is really going on outside the dog and
> pony = show=20 undoubtedly put on for them.
>
> ----- Original Message=20 -----
> From: "Warren Keuffel" <wkeuffel@xmission.com>
&g= t; To:=20 <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 5:50 PM
> Subject: Re: [CANSLIM] = Re:=20 Retstatement of CANSLIM?
>
>
> I am of the opinion = -- and I=20 would dearly loved to be proved wrong --
> that how we, as = individual=20 investors vote doesn't amount to much more
> than a spit in the = ocean.=20 The real power comes from the institutions,
> such as the Calif. = pension=20 funds, etc. that are just now starting to
> exercise that power. = Some of=20 these institutions are pushing for better
> corporate = governance,=20 reasonable CEO pay, etc.and an end to the
> interlocking = directorships=20 of cronies.
> also, have you ever noticed how many non-business = people=20 get on boards?
> People who run non-profits, arts organizations, = etc.=20 Hello? What
> expertise do people like Jesse Jackson (extreme = example)=20 have to offer
> to a corporation?
>
> = Warren
>
>=20 Winston Little wrote:
>
> >Fanus:
> >
> = >The=20 points you make are very true.
> >
> >I also believe = that a=20 big part of t he blame for WCOM, ENE, GX, KM and
> other
> = >similar are the fault of shareholders.
> >
> = >Not many=20 people vote to appoint Board of Directors (BOD) or attend and
>=20 >PARTICIPATE in annual meetings.
> >
> >There are = just a=20 few hundred CEO (conceited, exclusive, overpaid )  whose
>=20 >names recurrently appear on the BOD as you go from company to=20 company.
> These
> >members slap each other on the = back, are=20 more interested in each others
> golf
> >handicap than=20 corporate matters, and vote for excessive pay and greed, so
> = >that=20 they too will receive excessive rewards.
> >
> >Look = at what=20 happened to Walter Hewlett when he challenged those clowns.
>=20 Did
> >the share holders come to his defense? No, they went = with the=20 slimeballs.
> >
> >When shareholders vote for = independent=20 and outside BOD, they have a right
> to
> >expect = vigilance and=20 honesty. When we do not and allow the BOD to be
> >populated = by hacks=20 in a circle, we can only expect to be jerked.
> >
>=20 >
> >----- Original Message -----
> >From: = "Fanus" <fanus13@yahoo.com>
> = >To:=20 <canslim@lists.xmission.com= >
>=20 >Sent: Wednesday, June 26, 2002 4:54 PM
> >Subject: Re: = [CANSLIM]=20 Re: Retstatement of CANSLIM?
> >
> >
> = >>So, you=20 are saying throw away the fundamentals and
> >>trade only = on the=20 technicals?
> >>
> >>There are probably close = to 10000=20 public traded
> >>companies and just because a handful of=20 companies
> >>committed fraud and use creative accounting, = does=20 that
> >>mean the other 99% are also just as = bad?   This=20 is
> >>like saying because a small fraction of the=20 population
> >>is in prison, this mean all people are=20 criminals.
> >>
> >>- Fanus
> = >>
>=20 >>--- Spencer48@aol.com = wrote:
> >>
> >>>Group:
>=20 >>>
> >>>     I'm = surprised noone=20 has mentioned this yet:
> >>>But CANSLIM (in = particular
>=20 >>>the 1st 2 letters) is based on fundamentally
>=20 >>>analyzing and accepting that
> >>>quarterly = and=20 annual earnings will be approximately
> >>>25%.
> = >>>
> >>>     However, = with the=20 accounting scandals going on,
> >>>and big companies=20 like
> >>>Enron, WorldCom etc., being involved, will=20 CANSLIM
> >>>erode in NSLIM?
> = >>>
>=20 >>>jans
> >>>
> >>>-
>=20 >>>-To subscribe/unsubscribe, email
> >>>"majordomo@xmission.com"
>= ;=20 >>>-In the email body, write "subscribe canslim" or
>=20 >>>-"unsubscribe canslim".  Do not use quotes in = your
>=20 >>>
> >>email.
> >>
> = >>
>=20 >>__________________________________________________
> = >>Do=20 You Yahoo!?
> >>Yahoo! - Official partner of 2002 FIFA = World=20 Cup
> >>http://fifaworldcup.yahoo.com
> = >>
>=20 >>-
> >>-To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 >>-In the email body, write "subscribe canslim" or
>=20 >>-"unsubscribe canslim".  Do not use quotes in your = email.
>=20 >>
> >
> >
> >-
> >-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 >-In the email body, write "subscribe canslim" or
> = >-"unsubscribe=20 canslim".  Do not use quotes in your email.
> >
>=20 >
> >
>
>
>
> -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your=20 email.
>
>
>
> -
> -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>


-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.
------=_NextPart_000_004C_01C21DB4.47C978E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] O'Neal interfiew part II Date: 27 Jun 2002 09:29:09 -0400 Tom: With regard to the price of stocks, look back at the Smart Investor featured on 13 June 2000. "In general, Curry buys shares before they reach 10 because he wants to at least double the price in one quarter. Few of the more costly stocks increase that quickly. (Following such a strategy can be tricky, and probably is best left to experienced investors.)" ----- Original Message ----- Sent: Thursday, June 27, 2002 7:47 AM > I haven't gotten into the 3rd edition of HTMMIS yet, but notice in the > interview, part 2, that WON talks of buying stocks at least $10 in price or > higher. Anyone else seen an indication that the prior $12 guidance had been > lowered? > > ----- Original Message ----- > From: "Ed Hedin" > To: > Sent: Wednesday, June 26, 2002 11:42 PM > Subject: [CANSLIM] O'Neal interfiew part II > > > For anyone interested in part two of the motley fool interview of WON go to > this site. Ed Hedin > > http://www.fool.com/Specials/2002/02062000sp.htm > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: [CANSLIM] WCOM is now WCOME Date: 27 Jun 2002 06:28:56 -0700 (PDT) Just an FYI: WCOM is now WCOME to indicate it is not in compliance. Kent Norman ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: [CANSLIM] FTD Question Date: 27 Jun 2002 09:27:22 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0116_01C21DBC.D7A3F960 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable The market is so oversold now, that we are due for a strong rally (even = if it turns out to be a temporary rally based mainly on short covering). = If we would get two days in a row with big increases on very large = volume, would the 2nd day be considered an FTD, or would the purists = rather the FTD be 4-7 days after the first day? This may all be moot as = we may not get a powerful rally, but if we get two very strong days back = to back, how should we react? Jon ------=_NextPart_000_0116_01C21DBC.D7A3F960 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
The market is so oversold now, = that we are=20 due for a strong rally (even if it turns out to be a temporary rally = based=20 mainly on short covering). If we would get two days in a row with big = increases=20 on very large volume, would the 2nd day be considered an FTD, or would = the=20 purists rather the FTD be 4-7 days after the first day? This may all be = moot as=20 we may not get a powerful rally, but if we get two very strong days back = to=20 back, how should we react?
 
Jon
------=_NextPart_000_0116_01C21DBC.D7A3F960-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] WCOM is now WCOME Date: 27 Jun 2002 09:35:24 -0400 It would be more appropriate as W-CON, ----- Original Message ----- Sent: Thursday, June 27, 2002 9:28 AM > Just an FYI: > > WCOM is now WCOME to indicate it is not in compliance. > > Kent Norman > > ===== > Opportunities always look bigger going than coming. > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] FTD Question Date: 27 Jun 2002 09:41:44 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_00DA_01C21DBE.D9172680 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable first day starts the clock ticking, a back to back day may suggest the = strength of the first day is better than average, but is not the FTD. = Best window remains the 4th thru 7th day ----- Original Message -----=20 Sent: Thursday, June 27, 2002 9:27 AM The market is so oversold now, that we are due for a strong rally (even = if it turns out to be a temporary rally based mainly on short covering). = If we would get two days in a row with big increases on very large = volume, would the 2nd day be considered an FTD, or would the purists = rather the FTD be 4-7 days after the first day? This may all be moot as = we may not get a powerful rally, but if we get two very strong days back = to back, how should we react? Jon ------=_NextPart_000_00DA_01C21DBE.D9172680 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
first day starts the clock ticking, a back to = back day may=20 suggest the strength of the first day is better than average, but is not = the=20 FTD. Best window remains the 4th thru 7th day
 
----- Original Message -----=20
From: J. = Lobatto=20
Sent: Thursday, June 27, 2002 9:27 AM
Subject: [CANSLIM] FTD Question

The market is so oversold now, = that we are=20 due for a strong rally (even if it turns out to be a temporary rally = based=20 mainly on short covering). If we would get two days in a row with big = increases=20 on very large volume, would the 2nd day be considered an FTD, or would = the=20 purists rather the FTD be 4-7 days after the first day? This may all be = moot as=20 we may not get a powerful rally, but if we get two very strong days back = to=20 back, how should we react?
 
Jon
------=_NextPart_000_00DA_01C21DBE.D9172680-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] WCOM is now WCOME Date: 27 Jun 2002 09:42:55 -0400 worst possible thing (even worse than an SEC investigation, or restating earnings downward) is to become the joke of the investment community. I am already seeing it renamed as World Con, and World Gone. ----- Original Message ----- Sent: Thursday, June 27, 2002 9:35 AM It would be more appropriate as W-CON, ----- Original Message ----- Sent: Thursday, June 27, 2002 9:28 AM > Just an FYI: > > WCOM is now WCOME to indicate it is not in compliance. > > Kent Norman > > ===== > Opportunities always look bigger going than coming. > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] FTD Question Date: 27 Jun 2002 08:46:37 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_005D_01C21DB7.262B7C80 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Jon, A rally and/or FTD* by itself doesn't mean all that much. You still need = evidence that strong stocks are breaking out of sound bases. There'll be = plenty of time to purchase good quality stocks if this is "the real = thing." Patience, readiness and following your investing rules are the = most critical tasks right now. Katherine ----- Original Message -----=20 From: J. Lobatto=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 27, 2002 8:27 AM Subject: [CANSLIM] FTD Question The market is so oversold now, that we are due for a strong rally = (even if it turns out to be a temporary rally based mainly on short = covering). If we would get two days in a row with big increases on very = large volume, would the 2nd day be considered an FTD, or would the = purists rather the FTD be 4-7 days after the first day? This may all be = moot as we may not get a powerful rally, but if we get two very strong = days back to back, how should we react? Jon ------=_NextPart_000_005D_01C21DB7.262B7C80 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Jon,
 
A rally and/or FTD* by itself doesn't mean all that much. You = still=20 need evidence that strong stocks are breaking out of sound bases. = There'll be=20 plenty of time to purchase good quality stocks if this is "the real = thing."=20 Patience, readiness and following your investing rules are the most = critical tasks right now.
 
Katherine
 
----- Original Message -----
From:=20 J. = Lobatto=20
Sent: Thursday, June 27, 2002 = 8:27=20 AM
Subject: [CANSLIM] FTD = Question

The market is so oversold now, = that we are=20 due for a strong rally (even if it turns out to be a temporary rally = based=20 mainly on short covering). If we would get two days in a row with big=20 increases on very large volume, would the 2nd day be considered an = FTD, or=20 would the purists rather the FTD be 4-7 days after the first day? This = may all=20 be moot as we may not get a powerful rally, but if we get two very = strong days=20 back to back, how should we react?
 
Jon
------=_NextPart_000_005D_01C21DB7.262B7C80-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] FTD Question Date: 27 Jun 2002 06:46:49 -0700 (PDT) not CANSLIM - but BLoomberg says the floor people are wanting to see more than 4% today before they believe it is a turnaround. Kent Norman --- "J. Lobatto" wrote: > The market is so oversold now, that we are due for a strong rally > (even if it turns out to be a temporary rally based mainly on short > covering). If we would get two days in a row with big increases on > very large volume, would the 2nd day be considered an FTD, or would > the purists rather the FTD be 4-7 days after the first day? This may > all be moot as we may not get a powerful rally, but if we get two > very strong days back to back, how should we react? > > Jon > ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 27 Jun 2002 08:56:18 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_021C_01C21DB8.802DAC20 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Jimmy Carter.... are you joshing??? Before you know it, Clinton will = start looking good... ----- Original Message -----=20 From: Tom Worley=20 To: canslim@lists.xmission.com=20 Sent: Wednesday, June 26, 2002 10:06 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? I look at a guy like Jimmy Carter, who was not a very effective Prez, = but is to me a man of character. I have little doubt that there is no offer = that could be made to him that would work if he was on a Board, and = detected anything that smelled questionable to him. Don't know how many others = there are that both have strong moral ethics, rich enough that they don't = need stock options, and also have some understanding of business. ----- Original Message ----- From: To: Sent: Wednesday, June 26, 2002 10:50 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Tom: I'm not entirely sure what you mean by an independent director. = If this means a director who has no stake in the company's success or failure, = I don't know that this is an idea that should be adopted. It seems to me that a company whose directors own a certain = percentage of the stock, would be more likely to have directors that care about = that company's future. An independent director (ie. someone who has no = stake in the company's future), I see as nothing but a mouthpiece for whatever political agenda that particular director is driven by. jans In a message dated 6/26/2002 10:16:30 PM Eastern Daylight Time, stkguru@bellsouth.net writes: << I would like to see the SEC mandate that the Board of Directors = consist of 51% independent directors in all cases. And for corps over certain = market value, say $1 billion, require that independent Directors be over 67% = and of those Directors include at least a minority of successful, but = retired, businessmen or businesswomen (I nominate Katherine) that will be = willing to speak out publicly if necessary when they are concerned about what = they see. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_021C_01C21DB8.802DAC20 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Jimmy Carter.... are you = joshing??? Before=20 you know it, Clinton will start looking good...
 
 
----- Original Message -----
From:=20 Tom=20 Worley
Sent: Wednesday, June 26, 2002 = 10:06=20 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?

I look at a guy like Jimmy Carter, who was not a very = effective=20 Prez, but is
to me a man of character. I have little doubt that = there is no=20 offer that
could be made to him that would work if he was on a = Board, and=20 detected
anything that smelled questionable to him. Don't know how = many=20 others there
are that both have strong moral ethics, rich enough = that they=20 don't need
stock options, and also have some understanding of=20 business.

----- Original Message -----
From: <Spencer48@aol.com>
To: = <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:50 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?


Tom:

     I'm not = entirely=20 sure what you mean by an independent director.  = If
this
means a=20 director who has no stake in the company's success or failure, = I
don't know=20 that this is an idea that should be = adopted.

    =20 It seems to me that a company whose directors own a certain = percentage
of=20 the stock, would be more likely to have directors that care about=20 that
company's future.  An independent director (ie. someone = who has=20 no stake in
the company's future), I see as nothing but a = mouthpiece for=20 whatever
political agenda that particular director is driven=20 by.

jans


In a message dated 6/26/2002 10:16:30 PM = Eastern=20 Daylight Time,
stkguru@bellsouth.net=20 writes:

<< I would like to see the SEC mandate that the = Board of=20 Directors consist
of
 51% independent directors in all = cases. And=20 for corps over certain market
 value, say $1 billion, require = that=20 independent Directors be over 67% and
of
 those Directors = include=20 at least a minority of successful, but retired,
 businessmen = or=20 businesswomen (I nominate Katherine) that will be willing = to
 speak=20 out publicly if necessary when they are concerned about what=20 they
see.
  >>

-
-To subscribe/unsubscribe, = email=20 "majordomo@xmission.com"
-In= =20 the email body, write "subscribe canslim" or
-"unsubscribe = canslim". =20 Do not use quotes in your email.




-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.
------=_NextPart_000_021C_01C21DB8.802DAC20-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Keeley" Subject: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 05:48:54 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_00A0_01C21D9E.523A5CB0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable About a year and a half ago the company I work for allowed us to = transfer our pension savings to a brokerage (Schwab) account? I want to = get into individual stock investing and decided to be a CANSLIMer. = However the M has kept me out of the market the entire time. My question now is where is a good place to accumulate interest? The = money market fund where my cash is now is almost worthless. I certainly enjoy the wealth of expertise on this board and can't wait = until the stock market turns around so I can invest. Thanks in advance for your help. Pat ------=_NextPart_000_00A0_01C21D9E.523A5CB0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
 
About a year and a half ago the = company I=20 work for allowed us to transfer our pension savings to a brokerage=20 (Schwab) account? I want to get into individual stock investing and = decided=20 to be a CANSLIMer. However the M has kept me out of the market the = entire=20 time.
 
My question now is where is a good = place to=20 accumulate interest? The money market fund where my cash is now is = almost=20 worthless.
 
I certainly enjoy the wealth of = expertise on=20 this board and can't wait until the stock market turns around so I can=20 invest.
 
Thanks in advance for your = help.
 
Pat
------=_NextPart_000_00A0_01C21D9E.523A5CB0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: [CANSLIM] Breakouts Date: 27 Jun 2002 08:59:12 -0500 All, I have just finished reading the 24 Essential Rules, and am starting on the 3rd edition of How to make money... and I have a couple of question regarding breakouts and adding shares to a position. 1. WON talks about only purchasing 1/2 of your position at the breakout, and then if the stock moves up 2-3% you can add a bit more, etc. But the part that confuses me is : what is the stock breaks out, and rises 6% on the breakout. Then by the overextended rule, you would not want to buy more, since it is more than 5% over the pivot price. Would you end up waiting for the stock to go thru a pullback, and then buy more? It seems to me, that one of the trickiest parts to using this system is being able to determine if a stock is pulling back in a normal fashion, or if it is headed down. 2. If you buy at the first breakout, and the stock rises, lets say 15%, and then starts to go into a new cwh , that might consolidate 20-30%, would you end up watching the charts and sell out and lock in profits, then buy back in at the next breakout? what about the case where the stock is up 30% from the first breakout. Do you end up riding it down to 0% gain, (not selling because it is not a 7-8% loss) and hang on for the long term? TIA Mike Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: [CANSLIM] An example for my question Date: 27 Jun 2002 10:18:17 -0500 All, Based on my previous question, I will include COCO, which I recently purchased at $31.47, which was slightly above 5% over the pivot of $29.54. The stock is moving up in the past few days, slowly, suck that I am up about 0.5%. So the question becomes: when would I add more to my position if the stock still looks like a good performer? Thanks Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: [CANSLIM] market geometry Date: 27 Jun 2002 10:43:37 -0500 This is some pretty amazing symmetry. Notice the H&S pattern. Looks very bearish for some time to come. E <<...OLE_Obj...>> ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] market geometry Date: 27 Jun 2002 11:02:45 -0500 Sorry file must have been too big. If someone will post the FTP info I will try to upload the file. E -----Original Message----- Sent: Thursday, June 27, 2002 10:44 AM This is some pretty amazing symmetry. Notice the H&S pattern. Looks very bearish for some time to come. E <<...OLE_Obj...>> ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Erik_Harris3745" Subject: [CANSLIM] test - no text Date: 27 Jun 2002 12:13:10 -0400 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] Re: Restatement of CANSLIM? Date: 27 Jun 2002 11:16:06 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0093_01C21DCC.07E24B40 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit There are two things that have to be addressed. First, many boards have become hostage to the political correctness and diversity philosophies and as a result, they have people who have little or no experience in the businesses. Second, many of us who used to serve on public boards refuse to do so because of the ease of which one can be sued and two, the personal liability questions. For example, I have not served on a public board since the early 80's. One of my close friends was asked to serve on the old Republic National Bank of Dallas board, attended the last two meetings before they were closed by the Fed and spent over $2.5 million in legal fees defending himself. Quite frankly, it just is not worth the hassle for many of us. [Fred Richards] -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Katherine Malm Sent: Thursday, June 27, 2002 8:26 AM Just have to chime in here...while I have only the greatest respect for someone like Jimmy Carter, this is *not* what Boards need. They need hard-hitting board members who know business, and who are not afraid to tell the CEO and executives that they are full of $&*^ when they pull outrageous acts or are sleeping on the job. Instead, many boards are filled with window dressing. I know quite a few folks who sit on boards and don't do SQUAT, yet they do so to "build their network." What a crock. Katherine ----- Original Message ----- From: Winston Little To: canslim@lists.xmission.com Sent: Thursday, June 27, 2002 8:17 AM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? When Ross Perot was a director of GM, he refused to participate in the "excess and other skuldugery" of the GM HQ12th floor. He even REFUSED the free cars and eating in the executive dining room. He wrote a series "How I would Reform GM" and the incumbents were so dismayed that they asked him to leave the company. Their view was that he wanted to deprive them of their birthright! My point is that even with the infrequent meetings and shows, if one is alert, one can usually smell the stink in the place. In a later note Tom mentions Jimmy Carter(JEC). Itoo view him (JEC) as an honorable man, but he is too trusting of people. I wonder if he would detect the smell in many of the crooked houses around. ----- Original Message ----- From: "Tom Worley" To: Sent: Wednesday, June 26, 2002 10:15 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > I have very little doubt in my mind that large block shareholders such as > pension funds are more interested in inside information than in wielding > their power and influence to ensure "better corporate governance, reasonable > CEO pay, etc.and an end to the interlocking directorships of cronies." And > it makes sense, since their first loyalty is not to the investing public / > community, but rather the investors in the pension fund. > > I would like to see the SEC mandate that the Board of Directors consist of > 51% independent directors in all cases. And for corps over certain market > value, say $1 billion, require that independent Directors be over 67% and of > those Directors include at least a minority of successful, but retired, > businessmen or businesswomen (I nominate Katherine) that will be willing to > speak out publicly if necessary when they are concerned about what they see. > > But recognizing that Directors meet, at the most, one day a month, it is > unlikely they will ever know what is really going on outside the dog and > pony show undoubtedly put on for them. > > ----- Original Message ----- > From: "Warren Keuffel" > To: > Sent: Wednesday, June 26, 2002 5:50 PM > Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > I am of the opinion -- and I would dearly loved to be proved wrong -- > that how we, as individual investors vote doesn't amount to much more > than a spit in the ocean. The real power comes from the institutions, > such as the Calif. pension funds, etc. that are just now starting to > exercise that power. Some of these institutions are pushing for better > corporate governance, reasonable CEO pay, etc.and an end to the > interlocking directorships of cronies. > also, have you ever noticed how many non-business people get on boards? > People who run non-profits, arts organizations, etc. Hello? What > expertise do people like Jesse Jackson (extreme example) have to offer > to a corporation? > > Warren > > Winston Little wrote: > > >Fanus: > > > >The points you make are very true. > > > >I also believe that a big part of t he blame for WCOM, ENE, GX, KM and > other > >similar are the fault of shareholders. > > > >Not many people vote to appoint Board of Directors (BOD) or attend and > >PARTICIPATE in annual meetings. > > > >There are just a few hundred CEO (conceited, exclusive, overpaid ) whose > >names recurrently appear on the BOD as you go from company to company. > These > >members slap each other on the back, are more interested in each others > golf > >handicap than corporate matters, and vote for excessive pay and greed, so > >that they too will receive excessive rewards. > > > >Look at what happened to Walter Hewlett when he challenged those clowns. > Did > >the share holders come to his defense? No, they went with the slimeballs. > > > >When shareholders vote for independent and outside BOD, they have a right > to > >expect vigilance and honesty. When we do not and allow the BOD to be > >populated by hacks in a circle, we can only expect to be jerked. > > > > > >----- Original Message ----- > >From: "Fanus" > >To: > >Sent: Wednesday, June 26, 2002 4:54 PM > >Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > > > >>So, you are saying throw away the fundamentals and > >>trade only on the technicals? > >> > >>There are probably close to 10000 public traded > >>companies and just because a handful of companies > >>committed fraud and use creative accounting, does that > >>mean the other 99% are also just as bad? This is > >>like saying because a small fraction of the population > >>is in prison, this mean all people are criminals. > >> > >>- Fanus > >> > >>--- Spencer48@aol.com wrote: > >> > >>>Group: > >>> > >>> I'm surprised noone has mentioned this yet: > >>>But CANSLIM (in particular > >>>the 1st 2 letters) is based on fundamentally > >>>analyzing and accepting that > >>>quarterly and annual earnings will be approximately > >>>25%. > >>> > >>> However, with the accounting scandals going on, > >>>and big companies like > >>>Enron, WorldCom etc., being involved, will CANSLIM > >>>erode in NSLIM? > >>> > >>>jans > >>> > >>>- > >>>-To subscribe/unsubscribe, email > >>>"majordomo@xmission.com" > >>>-In the email body, write "subscribe canslim" or > >>>-"unsubscribe canslim". Do not use quotes in your > >>> > >>email. > >> > >> > >>__________________________________________________ > >>Do You Yahoo!? > >>Yahoo! - Official partner of 2002 FIFA World Cup > >>http://fifaworldcup.yahoo.com > >> > >>- > >>-To subscribe/unsubscribe, email "majordomo@xmission.com" > >>-In the email body, write "subscribe canslim" or > >>-"unsubscribe canslim". Do not use quotes in your email. > >> > > > > > >- > >-To subscribe/unsubscribe, email "majordomo@xmission.com" > >-In the email body, write "subscribe canslim" or > >-"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_0093_01C21DCC.07E24B40 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
There=20 are two things that have to be addressed.
 
First,=20 many boards have become hostage to the political correctness and = diversity=20 philosophies and as a result, they have people who have little or no = experience=20 in the businesses.
 
Second, many of us who used to serve on public = boards refuse to do=20 so because of the ease of which one can be sued and two, the personal = liability=20 questions.
 
For=20 example, I have not served on a public board since the early 80's.  = One of=20 my close friends was asked to serve on the old Republic National Bank of = Dallas=20 board, attended the last two meetings before they were closed by the Fed = and=20 spent over $2.5 million in legal fees defending = himself.
 
Quite=20 frankly, it just is not worth the hassle for many of us. =20

[Fred Richards] 
 
 -----Original=20 Message-----
From: owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Katherine=20 Malm
Sent: Thursday, June 27, 2002 8:26 AM
To:=20 canslim@lists.xmission.com
Subject: Re: [CANSLIM] Re: = Retstatement of=20 CANSLIM?

Just have to chime in here...while I have only the greatest = respect for=20 someone like Jimmy Carter, this is *not* what Boards need. They need=20 hard-hitting board members who know business, and who are not afraid = to tell=20 the CEO and executives that they are full of $&*^ when they pull=20 outrageous acts or are sleeping on the job. Instead, many boards are = filled=20 with window dressing. I know quite a few folks who sit on boards and = don't do=20 SQUAT, yet they do so to "build their network." What a crock.
 
Katherine
----- Original Message -----
From:=20 Winston=20 Little
Sent: Thursday, June 27, 2002 = 8:17=20 AM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?

When Ross Perot was a director of GM, he refused to=20 participate in the
"excess and other skuldugery" of the GM HQ12th = floor.
He even REFUSED the free cars and eating in the executive = dining=20 room. He
wrote a series "How I would Reform GM" and the = incumbents were=20 so dismayed
that they asked him to leave the company. Their view = was that=20 he wanted to
deprive them of their birthright!

My point is = that=20 even with the infrequent meetings and shows, if one is
alert, one = can=20 usually smell the stink in the place.
In a later note Tom = mentions Jimmy=20 Carter(JEC). Itoo view him (JEC) as an
honorable man, but he is = too=20 trusting of people. I wonder if he would detect
the smell in many = of the=20 crooked houses around.

----- Original Message -----
From: = "Tom=20 Worley" <stkguru@bellsouth.net>
To= :=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:15 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?


> I have very little doubt in my mind that = large=20 block shareholders such as
> pension funds are more interested = in=20 inside information than in wielding
> their power and = influence to=20 ensure "better corporate governance,
reasonable
> CEO pay, = etc.and=20 an end to the interlocking directorships of cronies." And
> it = makes=20 sense, since their first loyalty is not to the investing public = /
>=20 community, but rather the investors in the pension = fund.
>
> I=20 would like to see the SEC mandate that the Board of Directors = consist=20 of
> 51% independent directors in all cases. And for corps = over=20 certain market
> value, say $1 billion, require that = independent=20 Directors be over 67% and
of
> those Directors include at = least a=20 minority of successful, but retired,
> businessmen or = businesswomen (I=20 nominate Katherine) that will be willing
to
> speak out = publicly if=20 necessary when they are concerned about what = they
see.
>
>=20 But recognizing that Directors meet, at the most, one day a month, = it=20 is
> unlikely they will ever know what is really going on = outside the=20 dog and
> pony show undoubtedly put on for = them.
>
> -----=20 Original Message -----
> From: "Warren Keuffel" <wkeuffel@xmission.com>
&g= t;=20 To: <canslim@lists.xmission.com= >
>=20 Sent: Wednesday, June 26, 2002 5:50 PM
> Subject: Re: = [CANSLIM] Re:=20 Retstatement of CANSLIM?
>
>
> I am of the opinion = -- and=20 I would dearly loved to be proved wrong --
> that how we, as=20 individual investors vote doesn't amount to much more
> than a = spit in=20 the ocean. The real power comes from the institutions,
> such = as the=20 Calif. pension funds, etc. that are just now starting to
> = exercise=20 that power. Some of these institutions are pushing for = better
>=20 corporate governance, reasonable CEO pay, etc.and an end to = the
>=20 interlocking directorships of cronies.
> also, have you ever = noticed=20 how many non-business people get on boards?
> People who run=20 non-profits, arts organizations, etc. Hello? What
> expertise = do=20 people like Jesse Jackson (extreme example) have to offer
> to = a=20 corporation?
>
> Warren
>
> Winston Little=20 wrote:
>
> >Fanus:
> >
> >The = points you=20 make are very true.
> >
> >I also believe that a = big part=20 of t he blame for WCOM, ENE, GX, KM and
> other
> = >similar=20 are the fault of shareholders.
> >
> >Not many = people vote=20 to appoint Board of Directors (BOD) or attend and
> = >PARTICIPATE in=20 annual meetings.
> >
> >There are just a few = hundred CEO=20 (conceited, exclusive, overpaid )  whose
> >names = recurrently=20 appear on the BOD as you go from company to company.
> = These
>=20 >members slap each other on the back, are more interested in each = others
> golf
> >handicap than corporate matters, and = vote=20 for excessive pay and greed, so
> >that they too will = receive=20 excessive rewards.
> >
> >Look at what happened to = Walter=20 Hewlett when he challenged those clowns.
> Did
> >the = share=20 holders come to his defense? No, they went with the = slimeballs.
>=20 >
> >When shareholders vote for independent and outside = BOD,=20 they have a right
> to
> >expect vigilance and = honesty. When=20 we do not and allow the BOD to be
> >populated by hacks in = a=20 circle, we can only expect to be jerked.
> >
> = >
>=20 >----- Original Message -----
> >From: "Fanus" <fanus13@yahoo.com>
> = >To:=20 <canslim@lists.xmission.com= >
>=20 >Sent: Wednesday, June 26, 2002 4:54 PM
> >Subject: Re:=20 [CANSLIM] Re: Retstatement of CANSLIM?
> >
> = >
>=20 >>So, you are saying throw away the fundamentals and
>=20 >>trade only on the technicals?
> >>
> = >>There=20 are probably close to 10000 public traded
> >>companies = and just=20 because a handful of companies
> >>committed fraud and = use=20 creative accounting, does that
> >>mean the other 99% = are also=20 just as bad?   This is
> >>like saying because = a small=20 fraction of the population
> >>is in prison, this mean = all=20 people are criminals.
> >>
> >>- = Fanus
>=20 >>
> >>--- Spencer48@aol.com = wrote:
>=20 >>
> >>>Group:
> >>>
>=20 >>>     I'm surprised noone has = mentioned this=20 yet:
> >>>But CANSLIM (in particular
> = >>>the=20 1st 2 letters) is based on fundamentally
> = >>>analyzing and=20 accepting that
> >>>quarterly and annual earnings = will be=20 approximately
> >>>25%.
> >>>
>=20 >>>     However, with the accounting = scandals=20 going on,
> >>>and big companies like
>=20 >>>Enron, WorldCom etc., being involved, will = CANSLIM
>=20 >>>erode in NSLIM?
> >>>
>=20 >>>jans
> >>>
> >>>-
>=20 >>>-To subscribe/unsubscribe, email
> >>>"majordomo@xmission.com"
>= ;=20 >>>-In the email body, write "subscribe canslim" or
> = >>>-"unsubscribe canslim".  Do not use quotes in = your
>=20 >>>
> >>email.
> >>
>=20 >>
>=20 >>__________________________________________________
>=20 >>Do You Yahoo!?
> >>Yahoo! - Official partner of = 2002=20 FIFA World Cup
> >>http://fifaworldcup.yahoo.com
> = >>
> >>-
> >>-To = subscribe/unsubscribe, email=20 "majordomo@xmission.com"
>= ;=20 >>-In the email body, write "subscribe canslim" or
>=20 >>-"unsubscribe canslim".  Do not use quotes in your=20 email.
> >>
> >
> >
> = >-
>=20 >-To subscribe/unsubscribe, email "majordomo@xmission.com"
>= ;=20 >-In the email body, write "subscribe canslim" or
>=20 >-"unsubscribe canslim".  Do not use quotes in your = email.
>=20 >
> >
> >
>
>
>
> = -
> -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your=20 email.
>
>
>
> -
> -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
>= ; -In=20 the email body, write "subscribe canslim" or
> -"unsubscribe=20 canslim".  Do not use quotes in your = email.
>


-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your = email.
------=_NextPart_000_0093_01C21DCC.07E24B40-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Fw: [CANSLIM] market geometry Date: 27 Jun 2002 11:33:01 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00A8_01C21DCE.64C9A400 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Ernie, here's the upload info Katherine ----- Original Message -----=20 Sent: Sunday, December 02, 2001 10:00 AM Everyone, There are times when you may wish to share large or non-text files with our group (i.e. gif, jpeg, spreadsheets, etc). Our list is configured to reject all files over 80K. You can attach files under this threshold to your email posting. While files under this 80K threshold are delivered by the canslim list software, receiving mail servers often reject files over 40K. This means that while your file was delivered by the canslim mail server, many = users will not have received it because their mail server rejected it... This does not mean you cannot share large files with the group. Rather, the BEST way to share large files with the group (even those under 80K) is to place the file at an ftp site, and then refer to the link in your canslim posting. This way, the reader can read your posting, click on the link, and instantly see what you are talking about. If you have your own ftp site, feel free to use it. If you do not have access to your own ftp site, we have provided an anonymous ftp site. To provide your file to the group, please follow these instructions: 1. Send your file to: "ftp://ftp.xmission.com/pub/users/m/mcjathan/incoming/". If you don't know how to ftp a file, you can use the ftp instructions at the bottom of this message. 2. After not more than 15 minutes, your file will be available for everyone at the URL of: http://WallStreet-LLC.com/canslim/your_file_name where "your_file_name" is the exact name of the file you uploaded. This file name should NOT have spaces or other strange characters. Letter, numbers, and "." are always good, i.e. "canslim_25.gif". 3. Before posting your message to the group, test the URL of your file = by copying the web address: http://WallStreet-LLC.com/canslim/your_file_name into your browser and seeing if your browser displays the file properly. 4. Finally, send your message to the group describing your file, and be sure to explicity include the URL of your file. Although this may seem unwieldy at first, it really isn't too bad and it solves more problems than it creates. If you have any problems with this procedure, feel free to contact me at mcjathan@xmission.com. Best Regards, Jeff Salisbury =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= Netscape FTP Instructions: 1. Using Netscape, go to the URL: ftp://ftp.xmission.com/pub/users/m/mcjathan/incoming/ 2. On the Netscape "File" menu, select "Upload File..." This will open a file selection widget on your hard-drive. Select the file you wish to upload and hit the "Ok" button. At this point, your file will be = uploaded. 3. Eventhough your file has been uploaded, you will not be able to see = the file in your netscape browser. The reason for this is that the = "incoming" directory is set to write-only for security reasons. Internet Explorer FTP Instructions: 1. Using "Internet Explorer", go to the URL: ftp://ftp.xmission.com/pub/users/m/mcjathan/incoming/ 2. Open "Windows Explorer" to browse your local hard-drive. Find the = file you want to send. Select the file by clicking once. The right-click = and "copy" the file. 3. Go back to the Internet Explorer window. Right-click and "paste" the file. It will be uploaded to the canslim ftp site. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ----- Original Message -----=20 From: Hill, Ernie=20 To: 'canslim@lists.xmission.com'=20 Sent: Thursday, June 27, 2002 11:02 AM Subject: RE: [CANSLIM] market geometry Sorry file must have been too big. If someone will post the FTP info I = will try to upload the file. E -----Original Message----- From: Hill, Ernie =20 Sent: Thursday, June 27, 2002 10:44 AM To: 'canslim@lists.xmission.com' Subject: [CANSLIM] market geometry This is some pretty amazing symmetry. Notice the H&S pattern. Looks = very bearish for some time to come. E <<...OLE_Obj...>>=20 ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_00A8_01C21DCE.64C9A400 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Ernie,
 
here's the upload info
 
Katherine
----- Original Message -----=20
From: Jeff=20 Salisbury
Sent: Sunday, December 02, 2001 10:00 AM
Subject: [CANSLIM] Sending large or non-text files to the = canslim=20 group

Everyone,

There are times when you may wish to = share large=20 or non-text files with
our group (i.e. gif, jpeg, spreadsheets, = etc). =20 Our list is configured
to reject all files over 80K.  You can = attach=20 files under this threshold
to your email posting.

While files = under=20 this 80K threshold are delivered by the canslim list
software, = receiving mail=20 servers often reject files over 40K. This means
that while your file = was=20 delivered by the canslim mail server, many users
will not have = received it=20 because their mail server rejected it...

This does not mean you = cannot=20 share large files with the group.  Rather,
the BEST way to share = large=20 files with the group (even those under 80K)
is to place the file at = an ftp=20 site, and then refer to the link in your
canslim posting.  This = way, the=20 reader can read your posting, click on
the link, and instantly see = what you=20 are talking about. If you have your
own ftp site, feel free to use=20 it.

If you do not have access to your own ftp site, we have = provided=20 an
anonymous ftp site.  To provide your file to the group, = please=20 follow
these instructions:

1. Send your file=20 to:

    "ftp://ftp.= xmission.com/pub/users/m/mcjathan/incoming/".

If=20 you don't know how to ftp a file, you can use the ftp instructions
at = the=20 bottom of this message.

2. After not more than 15 minutes, your = file will=20 be available for
everyone at the URL = of:

     http://WallStre= et-LLC.com/canslim/your_file_name

where=20 "your_file_name" is the exact name of the file you uploaded.
This = file name=20 should NOT have spaces or other strange characters.
Letter, numbers, = and "."=20 are always good, i.e. "canslim_25.gif".

3. Before posting your = message to=20 the group, test the URL of your file by
copying the web=20 address:

     http://WallStre= et-LLC.com/canslim/your_file_name

into=20 your browser and seeing if your browser displays the file = properly.

4.=20 Finally, send your message to the group describing your file, and = be
sure to=20 explicity include the URL of your file.

Although this may seem = unwieldy=20 at first, it really isn't too bad and it
solves more problems than it = creates.

If you have any problems with this procedure, feel free = to=20 contact me at
mcjathan@xmission.com.

B= est=20 Regards,

Jeff=20 Salisbury

=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D

Netscape=20 FTP Instructions:

1. Using Netscape, go to the = URL:

  =20 ftp://ftp.= xmission.com/pub/users/m/mcjathan/incoming/

2.=20 On the Netscape "File" menu, select "Upload File..."  This will = open
a=20 file selection widget on your hard-drive.  Select the file you wish = to
upload and hit the "Ok" button.  At this point, your file = will be=20 uploaded.

3. Eventhough your file has been uploaded, you will not = be able=20 to see the
file in your netscape browser.  The reason for this = is that=20 the "incoming"
directory is set to write-only for security=20 reasons.

Internet Explorer FTP Instructions:

1. Using = "Internet=20 Explorer", go to the URL:

   ftp://ftp.= xmission.com/pub/users/m/mcjathan/incoming/

2.=20 Open "Windows Explorer" to browse your local hard-drive.  Find the=20 file
you want to send.  Select the file by clicking once.  = The=20 right-click and
"copy" the file.

3. Go back to the Internet = Explorer=20 window.  Right-click and "paste" the
file.  It will be = uploaded to=20 the canslim ftp site.


-
-To subscribe/unsubscribe, email = "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do not=20 use quotes in your email.
----- Original Message -----
From:=20 Hill,=20 Ernie
Sent: Thursday, June 27, 2002 = 11:02=20 AM
Subject: RE: [CANSLIM] market=20 geometry

Sorry file must have been too big. If someone will post = the FTP=20 info I will
try to upload the = file.

E

 -----Original=20 Message-----
From: Hill, Ernie 
Sent: Thursday, June 27, = 2002=20 10:44 AM
To: 'canslim@lists.xmission.com'=
Subject:=20 [CANSLIM] market geometry

This is some pretty amazing symmetry. = Notice=20 the H&S pattern. Looks very
bearish for some time to=20 come.

E


 <<...OLE_Obj...>>=20 =


*************************************************************= *****
This=20 email and any files transmitted with it from the ElPaso =
Corporation are=20 confidential and intended solely for the
use of the individual or = entity=20 to whom they are addressed.
If you have received this email in = error=20 please notify the=20 =
sender.
**********************************************************= ********

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your=20 = email.


*******************************************************= ***********
This=20 email and any files transmitted with it from the ElPaso =
Corporation are=20 confidential and intended solely for the
use of the individual or = entity=20 to whom they are addressed.
If you have received this email in = error=20 please notify the=20 =
sender.
**********************************************************= ********

-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email. ------=_NextPart_000_00A8_01C21DCE.64C9A400-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: RE: [CANSLIM] WCOM is now WCOME Date: 27 Jun 2002 11:53:39 -0500 We will really know the SEC is a force to reckon with as opposed to the jelly fish it now resembles when people like Bernie Ebbers are sent to prison for about 50 years! The CFO was probably only following the Bernie's dictates. But don't hold your breath! -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Thursday, June 27, 2002 8:43 AM worst possible thing (even worse than an SEC investigation, or restating earnings downward) is to become the joke of the investment community. I am already seeing it renamed as World Con, and World Gone. ----- Original Message ----- Sent: Thursday, June 27, 2002 9:35 AM It would be more appropriate as W-CON, ----- Original Message ----- Sent: Thursday, June 27, 2002 9:28 AM > Just an FYI: > > WCOM is now WCOME to indicate it is not in compliance. > > Kent Norman > > ===== > Opportunities always look bigger going than coming. > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 13:29:02 EDT Pat. The ING Money Market. Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Warren Keuffel Subject: [CANSLIM] Off-topic: U.S. Fears Al Qaeda Cyber Attacks Date: 27 Jun 2002 12:00:15 -0600 I'm passing this on primarily because it is a well-written, comprehensive article from the Washington Post discussing how many of our utility control grids are vulnerable to determined crackers. Delete if not interested. U.S. Fears Al Qaeda Cyber Attacks By Barton Gellman Late last fall, Detective Chris Hsiung of the Mountain View, Calif., police department began investigating a suspicious pattern of surveillance against Silicon Valley computers. From the Middle East and South Asia, unknown browsers were exploring the digital systems used to manage Bay Area utilities and government offices. Hsiung, a specialist in high-technology crime, alerted the FBI's San Francisco computer intrusion squad. Working with experts at the Lawrence Livermore National Laboratory, the FBI traced back trails of a broader reconnaissance. A forensic summary of the investigation, prepared in the Defense Department, said the bureau found "multiple casings of sites" nationwide. Routed through telecommunications switches in Saudi Arabia, Indonesia and Pakistan, the visitors studied emergency telephone systems, electrical generation and transmission, water storage and distribution, nuclear power plants and gas facilities. Some of the probes suggested planning for a conventional attack, U.S. officials said. But others homed in on a class of digital device that allows remote control of services such as fire dispatch and machinery such as pipelines. More information about those devices - and how to program them - turned up on al Qaeda computers seized this year, according to law enforcement and national security officials. Unsettling signs of al Qaeda's aims and skills in cyberspace have led some government experts to conclude that terrorists are at the threshhold of using the Internet as a direct instrument of bloodshed. The new threat bears little resemblance to familiar financial disruptions by hackers responsible for viruses and worms. It comes instead at the meeting points between computers and the physical structures they control. By disabling or taking command of floodgates in a dam, for example, or of substations handling 300,000 volts of electric power, U.S. analysts believe an intruder could use virtual tools to destroy real-world lives and property. They surmise, with limited evidence, that al Qaeda aims to employ those techniques in synchrony with "kinetic weapons" such as explosives. "The event I fear most is a physical attack in conjunction with a successful cyber attack on the responders' 911 system or on the power grid," Ronald Dick, director of the FBI's National Infrastructure Protection Center, told a closed gathering of corporate security executives hosted by Infraguard in Niagara Falls on June 12. In an interview, Dick said those additions to a conventional al Qaeda attack might mean that "the first responders couldn't get there . . . and water didn't flow, hospitals didn't have power. Is that an unreasonable scenario? Not in this world. And that keeps me awake at night." 'Bad Ones and Zeros' Regarded until recently as remote, the risks of cyberterrorism now command urgent White House attention. Discovery of one acute vulnerability - in a data transmission standard known as ASN.1, short for Abstract Syntax Notification - rushed government experts to the Oval Office on Feb. 7 to brief President Bush. The security flaw, according to subsequent written assessment by the FBI, could have been exploited to bring down telephone networks and halt "all control information exchanged between ground and aircraft flight control systems." Officials said Osama bin Laden's operatives have nothing like the proficiency in information war of the most sophisticated nation-states. But al Qaeda is now judged to be considerably more capable than analysts believed a year ago. And its intentions are unrelentingly aimed at inflicting catastrophic harm. One al Qaeda laptop found in Afghanistan, sources said, had made multiple visits to a French site run by the Societe» Anonyme, or Anonymous Society. The site offers a two-volume online "Sabotage Handbook" with sections on tools of the trade, planning a hit, switchgear and instrumentation, anti-surveillance methods and advanced techniques. In Islamic chat rooms, other computers linked to al Qaeda had access to "cracking" tools used to search out networked computers, scan for security flaws and exploit them to gain entry - or full command. Most significantly, perhaps, U.S. investigators have found evidence in the logs that mark a browser's path through the Internet that al Qaeda operators spent time on sites that offer software and programming instructions for the digital switches that run power, water, transport and communications grids. In some interrogations, the most recent of which was reported to policymakers last week, al Qaeda prisoners have described intentions, in general terms, to use those tools. Specialized digital devices are used by the millions as the brains of American "critical infrastructure" - a term defined by federal directive to mean industrial sectors that are "essential to the minimum operations of the economy and government." The devices are called distributed control systems, or DCS, and supervisory control and data acquisition, or SCADA, systems. The simplest ones collect measurements, throw railway switches, close circuit-breakers or adjust valves in the pipes that carry water, oil and gas. More complicated versions sift incoming data, govern multiple devices and cover a broader area. What is new and dangerous is that most of these devices are now being connected to the Internet - some of them, according to classified "Red Team" intrusion exercises, in ways that their owners do not suspect. Because the digital controls were not designed with public access in mind, they typically lack even rudimentary security, with fewer safeguards than the purchase of flowers online. Until recently, said director John Tritak of the Commerce Department's Critical Infrastructure Assurance Office, many government and corporate officials regarded hackers mainly as a menace to their email. "There's this view that the problems of cyberspace originate, reside and remain in cyberspace," Tritak said. "Bad ones and zeros hurt good ones and zeros, and it sort of stays there. . . . The point we're making is that increasingly we are relying on 21st century technology and information networks to run physical assets." Digital controls are so pervasive, he said, that terrorists might use them to wreak damage on a scale that otherwise would "not be available except through a very systematic and comprehensive physical attack." 'Mapping Our Vulnerabilities' The 13 agencies and offices of the U.S. intelligence community have not reached consensus on the scale or imminence of this threat, according to participants in and close observers of the discussion. The Defense Department, which concentrates on information war with nation-states, is most skeptical of al Qaeda's interest and prowess in cyberspace. "DCS and SCADA systems might be accessible to bits and bytes," Assistant Secretary of Defense John P. Stenbit said in an interview. But al Qaeda prefers simple, reliable plans and would not allow the success of a large-scale attack "to be dependent on some sophisticated, tricky cyber thing to work." "We're thinking more in physical terms - biological agents, isotopes in explosions, other analogies to the fully loaded airplane," he said. "That's more what I'm worried about. When I think of cyber I think of it as ancillary to one of those." White House and FBI analysts, as well as officials in the Energy and Commerce departments with more direct responsibility for the civilian infrastructure, describe the threat in more robust terms. "We were underestimating the amount of attention [al Qaeda was] paying to the Internet," said Roger Cressey, a long-time counterterrorist official who became chief of staff of the President's Critical Infrastructure Protection Board in October. "Now we know they see it as a potential attack vehicle. Al Qaeda spent more time mapping our vulnerabilities in cyberspace than we previously thought. An attack is a question of when, not if." Ron Ross, who heads a new "information assurance" partnership between the National Security Agency and the National Institute of Standards and Technology, reminded the Infraguard delegates in Niagara Falls that air traffic controllers brought down every commercial plane in the air on Sept. 11. "If there had been a cyber attack at the same time that prevented them from doing that," he said, "the magnitude of the event could have been much greater." "It's not science fiction," Ross said in an interview. "A cyberattack can be launched with fairly limited resources." U.S. intelligence agencies have upgraded their warnings about al Qaeda's use of cyberspace. Just over a year ago, a National Intelligence Estimate on the threat to U.S. information systems gave prominence to China, Russia and other nation-states. It judged al Qaeda operatives as "less developed in their network capabilities" than many individual hackers and "likely to pose only a limited cyber threat," according to an authoritative description of its contents. In February, the CIA issued a revised Directorate of Intelligence Memorandum. According to officials who read it, the new memo said al Qaeda had "far more interest" in cyberterrorism than previously believed and contemplated use of hackers for hire to speed acquisition of capabilities. "I don't think they are capable of bringing a major segment of this country to its knees using cyber attack alone," said an official representing the current consensus, but "they would be able to conduct an integrated attack using a combination of physical and cyber resources and get an amplification of consequences." Counterterrorist analysts have known for years that al Qaeda prepares for attacks with elaborate "targeting packages" of photographs and notes. But in January U.S. forces in Kabul found something new. A computer seized at an al Qaeda office contained models of a dam, made with structural architecture and engineering software, that enabled the planners to simulate its catastrophic failure. Bush administration officials, who discussed the find, declined to say whether they had identified a specific dam as target. The FBI reported that the computer had been running Microstran, an advanced tool for analyzing steel and concrete structures; Autocad 2000, which manipulates technical drawings in two or three dimensions; and software "used to identify and classify soils," which would assist in predicting the course of a wall of water surging downstream. To destroy a dam physically would require "tons of explosives," Assistant Attorney General Michael Chertoff said a year ago. To breach it from cyberspace is not out of the question. In 1998, a 12-year-old hacker, exploring on a lark, broke into the computer system that runs Arizona's Roosevelt Dam. He did not know or care, but federal authorities said he had complete command of the SCADA system controlling the dam's massive floodgates. Roosevelt Dam holds back as much as 1.5 million acre-feet of water, or 489 trillion gallons. That volume would theoretically cover the city of Phoenix, down river, to a height of five feet. In practice that could not happen. Before it reached the Arizona capital, the rampant Salt River would spend most of itself in a flood plain encompassing the cities of Mesa and Tempe - with a combined population of nearly a million. 'Could Have Done Anything' In Queensland, Australia, on April 23, 2000, police stopped a car on the road to Deception Bay and found a stolen computer and radio transmitter inside. Using commercially available technology, Vitek Boden, 48, had turned his vehicle into a pirate command center for sewage treatment along Australia's Sunshine Coast. Boden's arrest solved a mystery that had plagued the Maroochy Shire wastewater system for two months. Somehow the system was leaking hundreds of thousands of gallons of putrid sludge into parks, rivers and the manicured grounds of the Hyatt Regency hotel. Janelle Bryant of the Australian Environmental Protection Agency said "marine life died, the creek water turned black and the stench was unbearable for residents." Until Boden's capture - during his 46th successful intrusion - the utility's managers did not know why. Specialists in cyber terrorism have studied Boden's case because it is the only one known in which someone used a digital control system deliberately to wreak harm. Details of Boden's intrusion, not disclosed before, show how easily Boden broke in - and how restrained he was with his power. Boden had quit his job at Hunter Watertech, the supplier of Maroochy Shire's remote control and telemetry equipment. Evidence at trial suggested he was angling for a consulting contract to solve the problems he caused. To sabotage the system he set the software on his laptop to identify itself as "pumping station 4," then suppressed all alarms. Paul Chisholm, Hunter Watertech's CEO, said in an interview last week that Boden "was the central control system" during his intrusions, with unlimited command of 300 SCADA nodes governing sewage and drinking water alike. "He could have done anything he liked to the fresh water," Chisholm said. Like thousands of utilities around the world, Maroochy Shire allowed technicians operating remotely to manipulate its digital controls. Boden learned how to use those controls as an insider, but the software he used conforms to international standards and manuals are available on the web. He faced virtually no obstacles to breaking in. Nearly identical systems run oil and gas utilities and many manufacturing plants. But their most dangerous use is in the generation, transmission and distribution of electrical power, because electricity has no substitute and every other key infrastructure depends on it. Massoud Amin, a mathematician directing new security efforts in the industry, described the North American power grid as "the most complex machine ever built." At an April 2 conference hosted by the Commerce Department, participants said, government and industry scientists agreed that they have no idea how the grid would respond to an actual cyberattack. What they do know is that "Red Teams" of mock intruders from the Energy Department's four national laboratories have devised what one government document listed as "eight scenarios for SCADA attack on an electrical power grid" - and all of them work. Eighteen such exercises have been conducted to date against large regional utilities, and Richard A. Clarke, President Bush's cybersecurity adviser, said the intruders "have always, always succeeded." Joseph M. Weiss of KEMA Consulting, a leading expert in control system security, reported at two recent industry conferences that intruders were "able to assemble a detailed map" of each system and "intercepted and changed" SCADA commands without detection. "What the labs do is look at simple, easy things I can do to get in" with tools commonly available on the Internet, Weiss said in an interview. "In most of these cases they are not using anything that a hacker couldn't have access to." Bush has launched a top-priority research program at the Livermore, Sandia and Los Alamos labs to improve safeguards in the estimated three million SCADA systems in use. But many of the systems rely on instantaneous response and cannot tolerate authentication delays. And the devices now deployed lack the memory and bandwidth to use techniques such as "integrity checks" that are standard elsewhere. In a book-length Electricity Infrastructure Security Assessment, the industry concluded on Jan. 7 that "it may not be possible to provide sufficient security when using the Internet for power system control." Power companies, it said, will probably have to build a parallel private network for themselves. 'Where Their Crown Jewels Are' The U.S. government may never have fought a war with so little power in the battlefield. That became clear again on Feb. 7, when Clarke and his vice-chairman at the critical infrastructure board, Howard A. Schmidt, arrived in the Oval Office. They told the president that researchers in Finland had identified a serious security hole in the Internet's standard language for routing data through switches. A government threat team found implications - for air traffic control and civilian and military phone links, among others - that were more serious still. "We've got troops on the ground in Afghanistan and we've got communication systems that we all depend on that, at that time, were vulnerable," Schmidt recalled. Bush ordered the Pentagon and key federal agencies to patch their systems. But most of the vulnerable networks were not government-owned. Since Feb. 12 "those who have the fix in their power are in the private sector," Schmidt said. Asked about progress, he said: "I don't know that we'd ever get to 100 percent." Frustrated at the pace of repairs, Clarke traveled to San Jose on Feb. 19 and accused industry leaders of spending more on coffee than information security. "You will be hacked," he told them. "What's more, you deserve to be hacked." Tritak, at the Commerce Department, appealed to patriotism. Speaking of al Qaeda, he said: "When you've got people who are saying, 'We're coming after your economy,' everyone has a responsibility to do their bit to safeguard against it." New public-private partnerships are helping, but the government case remains a tough sell. Even among banks and brokerages, considered the most security-conscious major industry, Alan Paller, director of research at the SANS Institute in Bethesda, said "substantially none of them" tell government when their systems are attacked. Sources said the government did not learn crucial details about September's Nimda worm, which caused an estimated $530 million in damages to some 300,000 computers, until the stricken companies began firing their security executives. Experts said public companies worry about loss of customer confidence and legal liability to shareholders or security vendors when they report flaws. The FBI is having even less success with its "key asset initiative," an attempt to identify the most dangerous points of vulnerability in 5,700 companies deemed essential to national security. "What we really want to drill down to, eventually, is not the companies but the actual things themselves, the actual switches . . . that are vital to [a firm's] continued operations," Dick said. He acknowledged a rocky start: "For them to tell us where their crown jewels are is not reasonable until you've built up trust." Michehl R. Gent, president of the North American Electric Reliability Council, said last month it will not happen. "We're not going to build such a list. . . . We have no confidence that the government can keep that a secret." For fear of terrorist infiltration, Clarke's critical infrastructure board and Tom Ridge's homeland security office are now exploring whether private companies will consider telling government the names of employees with access to sensitive sites. "Obviously the ability to check intelligence records from the terrorist standpoint would be the goal," Dick said. There is no precedent for that. The FBI screens bank employees, but has no statutory authority in other industries. Using classified intelligence databases, such as the Visa Viper list of suspected terrorists, would mean the results could not be shared with the employers. Bobby Gillham, manager of global security at oil giant Conoco, said he doubts his industry will go along with that. "You have Privacy Act concerns," he said in an interivew. "And just to get feedback that there's nothing here, or there's something here but we can't share it with you, doesn't do us a lot of good. Most of our companies would not [remove an employee] in a frivolous way, on a wink." Exasperated by companies seeking proof that they are targets, Clarke has stopped talking about threats at all. "It doesn't matter whether it's al Qaeda or a nation-state or the teenage kid up the street," he said. "Who does the damage to you is far less important than the fact that damage can be done. You've got to focus on your vulnerability . . . and not wait for the FBI to tell you that al Qaeda has you in its sights." Staff researcher Robert Thomason contributed to this report. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Erik_Harris3745" Subject: RE: [CANSLIM] An Example for my question Date: 27 Jun 2002 14:01:31 -0400 Hi Mike, My interpretation from the book is that you would add anywhere from 2%-5% from the pivot point (on 2x volume, etc). In this market however, I personally would not attempt it. With the volitility from one day to the next, I do not want my cost basis increasing from the purchase price. Just my opinion. "2. If you buy at the first breakout, and the stock rises, lets say 15%, and then starts to go into a new cwh , that might consolidate 20-30%, would you end up watching the charts and sell out and lock in profits, then buy back in at the next breakout? what about the case where the stock is up 30% from the first breakout. Do you end up riding it down to 0% gain, (not selling because it is not a 7-8% loss) and hang on for the long term?" Selling and buying back depends on your trading style and the market. Again, in this volitile market, locking profits and taking a 15% - 20% gain might not be a bad idea. It also depends on how quickly the stock rises. From memory I recall HTMMIS suggesting that you hold a stock that rises quickly within a few weeks. However, I would never let a 20-30% gain turn into a loss. My interpertation of HTMMIS is that after a resonable gain, you set a sell point above your buy price. My opinion is that HTMMIS provides very good rules. How we interpret and implement them depends on many factors including personal style, market, etc. Erik -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of michael_niemotka@baxter.com Sent: Thursday, June 27, 2002 11:18 AM All, Based on my previous question, I will include COCO, which I recently purchased at $31.47, which was slightly above 5% over the pivot of $29.54. The stock is moving up in the past few days, slowly, suck that I am up about 0.5%. So the question becomes: when would I add more to my position if the stock still looks like a good performer? Thanks Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 14:12:30 EDT Hi Pat: Nothing beats cash earning 3% at ING DIRECT in the current M with the overhang of terrorism, crisis of confidence and still week earnings. Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "rolf hertenstein" Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 12:31:15 -0600 Ignorance admitting time! What's ING and/or ING DIRECT? Thanks! Rolf > Hi Pat: > > Nothing beats cash earning 3% at ING DIRECT in the current M with the > overhang of terrorism, crisis of confidence and still week earnings. > > Kris > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Harvey Brion Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 11:44:08 -0700 Rolf, go to www.google.com and type in: ing direct rolf hertenstein wrote: > Ignorance admitting time! What's ING and/or ING > DIRECT? > > Thanks! > > Rolf > > > Hi Pat: > > > > Nothing beats cash earning 3% at ING DIRECT in > the current M with the > > overhang of terrorism, crisis of confidence and > still week earnings. > > > > Kris > > > > > > > > - > > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in > your email. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] Where do I put my cash? Date: 27 Jun 2002 14:46:48 EDT Hi Rolf: Go to Ingdirect.com You will know everything. You can open the ORANGE account on line. It currently pays 3%. I have an Orange account for a longtime with an option to deposit directly from my regular bank checking account into the ING account. They still make money by investing in our 5-year and 10-year treasuries and giving the depositors only 3%. The beauty of the yield curve! They have cut costs to the bone. ING is a Dutch financial solid power house with offices all over the United States. It has some very funny commercials. What is that word ending in ING? With regards, Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] WCOM is now WCOME Date: 27 Jun 2002 15:31:07 -0400 The new SEC Chairman started out a little slow, but now appears to be coming along like a "pit"-bull. He may surprise us all by providing some appropriate action. However, I believe that the SEC provides a fallback safety net. The prime responsibility belongs with the individuals of company management. Their failings or malfeasance should be arrested by the finance committee of the Board of Directors (BOD). Unfortunately, many of these BOD are currently more interested in comparing golfing handicaps or being members of a self-serving social/remuneration club than corporate governance. ----- Original Message ----- Sent: Thursday, June 27, 2002 12:53 PM > We will really know the SEC is a force to reckon with as opposed to the > jelly fish it now resembles when people like Bernie Ebbers are sent to > prison for about 50 years! The CFO was probably only following the Bernie's > dictates. > > But don't hold your breath! > > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley > Sent: Thursday, June 27, 2002 8:43 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] WCOM is now WCOME > > > worst possible thing (even worse than an SEC investigation, or restating > earnings downward) is to become the joke of the investment community. I am > already seeing it renamed as World Con, and World Gone. > > ----- Original Message ----- > From: "Winston Little" > To: > Sent: Thursday, June 27, 2002 9:35 AM > Subject: Re: [CANSLIM] WCOM is now WCOME > > > It would be more appropriate as W-CON, > > ----- Original Message ----- > From: "Kent Norman" > To: > Sent: Thursday, June 27, 2002 9:28 AM > Subject: [CANSLIM] WCOM is now WCOME > > > > Just an FYI: > > > > WCOM is now WCOME to indicate it is not in compliance. > > > > Kent Norman > > > > ===== > > Opportunities always look bigger going than coming. > > > > __________________________________________________ > > Do You Yahoo!? > > Yahoo! - Official partner of 2002 FIFA World Cup > > http://fifaworldcup.yahoo.com > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: [CANSLIM] Selling question Date: 27 Jun 2002 14:35:40 -0500 Okay CANSLIM experts...I bought NCEN on 6/10 at $29.25, and therefore am sitting on a 15% gain in a little over two weeks. Based on the M , do I bank this nice little profit and sit tight and wait for another opportunity, or do I follow WON's rule and NOT sell a stock that has risen nicely in only a couple of weeks? To my eyes, the chart still looks good, IBD rates it an A+, RS is into new high ground, housing still appears to be a safe haven...... Guess I'm looking for an objective eye to give me a gut check. Thanks Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Mike Gibbons" Subject: RE: [CANSLIM] Re: Retstatement of CANSLIM? Date: 27 Jun 2002 14:48:42 -1000 This is a multi-part message in MIME format. ------=_NextPart_000_003F_01C21DE9.BB59B880 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit >Before you know it, Clinton will start looking good... ... Compared the current incumbent's administration, at least on management of the economy, he already does. Where's Paul O'Niel amid all the mayhem? We've heard hardly a whisper. Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Gene Ricci Sent: Thursday, June 27, 2002 3:56 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Jimmy Carter.... are you joshing??? Before you know it, Clinton will start looking good... ----- Original Message ----- From: Tom Worley To: canslim@lists.xmission.com Sent: Wednesday, June 26, 2002 10:06 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? I look at a guy like Jimmy Carter, who was not a very effective Prez, but is to me a man of character. I have little doubt that there is no offer that could be made to him that would work if he was on a Board, and detected anything that smelled questionable to him. Don't know how many others there are that both have strong moral ethics, rich enough that they don't need stock options, and also have some understanding of business. ----- Original Message ----- From: To: Sent: Wednesday, June 26, 2002 10:50 PM Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Tom: I'm not entirely sure what you mean by an independent director. If this means a director who has no stake in the company's success or failure, I don't know that this is an idea that should be adopted. It seems to me that a company whose directors own a certain percentage of the stock, would be more likely to have directors that care about that company's future. An independent director (ie. someone who has no stake in the company's future), I see as nothing but a mouthpiece for whatever political agenda that particular director is driven by. jans In a message dated 6/26/2002 10:16:30 PM Eastern Daylight Time, stkguru@bellsouth.net writes: << I would like to see the SEC mandate that the Board of Directors consist of 51% independent directors in all cases. And for corps over certain market value, say $1 billion, require that independent Directors be over 67% and of those Directors include at least a minority of successful, but retired, businessmen or businesswomen (I nominate Katherine) that will be willing to speak out publicly if necessary when they are concerned about what they see. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_003F_01C21DE9.BB59B880 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
>Before you know it,=20 Clinton will start looking good...
 
 
Aloha,
 
Mike Gibbons
Proactive Technologies, = LLC
http://www.proactech.com
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Gene=20 Ricci
Sent: Thursday, June 27, 2002 3:56 AM
To:=20 canslim@lists.xmission.com
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?

Jimmy Carter.... are you=20 joshing??? Before you know it, Clinton will start looking=20 good...
 
 
----- Original Message -----
From:=20 Tom=20 Worley
Sent: Wednesday, June 26, = 2002 10:06=20 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?

I look at a guy like Jimmy Carter, who was not a very = effective Prez, but is
to me a man of character. I have little = doubt that=20 there is no offer that
could be made to him that would work if he = was on=20 a Board, and detected
anything that smelled questionable to him. = Don't=20 know how many others there
are that both have strong moral = ethics, rich=20 enough that they don't need
stock options, and also have some=20 understanding of business.

----- Original Message = -----
From:=20 <Spencer48@aol.com>
To:=20 <canslim@lists.xmission.com= >
Sent:=20 Wednesday, June 26, 2002 10:50 PM
Subject: Re: [CANSLIM] Re: = Retstatement=20 of CANSLIM?


Tom:

     I'm not = entirely=20 sure what you mean by an independent director.  = If
this
means a=20 director who has no stake in the company's success or failure, = I
don't=20 know that this is an idea that should be=20 adopted.

     It seems to me that a = company whose=20 directors own a certain percentage
of the stock, would be more = likely to=20 have directors that care about that
company's future.  An=20 independent director (ie. someone who has no stake in
the = company's=20 future), I see as nothing but a mouthpiece for whatever
political = agenda=20 that particular director is driven by.

jans


In a = message=20 dated 6/26/2002 10:16:30 PM Eastern Daylight Time,
stkguru@bellsouth.net=20 writes:

<< I would like to see the SEC mandate that the = Board=20 of Directors consist
of
 51% independent directors in all = cases.=20 And for corps over certain market
 value, say $1 billion, = require=20 that independent Directors be over 67% and
of
 those = Directors=20 include at least a minority of successful, but = retired,
 businessmen=20 or businesswomen (I nominate Katherine) that will be willing=20 to
 speak out publicly if necessary when they are concerned = about=20 what they
see.
  >>

-
-To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your email.




-
-To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
-In= the=20 email body, write "subscribe canslim" or
-"unsubscribe = canslim".  Do=20 not use quotes in your = email.
------=_NextPart_000_003F_01C21DE9.BB59B880-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 27 Jun 2002 15:53:06 EDT Winston: I believe Ross Perot was a substantial holder of GM stock at the time. My point is: Would he have been as determined at the Board Meetings if he hadn't had a stake in the company? I'm not saying that he would have short-shrifted the stockholders by doing something dishonorable. But I do believe, if he hadn't had a large stake in the company, he would have quit the Board. He certainly didn't need the money or the burden of more responsibilities (nor, I believe, was he desirous of corporate-aggravation). jans In a message dated 6/27/2002 9:16:39 AM Eastern Daylight Time, wlittle1@peoplepc.com writes: << When Ross Perot was a director of GM, he refused to participate in the "excess and other skuldugery" of the GM HQ12th floor. He even REFUSED the free cars and eating in the executive dining room. He wrote a series "How I would Reform GM" and the incumbents were so dismayed that they asked him to leave the company. Their view was that he wanted to deprive them of their birthright! My point is that even with the infrequent meetings and shows, if one is alert, one can usually smell the stink in the place. In a later note Tom mentions Jimmy Carter(JEC). Itoo view him (JEC) as an honorable man, but he is too trusting of people. I wonder if he would detect the smell in many of the crooked houses around. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "zillagirl" Subject: [CANSLIM] Date: Thu, 27 Jun 2002 13:01:08 -0700 Date: 27 Jun 2002 13:59:40 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_000D_01C21DDA.B452DA80 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable took the words out of my mouth ------=_NextPart_000_000D_01C21DDA.B452DA80 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
took the words out of my=20 mouth
------=_NextPart_000_000D_01C21DDA.B452DA80-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Date: Thu, 27 Jun 2002 13:01:08 -0700 Date: 27 Jun 2002 16:05:19 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0020_01C21DF4.6F3D28A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Zillagirl: Which words were those? Cash earning 3%? ----- Original Message -----=20 From: zillagirl=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 27, 2002 3:59 PM Subject: [CANSLIM] Date: Thu, 27 Jun 2002 13:01:08 -0700 took the words out of my mouth ------=_NextPart_000_0020_01C21DF4.6F3D28A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Zillagirl:
Which words were those?
Cash earning 3%?
----- Original Message -----
From:=20 zillagirl
Sent: Thursday, June 27, 2002 = 3:59=20 PM
Subject: [CANSLIM] Date: Thu, = 27 Jun 2002=20 13:01:08 -0700

took the words out of my=20 mouth
------=_NextPart_000_0020_01C21DF4.6F3D28A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] FTD Question Date: 27 Jun 2002 16:11:04 EDT Jon: I believe WON takes into account the shorts who are covering. That's why he suggests that investors wait 4-7 after the market turns, to see if the bull is for real-or if the rally is due mainly to short covering. (See PP 55-56 in HTMMIS for his specific suggestons, and PP76-81 in the 2nd edition). jans In a message dated 6/27/2002 9:29:50 AM Eastern Daylight Time, jlobatto@nyc.rr.com writes: << The market is so oversold now, that we are due for a strong rally (even if it turns out to be a temporary rally based mainly on short covering). If we would get two days in a row with big increases on very large volume, would the 2nd day be considered an FTD, or would the purists rather the FTD be 4-7 days after the first day? This may all be moot as we may not get a powerful rally, but if we get two very strong days back to back, how should we react? Jon >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] FTD Question Date: 27 Jun 2002 16:21:02 EDT Jon: Katherine makes a vital-and often overlooked point. All bulls have FTDs, but not all FTDs lead to bulls. Thus, leading stockS in bases about to BO are the clues-I believe-that the FTD is likely to lead to a bull. Moreover, WON says that once the FTDs confim that the bull is beginning its rampage, then many leading stocks still need about 2-3 weeks to finish their base before they can validate the bull by BO themselves. jans In a message dated 6/27/2002 9:47:13 AM Eastern Daylight Time, kmalm@earthlink.net writes: << Hi Jon, A rally and/or FTD* by itself doesn't mean all that much. You still need evidence that strong stocks are breaking out of sound bases. There'll be plenty of time to purchase good quality stocks if this is "the real thing." Patience, readiness and following your investing rules are the most critical tasks right now. Katherine >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: [CANSLIM] Market geometry another try Date: 27 Jun 2002 11:50:53 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_000_01C21DFA.CCBD6930 Content-Type: text/plain; charset="iso-8859-1" Apparently my company blocks access to the FTP site or Explorer is not capable of communicating with it. I will try to make the file smaller. Here goes. This is some pretty amazing symmetry. Notice the H&S pattern. Looks very bearish for some time to come. E <> ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_000_01C21DFA.CCBD6930 Content-Type: image/gif; name="SPXWEEK.GIF" Content-Transfer-Encoding: base64 Content-Disposition: attachment; filename="SPXWEEK.GIF" R0lGODlhAAQAA/cAAAQCBASCBASChDTOzAQChMzOnGRiBISChARinNTS1AT+BJxiBExO/ASezMzu /IQCBJSS/PwC/ERCRAT+/DQCzGSezARmZPz+nARizGTOzKyulMzOBISCBAQynJzOzKTO9Ozu7PwC ZMzOZAQyZGRinDRi/ASe/MwyBGRiZJyeZDRinMwCBPyezFRSVEyC/EzC/Ly+vPz+BMTexLTi/Pz+ 5GRi/HRydBQSFGSenATO/AQCnJSSlJxiZDSazJSy/DQyzGRizKSipPzONMyeBGQynMTCxMzO/GSe /GTO/Pz+9DSanPzOnARmnNze3Jz+/JwCBExOTGT+/AQC/Pz+zDRizPzOBDQynLTO/PzOZDQyZCRu /DSe/GxubMyeZDRmnPwCBFxeXGxu/Hx+fBweHDTO/DQCnJyenPxSVDSezLSy/KyurPyeBMTGxGye /GzO/Pz+/DdDvwQ6Fvpcv79XFvZJfBNOj1NExQBPFWlXl25TF2VcyiBEFTRlly5zFzBrt1x0FmRv nm9wFHcAAG4AAGwbAG+tAGH5dWS/AVwAtwAwFnV1mAAAjwBhAAAgAABmAABpAARsB3tlAAEAAAAA AHH7b0dBAbf3db+/AQAMAAAAAABjAAAAAJEAAIEAAEQAAAAAAAg3AA4EAAD6AAC/AAHgAASMAABP AAAAAAXIlwC+FwB1bwAAAQAtPHqrAE/4AAC/AASQ/w5+/wAA/wCA/zxoPMOAAHUAAACAAIlIFCRZ 6PUAdb+AAHpQAAd/AAAAAACAAAAA7AABvxAAdUUAAPGg2BtP8/UASr+AAAAAzDAAv3UAdQAAAP43 m/8E8v/6TX+/AAD2AHoTwE9TdQAAAELoNwC/BAB1+gAAv3CTZACywAD5dQC/ALbcwgA8/wBO/wAA f+DgKAA8wABOdQAAAFfUAAGbAAD8AAC/AIjoNwG+BAB1+gAAv/gAAAMBAAAAAAAAAADgAACMAABP AAAAAAAAJQAHrgB1RgAAAPggKAN/wAAAdQAAABSWKAAHwAAAdQAAACH5BAAAAAAALAAAAAAABAAD Bwj/AAkIHEiwoMGDCBMqXMiwocOHECNKnEixosWLGDNq3Mixo8ePIEOKHEmypMmTKFOqXMmypcuX MGPKnEmzps2bOHPq3Mmzp8+fQIMKHUq0qNGjSJMqXcq0acQ3UKNKnQpgqlWpAARe3ZrVqdevYMOK HUu2rNmzPJMUgbG2SFu2cA9UfbsWht23cgWqheuWb9yuF6EifJMEJWGDUJMI1po4CQ29Uh83TMx4 MQGrAwkrfvNQKkHLl6UWRpxkc2fOC0F/Hj2ZNeODlNHKnk27tu3bPN/49dtWzFy4AIILv+tb69u7 vIsTlML84JeBzz+jRjy9pGrFA2mgxn6Qu0Pui7VD/87M2TIN1wm5iyewebrl69PPO1R9cD310wW9 56+Ou7///wAGKCBCe7VF119vvCXccGvlxV5bwcEFQ4RFKDcQcxg2R8BzHBbk2X0nHSYdbPxlhl5q o4k44msq4udhbKGZ6OGJk5VI4muX0ZiQavRppeOAQAYp5JBEAqXbcQdWWJWEACAHQG9dJQhckxM+ yZaFAmWY4RfNRScdaFPFKGZ7lb0XFXlmnkmQfuQRaGN625XonWA9LmTfijiKORCbkKVZ5pvjiZmm e2rSGWeMi9VZ5KKMNurooxwVyFaSMMgl5YIRNrmWckdOSeGVgGWppRRcarlioqgZ6uOLoRVG52il Cf9aXqroGYoqVJLJ6GKOaZYmWYsPlQZmdVH5SppCqh5GGbBrpkorjqoiCmOyz0Jq7bXYZpttp3Ul 6dulmE4IpVa7BUcXlgSMWqqpezoLbZyDzsoif5ihul+b7L3Jp0Dnocenvfcm1O+OznqmaL4kFkpo nt1d1a7BYao5r6zaVmzxxRjfJmlfB1q6lqZsMVhpVxsviJyDF667roYvlgZetcW+SzGP9FaLL8Ww /ZjzsTmCSJGI0TKLJ75mykzwVLnS/GLRdP6qc8ZQRy311LnthhyUl046oYRKGjelXeaCWhCXZLPc cLMI6+ndetFi9zIBbHMWd0FxH3p2sKjNnTZB9h3/nJ27cMurZ30Lz42dYNzti/begb9mOGdv58ua 4lRXbvnlmJeUhKcMNvgblWBP6jm5Hz/pVhEUYqlyQ46tKZnLreuVK3suPxb77cbqlTvtu+8J++u/ uw6RZbXvObvvvS9UPPKtx57e8rzj/vr0Wh0v+/Vr7r787bY7vVrm4Icv/vg/14Up6ErqVqXJdol9 mYTtx+9+tpSPJZ9KoNVP/v789z+1WqcLYABHliABGnBkejHgAVGGLcVY739vmJ0D/UfBClrwYm8Q gwY3yEEOVqWDINxglEIYwlBd8IQoTKEKVziU87nwhTAMjkBieD4W2vCGOMyhDnfIwx768IdABB9v /3hDqSIO0YhIPKISk0ipJR6RiU6EohSjSMUpWrGKWLyiFrPIxS16sYtg/KIYw0jGMZqxjGg8oxrT yMY1urGNcHyjFOUYxyUq8IB0FOMdn6hAO96RY1oz4tWimMc6GoiLXSykIg3JyEU6spGQfKQkI0nJ SVqykpi8pCYzicX2bfKL8gtl/D6pRFF60mqmbKIpT5nEBUFxkKR8pRWvCEtOxtKWuLylLnPJy136 spfA/KUwg8nHAQ6ziH/coy+TCUhmNlN0zOTaEavyBpAh8XRtdCQtZ/nMYxLTm+D8pjjDSc5xmrOc 6ARmKs9ZylWuUpdbuQo144kVttCTKoEcIjWplP/EUaKRlXYkYy2TdMgp+jOdCN1NQhfKToY6tKEQ fahEifjHiPLFmcoMppSQ+K3jyA9K9qSib1oJFZMVMVxNsiYWw+XEgUaRfSpFEnKqGC4mxtSJKk2p QsF4049tzYg95SlfehrUiRrVokdNKlKXqlRQunOpT3XnLTe6xI5O6nx/sSeSupXVJn6MKkA9kLgu SkUrfaygF+XYFM26NbbS5ZBuxSkhgXMXKOaUovm0qxLj+taxovWKbI2pT//K1MI21bCIPaxiE5tI jEYUo8nUKBO/xaSawsA3IS2dkzQ10ieGDJ8nzSs/ARravoBskP506YFielqPdquovLmp1QZL2mn/ 0pWrp5SmTW/7053WZWvww60UNUXb36IuuIxdrHKTy9zlOheXUf0oO6Mb1U9StYhW9eldQCYXrX6t Sl0dInBKKhygnjKlpeOrPuNnJZG5cn12XW2VzBe2TMFWQcdxb31Lp9ezjrW8/y3uXnnb3raC7L0A bq+AKQW63iZ4fer9ZDebS+HnWrjCGBYmZPE4zg07M5dF4FZeQQUuk5kVsyH2i0lBhczPVrOsDNIp 6O4LYZW2la4zLmtsNXXaGx93uEPFsZB5rGPt6jR0RP6xXGlLpZQS+cAO/mmSccrSHOt0weqs7YW3 nOEuc/nL4qWuKHcpZupe8rqktSpWuaspNEeI/y8oDvOESlrkIa84rOUajpUMLDLzcvXA6T1yhPWp ICH7tMCvvDKfM3XjQRdaxoZuq/nG2mgf4xS/NZZ06HTJYTB72sug3rKoPdzHWJIasra8rjFJ7N/0 wgXFIn7vpiK8IDq3UsU+BjJdoEzcK+uaY7y+qpSzaM1gH5q310RvyH46aUjv9knKPq6xpS1sSNOY uMPuS65pvMgxh/rbn74kuMWpZVCXWapZPreZM0nVUGJtsALubogV1GQ25/Wr9bz1o4HbW/OquNnt O3K/BxxwBx8XyVhu4mj3rOxKD1yVC+c3ov3aUok7KcpWDjiTCSpfjVtc4I7OZEbDPW7FKhKhKP8X YMlPHVlNsnzD7Oacud7Nb2aDKrPzPV3q9oykedr60vtG3aeQaDoVx/jo3BY6haAM4SgzEXWA1G+S h+7Hov/Yvciuus6B7XSTYl3A0j2rzj217Dun292ULLnaf6laNiK27WT29mHVXV3o0l3Mj5RSjdGn ZpZ2Ve/rlHdfa/3ifpbboAcNM3ERn3jCXlPOcBdo2BMJebS7MaOWJ2vIHW/IaOZRjqDvvOi/vOrL G7b0Da2oJLX5cs+LvPUwV2QBmUlZZ8Iao5117XgLv0SsetGF+hzO5E/qe/gh0uiWFaQVgb/F4MOw jk99oeIjH3mn1v2N1T/+GrOP+O2/fYyZPyP/96kIyfCbE92PHD8t7x7d9LP/3LInIQg/KH8P2iWD 9RchRRX089B7UfVhpHJPh3rcFIB69H8H6HrXJIDF9HmxN1dzNGEIeHkSaIAUaHqgV4EDyIBmhE1q 5IAcSHkZCIAnp4FpBHuoVoIo6GGQREMuCENu8YIAZnxD1Wel1HyS905gZH5iJXfHl4M4CIQ72H4V 54Me1Xi69YN4V4SvhIRBqH7tdHhKCEfDJ4Te54TkZ4Q5CIWqxEg6uH5eeH3lh4Xg935lVkhmeHeT lIbwF0ghuIGN5YFZ5Fjc9IZpRYJVZIcLKIcRyId5SICElIINOHLQRIB+uIGk5keHuH+AWIeN/ziH nWaBj9iHk/iHiziBkYiIegiJm0iJF0iImhhHDziClahFK3hqjXSKL/d6qviAPBiFUtiDVShI69aE r1iLWTiLsBiLqESGlTd+Z/iLXziMr9iF6maMUjiMYFiMuciMhqeFjOeMReiL0bhOtgiNnWSNQ6iL y6iM08iL10iE2KeNZciGxwh95qiGaZeOZygGB/CO8PiO7ngA81iP8hiP+EiP96iP/DiP+biP9tiP /ziQ8BiQBkmQAImQA3mQAkmQDBmQC5mQDRmRDQmR//iQ+6iQ+WiRGlmQCOmPFymRHNmRG5mRITmR DimSKqmQGFmRGtmSDPmRKxmTKemSNlmTMP8pkSSZkyw5kzqJkz7Jj0BpkzT5kkE5lDwJkiTpkUQZ lEp5kkn5k0s5lR0ZlU1JlVhZlU65lUKZlV4Zj/cUlmI5lmRZlmZ5lmiZlmq5lmzZlm75lnAZl3I5 l3RZl3Z5l3iZl3q5l3zZl375l4AZmIIZmBw3inf4YYWJmJaomG+ViRJomAYiiI1Jh4yogIdpmXto iMh0iHoImX5xAGgWmZqJh6K5ionJcoOIiqepmpXJmpPZenj1mox5ma5Jm4m4mrXZTbfZmqhJKaCJ myuYmigojGYInMHpmyL2ia2YiWe3hEeIi7/lnN8ohtGZeUjYhs8pjjSondXJnef4jNZZW+H/WYXY OUS/SZzZSY7mKIvvx57s557qmJ50B5/ziUry+VT0+Z3bGZ/7WZ+6153QyY7ImZ9sSKDtaZun2Ivs 6FLnOY4Lqp4SZpqFOIq9qYgsWJp4VGoTKpkVKqEe2qHC6YEaqnokCKJtAZohqlYcqooI2qGt2KKu +aIYCnuXuaErmqAzCps5+qEiyqMs2jHJuZwjKqSr9qAHRaR22KCiiKSkKXJ+sZY+d5ZRapY9BaVW qpZTWpZZSpZbOpZdKpZViqVXmpYxJQYFxBdz+aVkmqZsKpdqipZvKqVtGpdxSqVzCpd1qqXJgWZ5 madYKoOA6kJ6WaZnKn5Gip+8xBuhSVbe/7IkWpRdAXUuVeqe2PUbp5kcjtpOjZqcyLWpYcZRmWpF tTdbVTWpg4ipi9qIo0opbAAXrQolQKqoe8ionqpGq5pGkGqCoMqpXnSrYuSrZeSrunpEwNqroYqr x/qrlgpNRORZWBNHcXaiycmrzcp5tdpIvgEA+uiO3CqQ3fqt23qP3Bpi1GpGuRcX5RqHTNpyxJSq 5eYxYASvtNgxppqjxLqs8impqfqGuTqh9xqafEiv7kpQrLZ/jBpedLGoRtiv3bmptCg/rxqtV8Kn DztTSeg5A8tF8spGG8uFCLJGGztGIYtG2RWdyvevIIuvaDSyX9SxqcVVYoUXKtuyhNpMGf8Ls9nH snAkFwAgBvOWIECbYkE7tD8rtD9rTzdLRvIGZ0kLnoeKqLG0qGb3rI5XqdSarcHhs3BWpQqqZcAq fRzDsOTYr9AIrO3jjsyhtTRHjx1TjxVyACQmZ2grBWp7c0nCqc9Hc/mFKddqYzBQEGJAHDGFogmL a4HWXvaFqtCarMGaqSZmaRootgS7q4vbtJE6qhBWtSOWPpXbYqLKuMbaKXzrV5y5ten6ubFauK30 ZlRntZGUrb8JtDBAtEM7u0VLuz97uo0LpB24rp55ck/KYLYmsDJVvJ85s+Clc6O1tAm7a8x3vKE5 pW+GsUkifaYLV88rs24mHAcgBU0iBQf/oL0N4o6VYo9muq0J0q8L0r3fG74Ii6arxRXXq2IxUL/1 O70fGzIqJRB2IQYCEbgjs6c2G3Rdl3Xp41XkJ747a6noo2jG1WTQ24RJpLNPh6qydIMEBCFBBlAW q68pq7AJPL9nJK/Otp3/mcELLMDBu2TL9nDmibwjnLW2i7u6QcO3O8NrARWFxLwTW45PG6Dd1rz6 RGewtKrkulFHrK/6FL5RwWJ2q6gqZhWtC6njBZZVcWKMK73WhLnBIcV5datdDBVSUE1uIQUi3K1R AZpq7I46PKpOVk1vMMamY8YgdbflUk21hm2cqyD3Gxx9rMSuZhf/WxcD4cR4Ma0EDGWH/3atfaVt ugnIbeTG9aVp9eVkpuushXiwVDuEkFy1zdTIbkxv+pVeHozJUsSwl5hWl2yrx3pgTvZe8yXCtBqp W8sbhAu/cqVgFGe1HAeBpaqtNhzMRkvD+4qsqVtGvrubmyS15EV1G4vHvwHN3NKv3eVmWsvDbXFd VXGPcKxS8gpsUswg6rvN89jN+Ys61fSteDxIG3vF8yjHdiEFCjy+/fgG3CwlJOzOwQHPMCDP75vN uya/J4OvABADrGvQ3szADPK/cFHIAXwuFCtkLXxwCZerxlVXHMzOyxrCvsnAWmNtZbds80yqaFdL 35yHzKq3JkuDujfQG1VswwbB1Ka39v/ZUiNdnTFrfCPNNRdMvUGmwdRGZP1Gtp1KqjIrwEIMVM5G YyOLhRf7wj17u8Ms1cIsJTqMsx571BBtfT8cjNYlvFhRyiGGKc3cxTR9VkH6UxKbzVFMFX2GuQGH fxr0jrYGxhOgxTtXYtJ715BMeHFMxkUgz3obrlABmmi8yQBw11d814At2E+suuNF1rIGxgg9IX+8 ypnmvwSwKQIBt0piy9Mqc2InLsfWTLe6PpSmZ/CF2YyGVmHjutqFZDdGyZ1MdsBng3uMWqqE03FL X5+CVagNYG780f+VuZD7tbjdmJh9uJUlY6/d2+DFc5713LndasWtbHcGxvblVvyFqcf/DNCXRttR pN0AVlBOhrOSCswzjMO1K7s1TNW5Czau/Ff5BRyNyruSmMwX6qRvUahDBVrnDM1hTNZnvTUUy1n1 +ln52H99B0P5BqmJrdiYYqaFp2b2zLOYMgF3LcLbHI9yrCU+XSH2bL7h6tnZFeE9i+IAAOIPLau7 58VXNs6WXdliDdyETABqu9ZmOsAiDVw5FmVXk6uu3OOsa8FSNlpcg+Qwe+LlBW3/pchbjLxTJ9I3 Ba+/rcj6q7+fQsIb/GODheVcXnAQjD6zHeLIhuQWG8GGe3XfVaafk+VK1oNxjsKmdXEOR+ZmzmSk WuU1u8L+JmhUNLJYPlNgR69Rvc5d/xwhuGvW6+zeOVxAV45c2zXRfI7UU9jV5RnEaCpe+1TeBTvW hEfgn27fSBxSCH5EsRZPUX4pHBCl7kzXCC66Gj7rtD5PsY5v1UTruo7FomsVchzYzLHJsQuuGUTX 6eu4KJ7rfI0hdQzFh4tSyYvcl93X53Pjkvrd3qVnzFfJxgThuJZTC6Zmtm3JiOtq1c3Suo2y61Vo mFbKVz5p/qVot77Lxe1xgDbqCHbl5M7r/9bvCUbd6mvvThLub75Z9TYlmrXJqw3tlbzq8uVfq03v n00Xtwzek5tzyTveKstrlYxklpzesbskTQLH7J1iT1LDS0K76mNt3d3xk3xkSoLtmv+o37nJSQC7 T+qew7UG6mY96oVuu6d+twHNlKDp8BPS6m7tc/Me4bo+6z1b9AVLzkzf9Bt+wAp+j/Ac2PN8vuD6 mxQe4ot9176h4d+r1S7eYKHkbGJb0K376dLH0GbfGxRrjBfdsHTuwkRl5HcldHcOXHmeaXV+iWtv uAaMwiA90zAt0uK+a/LdZx9/9xc9Wjl90/wEcD6W0Nur71fj5i89vVN+ZYp20kYd6DP78VD+wpZu 8aglTV0U8CGdbTJtYzwbuAky8ldc+ymv6Ffs3OtMrjFYaU92+cD/zzuejZhenL2EZmDTf8tNrl2M tD1/7hMvOrqhrY+96fwnvzQHAEj/jxWtXs6xDhxUT/ZRsfTlP/58Dd1T+uuK2yBAO+L6eCQbJcnk j+KNiurPDnxqLeU03v419hYAQYCAmCIwChYRA8DgwiIH3jA0+PDgQgAVKxa0SNHiRRgJ30wEUNCg yJAwRlKEiBDARxghMbaE6TKmRYwKVbKciHEiRJMpDXr0CRMkxJI5Pb5UmNRkRqFLi7y8qZOoVKgx GQIFWbElx5wnja6cKhJpyZYHv+KkWJWkzaYHjzYtGRfpSaUFsS5VytVn15s+k5IEXDZlwq4OU7LM WPPvSL57f67sKlPhVrmCF5tVCcBhkTcrtSrtHNqqQtGkIb95aHnuaJisLxOGuNlx/86ntW3fxp1b 927eu2f/bhy8K9oiG1GzPbuTMwCCCzs3L3gAckrmEVGrXCh9L/GVB7x/d4j8LQAOK1EfL3++82O0 ACZM2GjR+/qoLd94j1/xvfjpxe+Dl4K+2PoT4z4xDjgwQeJgkA4n9+CTbj/kspvwIMQY+0mM5urq qD+iYtCKr7eKS2rCnibSzqiPclqwKptC3Mogthoc6qmlhCLpxuRac60npUzKsb7IgPxMRhhR9NCm 4haSkSifaBRqsh+tolKo8YA86EW6iGxrRJTEYmgyMJHkDssma2pqwAW1PPOltthDszUpb5yMTgod NPJMJscUk0EPs4RrpDkLq7DA4f+yZOvInvb8klEoh7JTTh05XFQ65jhbsqLQNqLMM02X3FSi65Yk Vco5T7WK1McGazGoRV+FNVZZZ6W11hOBwzU4Ri0kSj0Bz2JoObAK6mxY9nji1Ef+tuvV1/P4Q4yD 8jaSVrMD6bsLI/icfRZO+7jtDD5gMXI2QJukmOiuzRT07kAGrzLWPfPkpQ/dhRLazs1FY+AXr6K8 3Emrve5KtE6BCPiqMIkYajVRO3/811h9L1oSL7WOVSwwEmnKKLFs6bIxLtUGS9JHDCcsCl7EdCqu 5adcongjt+IVKVAfaxNs5jUV06goEf8UzCk5K065r4AfrlPkHUusLWaXSCQxRqP/4RrLss+4+jhk s5KmCt6UDGMRpbxipIlsyizGuGenL8pPaNwS0uyjh0IqDQa5wZobprrp5mxh2nrTrcuiGfR7NsAP Rzzx3nJlXNeJVqTI1wq9JfbTiCzXOSeaLK0IulX54s7AdhH8dTxpT0fdvOMo10h0BEm3aTzXFVRU yO5eP8Bcg+yNrj+HEmxXdEMp7xzBinQvgnc/8+00v47v5Ks4fmv3s8UQizh4QFYP9YvLTFOdEehk /TV1wkeZnHJWQhe8sX2In/yTKWWTrh1gW19dPyuBm69TR+idbJKY2AIkNXWlU/NTFsm4I7AiMSUx /9vJ/QhIJkDtSUts0pOQmMQj/3918CvbgwiexlaqKJWQaKyrmQSr9CpLicFuy8nbRzJSLE4ZR2/E Yp8KYWW+QrUqgjoEYhAl6LjGNa5wxvmVyixkObtpSoHo2x/+vAa6ZnELWhipVnymxSkNkgRc2JqO 6pzVJ51FzlfIk4LK7vW68zgEdzghmHpWgsYpHqZROxRcDgEwPTKiMIGL+mBOwMawv5VFKmNTWocK pziclZE2FDucGv/2NJi97HqSDBYjMYkZxW2SMZ10JMiQorVPjiuToEwbJxPnSUbaKJSSOWTOOAKt lLQSXgqjzcIQGUuRVYaLWWMkJN9Wkc3IDVPGROYxlRmqYxKnlbm5ZWx8WMpnVv/TmrcpIhGjF8JC zgtDmXPOimozqh1tzDdIYh6inHck023RM+XxCgotuc7YhZGeMqGgkeKTu5BI4QD5bMiBRsdGDR0A gs7jZ/L+SaF08i8+BTylOV0JwU8Kk1AgfNwPeTQnSTXlfEKcoJdAqsQNSrB/4ExhEFE6UpKmFIgr bV+V+gdI1o0UpiC9qRBRmjT3cZCjvUOLTT93lQXhqaOoohJHKcpSWbVwmU9NZlRJZEy7BZWpt8KO iiaq0at2VaXZLOJhNOpNmmrwfuCUn/qGyiKuygqtWdQUeU5aU1vllFZ2XZQUpOBCSRaUWwJ9HV1h pVe+zqyhZxXsXROrVpXgMmz/nIzPPFvWNiFdE6WWpVziLHrZa2a2s5X97IgkyzaYPQ2boLWmZ1OL 2mpmliYS5ZjTOLta2KAIchbKWEjWCTVzrk21lr0N3IoJVeJKNap+A65tHqOwvSTXuZ8FqzZ9gpPb yOy0okWctzYbuKwyirrZtR09r9ufVbJ2cebljbfmI07btHFd5AUvvpTzQmqmF73nxG4ku+uWoGKq q0B1qU6rF+CvQumqAP7vgBNsYKYi+MAKfjCDWergBkO4whIWaoqIqhyWeJWmGPawny5l3OKWmCXX CfGtNMxfA6bYxSqUbowzaUcCq+8uOpwajuX7zYXp2Fg+7jGMbyzkHxN5Yaix/9V1hjzEHTcyyEwu MpSffNbaZge5mHouVpyr5eRyGbhetiyYrylma5K5mmZ+JppbqWZGsllxbk6cfG2bSfY+tzZwPnPn HrJnu/WZz3/2c6D/3Dc7DzOeslFloRUN3ug6BqsjqXN2aWTLSWtSw7eKdCQr3clNr7LTkoYMpUNt 6VFzeoAEzDTgBizqVC/u0tGx6hs0NGta19rWt9bQSnC9a17nWta9BnatdR1sYnuk2MQe9rF7nWxl 75rZzb71s6Et7F9PO9rVtja1s33tbdt6rojuCba7ze1x49pSi26vuMtN629b9cXvRqyMHXdaJqm7 2NK+t72RnWh9BxvfyO43sP//7e+AL7vgvB64wPlt7YQbnOGYIVwm7zlxilfc4hfHeMY1vnGOd9zj Hwd5yEU+cpKXvOLYHGTTTL5yin/R5S+3Isuti7OUo9vmjJa3q6Socpn3XFY9B3rQhb7xnw/d5Pgb HryVvnSmN93pT4d61KXedIR0eOpXx/qBk551pc87V9yFt3BuPnayl93sZ0f7NTeTdra33e1vh3vc 5T733ayd7nfH+23snnc7O5pxbr25zrk+eMIX3vBML9DhFb94xjfe8Y93ceIhP3moS57yQv1bIw0X uKVnnu+fB33oRf8U8JTe9KdHfepVv3rWt971r4d97GU/e9rX3va3x33udb//e9733ve/B37wdT96 5/IkVrpqqvBHt27mN9/5z4d+9KU/fepX3/rXx372tb997nff+98Hf/jF73w3rl6g51c9zNUPc7gZ 3f3vh3/85T9/+tff/vfHf/71v3/+99///3+/vlm/9RO8R2uMCSIZGpgCGmDABlRABlxAB2zACJTA CKRACcTADLzAB8TADZzADIRAB6TAEfzAEDRBDkRBEjxBFUzBEmzBFXRBFpTBGKRBGLTBF8TBGbxB HczBGuzBHXRBEBTCISTCICzCE0TBI/TAIzRCJnRCJHzCKBTBIrTAJ7zAJZzCDozCKwxCLORCIATD HxRDHiRDHyzDMDzDMTTD/zVEQzZUwzaEwzeUwzTkQSl8QvoSu3MCDj2Mnq2CFw3UQiH0QhOswgoE xCw8xEC0w0VkxEZ0xEeExEiUxEnMwkLcQEtUxCbkwELUxBrEQkI0xFAURSjEwSTcxFDExFNURU7U RA/8xFQ0RVSEQle8wUxExFukxFzUxV3kxV70xV8ERkaExSZkRf86wLr6jVo5RgREkk6URVukQmi0 xUF0QzqsxmuMQ2vMRmycQ27Uxm7cxlokwk+MRVqMRkQkx0oEQXPExVkcwksMRlJcwnTcwkWkR1WU RiT8xn30xn4MR3AESH78R4EMSH8syIF0w1gcRVL8wBfqQ/3avPOKKD9UCf8J3AgOtAiLpIGLZECO bEAA2MiM7EiRLEFqXMh4RMmUVMmVREmPVEiPhEmSjMmKcEK9akCbVMiPBMmRpEme3MmQFMmZBMl5 lMAv+IKcxECOzA+f1MmeBEqnVEeM5EgWfEqfrIgIJMmR/ECozMd7ZMmvBMuwFMuxzMULNMoGNMqz ZMC0PMq1TEsM5IwCRMZlnEvGegyp1MqNzEue1MqepEms9EuQDExBZEh9NEiCRMzDVEyEZMyDdMzE DMm9NMS/pMnBtMydrEzM/MkkvECcpAHPBMSg1MzIJM2/zMvM3EtyVEtQPEXK3MzIvMzTfE2k3Euu dEDXtEjMVECnzErShMf/RHzMxQzOxoTM4TTO4kRO4UzOOHTAt6QBtTxL6DxK6URBPKwviHxI8OLD hLjN0ezJKnxN1CRNvRzMEDRNJ/RKslTP9WTPXvzOkKTK2IRN79RM8BzKdvxMKbhJ/SzJphzN+ezL 8KRPyZTF1SzCwQTMBZRP8TRMJHTK33xABJXNKbxIwHxNomzPDNXQDeVQsVxAtjzF6GxLEXVLCTTG CTuMAVw/tuBOCJRPjcTL8iTP/9TJZxzF5TxO5dRR4tzRHOXROIRKGZ3QBRVMGiXQQPRMnATNj4zM KSDSp/xP8TxPhjxLs2xLFBTS8pTSIu3NdRzP7kxKIxXSjvzSjHxFdOxR/xxV0zRl0x/10TddUzct yue8UrSczhG90xINQTz0OOqKiGyiyOW6yxqdz6zczKtkSqwszUPdTJPs0EeF1Eh1QkSdULxcVN6U yd6Eyi/cT73yVAZcUgrU0iINUNnEVK78xNWMQKP0QBnFVFON0p3kVJ1Uwfes1CaF0txkUtukTUn1 1V8FVl/1QAN1TuqkTgeMS4x4HeABnmXFHYIoqhhLocbQMOnASyclVWzdTakcTW3VyyY1zS690TaF U3KN03J103O1xiCdze7MSNyE16EMV14FwSTlz3ZEUNT01hqN191sVxc00JxU0Aodz37VVlH91xOk Vy2Mjwj9SdwEzAj9Uv/ONNeKTVeLRdeMVVeM3ViAPUorpVMFJNEpqNIG5FNohaoXkhv6uq2IQL6A 0YsPGtQhjVIwrdRYJVSKDdad5VlIfU9b7c8tXdShTc1bjEC9Olr+HMRRJVqHHVoJNcIPrVNoHNga rVoAHc+BnVWb5USifNVbLU2tTM+eJduyNVuVlNopJNGQPdYGTNaWKCaVNbG3xa3m0hyxIRkKsVmh /VZcJVqcndgG1ViOJdyLNdzBPVyEtVlNFNonDVydBdV7Bc34xNkxbVwjxcWSVchWFdMBndgHRdOF bUIZ9VZ2tcqf7FjEVd3UZd3CXV3XlUHnDNmizFO2xVMRNMbqkCG8Wab/JrIJPz1RjYI4NEmYx1Bc rK3MnB3SiMXawjzb54XelqxPAvVLmi3V5u3VyN1P7QVBRH3S7zXSVJ1aOuXcjmRe60XehA1Tfp3N 6pXMwDxe5Y3e+aXf+qXEY13b/P2CC3zbuBGW01gmi6CqjOILi4gBKXogw+qdrczU6h1YpQzKCYRg j2zdxIXdC7bgDH5TCgZaM03UqvTXwKTgGsTJKVBSpS3BU31YD55KoezCEmTLth1BkvRWC73PFqbh NWzYg2Vg1J3SEf5hWcXg19XgCibiIzZi1i1ZEBVZ2WViDjzZYxJglfXd6QDeRbKPGKAhLhqYiLHf LwbjMBbjMSbjMjbj/zNGYxDsX8O4m09pYwBeJOs54Dl+Ay0GkXhCp0FN4iHe4yLm4z/240BGYkAe ZEHu40JG5ENWZEJeZEMWzihGpimmoT0jFrP40yGhYzvmkZ+ZmTT25E8G5VAW5VEm5VI+4zVGpiqe 5KfipsiYY4dK4KH6J+Kj5Vq25VvG5VzW5V3m5V725V8GZuByEBeKqtOA40p+LCc5YPJAndQhGQtR 0WiW5mmm5mq25mvG5mzW5m3m5m725m8G53AW53Em53I253NG53RW53Vm53ZWZ4oYrlQmjZRlK+pY 5mZ25otqscvj5372538G6IAW6IEm6II26IP258hA2Ui+G0o+sVzqHv9mxufyoMgmu85gxuiM1uiN 5uiO9uiPBumQ1miiiGdVFmBWzihkkWh8rhN9ZpDxg+mYlumZpumatumbxumc1umd5ume9mloQzTd lWInmmSWteTgnafdorfGegwAdOqnhuqoluqppuqqtuqrxuqs1ur8Q+W4XOU3TuV6rrF427EGceez Ruu0Vuu1Zuu2puYvcOu4luu5puu6tuu7tmYxOmvtGOahPuaiNkZeSTRN6i6PwOvDRuzEVuzF7ma4 ZuzHhuzIluzJpmuJabSc42RdKqaTLmY35p4ICx/KFu3RJu3SLmfHNu3UVu3VZm3RBhrMvmyG6uvd JbFicVmvaLU0i5j/1ubt3vZt0Ubt3xbu4Sbu4u5my4bt5L4lXUo8QHNuP6PbiGi+0Dbu6rbu6zbn 4Mbu7ebu7m7t145t2ObrLLGmNTk6u9Br71bv9WZv1NDu9obv+JbvtUbu8I4uwsCJaz5qb6bu+fbv /+bt9wbwASfwAs/raVLunBtv66DmAXqKHgtUA6ro3TbwCrfwxBbwC9fwDS/w+k7w++ab2z5q4MAX bjoJZtyVmgmk6uHwFnfxs87wF5fxGb9u8P5wBZ9nES+r2bDotz2grIBZdmLR9KbxIufw+PgiJBoj MQpuJT8OAZYjKH8WKTfyKrdy+sbiG88m/BbsTtGm2qpb/5jypTgQ/1ORIyApayK/8jX3b+eJOSd/ ciafciXPjzmX8jpn8zzX83K2cfuWsQXP3WTRlRW7bU/RFBoynkPfiDtm6pvY80dv70N/8iVXHUmP c/Vw7Ds39EuHcgHudEuH9FAXdWn2cD9vHC53WcXYo8Ep3pQmITEinTq+Yy3pnTsZ9Vv3blAvliiP ckvPdDGKK2D3FF63dF3H9WNH9tDQ8g8H9NTolOlB8VoX64eJATGo9gOo9llvDQVWpGT39t+Gc3CR 9GDHdHEf9infdXQvdjX/9nbP81Jf9lxBdSx7memZnuAocVeiLofZI1rTdrVIc3cXeNUO9yUndjk3 +HSf9HVX+IYf+P+Ht/I+j3ciavZX2SMQgXb4oTH/kRJ+yfhEEYvaMmyIJ/nJpnJKR/eGf+9PP/iW T/mSh3kZh3dT//IQp/emsXcQ4WQTV5WX0SdaFxSGAqqYJ/rFVnRNr/Skt/M5f/ldZ3iGL/qov3CJ p/nfqPgdyvk+IvT+DRhy0fmccZsdG3mpJ3v6FvY4n5d1x3MkovKnP3uoL/u4b/Msr/qaN8ZUu/i8 b/W6RY6QyWIOwZl6snW5J3x2/nQi1/V1Og/UTvyj3/RJPvzCl3z2pvqJd4yrj5W8z3hpxxLESBB2 +/uW+PxZqyedmfzTN2c8lxw3X/1y32K2R3K0H/fYR/3at+6Zt3z/fLf53NZ8rOkjxEANj4f2lZj1 4Bd+wR9621d+/j55Ow93X5d9pNdrOC/45bd+1q78utf4/K6VvH+AB0B+hlGbsiH+uMgPbh/761d/ to7x9Xd/+cZ97c9s3OqNivh+8BdUfW8rGanjmSqrgAeINwIHEixo8CDChAoXMmzo8CHEiBInUqxo 8SLGjBo3clQIoCPIkCJHkixp8iTKlCpXbvxYBMbLmDBnyqxJ86bNnDhhHAAA403MNzCGEi1KFMCD pD6LiFlKU2jMIlKnSv0YAwDVrDGbbv3I8ivYsGLHki1rVqDXs2rXsm3r9i1csB936qxL925drkBh AtXqFwDgrjb3/xotbLjwy54ze8Zt7Pgx5Mhk00qubPky5syaB350avcz3tAyFe8tIvQw6sSe+fpt 7Zpq05lNN9Oubfv2WMq4d/Pu7fv3m7mgh4sWrTfo69exYQYV4/w59OjSp8dWDfw69uy8dWvv7v07 eJEuixMvv5N0c+rqnzudCfg9/Pjy58PvGv4+/vxfuevv7/9/dsKRN6B5gkEFA30JyhcVXx05xRiA EUo4oUcUWnghho2NVyCBA6LXIEWrmcZhTl3Jxl+GKaoIHIoruvgijBgJSGKHnx3HV40wcXVTaTd1 uNiDLcY4JJEaFnkkkkkStGGONOr04YgEmljTgTJhFZpngukopP+SXXqJEpdfijnmfTM2eWZNN5pW HHNSSLHlUFKxdhNgzM1E00t1vgQkkGT6+SdInQE6KKHXMekkmnyW1mNdRbg5mog9IhgcUXm2hyCm cjLl1GyFevrpQoKCOiqpkpmJKKpqMoqTo2+meaVMfcHkEnyTUgrfG4rxaV2pvXoqqq/BClvWoYki CuWqUT26p57VPeXeXpwBIIZUTaX10o6b2jcst1++t1+34fZ6qrFNqmqnsq4OFZiWmvY4bRG1Thtb rYpNyVOY4up74bfAmpTvvgEjWSyqZyK7Z0zLrtueandKVSWCzlpKZ7ZwYguwwBnrJ6i/JWGsMcgq klswiedO5eb/newO9cUXcPKo6awi4qQnTc5CGDLOAHIcXEof5/xzhASXy+HBMDzqXnss1xzpTlmi O+vT2m4JNNX47eyzRVhXvTV4Iw9NoMkpJ93yqwxGKZOPd6q959J9cv02dlf3DBjcdf8nNMkdFj3x nkqfF6mVgImBYGDW+vQe4bA626ndjd8mt0Zcduw45QFCnHfJWC3K98pfUIVTxS+9u2687sVZuun3 3lw565ZxTHfkofLcOu2/4U1XieXuPZPfRdlk71OBT0s4TD0Nr7Jn2TJeO/NxQZ5Rizs3P31tt9sU p48kqyonDCy/1ja6o2Pqk1GHF0V+w7xSv75az8uYkPTsy2/q/+V4TYVn7jXlD+einaPmu8WeFROs xCtegXnPAQxIQAIGcHnzeyBL3FeRbyEkfhC8oFtcYpe0YQ+AbOMg2hy2veRoZUuD+eD/Upg+fGGw hWDi2eQmEkO0wNCFNjzLXO5Cs/jEbIeIs5QPaYasFBpmhcghIRKrpTit3bCJsrPgBGd3kH5J0YlW fOH90PYeZi3FUhMLDPHAWCcxLmWESYQNrNKznjVKJ0hXfGPWasjEgsxQjlWEIx4ddJqZ/bBOlfLj GMkXyIURj3ib+oka2dhGhyVOQY6cz4nyKEmHSDBEd1ySHSepyfdlxXRk3CLhvnilQIqSb3pB2iMT dDoQtcRtm/98JSahaMnoZRKWtnxIDj1YSD0N0oCG7CUwy+iTRU0QJ/UrUSdzorw53hKCnaEbMzlz STvWsZnWpOGCkGaTQYZRkIfz5i6FebYqNQp0sJqJrDZYRHO68pqSrKQMpwmsarrzlrfTU+B++c2Y 6bOfh9zc2tL2O6ZdT3+uwd4hL1bPScJTIjGc5zQX2sx7Xgl7pOxmKTFqyLDJK3HKTOOcEJZFItLM ZtGUKPMaGpGHSpGCKHUnRfnZTUICEis1DSf/kAM1T0LtVQ5b08TKl8p2OfClTVQpRB4Kuxoa9Zox BSL5GnkUxC0siEscZ+rWhalMgS9WA6RPqILUzqbeEKnwo+P/HeNHT7Li0Xr4O+PnhhMbgCoQaj+8 CfCCgrQY8LWvAOgrYAHrx4TCoKhsxaBZK4hW3bD0sLb02vWImBrjaE6vebLT4S5btvB9FZL/E6Ib HWvDxE5xsS2Vp2hh6Va4HhQ0e4tq6QTJTippk05DNeHUUttC0sZSmmpFrW416VbJEtdGlcVRnu5n U3Zt1qvZG1BJQxtcZ9aysUylpm9LO913JuutrG0tXeaq0w+i0IMSQy6eosaq9BLWsNud3vOsC9Fn psW6730jZImrX4SaE6tAhGp8TMRZO3XwLvzdFQvvS7U5xhe416VifR2sYCvi7btJvMtr7YpQ9AWQ OQcyXOK2//pNABxgfEQ96YRBpTW5RZg/EM4uDbGp3RQ7UWj7vTF/DWRZEXM1uUs74U4H2FPzxZar wFsdjTW2YuzK2CANjnCT0ZrkoybLwt9lJ137uMObnPds1qIWgnyc2TA3BcztRfGU/yTLJ8L4ur2d rzSjjMk0j7Z+OL5zfzfHuS5qtl3jPYpWeSzbra4QyXQOFxWTetoWx5nJD5aWiw/twkNZ2cp4HaZe tTpoQGMvr+hFYFWkYrwEgrqAJ5b0vhKNy0W3mdEQnbObG43qBzIJz7ZGqBkXqEBda2o5zr11p6U7 a26tuUKMjrKraxnjiMZ62PAtTaWj3WtM4+jGRmSNtNEYSf9nExuGS2UInJGdXQlCeYrf5nbzBARs YGtLz9/NViIVyUZho3tcyg7rsR8t4xfH8ty9rfezsy1wfCGSL/KeDsMamcqFbwvgpGLxqvP9aux2 rNj3djjlcrluYJ8SwAuvj/0sjGE0Y/xFL8ZYuPVN8bQ2e9wlb93HYy5z+RTcNMVUJ54/+nIVQ7Pl ipX4afd9b4vLeed2AwANkq70pU9h6UlvOtOdTgOoQ33qUld61WlwXKCq12xdRWa0zWn0Xzka3KwW NzZ7XnGft3nsdUN61K8u97nPPetObzq1z1YpgV6akSFk99LcTiiI5yvlE2fxuYl+ccEDDe52BwzW tQ53q0P/Hu/wkfzlMY/0x/tXqiP+qNcFPlL1MZ5MhG+I4ZdabnKzXeil39rkl/4eqye98kqHfO03 H3XI4x73tM97aThMZBF1OVANf72YTm92oK/e5Yxl9puRXzUAVN3yvse87Hsf++zvfvta73x7zNdj 3DrXPHjxtXulf6RkF57Vv1026wvfc/X/zPtIv/7sb6/9/EPd9vqnfe3VXPDxUogNlDGBBqvkxRLR 3/pJWdmdFfsFnfuxXPutFQN2i+M5ne3dn+5xYO59IAjqn/d9X//42GWNEjsNWKPYxNEYIOldoMk5 YIMp1hc4nwRG4L+xGcnBoJrdXQh6YO1JHgAKYQhy39MF/2CW0YT4ER/g4EULwgTKgF5u8WAMwtoM llYNCt3h2WAOGhv0UeGwjCARwl3vFaHl9V8GUh71aSD4WYlHwYzUeJVdRCHvjFycpB8YUsjzoQU0 qd5ZZeHKwR8dzV/bQeAX5qGvpOHT7d/syYcGkqHuPeLdAV8IRdbeEdaO6YT31KECHh8iYsgeOhot ASLECWL0daEh0tInlkrsVZ3/ESEagqD2GSHuuSL4Ic4oBRj5/ZlNkE3LdE9oHNkOrqJvhOIW0qAN Np+TlVYF+pusEeOvyN31EeH/5Z7vTWPmaaAACpnpZAqHYSJ69SJNKI1xeSI0SogxTiAy7hshlhus oeLPMf/bMJ5jhkQiAFZf5B2hPt5jPvKjPm7dgazGDvkUwtTcTZDNTDzhk6APHtJjfrgU88njG5Ai NbVjxKFey1mgQyqJGNKdR36kR1JiD8XJlsmEr/HiSyBkwqhLJ07hRupMdakjFiajyi0fRrLUPL7k hMwcT8rcOMkJSJWkn4WULpWTCyaYTt5NTCbbOq7cxNmkTUZaTiYlTGJOogxRoAXapq2Qh6HSGJnY czVXQ1JldzyZyzXl6bkjm0WluU0lWfZHflllObpbffAaAbULOnEjSXKVwwxaw7jkW3qH8lGgRFLk YKLcIS6eSwWml6zW19gFVu7XtXEdyJkPVlhLiV1UHI7/JWNuh9rVpLeNIk0+5VrqIDN2prcc02OS hxmxVvEJmXKNjzfOJoIZGmqyyGdCpGmJphbGJCUl5ppp5G2miGPK5d8I4MEtUvh0I6BZpqZp1akN Z/uMBOKppcV9hGFWpFp6hDMuI05KZ5LE5Wp2YkD2JBiVX4DZVAGNWhH0RHsu0R26JXgmVXdCTyAS Jm86pQRC5U2e5nwWSXGOZ98RU4gYk9rc2mbK53/2p3gERx+S5nVO5Gjup+w4lH8uaIyIp3GCHl11 HRzuIrYNnDBiaFgIp4WWIn7+4W76JkZa6CmSaAxuaI7sziUWJcEV5BskpyItIIxGUGLOkiiuqHdK aPS9/x91CmmProiGCmjZlKDnedRsKaF5qhJgJum//Gg8oejzrZ2gAGJv8lYUvaiV1mN3yShkimTp CNlSJJyuRIXxVemYHqlbouiyuR6k8YyX6qeJylBuYmmcWo1qmml4AWQ3niDpoEvoGGTBjOifXumc PuCWPlqXrujr7OmJPmCjomOZMqkdZhkBUlVBeprebZBc8WimhoTixRHrFanL5SmcpepFDOapaiqn FghHueEomQ28EWVd0MyZxuesoiohBgqkUmqrmtaXesx9BmtV1qqHoKnw8VioNqFdeIXMiKWC/ims AikUReqrEmmrYaoe0Smz+seSCmq77dg5jRh7OUte4v+FV2iWHb5gucZq69nrqnKhHbnq2d3r+5Br vT4kpaBrcdBoQQVUm/IinQiEG7bkpgRs7FjqqtlpnQbppOZgyjUowEJseJxrrW5PiBHZ+PzQro6q EjIsndghnHLsSvkrnzLlMz4Z3fBrOmZraC4ey2pHgApqhsXWPq2GqNpZvObYtS5Tzqqqn15k0VWs WWInsjaaxF4qmB4tbnismXLUczrnj73MzOTo4EyFGBwAexwnvVLtb0ZtadqXxeLp0wqizcqq2VoO wRJHz4qfz3IKtXol7BQWzWFr3NLntrbsOzogOyYbzcpg0nIrzv5tb1gtk45QmJmYoU7bAcIrw7bp oAL/K+P2J9pWyOAObtOCa9HlG0nAbcVuLm3sLKdGpmxFlfjxCZ4Eqq3wbTmuLOqyKkesnWK9mR9e bCGSrpyKq83ebs/I7tyaEF2G2l0uV7Ock+jsT7zm1UeNFfE+7TAKp7dO4OFaYeJmqfBWb/Vs6vE2 TP9Y240KEN95Be0GVHSC7zJ+7jOe7cTq685sL9R2r9QqZou6bwYZr7PqWIi6JkiNalxFL599aJty 5uaG4vu2LGLi7r62bb+W7rK67PDybzyNbzACn45CR94axkeM7TolKAYTrkRe6m9CcP1KMPBqrIN2 K3CWcFs47oZ2nMLNHCNB218EWGsEkG26LwObsPym/3C4Cp39wl995m4FW+AFy/CqafCvEqgMrRLX rRsJ/237we/pMqj3ui3bouJ2Bi/wMrETrwUNj2fYINOgmk1fiChDNjFZZnH8zrEXMtgN1tARCzF1 WmSkml0Z45D4/q+iKCz35BiCoVMHr5GpsmwYN/AWP3IqRlHz+e7S0jGqSqoE7+4fE4v/zm0a3wnL hPJOlOyUqlLZ1msjm7DaLl8Spy125bEWX3LGvnBpbnJuBPLx7k5K/iLv/KKcBK2DmGPApjLoShjn SjJNwrIlE+t89W4t23KJdvL/gmzfnA7MeE585vBwjF7m2i6zEnPMGjNbAmmyKjMkM3NL8fEzQzO4 QP9xp45XEZDNS7iJFMgEQiYsr+6EUdTuwzIyhWpyJftM4A5pOWfyMo8rYVaymLLzSpyxXIYNMLbK SqbkUJpsTfTtvCIlKoMmQGfkQfMh2n4rJbPdBcOwWQ00QyuxOy/kNsIEQtYzTcB0PHfYw2DJQCSq 30KskXpuIZqiaYaIM68wPH50S8Taxi50Sr+QIJdq55ENS7ZJSpJfXlbrQIhq33lzo+70WQ01rHYu Jgt1T4MLly4uxSY1Fi31Brf0TDvKgcE02RSfTQMFTm9tPw8zLZ9zzDojfXExOa+cq7byC4214qG0 Wb8PWs/ljrVMR1HVW+dtTsSru07vKZ/qUasyapH/MYrhoOi6rKOmaB3tNRybterK6N4othLOZmNT sexCdhpJYV1vNGn1MZJ64fv0pkCYc0MbtbjadmEr9Urn2Z99QbQKEjbH4btGVrww7HLU6F++drCm pSFy9c3Str3yNm6rhEkPnW8Na28r62GfH/Bhj3B/ap3cs2PfsHJjdPt+c59+dkIP4mDjbySnxXUX r2DrduF2d2D/dpMeEVBiVuQmzwAnC2VshdiKrcwwarlCdzw6sr42eEt85m0btI/et5GKCmDrt33y 94BmGqc9J6Gdb1deD7yMctEu8nNr52WvOAR3dORwN7+aRXZfIWlq+CV/N3n6d6hNBfNmUWQrKnPE /4uZAQk3HxJWjymDwzeLV7CDK7FuxDgnW7jK6aaNUzCHQ4oA4lhzZ+KBlvjF7DNdK3CPJjlSf/W9 PuqT67Fc6PbJQa0fVvmR4vgau5sAs7FBKReYuWcy1WZofyKZn6X1fi9eIy1BQPlksLl+oh2cX/KV D7LBJfJrHmj5OEdUIQb5iTmMEp5ee3QE6q588+eE96+Um+WgL7olyTmH6u3MAVlyMFcPG7lzz+rV SPiDt1puqt6by3JB5Ol0SmWiY7KpqzSqdzgrOZSBltedXfGC/zpvYyz9/nOEp7monyZ0z3Kw2+uw 93c+I2Ac6ri0ne8PZ7We1rqiR2Sp93Woz/CKV/87hV97Bme7o1u031kz3+YwpKsHisu6KAb1kk9y Eet6ob/Fd7L7ULt7PME7AHOdTQSApkhFFJ5kD5UyDx25lWrpzQbng94v0LlwwE/7kBJ8WBu8hTY6 +RIyDDA89jwhMOeuMGeqxZsuoJv7p+9vurOFe4O8Qou8oiE88irsyZ/OE0r187JJqVJvxRtrp5P0 lPergkq7wM/3Es+8zo+2gA5RTQRAm9QzAhOUgaENP2O6dGavSC/uhTP9SvC6GUM9uXr11EszukLu SzB8qxwoOZas+PKNcWmuuLNq0t/8HW98SqD9dNbxxb+3zlsSyRNc+ca90bxJ94QyOdK0wutzZ7D/ jcOC/XBuKa0nKy1tIeCjhOADMuHPumwf/sGTPOQGgBRAPi+b1zcC+UXnCp9ldLhnOtLffuf//b+D vvOY5tpLvchTvXFiZcwFEJfHfo5WFHNfep9foNhT+3RDvxcrOu/DheS0t1FnOBHDuUM/phkFAOQX 5OjZfe4MLX2kYKwffbPfPnVPP0eXROjLuO9DqvbTfJUL/2pG5s+7CeTrUtBSPkC8eVMERhGBBwUC KLiwiBgABBsCQDiRYkWLFzFm1LiRY0ePH0GGFDmSZEmTHyUmfCOR5cWWLzO2RJhyZU2VNGme3PhF Z0+KOSu+BAAT6M2eRX0mVbqUaVOnT6FGTSqR/2FViFaxXtWaNatDgxAHFhFbJEBBKVIIflH7haHX qgOtprxK8YBCrQ4X1pW6l29fv38Bm8RZU2ZQwocxFlZp1KjiqDwDb0Q68zBRw5NDYo68mXNnz59B W5S4lTTX0qdNw6gLA65BGK9hlzWLFqLagni1vsE62urYiFbdRgw9nHhx41AHwxRd2abL5osRM9e8 FLLx6cmZL5/Ocftx79/Bh+dMFXX51ObvPmwd1jdZiEXOin1NEG9BsKSLABCTV0x//7jbUui27sQr 0MADpSpMQeeUi+m55hZsUKrqirvuIJaGiu6nB0UiEMEPQQxRxJrQO89E81ZbD7YVYZANtvjkW/+N IPt02+o1AA4YcKgdhwLuoQFHDFLIITuybDDtNGRwIuwa4/ApChEEyjIkBSPSyiux9Iy8E7ksMb2v CmKvPffaO2vArVpjaCz9VLPLPvnSy8vDLOms8zMjL3QpQ8eovCxPDOc8CcoDpcwuqAyrtFPRRRkd aUsvu+wSLxVZrLRSgmRkqMaqVsQxOBa/BLLRUUkFDE/oNpRQT8wiTBKqQQ0slDE/Ey3V1lsXZQnS XSVV774xgR0zuPvUbA8G/ewas6rVRMXV2WdPAjQ6Vg1NzEnKmgzUJFgLlHUlRGktSVtoyS33zjR5 TZerFMH6z91333WT2BktPVbAeiEKziFz+e3/V8kGqVW1z+Wy7Ytb8bzdUUmS+PTX4YcDezRSdU/z alMeMc5YYwHnei/Yj439DdNxIS4ZS4UB/vfaJVcuuGGnDg4v4ZVfLrJlk3HOWSfeKJ54XYXWc9Sq Test2tKI8iVZ56U/JArcgL/trmaXb1Yq5ij/XNhRcJnu2muQJO5ZbIvB4mpF0oYNE+S1lWVWuK/h tnLKPJH0cGrpXJVMSoVn4vvqaJUGO2trGa467sO75tlnsZcFet5iQw5woYXegNfyy9398W3EOW96 cLr9tPtmPLXlOyGML0T9b8ECR+lzgh01vPPZHw578duTBlP3yYu+Ku38Ng5e+B3lpN14mV+n/znv gUOvVu+nEUUZ+tXFbd0jJp0r/MjjuXdYccZ7ZlfthYbvceShp0q6+/WHwx5Vlse18FTuMEy972/7 phB6nPgvynT8T5e6/xVuVrDrEITYl0By2Q58EyPb+AhiFzFg6jYRTNp8KNfA8zVLgR1sysxOJ7r4 OQhlyyMY9O73EwDor3/2ixrXUBdAAL5wgAcsoGG0BzoP7pBR38PdD8W3OwlSsCERlNPQUONAze2L h008CsugE6i7GTBcAtObC2V4PyhFj4tZ7KIM95QTFNbqbq1bkBPRmCUG/jBdDxSiGA4ARznGMY5u +h26ikU+jv2seGn0I0q4hsD3aWSKONSaFf8Jyb8UCvANW6xfGEPIo0jyLYaR9In7DHnA7f2RkyHy oQYjFcQ0DVE1FTzWEWckFjzSC4O6Mo2+rNdJ4xUKhLJLHndi8jRbqhCLM4yaQByJP0jSkIsxrOQk d3ZLKMauhLJ0JqE2Bco2+gqCpyxiKa+5RM1lsDe+KUhKtrkVtzHxmZ00nWOkNcgPklCZ9Ovl/g4S TEh+cUlIkZ4KA2lDE6rzes4r5z8rtEo2+kyUV9EPHeGI0Exlqmw2qhRO7OMj9QH0j/NrEj+XIr92 XjGEHfVlI/HJSI8WE4zgVGQWCWg4M26Uoi2NzBqleR43jtKU+8nmQuoDp1VubCAJweBVFhr/S5d6 zaKGEqpk2HnD64nRmBob1DlhKEkBjhGAGouW66QIukIOlavIEWhMUeS4ag6xCAcQywSt2aah7cYi YVoJ2rTZ1SYWFZ170ahSi7S3/WHsqfDsm/+iisVjphSXWW2VXBHrF5gO1EszNShC3VXH3L2FNJMB y0p8NB9yJjaBdH3QUQmZ1H02hXoIw+ppMclZ1TLlk4wNpVhdAxG7mLWsYslRflCpKba+CSuYDdXm Vts9z3prPAgEbUdKi7x+bvWXqQ3uc6/q2rFR8yvyEdB+YIBd7NpRc4+TbeX+E8cLitNNeoEu94a7 zOI691VyQ63NIpTP887XdWAlKGx1A5vy/5XXTTTajVUH1JW40pd26cXWufDaXiIZ1pYA2xOBIew6 6eLOsWwLWU65qRVvRnAgXoGT5DgY4bgZWIedYe+T3LvcBk/rwSJ2sbXsyytRGg1fas0NVkB1rMrd 66dnCvGLE4c3yhDXxCxligIUkGL4rrhVxwVySxcbY4mux8LAuqOGlZUfD284t+Z9MlGFnDwni8vI PUHymdF8ZhExmEAPxs6Yv1zO1kq5NKLE3J3lVU2j9ajGSPtxnHFG4u8wVyRpNvShkQxNFYtQkLsE tGqjPOGKqUeP+90YmjxWZWAF+M+PhhjpynwuOCM6nghBtJrBw2YSulmrngbynCWdGlEK7f/GrKSx 0fwMXFeXDNSIJA6hN0LqiRzs1IkWkq+pFsVdu5g3sd7VTLOSZRDrVNNss3Gblh1ovM1t0I6+iLAr srpiJ9mTo53fJrM9X0A5m0sFVVOfc0u5O887XhNNd+227U/ryNcj4L5IcgUybmiWMczovvdzI03n M1GZd2txOFt+K1tLT5xjmz04v3o9WtAA+yD+zgjAJyLwVLdYZecs8cVXC2uFAxW/EDmAWoowAZnP vAhqsem1L3tJe6N8gYRhNbdT/RGP78TMxbaOucN8YJ6nPJrsRg+00zJzqU/9C5PtWDff/XT+Lr1c GUf2rzkydOQuReSiHt3PM8n1xKrc6Y3/Yw2x2DJ1uU+g5gHOjUM5ZSO47lzttyId2ruVEbF/BOQg KXvEkA70WcG577NLeNuRxvAvzH3uEM/pvCJIvO9qRT/k1SzjGx/0XkvVtBUZfEgKP5LD8+XrrW90 6AHK9pWrVfKUl7vl+6tK3oFzchLDkUQ7DXtFeV3joQHK6UeS+pOs3imuJ/jXhZ/Gx9PZsTCouu1n bn0fX51HOFfcsdDK8j5Gf1TE5/hmUoL8kijfJ8yfyi+t9fzik5+Hsoc87ec1eexPAOI4Hx9Nck3H Mm8obitA+I7+7MT8vA39Dk3BQMP9yKx+VCb+5g8BO2j6nK76GsI25M76viD8rgz8+sP7/+CCjjrP 7YLPAt1rbkoI9NqvASfkOCBQcOQvtKBPBS/wq+5P/BgulR5uLSbnfO7OXoZCZG6k6X7vtywOB1cQ 8JKOONSPOsRjBm0Q/sKFAs+PCQus6WZv7xiOeH5EIcDQfDCMINBFIhjqe05Q/EZGC9UI7d5sAaMi CkkLQaiwirQGC53EBd2w57pQ1lrulL6pgsRQEIVQtwxqxyLK9wrQ6pawD0fESHTpBvmCDlFMRO5w WvKQQUjP4CBxlrhwB6eMWMDQiHYEeCSou6opP96AWb7pDMPviFLwEweu4F4vMizxMYgEAs/oCv9F lzCKFhHH/hRuxgRREAuxU+xuPmKLfP92DAzTBPw+LNceURix5txu0S9ycS/YzzvKrhdTBalSJhit EW4wMMYq7BSL8CEeQiw071PMkPPYAy/UELvYENvKcc2y5rDk0CS20WAWpdjAEX7EURPJMR+D7A9R wxhv7Wz8rxk5LLv6QwyRUPO2rxoRUrnETL3mEAaPoxvtEM0AQAFGEsmgpgpZMCMdLxQVcuF+pdrO imMwT8fqAhrfA/wOoBFzCiNV0juI7H34MOA88jtAMkRI8ihNEs0IEiV9jhJ7ktd08A/tjN7gJc+a 8Qjr4wh3D7sMcBafEuyU7uSe4h87oygj8Q2SsgELqQWbywq/MshEsTwsptIojkcw7U3/7HJNxCQ/ aAtOAMTL3jLowvIgdYIsP8MshyT9DG0kR5IpQa19SA+fgjIwKaMl6wy/aA0RG/LWqHEyKbNWCFMp DDM0EPPYKOLMGDPN6qYyWM34MuZQIvMzm48l49IlwyQITSPi1AYmP0atvFI2i2swnWI0iaM0gyRg jI5qFA/9mIqXegk4MyoqRdHdphHH7lHeqJIqBww6A0o4RXMohcQ4z7JPBHIfm7IfEwSwFok7leIc nQ3qeowgCCDrOA1O6tLSxo89ja8SwXPQBoj0xLOeAo+KQk4kUZMk8+3XasiX+E0/ycwysYI6S2M+ UyneVCl9ftNB+yIoifOlKuk1Qar5/zzzqgjUIpDyQBlT30xsQYlJQ9uTNhUSPquiLOQzoqwug8yj 3SpuRF00tJqiQ5nzfgIrQNez20pUI5IyNVOURwHJngarRyOwNi/z7SBoK2gUBubT7WqNsWAJSrWE 7PqTUJpzSAWLqmrof8w0Nl8qezJjJY6yJN+0I8HGpCKzQb20n6RUwHSHaGqUIK6UAHRzd05D9v6S Se90Q4rO0BJzTJuzOvyqquq0E01qqlhUsdiUBgkDRVUTTI1NNJqzRZ/zUAUHQj2vB6+CQlsENlDV CL0r7wRQprZTVP9CqMI0Ej80hlhopCa1pFxomLzIUNPOOwtSQU5UURO1U0PKLVHKTv9l1UHy1Asb 6jUeYCFQtSwAddoyzDQIdUeb1asG0vCM9Q0lVapydZ7oVKqsiob+ClgvlSNVTNloIhODDdVgk0VB tFtH9VndrgcLYlr7FEsza0uN6FgSMa2uwpq6VFZdsJnkEEj9U0gbFWKF6VwpCUQH60kR70ifp9WQ Ql6/TSnrNTEqFV+dlVQNkOGuFQb8FWCvNVBHyS74jBWBJy5SMT/vVFvUYsmcUijDNQEZVYskdpjk a2h9daq+VGOrMIryKWc7Ljn7DWRJ1lJNlgfL5jVQdWWz1PNSqRldiR0jshBnhCUukl1Dj7keTmeV 9WN7Nld+1n4cqYV0NW4htUyPNlj/XQde6eZsTc1p5xVZozZBYDQuK0wsrpZl946ydMyagIYiccu3 qKJmM1Q2RzaefhBtu8NhQeReQfRtRQqZKJVuiYlshXWl8NZvKtf0+NZEofZvvWpqj4hSVJVa5yNr c4sUc0RAFIIedeMh3OL3UvEAXXRqfhDklrNp19bv/tN0ONejOrd503RyWU+rmNVHjStJhldtT29T Wfcp3BOsBncs5pNC5aNl63NekOWbcGM0zte6cKNQRfVlrrdNrQhzbYVIM5djyax0nSR+MYL5tHd7 o9N1zwd2VyRLWYR2GWqswtBNHvdHWul3I/cz+eR0mUlD6BdX7NdzFGR6HUR/NYOC/wXPaf8XgC8p cLvwe9mmZeGRSmXrmxIRt7gMcnWtRwuDf3OoJS74WTL4Gqs3peJwO2wYSceNXkn4iQQY/25zM2Hj EKP1YJf4VW1NCUW371oiiLVnKIrVbzlnh2vxxHDJgznCipFkiMmtiKNLgFFY00Iw08biFdlYa/Hx ZldCb0tYSYnYeLg4VjSRdKsX2EDYU4vi1ITVjB3kiKcyO//DKqOxXrbkaMb2fb9ghYZ3kimZkt/0 TSs5kzV5kzm5kz35k0E5lEV5lEm5lNVihVB5LVKZlCU5klXZlVe5lNVpgMozC824eyVtLgfwPmM2 w0BmNECmPnmSPWPZlB3OQBnTlf+NeZmZuZmd+ZmhOZodLpVbuZhDuZpfmZqNeZbdlIwR1JaLmBjb btY6ZK1sTYlBJWFvVpmZliQOrXhpJ48Dr6gEB4wJ73RzQlOP96IIWcLQmLpMWE9tdC9505uCSo5Z QoxD2FiFYortRJ5Ni55jZ8hsKYglYjGRUhw5uJ9ZxpAD8TQmDTfBC5HxDHj1s5kUukDXFp5nB6KR h6XblKK7Q4wvGjUrkGE5Gpf09Uv4FccE2j55eXg+D6Ef5I+Nd4TbEpxzxqVFT0Wf6G6M+oacEqdz OrQ8moVbo43ZGDcT2CAwdIYd1Iri9/TiMIGYuttgmnXgN6rFjOSYsqp1+p/3lHf/MOhSsDUez6M0 InTroFOLnfqYa/XAdvZrztonz3NhXSWl25q5BpujxVnK3A1jvkmyyVCRTSTagA+sv/KOlQ17V7eD nbql+0Wi6/g52PoyJpHJ0JOEcVmaqi9jiHAMt69VKwuP9nqoZfOzO1ul04yOCSe0O6ewj4O0n5ow Tls7UpvRHJoyH5vdIhtmGTi6l9G/zCNstPqRP1O3dxsth9LhkIqf10e4jy6tryqh10J++9hy4Tq0 dvpkSRF3pTvzti9b5Zshvi/HjBAwnxKpW81ht2e56US8K8QJvbWCH3NYV5t1W1u6JuW9u0++IRxA mlgAt4k3Lg27N1u76SaLy5iM/8QSj0ebwLm3H9mSvBtjo3Palab2te1Sj1z8Nwa6YLOLY3iGJhhq JwHcxTT8Jg7Ur/PXXY9HwMHOxMsbvYmPejF2vVXiqr8w9yb7xSX8Nne5xRUnd8NJnVVyx9FyR2x6 zOxJgYQ8oBq7gjF19KTmT1CckBdcg1g80+wFysOJhXlHHm/SfCSnDXtSw5GZ3JS6RHMcS8J8yCuw SkZIEhv6u4G7qpvbvoyRz1gkZisbiSDnwxp50kyaFnU7zVKUol8UUdkn0Nsn0Yu7zI3qw5dpzAF4 zbkUoKutK6mNrh2SZ+pb/CLYAlcX0dApzXOpYf78SkDdNVEdvecUGwmzrJV8Q/+YvGqVeLyY8WI0 JiLDdiCuPFaFcVPBra6Oyop63Up+feNaMyrOT3rG0amN/dgpo71zh8pgsj6z1cYZuDWoYsYx6KDL kYzDkdOL/MvN2ntEPZkKPanxl1rw3dzzJNmTGJ2ZWMrJR96dccpPEcMxPXUHftDZadsVpdsRjOJz aNGe8CYalJYInmXQ3TarizfX2D6K0D6zmss2SLOZsMc5O1lDrbASnLD5PcEyStczTjIF/nMsHhIX PdYOmaSjfHeKppHtujOFEU5LUqU+q+bBm4cwvm77fMk4fjm1PZCIPNUDeuV0ObZ5+S7XBph7M79/ Xq6YHuYFssNxntTRaOqLjHn/C/zq9U3bJ9Dcgz6myDkzzBmdewfL+zDt03LcGtNuNQnquwbugzNt 14nBCiak9L15CF7VwQc+sUzaYJzaCnrTxunsh6oXe77nCV3XRdtfvPj9HL/j6/4XJ186Z486YT3p 5b1CR5roLYfamRD0k8QTQ7Mg/Ujx0c/UWcvReH1oDVJ5qv59ux7yNPBN1ma2Jzuog8dmcz+Myj0b Z1603v7mEb+f3rWeAobkWMX68d717486IyD91X/92f8QaeSrh5n8DH33TR16fT+NgH9Ne7+Elyry V5P3AeINAIEEB745iDChwoUMGzp8CDGixIkUK1q8iDGjxo0PB8Io8jEkyJEi/0uSPGkyJcoiYgAU eTMS5scINGvavPmxJUqZK4v4/AlUJYwDAGDkNMgxqdKlTJs6ZTowasGpSA8irapQalKtT7t6/Srx C9ixYK+SZYg1IteEabNSRdiW7dSzdOvavYt36cCVQvn67ZuSKAyePG8atglS8EmeJY06fvx4pc6j eStbvvxVqua3Zq06XKsRNObRd8WSPg03Nd64nwkuZC2XK+y3qGvbvm3b49/dgHmf1El45IThxIsb P2rU50fGIAE4fw49etHf04fOxo09u9fN3Kk6V43WNcfr2stPNG3+bmf1FkWL7zj3fXj36evbvx/e d+/9vAUH/2hcgMUlVl1MKP8ZtN5VJk3GEnn4PYhfdxJyJt9rSjkIYX3oZbgdeHZh6BmIbskG0WYc nohibm/wx6J+krn0XxECznjUTgdOVCBylKXIo32afSchkLS1tlWPqEGX1XMKbejUdxCu96FEZokY m3izKUmlkVpuedFeLX7ponWDGRhSmSSVmZyYix04oWYLurQjl3Ke1qZASE4IX5Fz5iUdXNElxGRT Tj4IZV3kTRlafFfGt2ejjlKkG5iS7gZcTCE5B4NzzcH53EgMkkmSgzk2GBJRj54aJXdC1rloiBhl iWqXVyFY1aCBQgXraIXStSiiGZlY4YjyDRprsXJ6GWayLPoHKqbOflTUdNP/tWQSc5l6hq2Vb3qa q7HetsYqhfSBN26e3z5FLJC1IiXWoEpaNWta78Lrp5/z1rbrWb0iGCyOipbIaL/nDhzhisoe3Ful y12aacNFOWzUtA+TZK2obybXEsEa/zpkuOVaKXBDH29cUbpRrYtQu/HWa+e9f9Jrp71IqphtlPBh GTLAJ9c837DEkgx0dshOSjRKzC43UrQQFxEtpgRWy6a4BW0bZ9BWCwssiaq2GrBaOV9dopPv9pky zGPTyrK7aJvMMr4eGqrzkF0WJCREUoA2Mth6w11039S9ZGBzykXbXKaFNzgSqJfieDGBe+uNM1Za 0/2xr5D+/DiOZJN9kGnq/8Ys9uaiu3wvzV93xVqdHHdnN96nZw47ugL5TfvRLzn2MMS6Swx1Sfxm q+DfVceuMeupIQqsuXnLRXx7n7PdOb3P0/qydNT//LLp3SbaluqvUmi3FMO+3nz5idKO8N/B+eQS ++y332mNJVXMOHUYb29+iid3P37yRHYNsPw5L2Zt89zOPkfAJKEFgWwpHWnyRRb34Il7q4qIFMQn OfIJcINeSx/6SlUUwkBmhCR82mIaU0EJUa1BHPyW/1xVpbxZzl8tXGDaUBY9eK1Mh2YLXQ/bhjld vY1XweLO3cYDvodcsH81bOL3PuhBxK0PKFSs4k+o9RHFsa9+JFGMdZwYq/8XFlFub1gi1jSIxthZ T2bEQs+8SAdHtd0we0caor4SaK+C3O2C4vveDBvCx8mBcZAdhCLRbPcGMShykYxspCNHxZiIAY9c juEWtwj5qHx1r4Jl5GMfGyhGcxGSji3DihvVJjnMkQ6IMzNdZfZ3RgDs0ZNz26ESLyhITOrSLYZM H3AuZb1gWs9GWXyfMKMTFFINb5da4loMBeJJPloolP9jJkVutTH8IRFvq/pONM0oJZBNBJdJtKYu hxbFviEyNNVCEwnfWUIGZcycW3Lm8aApS2mKjIxeo+d5IIcZnD2TWN/85M3sCMgjTtCfToxUOqOo sNvt5idZlJ9yAGfFjGr/VDleNBVDe2TPEO0xn3FbHgA/uiSAXiZr5UzIN+PGs1sGSZsoLZ61Hiop RPbEnWZSU5oS6cigCjWocGJhTVEUUnyONJzUnOZRHYJNm670X8ZjSEH3CUGrKrSlTzWfQ3vZooga rDGb0lRFlXnRY6r1mCDsKofsiculHopykEojM6NKMJpu855NPchVhRVTh5BzoW4tHzrBqh+dmqQ5 DUyTF4G51sgq6ZKFJVQAOxnXrA60rnrd4BLxWlkYSm2c0bRQYBPqvdAS76s4PZhYUwKtNwQgAHCx pO8UeQAx5Ha3uu3tbnkLXN2OaZmq1c6ivplBr/UVISMtqHOfC93oSne6/9StrnWvi93sane73O2u d7Ury3w2N7yz3C7zyIfLFNq1uC68KWIBo9iTAEAMB5ktW5BzJgAcAHAw6S9/+Tsm//YXacRlr4pm 41zxxlW65CUvdR383QhLeMIUrrCFL4zhDGc2kOMtr3b3SVoMctXAYGPteykFIy1eS7azpa1VbJtW +v5XwAGeMYD9W2AS0ylnE26wh6NrUnqCNrSTE2iIaZmUJRq5szrm0mFb+6X4Lo7F9rWKGEyYpvm+ 5II2HrCAb/eGL3yBwEZt8m0+5tzVnXSBTObgkFW7suViFslLUTJVzVzisULZtSleGHUQUmWr6CjG /uVjl28sZrH8N8d4tv+MAxP60pLxE1zsfTOR+bpmv0a6KXbOZaNJ9uQTC0XKSQO0iwVNKpBcar9f NjSNwyxmGgOO0Z9eDUb+ytRMA1a1lq4s8ta86ad02kpBrHV7Re0isd7I1FWW2IFkvKJWcxnWiv4y jsts7IBuBNeUlmDPitvrwv5aNNzuyrD/mO327vmQIVQx05jtYt7l98rWBjMMYn1og/FknumeKkfS jFUA8q/NGwy3W39ds3J75dz37PfATLxu3yi7MStudlE/BS1oz/jeYh6MNPNNWYe/kikKp+vAMQ1u YyPcNcEmCzg9LfJihTri8G23n0XirPt2sTqrvjHHv9Dljw941tiOuc3/OF3azTrVVQQXoMG7unIF g7Mu+oS50U8FcWRva30OEzR09isSLBL6domucbRnLHSi8/vqcDO3PjF9ctGmvNZRp/Ndqg6yprMd OzPX+s6He7trNQ2e3OqplmEN8np3ksxr33tZij0WMcoG8l19+lOjThozvnG9jres3xPWZ4wybaPJ ZNClNK74G6v+2o3vPOo4vxHJ553Elj/qH/VeEc27C/aur0/fac4XRMKT8D5VtX4BDCOH0ReWLdGU vkPe+9fjPpxL5/0ua19TdGe+j/yL/p6yDnyVKJv0GcU401C/F7pBDCbt/jKtve9H6yOx+tN3usoR uv3A1h/+Ix/V5/9O/xhDJYCKxHPNQW+3k3xKoy4v0Xz0xnj7x3aPZmv012TYh1KahRmaFx7852R6 9n9bB1mSJR3JkTToF21SIRjtNxjpp3YQeHVBlhnfJn+YZIEfhYGXMXWmxYHN5F7hF3w29xLspGrN wWoI+CwwAkvPwWoPuIN6MYPzdzy7p2M1yFA3aBlvp4NNyCPg93+vxWfP9mqrB2arB3itp4W19EBn dFqVRYX+ZIWVgYVucYZb2IMfSGrLMipFlThntYcX1Yc+sW8uaHQw2CHPtIaF1Yb0BEvZkYPnJYhz 2CQe6IN94YVgYnog0RXQB4nt8YSxp4adCEaJaE6LiB2NiHKbWDCTmP9YQFiHWhYYOZIpIihZgYiK 8SdEhgiKTiSK1iRnV2hQn1iLvieJH2hJIsQXLXEA4jcxJQhcvOVbwXUA0FiGj+hwdaNtuEiNsLOL zNSLcPiLuBiM6fF7n3eHSeMcV9Y4WXaAZxeG7ShRtBiOUmKNU4V5U3h/hGgXpsh08SiMxKiMRDeM DXKOL9KH85V6B3lo78eP3VgWs/eGNbWNu8SQeKGPk8aPZ1aHqghCgBeQuvUcr2h4RUhjAYB2UtBl THiRB5WNFEgi9kh3upaB33iKKcl3AUmM41cSuSWQySg8oQJtNRYANbZEiaeJNFklO1aPtHePuYh0 MtkyTGmUTqiR/cH/imniKfvVgOlofOt4OyTZX9O2cdGGklHZcEeiXg+JUhF5TjCJg/poZGTpNv5I kFMUKo7RgPZzVgb5X0EJE0PpZYPxc9VWlEaJjw05QSv5OGqJSYV5d045kXB5R1NZcxwJGQIZHei4 kUOYKSIJA145bYBJbYkGYC0ImXKXhodZgUtpHm7JlqXJN5LpF+MHFML1Ex95UeanlzARlEsUmPiG kAoZjBLoaN7Rkkr5koiZe47Zmq4ZmXKZk1X5GFhkl+foWAWYKQ4YAFKQaB0nlt0JmoBJmqWJnCX1 Ly75aYyZj8qJnswpKDYJm7LJNEroE0QBHTB2euwni2sUnpA5nipZ/57GeZ5Q6RSsGUwdkUqUx57h BJujBp3DV5n4VSbHtyIBsJ1iNobu+HzAWYv92W3/aWCKOUoCinRYtUYiYzKtlKBzEyYnBp/kd5vL mHEDxpdmR5Ssx6EGJpxCZDw3GjQgOkjrSRdxuI94lCSo1DYpKmktclEisVMn0aTIIUIOOkJYdnr/ 1Xwe8R3XWRBiYDgZWnQ0CaQxuKOpeZzpIaR8lTo7AzNriqR1taQoQXFxeiZWGRloMoQt6qI+gZsm CANXNl+mcoRSsWhfmpJh2iGRs5xpqZqr6ZTeQSSQh6BtaiF0GirVAR0hiKllZam2KSYBOIBDZZ0S ioCxSBAQ003vOP+YF2mo0gd3ZBqgPBo+n4GismqiksqJFJVfZqWrTbMpsdiru+qrsVgjY5Wf0gGG /IWlsSgkKfhFNaahkLiqsjNurtpo0QoWFUmKBspmtpqklHqpwiqsmBKuD+Ms5Dp4wkoqPegXbwpb hwc4V1qqhDMVXQqIqbqQ5VFkIlpwi1oe2PqUoIRDoMStkkZFDLOrv8opvDquCNurUiQUD0upJpGb ZkexGDqN/ImveTePlcav2uGvpYOi2BOpAysXUwpM0CItgxef6FquKMuyvAMTPSGzuCoU7cOHN+uH OLufUQmrMlhVHFumZtqo2UqrR0qyTIVMJwuuLTuuEXOuTOs0vwT/p5XEU3U6hDHxFPYajz3Lkon6 UT4KRtb6FR87sqhESkdrIX/hNGursi27smz7slDqpAVLfmSlrMUqTPBIlly7az87d69aH2dKV2oR L2eLtnKhtgnLsAvLuOXasGIVGgXpW7r1W5RrudF4ub91sXDJt0c5YqEFtg2lryRHoKOLtn0Ht02r ulD7tDDrbjT7IobHlQipeGMJpqbriRkktk0Uuk20uwunnrhLsqi7qU5zt5l6vJpajJYytRFrnwb4 l94pvd/pfoS6tcKrZuAItIAbuME7EIl2uK+3oD/IkWzykcqIQqyGt9Fhu4WKvbY4k9tbre+7berp HNsZvrLjnOrD/7zDehBMA3Z4OXa0W6Na23kY8rtQwUSdOzC9W0MJLGzei7/5257jC5IxsmJZAZKa eXjU68HTK5Y7y38yRL+cqLsje1QO3EIQPKDq+QUAMMEU7IT7G3ahR6xBKB4N05MliJ/r+x0inG0I HES6m7FEbGYqzEEsPKLhIWYwHMMyjEQWbDSsWGoeMirUwsEiWcDW1r5BzFkbWJY1acTUimdKTLoi k2hODL5QXCQ0vLw3dz0IskL3ucVE+azshcBjFCIoPJxjbJ7zy8ALcabbqcaxxsZR7Mad2iznNTv2 M291XLtAfH/+0n1e23+79sdlXMIZIaQVWshInKJcOJWVCCPZov/DNUyCMWpvIPzBoCnJgPzFAmua YozJo1iipVQ2j/fAm8zJ3wi+L1zIh4zIUryRGNw9lIrFWaa+Puw0euvFJJxLZrwV2MPLMleiZAO2 fAxQgSzIv7jGLxyawuyJiSxF/ZuuB6GsK8TD+RZgruxlg2qGsFw5dzbLuOE63HwsaFMv2YzPxlXN FzF1+NvE4SzOHEPMAKhiyHS+hcfBDkhjH9k0+sXFr6zJfcVS2oeRlXyBs9JAYcZKHM1DRdrRa2q4 QJOjtwFOEzzQFVrQT3TQw2rOVausd1pUdGxt6ScVDZN6d3xpFk3Plswnepx9IE0vp5RHPRRHIG22 J/1wD2JGKm3/yCzd0reayKSWUemMZcanxQOWpRF9ABPtzPe4sU5lOdIMhVlYhQf6LhsSOvosRwnk Q9BDpEGjzfkXw98sFoY81XVFzhOnasNnm2K3zjfdXzndfjbG02upObI3pKOVsSC20UW61h09PTo0 M9ccskwtVZkxq69BHny0xp2EHrGm13utoFVNxcVEelEbqrMLOCnmEkoI1gZchV8sQeq1j2btiZBt gwEbM2x9QGqK2dUzqyUNao9n3JoN2htyQaOd16DMnqLsd5UopZGxp6yM3dRL0ReYa/WMmkkojtX0 EKW9Qau0z5Qd3GxqtDykSpr9IOQ9N5y93patEI34Bc3tUvjd/znPbdpuitpjgol5WrCPJTgC7qJh DXXk6d1JRFg1ydsMIdUrnEodzSRvZKQEdDY/RNL9fBERzonbcShqylw5eN+/iIWkDd3MKd2qKLWD 8amg2odd0VbiljMX3TMeU9cj9+CAUqEp3kzy8jIVfuGWvS4WPkedzSM9/nR6py6po95CmoP6vd+w 1t/+8tJPwxPMDElNQtujWOM/HRtn+bmuJIc87uEPvEm2ItIhfdSyvOFs5ChKXlcgbtzqjVn1beLa yePUVuVe09c2zE7zw65P+hdeFM82+OVWpyhizuECUxVy7lY+/i2Qflno0tbaiud5nt/e/NySzrkZ SY6prSxeFP/TfOG8K3TotX0l1uht0/qYwwliPc5rlXfmaC0oOJTZWmVQUxeHUe3pe+ueXWjD60qJ ekhmfdFxVDnjB5foszdJrv7P8Y0Wsv63T0XpZW7pI53r3bzr3b4Qvt7nOvPfGDynhV6AEgUYFgp6 9+NrCGrjzx6FfvvYS/LCTzzrbEjtjJztdj7S3D7ifdTJpgHf4V6yV+7XEWq8BCnoKkESyT6ZjpPg 87x5CbLAQO1vKZPGv643Gk8y+S6inFOrug7wZiS4U07w+3TlinzszfEALe9/Wb3y7gQSDl/sXS6R FtkxUhgwDT7vPf7JSg70QS/0Q0/0RW/0R4/0SV/0oan0Te//9E8P9VEv9aEdeUwNeW9H8o1q8ic/ qQZvw77T8mH/8oId81XEccXEoCGR6l5OTRfN6jdu8bDO9PU+9XVv93eP90Y/93nP933v91Dv1Fkf ZhW53xzvvikvZQAQ9otvnakmEsM4Qh33oD259jePmqY5pmQd9zo+941eLIa/MdfevSN/5+M98Ce/ 4sh28Iq/+A8QFWfVpzUd4CbR4x+h5OnoUdn3lDZ+zx7aqp7fEBl/+ojIax5/GkEQBCEm2iWP8Vyf tuOuOKwv9m/w1TBK6jfX8BVqFLcvwJW/lt8t1PIO3sAPVZ/8ofhe68eP/GaA/LfkSSUeFqB/r38O kGDv8tR//xCTYVGvWxIOP+gQChAHALwhWNDgQYQJFS5k2NDhQ4gRJb4ZWJEiAIsELQ5EyJHix4wH Q4acWNJkyYFfVK482dLlS5gxF36RWdPmzZsrWeK0GcTnTzM+FUohWpToQ5U8lS5l2tTp04FFYEil OtVqVaxXtWbluhWGQBhvqIrVCuDBwAME02K0Clbq1CJvvMLQqrIqXa5iAFDV+9Tv35cbQX7UOLhj QcEeDY4kDHipR507HU+mjLTyZcxvIifNPPHn5yAIjRZFSrPzadSp/w702tV1a9iu9cYd6xUtQTEU Y8QAMFUvXqtksRYhblXlVeJ5e0vtq9o5T8aJDYtEPFhx9f/FjZ+jPLjZ9HbwMr+HJy/Re/mGQH0G LThaCkTO6OXPdx419v3X+b2CFS4cOce1dtvNt+WukisruoCzy6oEt5qNQPoiZCg66zDSLqGNLDws u+s8Cw21DgnaTEISERqvRPlGRDEh0IIKbTT44ltxRhphYk0/HPHDb7b+5oIBgNwA4E1AAqkaa7jk iiviuCST08qtr0KskTwKpZOyOoyuvC5Lk9YTCkSGVJwSvRPHTE1MMwty0UUYSyszTTjjtC9HOnXM ir8jkXMSIwGFjIHArfxrcNDjBm2Qr94gjJPKxqycTiHBIKXuShaDcPGn1CgVUbJFnXuzU8p0AvUg S30yKiL/GUdVFcUb7XS1TkRpm0pQQ/3cTcgitRKuSV57bRJQqQRaNdNHQbKwIg0XivQhkhYCDdP6 hiXxU2mrjelS9T7DljRUqbX2W2JhfXVcPGc10ldbeQPWQAYNdfddvB4sojlwKVu2MEcnLFZfTdeE tl6AYfI24G+9fPZghLHF1ryBCXYYqgPHFRdHHmt7C15D501USbF89djjKK2i92Gn7rXuZH4vdEjK g0l2eaKGX0YRW4RrbpmhZ0tKVWaeofNvYolhw1Oqjj/uNWSs3hBjaaabdvppqOUdueeasjx2UpQb MnllUi01Iyj2qBbbxLHlM9hmtL9sKWeTdi77be6CBjo//x6Di/rupvcqy2q++/b777Y0hRuiDLc8 WfCsCS+o1M8Ghztmx3GiOW2bmcrWJU4j11zZn+X2vKpyi/h79L5jM9ro1qbePCLpOExc2aslGujS sFcXG3LbcWaccrQvYxtzt2u0WiQuNfI794lanfvzqyqetSW9lWwXY+q7EhZ51l/PV2vssn/26++z RdtF7KfEPfLJeUcYvMshTdahnYsvsW/E+Dae/vKZ7Xz55UP/WfpzYeU3b0HS6VAnQMTljzGu2xqG uieRFmlLfRNUnxny15nzkexsFASNavw2ARCGMITPEmEJQZglE6YQhCoxIQpV+MIXOuZ9x/LI++p3 Qf0xj/9/zdtLf+6SoB8CEVA+ol4RgYMoHHKvhlhr4IZUBsEOvoSDUzwY+ZKIOZmlj4oS+qAJJQjD ELoQjCv8QgsxMkY0glBrwzPeRRSTLBvOEFmL2VICLzgnHTLPf1Lx249Kt64CGvB0PLwi55bIwH05 sDBSVI/vqPhIbSUxgzPa4CPl1LcSZiuNExDjGFlYwk5uUoUTwt/x7udG4tHxIqpkZSEllccdakxW snqjVd4YK7g8zyYFup4rsSap1nFvkTCJYIQgCUkrvmyS29HiFsHVxRH+RJScPGMaPynCUE6zhKS8 ISq9uUob3q9445SjLzkXyzzu8UeIKQs7g1WgPOVoRwX/Ul0Sg3mYe3JumDG5maqOeUwLwmmZjqmk JakGTW2CsppovGYYF5rQbcIujm+kqJTw50Y2ttGcDoSlDp1Hy8XYcjG4rMr+WgPAXCIqcBttYv1a 6kQ7QtFLY/snFZPpqcw0k4PYQyhET/hQMK5EoQDwqQnXKL9yuhRDFFVqUjc6qY72rzc+XGcN14mv eMFzVq461KBIWk8ccglxyLJjTNcWxSvW9JEB5clAIVLQKT4Vo1mKQF3tele85hWvdNWrXleyV4z0 VbCDZRY5W/nNw4ZzlaeUa3ai+rmPkoUtFRFpbzCi0pSaNCulIwABnsRLs2rupVhK3l9+19j0qJWC N03I/0B1ulPUMmSws6UtX2lbV5UAFgC35S03NUrOGs4xlTeEI1NjWxh07lCdBdIqcwMXqPzwcbOd PeIAYQDW8uVTUtwBTOOOuxTV1qxSr1Xfd1vCW/Te1ba3za16A5tewkqUjaZEpfxcCtyMLva4ynss rCKLID7GRl7BQenFfnRgrFAXdKD1pVif6ETZmfdl4V2fhJUC3/Sul7bttauGMXzXoxYXsSLuiH3t d1jU4jG5QVsuXpprS5FpNS62sdqBl/MW6vIQia7UbtUs7LgviPfHlPkwbz08WA7X9chFNolih+yz /srtv34UHUUqS+VccYwrHLGsjRMEAAU/950Nft0un//8Nree+SZFvu2S+5rkCLgZw00OrZpLu2Kp hiVPI7kqSMSMlxlvliJV7nKWYNBZBMaYzGR9jJ1v5+jMsLm27+XtXztMaUnXlc6QVgp/8fyqKdeS jyEdYkm3PMy9UFYqnl3wSnlcZh9zWmZplvV27As/Gd261sLTbJRfs1x3UsWq7wyUbRQZPQdFD7s8 JW2nd+2yEynWyU5+NmB03ZBcU7vaXIzYp/3bwz2Tus+DznI8r0IpGf+5l1dcYp0Vt22CjUfX1742 vMnjtuDZWz4q9rWOlts30QEckOYSNA3FKht6uvtt7W60vuv1nfxidKkKd7hj8E3ritur2/2mGLi3 amD/I8pSV3cZtbIYlOgxv3qfPsu4tUxDQ1WGM+Itf87OMkdzRnmbxVMtTtEEWRwoWQwuozb4sc6l Y0UVkuKlxfmwXq7RRU5Uv02/jM3LdHOqP8fTHBdwD+2GN7xtzNxfnlDG1rVue64m66qKdoikru21 NyVzc8d43JnCb53rJ3Sk4ztbkqangJPuaBpTtMohZvdFtX2prIQ74tuaKro73tYbz/s8Z+kSZBMN 5EZ0F7FTrnS1Sz5Nii9xN6cueqdEviBYR/1l8M516/HcXIDXu4x9/nOPSW3pYtt99kxylNafabjD /1vwUw/58bDe+DKkPOxT5/FZvgvhRpoV2K3/NAYb/75kE2nT8jNDeuLT1/sPAX6Mkn/+8Wfm9ZWP vZ5nT7qh8/Dkfux7/a22Y9D7xY7ueU/6qz58FDM9/2uI7gsTGTnAuhvAJms+9nu+yyu5jvCqUjsp 3JsnMtM/h+A/BcQM8AtAqNvAoXAPXPuO+FA+EHS2BswRYCsI+usjwnsNzusqhLvAwwvBAjxBi8PB p9BAhRAVzSDBfNPBm9i6FEy2B7wq+oOUctsK3HOSX+s9mWmWu7NBbhHCULFCp+BBE+GMnQhCLJSJ 9XO+VqMqZIkLxQg4K3vBI5qeGBQi5VC6xou19hDBL7zCOmwKOuyOpGCJzJm50qOjejtBIhRDHSND g/9AwsvSiCxjwib8lTdkN+YjCC28wxykRDzMwx80jT3MNj9UqvsKxA0MwyIkNkOUC7HqIXeyLgRp w85LtvxzDEy0xEqURabQQj6kiWzzQIkzvThMv0EcxSIxxERUDD9Kw99IqaFrREf8rLSDwojgP2iM RmmcRmqsRmu8RmzMRm3cRm7sRm/cRlr0CxEckVwUQOIKrnD8RUIkvFIkCEScKmMsEK1gRYxBoGaE xW/MR33cR37sR3/8R4AMSIEcSIIsSIM8SP7zDnkzLurQL4OjxIoAxukrxSRMxFTMvGRUxsFLOmYD RZ6YxHAUR4QcSZIsSZMkyUz0wU/UlOI6sS8URUL/BDa20A40XA5VZEN6lD6ORB4HowyQDEmmSECg ZAgNRBNxgruWZCwsVMdRDLWGpDJFFLkA0kiQ+byOfDCRvMGhxAmh3EqDAMnIAEANyS8S+0AhhMki /Df7mcmLnMec5DyNyS5Ym4xY9ErxsMua+MmU7MCxNDF0NEcdZEoxnDKQs6hSOwDETEzFXEzGbEzH PIBlG5weqwy9xMu2scyXqEs9TBWnWjxedMa1Q0vnUydegT81fIrIhJvJvIzKxEz4cM2SaE2DwLqL ch9A9EgFFMwUjCycrJ4BW8WcnMGrBE2c0EzYxLbjhAjZlB3cnKhe9D/RbMA9akSkoUCNfD65lMLn /zDO5CSb7lwI7vxOM1vHrgu0sLi+qIke4HzL2OPJudzOKnQ056wo3Pw/8TyI8LxPH5NIoZG9wLO/ 0iEg2qNKV8yd1fRKv8yo2sQpx6vPWozPznBQQWRA8pSlXqueuQiit5TBnRQtxIJNBSWx5+RA4uGb ojpRFE1RFV1RNMomFn1RGIUhF41RGq1RG73RF41OrhsaRjwgJhxQqgSg1Byb0RpKmPvAhySTErUa HG1SJ31SGQUqKJ3SaZpRKr1SLM3ShNJN2Kub9cTQ4dClqnE12+nJ4+QyLSErCbXDlSQqLX1TONUm K43TLJ1TOr1TPHVSHa280MlIA8pQ84wl3XNP/f80y24SPwZt0zxd1Dy1U0ZtUkd9VEmdVDmlUIn8 qA3til4TF7Do0MghzqV0u770xJpb0kilVFRl0VNNVVWVUlZ9VVhtoU2NSf8E0OOhvkClC3j6Nvxb HVC1QpmjthEFjLYz0Vg91lZ1U2S10VVdVmeNUy5lPy/9ETFAzGq9VsjMVmy91lyNPtFBMOCAMZJT t1+NEIUr18CsI4Y8PeG7zWZ9Vnh1KGWN12SlV3td1D3tt70TAz0TC3+ljX/9V/fjmLL4ET6yrINN lMtCurgkmHMtVCTtEOACj2Jl0nu9WBV6V4x9IY3FV4s1oxk11o2t1Ap1wIgBgLQA2H5V2YD11oH/ nYoug1lwXQ6alT9PtRbDebdCbckTW1DVqNiOHVlWDVqhlddnHZ2h+lh5VdqiHaN81bl9BdjAW1lD I4uOMZCq4JsAYy7pAlepHNJOWZaxGtat5NkQJVtiNVVXbVp4JdqmdVs4RdqlFVlq6im2zVhLXcdp RVl/DQsuAdi/7dukydov09UDk9nDhSfrQjucnY6xglhQAdq1vdtlhVuhtdw6FaOP1dyH4tx5pdwU etoo21eqnckZq1rNQ46TvawsSdiDfV2GBdtFcTDthDDIHT21/VzQdVbM3Vi4xaShqlugCiUrJd5q Ml43Rd7dxduSVQ7z5FuAVYkHCFjpbdmRY0MA/1tDASW8mx2W7dGX240TydXd5T3W3sVYt5Xbn/ob bPJc8l3f4K3b+FXe8gWlWU3LWhUDlZXeleVfq8VVybo/AMJVW0q4Xv2WxIhDdA1f+1TU+uXdyX1g o4WoTqpg0mlfZZ3TzXUh+qVfCeakvG1Kr+OjlPXX6o3eL5helR1cL0uUcJ0/wvW8KAmY79UnBjaT 8f1gZD3fiyVaD1Za5XVU9e3g4Y1gyhXdTyPdf/XfGWPigTU3vamxhTU0180y2ZWT+sLK7LhhHM5d HTZfI5ZgH2ZaDAZZDCbj0AVe+C1j+WXjD45WjtvbEg6LEzbhFLZeU4Mxmf1WBCu0PQ6Z7l2VGv/e Li42Hy/+Yljl4XsdYzWeYDde3zAWXpEl4s9VZPNNw+Z9LuEAEqllYrFw4quF4uKI4tZt4QBjDmVb 4PJguJZS5UL+i/HNNFmeZVquZVvWKzm7ZV3e5UvbLTYbHffy5WDOq1xWMtuyGmMW5mRe5mHmZWe+ ZTjOOzmm3jtGYRUWXKzV48QdFD8GVyhhXFDJ2cPBSld+5ac4kWdOZ3Ve51kuZnZ+ZyPDtF/um14m Znnmm0lT5jh7Lw3jq36WZ3gOaMFC4sdS4iZO4X6FAVAG4AJOtcsKvICL6Br72nIGky2ukNrVYnOe D3QWaI/+6HV2Z5AGaZGOZ0rzsPXym9n6Z1//ZmlmrueRjuk4C+HBHOEfKeG4WIkHCAuFrmOXJYsN FaJObVjvzZpBfqCNLpGOlmmmbmoMK2mnDmmARi+XTmZlRuZ6zmWs3ueT7uqr9uqo/miCXrGoXWKF ROj/zawg5ZVBlZbCaapEWrmklpClDmu7vuuXxmuxnmqqxrRjJp1m5uqV/ptgpudeNmy9Dmma3k2b ht6+VcgHkFrKUxr0RM/sK2qxbRRynusVqevE/uyRhmrQrmXR1i3E5mqVPmzVHmjCLmyUPu3R5uWx 7qiyltoHuG3c3mnB7RxbBdADHhVGE+eMrmjO5sqDiG3kFujSTu551ucPw2fdsuroDmzWXjLo/7bn 5WZuI1vsLm3s3OBpuQjvlQ3vFTaQIcyqalnNQCTu4rYJz9Zu+IZmvo5v0p5vWs5u+s5v9brf0azV QVISIykauODujvvtcH7P4W7vaTlu/W7wTMNvB6/udIbwCIfvaPa1yHKJruJvFbxsQUbwJ8poBadY Bq9wEzfpE79v+27nFU/xCJ9tdOrT6BKkj4OltsZsjdZOER/xUjUIF//xvqLwHxfywXZuIDfxC/c2 TIVBuJy9GN+YK14R2tUffOJx+njvI3dxIk/xLZfwLNdyDt9R/zSdCnRZAqaTGwfu97xo17HyFCnx Lx/yFo9z7KZzO7flJO+vaWXyGNQ84ORUD/8/8CL90B13c9TA8jtv8C5H8jlPdEcf6DDn0zHnCmWs 8YT1O68tz0A2E0ZTHMNhb0M/CUR/9Phe9Ao3dVIfcgKPY+gjojY0t1P+1jBFOPT+8EInrQMN9dMY 9VRnblR38F/vdSSPdH3lOUonUJd1Yb1pl3H9KlCvjEHHl3HW9fDgdWGP7WDX72y/dkVfdWm2aQ0N zpe9dF2lWebSqm9+do2TayWaK2qvdjjndu3edvqmd3kvdWKH2klfay0ri7eI4ouJWQQycCxm95SJ 9nefjK5UszVNb7SFTm/H8FYPajfkbbhQWJj1O0wntk1Hjx0/pOxB+IRXeMlreLd+eF/M99H/9U9+ B/CNO1yD9TKYz7w0n58Q/9AIE/mRT9ud5+w8x7NppfgNxwq+KXfLKnqUm+EZaZZcJyWd7/lzhvq5 hvF0mqrHvPqrh/VKd3YaQaosftinl/qgFPuN/vmo4pGbGDv2LLUo17pxvvWDJ/uflftXpnrlmnQd Erq1tmJ1NzNHWbqwp/u2Enwuto9MjpWIh8HUFXoZBmdzfXuN5hq4J/yxp/zwJavDDxmVd40jaXni qHlzvZrgRnlp73vLF5HTv12zT64lz/vqq+zrg3LTtxFcX3P9mfzUz4nch1i71yNj76iG7m2+I/h9 q/3Ar/3dn8Xk/87Vt3FwjyqcCPTHL33b//f05ef56+/O3s+zzT8pJ2dE73fejp88VkZqzIv87L/L 9E/O5hfUVl8xk3LDeWy/8Xf74FqgmMD99Rf1/T/T7idrgAAA400RGAUPGkyIcKFChQcJNgQgUWLD ghQZFhED4KDGNx4/ggwpciTJkiZPvpn4EUDKlh5ZooyZUqLMmjZv4sypcyfPnj5/Ag2K84vQokaP Ik2qdCnTpk6fQoXKsiJVjFWvWl2oscgbrF6zGoS4UGCRImRhKDyr9ewBmFF9snQb1yVdoG7f4s2r dy/fpUT7Ag4seDDhwoYPx2QJdvHXxgjbDmQsuSJXqgLRXr4IQ63CrQY7Ii4592VLuUXvhv9OrXo1 6zd/W8OOLXs27do4p07O7bjiVrG7J/s+OJEsccxVNaLNiJo16rmmbUOPLr3v6+nWr2PPrl2n4t/e dUMmqDt3V4YbLW62iB6jZ+WxVYJ0vnI7/fr2S1a/r38///59cX8X4GK9CfhVcMYZl5lBlzEEWUFt vVdXaTT5V6GFtOV3oYYbctjhSN2NVyBY4YW42EMVDXeWRBatyNtGny2XWozyeVijjXlleKOOO/Jo G4AliugiV0Ay5htayQUIGYwRkjRaj09CyVOOUVJZpZVRgRgkkQmRqKVDYbE40UJgaaYcRzGGhmZp V7LZ5kdTuhmnnHOi9KOXRBK4ZVZikWX/VkJIUrVZZ2ypeVihEtKZqIdwKtqoo1ZmqWeQXUo6ZnmC JtjiRH9ueuaZTIr2qKgXMjqqqaduaGelAva2KkN8dqqgn8X5eWZyoLV26KGo8gpdqb0CG2x2kd6Z pEDiFXuieuhtpml6z6rVHq5pziestfb9eq222zJ3qausbuRtsnweKZCCgp7LIAwOrrsrYM9xG290 2cpbr717EfsteMfq+1CYK5ol5ooAD+fpkmlSiOi9C4dGL8MPQ2yUqsn+1irFBUF0pMYbc8zxgwxO a5h87kZcclQOm5yyyjLle3FjlN7pb1kz01yzzTdLS7JeI6/cM44+Ax00y+LqW3G4LnMl/4bSSzPd tNNPI/cxYjzrLLTVOaF8tdYMt1w0YzB/m6LYY5Od4qeGrgnf1mv7lDXbb2s7sddfWezqQ6fdWvVT KsWVMNx/3+Q24IOfKjfSWCGH7KoGVeZqziLPRCPhk5skOOWX0xnX3OPlWWxCB27JLoSFOUka5qe/ ibrqvHZ9uFVga6nsnY+TLqHeqwttOe6782j45seF2y+YxSrpXu2383617skz32HrvzfIb7L+fonn i8YThnzzuW/f/ZW+uy4k0UF+jhCSVjF+lejaJ1W694Qv/7789j0f/mPS2z18ipa9iPj1If9HYfNj W/wGaMDrgA96gxrS9IZXK0yNZUGAuv9f3gSTogMCroAY3GBt6qfAj0XmW4y7lIpYlBBzUaRTMDrb u9bEQQK+MIb8SaD9Vji+LZVPghKUFa1k1S4usU9iApQh0DRIxCOi7YMvw1/MwnLCsqBLTNA6oWZo VxN4wYUmQURivIzIxS+2sIaSqVsTGeinBG0sXcYB4cGuqMWguA+MPvOiHOv4Fg/WEHZ6op7ZyiKw gW2kYCts49Akx5Mt2lFbdEwkI5dCww92bnEYY0jHKkmV9d2EZ/HJCSIbGaxFejKUQsGjAvUoIuod 5GaqpNkCCZmYCZkGeZ0UJapASctb7uSR9iNjpVBpyV8eyVaurFPa5iNLXJrMlshc5tD/lPg1fnnN W6uc5swGiT1i9s1JajNJc5gJMWV6M5wfuqEYF0hOIOUQmOoEIhDdSDUXnkSb4lwYOOdpT1KGz5RE khk1+zkzKxKTNNl8Y5Mil7BZ2lNO9UxoOHUJPV7GLixQmyhFlQYyncWymGrKJl0QytA2LfSjy8Tn 7/QZpLKhNKX/w2hIMjqj4cDToyK1UkhnekuHui6S48Kb1IZWUNO1NKbVsqm1akrUUJL0cCYtkS8x wrmVXjFUQN2kPON41FpeNauvLOeAgueyAzXEO8XDldrkWSe/wVOgQ9Sqo4zK1jomdW4kiiZCVKhC p7bSPZIz6ys3KRKOIhWtLRWsjmSa/58Ligym7iRsfBj7IcX+FbIBfesMz8lVnboqOJqhyJ8K8qeG YHKvWnTsX4NaWpl6b5uRRS0CDdtYyQaGbCwbW5NUKxqxrRa2taVsf+LqsqUKqHEnRBe0XpTC61lT I290aSZNO1jWbs+2r32SdKU0XUPJNp7ZzW1itmtQxN4WuryFHFf9Z0aKaZa45pLgrFxUwb2mta9D LS0tq/sS0nLIvjqpjn7xVVb8Qla34OXmQf32X13hd7zWiUt5X8fEXjqxruqFFno4Y6YlvdOq3HQu ff+m2g8bWLf3te02DzzixxYKtyshLHz4duDluLjAjB0wbU+s4ueChL9ojfFzWTxaGf/vqsQA3jGR RYzj64IYTTV+rY8HKl4F9wSnm8PsndIrqPZeOcsUlBrfIhffs2KRw2+TbJJXPOARw9bEZj7xasOr Yum2WLY3RvMF50xnIL/Yzmz2yF+W7GfvfhemetbukJtT5P56GclFri2NAY1SKNfOmV4B7nh8uSkU orCu7IEqVY3Z3DD7FXB5XvOdhbzkRJd5z6o+8p5THeiUMlmldylbqc0s6EXnuNa6hrWtZT1bRDN6 uohOtat7nOc58xrSsbWsMyG6KiOl0lgV7PSqsTlf1I2azQEGMqltLFg1d7vNija0XF4c7m3L2Nbn PvR1w+2adqO5x+qet0Hd7WbuhBj/JsPGdbHFTW8ym1rZFgRdg3+ouHFVb43pG5OQXFnVT1/7dNlG Nb9xHWgU/5u0Z874rPMN74B329X9RrdIdExueTN53R0n2aAJ7PFEu/zI/WZ1vVNebWALnClSRhqV KwXtHXYWUJckVFC7eRuC4o7HPC61YpN9alWDG8UbjzrIof7yVj961SROd0hMTnOYt7vqYO8uhZ5e c6yv/NYnH7t+xR7ybyc45zonuKRBSPdTSnO4mUFhszbNQq1zcuzY/rGXj41Yp+u56v2l9dtX/vGr g93wJIc32ktO+ZnDXOw4H3eaNZ9vtcvc4hi3d+bh/mS5b7XuwDvvt37e3gpjysLI/3H4OG/zZYkT fumCpzx3R074XwMcsCp/vOMbT+iveztGXr98k4dPenfHudGHzi5tiS16f+8+6tVGvVTuLmlK/0Z2 1dxfewu2lr8r7JgaxtxoVzwT3sN/3F/X/WKFLXrPF7/yMYc//VMHfXbbXORBHvbtHsrFmtkxn75d H811HtfFH/c1xc55Tc9piZEgCKbEnsfASDuFWgdG1fpdDnidmeJdHdVNX6ExoJ3hH/GxoPHx36At n72hW/4JYIqZm8u9VNaFl/MV4P9xG72dHQRiifeVE/jlhvj5ESCdx3kEDBMazDWtFcSdHsSIYAMi m3eZIIwZWQqSm+m1oNXRIOPR2f/zbRyfJWBundoK4mAZGhsbApsYvlqh4dkVwqEQdl/B+R0RAknG rNMvsREUIhQI4t7ateEJQp72fRfZJZ6AHWIj0mAcxhoZGlkMbl8dquEaJliyIR+jMSIbRmKvWWHL 2eHcqZ6DhdDFiIc/+RNARaFNCCL7LeAYSp0W5h+cxV2v7SD2XWINoqHUPV8PUmIPluEuupm7aOID 9uIsAl8yht4tjqIQ4aH4IM0bVFQ1Og3RIcUrUtbmuVN92JdbxY0zPqNS+FbRGKF3yFo6ChIUjlIr vtUW4ps4vsc3DuI4BlA0np8ehl9Y4M0wwZE7XpUoHh08dpAnvhssTqE9xpM+ltL/g8WMNEkGFPmd P9oFQB6VQGaSQRYkPILjtXCjQkJjKUqjCE3SZ3mFxmwaBx5FQnoSQQ4kS+KFS3aktXwkSLajSEZP ZDSQcA1Hwt1Mw7HjP9pkWw2lN0ngxTjbKTnQlZ2F0G1MTlLkT8BkUdbHTFKl6pQjxcwVKkpYFBmX 2ExkUFbkVdKJVZIl+zGbGFEgOpVkmOgQDykcO/XUSp7lnJhlXU5OVn7LOUbkUiJXsxgXFWVaconX VOKlddzlYYpaWkKSV+XPeakFXGbgWkybYjJMYlrmmDFkPjlkL5HQZl3acZUJYWbmZZZmIh2lvqxl gOTQZARdTs4lUdVkIvYMZp6m/9YwGE6y02b2JWTilaZkBSvOVE0CWsTY5m1aTWomS1Luk1+eTzBl 2WtuYFTekzzGoWGyyXEiZ9DoJfFAE1cKJhV51mC2yBMC0Ed95AyqjHZup88op+McDUnq5HqsV60U R33KZbs0lGOlZyyaZntyUXeuCl9+haVVmHpMUZ/k1XnWF3/KI+b9J4Ae0XvOjmOWkW8oiBoRF3Qq R2WO1IxZZ7ClDHtKaMoIqJcQqIlE2IIATMAkYcG0KGkaJYh20mwWVYlOKGPuUnx6Tkn2oR/+UGyK kibaaAAmE44S0YlKSopiBT+pIjUJZ0vqYOlpZLytDIkiKRXq6ENZKIQljTWC6f/siSUjEekcBlmR 3miWvpCSTsp3ShJgqqOsoR8u2WLaLR6apqmabhCFVspqEonEqOSH5mAu4Wme6ukBsWnodKZSClef choz1Wk8YqdCHeqebmlOdWmxHJyeiCmDDmnzcVIdflOlYlCiFgiTZoX4aUmUzpONHuOokqoB8emq 8qi+uB64BCpDueqUGmesyipvKtWi7hFEigir+mpZHuv8zCqnZuqzmc9zhlVXeWiyKgqWUqtHAqtc uSnC/csTVU9wPuq1Joq1imuwLGux1uq4SNgDeVa7Qqe6YFK5jqu8No+pAgmqVoWlZUqz8KumlKex 0muVkGvAFs6lTlmzegmGbhb/0PXQoEwrwV7JwEKsqNirtGVrk/pltN3nFGkZwE5sj0jsxzbKuVpP o6rrcHkWBqrRGYGQkIpslITsy2bOxZqjsOJdeL6oH80MwPSdjMoslcTsz8YJyYIL62kqJf0oVI6p 0NpI0DItmxBtiSSORJ5sKj1pNZnnpD5tazjt1laJ5uCjDU3js/4oSm6gy3ptjXRt2kJJxYYIvuJV o16tzfgs2zat3cJN1H4HcwYJH5atBo6V1uLtYazt4BYWzWqlzTIVmMztNHms4fJH4UJujejtU5ls ZoUpmGLj5G6I5HJufiHuXipugcSpOs7p5/aH56LuhVSu0RjtHvHjKD3s6u6H/+rSrn+4rVhtq6SM kEOkar4uqODerl7Y7vDuR+vmhp96R2ua7bOiz5bpp/FGrvSqTO7uy3xeqGBamFlEW/fWLfVWJfia DPI6Bt8uLmSylwYKHQVRp/hOR/G6r3ZY727ALWU4p1dKkb+eX/vGr6/078OQ7xilK++2JWCi7IT5 UIei7f9KB/wy8HTM72TUL8Oh77qiCxT1ZNY+cHY48AZDRwDTDcI2ZwUf8HpdIPsurQfLRgerMG1E 8BKdoq3irAGHpltqcAs3MA5zCwh31eWSzySZj/PS7+bqcG2wcBHnSuh6J/Z66aX0a88mb7gi8QpP MU0aLM+JcHA5EHHQStClBf+SBG4VY4gYm6sSu6a0mjFlkJC38t1XYtoNkzFsHHEcow3GUrBPLpzv mtcVg0Vrqgt71edlpK8CRy8ds8YcG3L23B20MnJYNTJYTO1OkhAGI6i5CEdgwnEipwYia/KyWcX+ wKn2ivK/xK35fgcqCbIaCXIGshP/djJ1vDLFElyZXMRxsSi/BgwujyYY726VpQXBAHMgAXMmx3Jh cHIx78z4cNZ47h2/9mszc1aZYK3y6kY6/S3gEjEyD8Yxa/MdiUVdZXAt810ui7MuNyV0TnD1pGLj 4owUdzNgcPM7743fsogJ+WvPHpc9f6XV0owpV5pEZW41XpQ8bzNBy4mTcYb/LT8zZvDdQjtzx0Ry 0ZRuOp6uQeNFPFs0OVpWPj/zv0y02fCxgfBUIWc08ZY01BIcFZmzOQdROnev91muK590UmD0TJ+G MkNzTjM0S4jBAfS0GICz+fxrFm/JwXnx9cq0TRtFTSt1RX7ypuy0ilzaG/h0VWdGT+/dS6DFVsow Mz8L1QpwRTe1UjD1WEcZTLMSmVD1Tx9A5Ph0nMXARlDzd5BLLrtru961wy6wWSNFWfM1dyzyU2IF S1R1T4OET3tEDMR1fUb09EwyoPjr3smeO/91X1f2jviOKl1Fd6BLDIiBZx+AZ8d1xxJ1gShscWyo Cd91pwrvSfv1ZbtiSgOp/3mIx3oBgGcvzWjjp0sv3BpXGFTn72BeWArDdtsUt43kiz9ZRlektmIr dobmjQ/73CWjUXL40GTn6nELxWtr90IirTphhGKoCIvWMso2dhPrnVRjGqYBpad2t3W9d6oQzdVG RFdcj3G9QVwjKPfCgD8HyMUCz+zGN3wPuIVkyTXXNwD8tEVtRn6by4IjB1dXbYGqdPc+boHXBHdj +Cbxc+OekEs4t7k4eIPn93ObSUgvBljlNYeec8uS9IbvhIbDeEukLIKnBUGAMkuMNpySxXlH1JAw sw0D5ngO+ffO+FAceWUxDjuzEm6ws3+HSF1v7BltrMMmdZJbHpbfh4IHNP9FcXmXL83o/jNPVnKW 5a8JFcSFa3mWrzl9fPSbmy6KYwW5ZKCGpnJ+HgCT6/me83mf+/mfA3qgC/qgE3qhG/qhI3qiK/qi M3qjO/qjQ3qkS/qkU3rjpvFL/3ISuiiMmo01tfmnB83c+K2N5yfZkvqpo3qqq/qqs3qru/qrw3qs y/qs03qt2/qt43qu6/qu83qv+/qvA3usb84693nU+G6lI3uyK/uyM3uzO/uzQ3u0S/u0U3u1W/u1 DzuYezmXaHu3e/u3g3u4i/u4k3u5m/u5o3u6q/u6s3u7u/u7w3u8y/u803u92/u9d/mlRwScl82Z 8Pu/A3zAC/zAE3zBG/z/wSN8wiv8wjN8wzv8w0N8xEv8xFN8xVv8xWN8v+u7RALqXoP6x9+HRtDA yJN8yU9BydPAyaO8yqN8y7N8y8N8DHtJ78YtHqdkmuNTsD8nmfSxa+68I+v8ZFhYtHpOsAv9SYqQ zu9G/9RQ0DcG0yuQ0zNGix+O0lv91c+60Ge82KQ8yav8y7v8yov9yIM9zLP8yUs3hYPFpjYvh6oP 0R1hsjvG0Fut/XZ4qi773DdpzXsv3iO73uO93ds8ZeS9ZPQJWOdx3yd+vsq94S853y9+3Fc64GOt zUO+U2F75j/73Hc92Y/92X++53d+53+917c8AMB86Jt82Ke+6Jd+yzPx/24YyL7bVQqZ15LI/tVP fXKs+CNX0ndj/e6nD9CTbfFfBdY/Pe/7fo0bP/og/9PXOPGbZPMHSvB7BdMvf9vntfMr/dRHP/W7 /c8D//OTf/lf89Snftmzfuuzv9mTPOqbfvy3//yLPvuzfNqraNymF37ap3S6OIQARBEYAgkONFgE YUKFCxk2dPgQIsKDEwUCMAgDgMWKGTVi5DiQ48eCEUmWNPmQ4sSOHg2GbCnSY0YYKU/WtIlypMqL MjfyjNnRJc2bQ4nmzKnRZU+gMIMaLfq0JM2WIJlWlXnQp1OoWxtKrUjVZ9KfL69q5XoWbVq1a896 xUgDbki4NOTSmBJ3bv/GuCEBwL3bt+5dun399hU8F7EUuIrnSmFMw7Fjv4sfQ5aMGDNcGG8kGpU6 0zPBNykBHP0Kk6CYjqo5u535GnZs2bNp17YNOzRGgTE3zpR5NavHnLeJFzdeO3dp3xl7swRukbnw lMepV0cuVTlvls4tcl/u2Xp48aCxS/+t/Hzv6NGHj3dfPLl56Ojnb9yNeuJ7/bbjr6/PXT36ptuP wAINPBDBA5P7izC9MmIQsQb1mmywCCeccK8IM7OrscUauwzExyLr0DIKD7uriNFyM8stzo6iqKMi usvpgI5qbC00ttLyCqmPWJJxPqp2inEgHXcMrcfnhOTpPCFHMrItJMH/6o7JIIH8MTgoj6SJyCa9 +zJLLbfiUaUgwUySSILEfIrMgrx8s8s015yTzjrtXFHCDC8kjK699DrsT7z2zCvQPuc6jETGIlOU UcpCRAzRzDZbMT/cvFJRp4q+cjNN1VIDAFPwElSQtNPoC9C+l9ob1UDP0JMP1TMrZbVAV01NNT0A f7yIVlJf5FS+YP2btVf9XC1T2FMxkm7VYsc7Fthhh+W0WWetvRZbbF3NsMJB8eoTQ24FlVAwjjSM 1NHI7lLs0RIhc/eyDSmkIUVK1WToUqOA8i2/Tm0ENcc7iyINqx6X2y4sOQUmimCCqjxYSSDLKnLh oRp2UsmMqYyx4oF//z34yisffvjejmu6GEuDSXbyIJNP/jjlJQ2+T2GXbb4ZZ9K4dTDPvyz8WUNv AePTUEgTxazdeOFd9NB5NcPRtdlyhLqnl8r01yDWRM32PZgT5kipparl2jqvlwL7JzPZI7vrTEFO O+y4eWX7WbfR1hjijQuiW7yP794YYeV625vvsu0eVtaexi6c8cYd13kwCAczly7BJL/c0AcrBNew bzlE2sPEGnWXstJJzwzFUL3CKSWqybuoPaNUM+hGs3COaqQYswwu4ZZvNwnGgmGMM+bfTwre4TR5 J974l7ECrayRVZ65eZKCFxJjK7PKqnqIrr8y+5hZLrn78s3nCka7Bv8FtEHMwn1/Z8DELRqzKRaN 1/7RL1tX/8o2nDRq1zGK6prEHvvITnCsGdDjqOMmYO0mVapiFgPD40CrQVA6VkMcBRvYkgeSJzoS tBoHDaepH+HqP7m6CgmNY0GeoDBYEtwNC2/jQo3A0D8HJBYNedhDArkpfu5rn4XKRbTM5YkvfOrc vBTFxP6JznT7cxq9XPck6w3wRcuSEa+2SJ5P0Q5gvjuf9zYVPt0gLHkUGyMZtWhGAZ3xOWtko+4M BkcqNac0cozIVFaIPTgFTo8O4WN3oAe4OKYxkF0xFW7w9iUxJhKSkUxIS4J4Ic8VkVCT6Zy3uOUz eSnGfpmRTP5MF8X/0aHuaZ3ZIX9aNpBQmRA6NFPcRGYnEK3NzYc1bON2YgIbHx0sly3c5Qp/2cvX BCWYrFwJMftYzGImU5lp2xgzqUlIaEptWUlcTjVj08drxsZUQUGmOPnyTXOe8zpKpNzk8pIZDMGP UOHa3CWb1kQKxYtpn3OMYPKJrrmkSCjOKwjU+PUbkBT0oAWpERhxJEl8bdGha0loRI90Q4pWVI0X hcpENTomiHYUpCEVpIzmdaKmlfSkn1OpSVHqOXm9FKYx3RCiplCvVcKHIq/c4m+UAsciDcRTQAUV LtHpy6KyyppHNVBSlbrUpiKIqU99T1SlWlWrdlOmWdXqVpe40pSy/9SrLQ3rvGxKPpvkdIbH5Nda 10pIgSz0rQATqYzmupU81rUod8VrXvfK174ORa9/FSwkk1hYwx4WsYnly1YZ21hJEbRuanLRQvKo V7CBbSG1LIJqxNBZz34WtKEV7WhJW1rTnha1qVXtalnbWte+Fraxle1saVtb294Wt7nV7W5521vf /ha4wRXucIkbXD6BFblfVa5YWQpQs1psN6Mp0OxmohrFXhe72dXudrnbXe9+F7zhFe94yVte854X velV73rZ2173vhe+8ZXvfOlbX+86Fr+NBeAPxXAA//4XwAEW8IAJfIA9doaiP0WwgtXEYAcvGMIN jvCDJVxhCl94wv8ZtrCGMbxhD3cYxBwW8YdHHOLBnvhlJFaxiVlcYhev+MUthvGMM4piG2v0DQXW sY7f0GMf/xjIQRbykIlcZCMfGclJVvKSmdxkJz8ZylGW8pSpXGUrXxnLWdbylrncZS9/GcxhFvOY yVxmM5+5y/Zyi5oD9tA1v5nNcIbzjencUTnHGc931nOe+bxnP/fZXnWe658JDehCH9rQiUb0ohXd aEbP+dGUYqWjKf3mq14a05GN9KYr3WlOf3prmRY1Nj1dakSz2dSpBvWqVY3n4bT6kYpkdakFXeuL shrXsNZ1rili60Hzub/BPoCwiT1sYxcb2cdWdrKZvezOLhvaz27/9rSjXW1qX9va2cb2trXdbW5/ G9pUU6WkDU2cXVd61OlW96R5fe52v9vR65a3F/V8gFa629XjXh28+Y3vfstZda8Bz5MKjTuh/HtF vlZ4RBHecH8/vNcLD6mf7Z1WT1t64LjEoKj2BnGPO7zdmCqnvvLT5+NQGtbzVvnKP95ykO965fIG dtjoTW7SZKnXyiuYSNJEFp+7HOgvZ3RrzlhGfTdYTqs7q6JrHmmJP53hQZe60BsN9YnjWQwm1LpW fHexnu+NSEUfptjdxMepTB3tVJ8zjm64y6ZDr1IbJ+rJCz7Ji8cc7/NO+97Vrua8rzvPFW/7Sohl 8aYbPedt3OnZ/xECHS7Zre+R53tuRO7LWToecX+LOMNMLnBOWx30kpT86Ce/+dBr9M5ZX9Yxq6aU y4NHcNNx/H3aaM1YEmwnHiT97ifPdnGanUlaJOTs517BPS/ENXn++/JlznvnT535zbeX6kee+30N v00lnyhSijRN4HCJ52d//vhdXnmk0574jk+b4tGiZ9kk/Pinl38iyV//h8//6mumvoTHkp354MeC qGUqfOMrCJDsdqnsToP2So8B+8653O6jMA/uuK8zCO+H7i2gkC833C/6OlDdGhAEG84DAe/NBA92 tGjxGg8FscNeymn9IOp57G77UPDr7M8GVc1Fii4hsC+WFHD1sv/puTbK795P6eYM/46Q/kJQCdsN CfMvNPaPYn5Q/bJJrbLILZiHj6xQJxDKAJfQC+FNun7Ql74P+1bPR6jKWNaMdZpF0kbQDT/wBuMQ 3d6QBJ+wABmJ5/KQAskC5xCPdxRvSuLkbOSQEFttsvQogEiNwTQwA5vQERHxCyOR0R5RpKSi4tbQ qCRREwsR1MIQmvgvCBVigSxlcejQFC9tE1ORA0+xDifC3nRJYmpQFWeRE+PsEANpFGnDdkTRiijR F3GRFoPR9H7RzkYi63CHxmJMGZORGWXMGZfxGZsRGqdRxTzxmjbO4NJKEVmRG1tRGGmxG1VuJNCM HMvRHM/RyhL/TBsn7YqI0R0hKRrjkRrlURrrMRrf8dc+oxfxkR8VAh3/ESADUiAHkiAL0iAPEiET UiG9LAneoCEbciEjUiIX8qaypcEU7NR6jeq+8dDoUNWqo836cUs4kiT7jXXYYPeSrxZXMtVC8U5g h+ASbQM/biNzLeFCjx4p7CZyMRy5piR/Ug0JDQZQch3B6QSrzun2jc+A0ikI0ZUAUjkOAFP08eim A/5ictbuT/tMTSqP8iknEiyn7GzsiyzL8ruqiCXT0l66crO8zdmMbcfArb+sTdrcctru0i6PTS7z 8tr2Ui49iy8D0y/D7ady0OXgSgwaSiM7LmAOzyv/bSvljA2G/9CKVk0q7+Ug0NIoZzIovdBI9qyW MGIud4w0S9M0TxM1U1M1V1M1sw4tmVItgao1Ks79UBKnUK4qAe0qj+/lchPSbpIXyY/oHnA3Uy2o 2LLHaFMiHEz7FjPiMLDcPpJwAm3BQKMgiHLRkPMNVA8hVOe5MBIrOXMJaQXrgEIqwxI9m4w4YxM2 FWo29cw26S7j4szz4o0z72yGqBM/5aw+V3EDFZEBVUQgXvOn+vPVDg0xXYQzuLNA87NlMABCMeDg CuIIkCAKosA63aIFoGBDW6BDOZRDffMiC+IMTsAxi6ABCOAgNIBFWdQxLwBGY1RGZ3QNHg05N2ug 1GQyd7QIeP/URw+0OJ9PTOoNKMRgUjgDSesFSY8UoJJ0SZ1USZkUSp9USat0Sq0US69US61USrl0 S780Sp20Swm0PVkyMRGCQf2OANaUTdvUTVXUFfsrBtJUDWVwPtesD+cSBvyrvyxNLELN5vRx52RR Kr7AUA318EZq/IaTQLdpRp4z0Y5TRUZDOe9NICI0Qg1CQremQqOgBMrgCN6sBWAgCErVDMwgCFAV VcFgDBpR34aABZ7ALdZ0Jli0AHwsBWJvJC6gCqoAC1JABHpVWIe1Rh3tMgFKORvqR5e1R51TPCdx 1a6FzUITAC5TTMEUW7PUS7N0TMd0W7MVXLV1NMJ1XMU1Ssv/ij3TNTTYkk4l7U3flU0vYthSRApi QAA6iz9J8SA6S1c/gwM4KyXOE1RGAwBEC4MywsAIFjtCYj4HJwuzplo5q2Dj7FArFlkEiPeca0A7 blCbYm5AMfU04kwnJU0h6FIxoAQYoARKoAdMYFNLIEPVhAKKoAQstASK4AjKgGNzYlR7DAR8oA3a IA0gMgjGwDMaAGkbAAFalEWHoAoWAAA0gFCjtgDIwAmm4GrfQGppglfXYAhaIAtaYAGGYA3Ktmyr oFizszUWNEcFYlktACF+FEiV8tFO9ChRrU7gjFpd01yp9Eu9tVzJVVwBt28Ld0oJV3CvNUyrVF0b V3beM0Xe/+DrcgJe4RU0YmBcpSAAYiAAOhdOgdNO97S//vVRQ4MDYqDtRuIApEBy30AKZORNB28z cgygeu4yAcbe+ksKCGB3pQBiCdZIKyI0ZcQ1QaVG2jUlKlZ5hUpyEes3G45RdY9mAOALMkIB0Kan HFTudlao3mpS9/QzfgADKsADILRlW3ZTUwIFUIACKKABkIAC1ld+5ffroGAH3gAE3MAFgjYMPqDH itYp3ldpb/UNpuANhuACoFZp+3VvpFYFHlgFsFZrv65r3wAHiCALsoAEZMDH1gBtbXRScbRIQuVH o6AHllUlVElQE9D9/lQnYi9ftUX/zPNva7hbA/dbcxiHtf90M6S0hwP3h480iGu4ScNUiMf1hw3X ubzTcRv3MsE3RYaXiy5iTXssCZKABip3JqTSXjt3c714c1Mj1GCAOzvrX884qMDjdPsrisV4T3ts YDGCVv9DN1xzO/0LBiuixzBij0uDM3qXAEyIVmdnYCXXN+wNjntMiv/TIA71jAigNITt2Bh4QNAN zwQUgBYvJAzVeq93KcIHMyUsK2rpTOsFeYvgB6wAB2AAQn9AfHMgClyWJsDgDdy3AShgCnJZl3W5 fu9XBl7ADH62DRigCd4AgFMCaRGAgHPZaaFWBZAAAWRRA7YAkq3Wag14a42igoOABEgglbPABmQg CTw4bRX/7UYZVFl7tEd74EKZQJ13dAtBFhTDE09B6PHoeRfppASLFHFzOCOu9J8Nt5/BNKCTtJwI li84I4l2GEs/onllAqFDQnH9FkubuD1HtuJyLE0egKMfgDyquHLbtLpShHMdg3MFYHNjJADEoHNZ ur9WuqUDACTEAI3RuAZP15CTE6hSg3VB5XULNsC4Lzlx1Me6SI8Vuscg6o95FyRYdzTWFDpiQKqR wroKNjknds0sFgYcGQCc2iKkspALllCTp3T5BewuJo8BMSeil1M2uXoBQAE8+YIE0PBAKEYk1ZVE mP9U+QJKAEIF4gd6wAmiAAM8AwVquQRSNJftIpdDYAWm/6CXk2AGXAAEPsAHZIABUsQMjLbXBrjH pmAHEBhqNWAKVCCac0MDSoAAyAAArNkJJphr0fYNPqCbuxmDNZgHNqCcEVRBoTivi4RHLSAKBkAJ lEBuH9ZB464/385WdO8E+zUyi9IivYJarTUypvQLkDS7m5Q5prS7Fzdx+/a7ERpJu7u7j3i8i9i7 LaJ5N8O8/dgjyNWVLJq+nzijVeMLLqKjO3o31jQJQjpeE5akpYBP/6tPBUKm8XWlWXomYNpIAaCm aVrCw44DcBp1I9felDMxW5dggSyoNCI5g0w3jpqoRfN1t3N3K4J1YWB3IRkjpPrCRTMhzlM1KnU4 lPcLBP8CUbtaYQUWjtPYOYGirctkOGKvS1YHk3Mwv2coI97aenvHi/QwSXoprmRzY5H3B1JgCVZW QovkB6IgB1yW/w7bTXd5ClbgCSCbJuyXBq7ABdIAfz/ABYoZgI1CmT87tJ82aqegAApABWowtal5 C1jbat+gALKZIirYCGq7tomgA7IACngAhK88RwfCR3tABZiADTb9nVUp/Zqk9QxKYnwOrbkv+DBv EF0yb5+wSOvlfhwjRbJb1p3UJZ40vgHXh4FY15MYiQs6RSC6Sn3doAGGh5c0oIUdSMqbvcFbvRm3 TH8So12pRr4geDn6Daydo2cCpN30vxsyXjfcdVdayDr/AoxbmsFdeqWBJMJt+iA4AEkx959zbHhA RaJ/jFpl8w0EILt9bEYKuQgETwwI4EyZGiNYtwha3CJUA3Wpz0iBDK4KFcfzm6sNPuEPoKMl9jMY L+xWImSe55Md1jPYeqtHnpMPq639D4YTp3vfOK+R1wYKAAgwQGVXtgda1gRuflNH4rA/28wZO5cj GwQggAEgwAe0gAFAwJg5Oyc0AM/fIAVGm8+nQAN2ANC3QLXJYNBbOwk0IFdjew3eYNEZ3batIINB uOUl6yB2VAV6YAAu1As6HTvzyAxhSQp9al+YvMjLzjyocD3qXrrJhtVbwrpfXQq+wDHeYLuNnSMU /yP+//nWJRpuIprYGVbyl528hxjYad3yxduPM9+92Tu+lfh7n92JIXc7qTfHYaCje4y/YaCKeyyL q/i/CWD2wXdJwZojVJTcydhIYRqMWdoE133CDeJ0YQBzUZeP29WOf2y/H6BIz7PHBADI0OPHwLdg U9x1A7ngRwPhK4IDjBz6Tz94p8ORdTy/tzr1ebyOk2iRM6rujbzs+vXTZYgmknwkKpYjpCAjUBfn VqacVgYgiogBAEPgmyIwDopByLAglwJdqKgogaGixYswCmosAubNmyk0pogcSZJgQ4ZQdngEAYFB GAhhErwxM+akRg0fVb4B4BFAgSkaCuwwufFmiS1Hyf9sIfNGgwaiNi9UWfPGCImrWK1YyZIFDJui NsOCLSjmYEKBDc0WYbO2yAAkUeJGseClLduCBDOazMsXBoC/f/3qFXwSMFSGRAkTJciYsGDDJotI nky5suXLmDNbHovwwGIxZ6WIHi3lC2nRB9/45Vnkr2rXrXkG3kkw9WrashnzvD07MGzYqX0DPgj5 7GvWqYvYTk58N+7asQ2rZq7ceHXqnLOL3a69O/fv3sODHy++/PiynQu+8fzlQcYH8D3Cdw+DAIEk 9vPfz4+fAAwxAiSU0AE7TSCaf0QFoOCCYhygoBgMIgQDBxOKwYGFYhCAoUkcxJBQDDsNtB4MBzQI Glr/HqUI3xcsPpAXQialKGNPGh2QkGoCHWCfFAkRwGNrUhwkhX17xQDVQBnpZRhoNjLE4hcCfJER izBQCWOQrZEohhgxbNkgVBolmRGMgYEFVWMNRdZXYy9yZpZ6DEnBEJmi/RWDkQA0pNFfZCrZJ5+r bTRQZwdV1+RGRXDRRQk/TISBnmJKVhQKHo0U0hQUlKApAVPkOVYLOxTUFgwJMBRETWNpMIUNMwKg agEFaDBUdjgdddQbSTiVgqdhSUXVB1gRoRVXKAwxxJjmcUageiRuVGhBbPUQxQByRaEEEnbtaRiM 3D4mabdoSpgnjGHuKapf3T7m7WCRlSvmu/DGK++8//QiexKSMBKo3Gml8StncLXxSVtCvQFWXXGu 8ZanbZDlRvDCByNXsHIUA1zxdcNhDLHFtF28nMceM0veyMmSbHLJKJ+scnn6NqvcQPAhFN/M9Nn3 hn729beff3f2HAOBAIyGoEYB/AdaABAOhLSCkRVB4YUc5Ae1bxeCiKdHCyGKoooPEIi1i2mqN2NP aS6Z4ZD7EnClakMSwJeRZS+ZRIqBHUrlkywiZKVfQT5mJ2CDglUZunrZtNhgYReuLmPf4YiQWnJG LsVfdQJwZ2B9rtZnbEoGynmNJqF31qENgZECFVaogAEDYf6gaQkInMtQRyRZSkFcnIKJkhoogAHG Af++7wBG7zCgapOqU0hA96uxCqX7RjjN/UasGuyqna9vACvsVlmQYMQaQqzx1cr3FqpQWnOyYUEU GShRLbU9tEXuZOpmmWVe9TdWOP5NS4q//WpanKj0hy7NGPCACMwMWPDll4UIyTSigeBoQNaw4zSn Ob9hjWsKdhuNGaeDCQPYWTJInQtap4QUA84IdwMckKEQhSmLIflkSMMZ2tA8omvSegAAH43MZz4a yRnOdraz/wRgNAIoC84csyAGNXFB8HoahqYmmNV0aCc3OpSYbCSjB3zBIwTwyBfOJLaxZalGJtLR kLLmI7xgqW2GMdKYRFQinIEmRBqxEt6mJKU9YYn/ICXyTBrBFC/72W8jizEMIhUJQLx0503VkVAR SEO5OGJOSWXq3GoAEyg/kcVTyzKU4MBAhQ4QoFEUyYjrXhc7m6CgdiS5XRRyJ5YWJEAjOxAIGBLA hgQkoCZhacCllOeqKcAqKBpQwfMaUj2n6IpXnMFeEISVhRaQwAEeAd8aalgjHJ1PVDiCQbSm5YX3 xYUJd6likvTXl00OpoqcxCT+3qXIdwqQf5islz73yU953Wsx+nqDaQaKmutUrIMWnJgFlcPBhG0w YLpJKEQP6lAOTkdjB2XOCS0qMIF98GPTOaHIuHnDkpL0pCYlT8t0CLM5FeGHkqrPfZJAUxrYx6Y3 /7VPQaRwRCl0KV6gbNABhhpIL21pXJXhAACgNhAu9W+pcPOIjQ5QGap28QsEstkYC1NGGRFOQxnK 2pD+dQC08Y1tROrQ5fz3Jp3K9JM2qlIfn8RHypwVXSYSwwRMdBjM4HNOhKNfu5qWv/l9C1GOO4sj w9QwRibQgEXxDFnM8s2TgOEHRciCFVCJgddpCgFiQUFjAUABuBBpmVAwgxkQohIboMCXGTFeURrQ gJEU85ixUoEyvWOA4nTHVzQgAVeuKaM1TOWkLausYiWzviggYQRKyMAAlCCtacnvsdjNrna3y93u Dq4hkoXRHSX4RRdWbDYMhWjGBgaw4XCUkxiUmP90LlbB6Kw3Ni8MGXAUeUH6avC/+UWpgFM64ALb MIfqCS+9EDLEBucnIz7yqRQ80zAFv8tCHMgwheb1l6biCagXKsuI/iMmo27JizMao7vyYkaTyEky Ey6Cj+LUxrvCsZ6OZIgdMyLIItBVQnLto5iCRpxNAmACHU4MveI5z3naU53soue7bALJcLIJx+7s 5z4ZEjh9USxrJ7HBDzJygxs0SnWfBa13ilCGI8CAAkdAQgnqw50WoKB3KDCD72Cg5+GNgTMNQEJt jWnM5iUTCcokDwwMgMXv+KoLvuvCGiZNaeNu06ShPAjpwukWuShhMu6TS120TOpSm/rUqE61vRj/ CICAmje/sH61rGNN61nbutYdw/WtDxpJA/uawMD+dXdWqp7AQdbBDg5iDETjtRkZuzINM+DfkHqZ pYZuMlSVTMPgU5Zuu0hUlIlRigJbYxjw6EcLYbC2/dM2t2GmqQxWG2UGMtQgz/XH0GY3QYwKAC/x yrsA14yzzqUWbW+r2gHfjEBCR1m0jOUHoC1CB26gg0YhQM3kqUEZSnCEI5RgPFB4AwiKcIA73/kA QfAlMMFycQQ0YAcwj/kOdKvbZRbFAIwuQAp6e70q+PznQAf6pbmZXIc/jiFsSLrSl850tiT86VCP utQ/uScH7lrXWL+61rOedfhuXevCDrbYwx52/wRnWZ/IbrCYdnQ0EyNJ1Zqsl7VBw88VtcjJQ57n 283to77XR0Ap4lFGBgK4Jffb7Uc9vL3xJmR4EX608YS75P0JpzGFc/KoXjih4ARmsPzg8zUsAwEy NbIxmP70qDd9diDfWPIUhzuVjr3sh37DTLus8uBGIOZ3z/veq3rhe3I1178+/OIT//jGf+FIx858 sjc/2CvdbtqHaJnTRlvqCOQTdiFzQO5LhqjgDz/4t0thyA91MozHvvoTLrKjrz+7JGJ4Zxrk/Po/ 3/7hWSn9GVKo9/v//wCIXfFXdYBXgCF1gAaYgAi4gArYgAz4gA4YgRA4gRJYgRNIMfh3fxqYgebe ITp053sgGIIiOIIkWIImmCRHZ3mIt4Is2IIuiHigpBYcuIE0OIPdtB1v8II6uIM82IM++INAGIQ7 yCvUFoBGeIRIKIM1uIQ2SIOhlG1IGIVSOIVUWIVPl1isl4VauIWjNVlM+IVNWH8tExZcWIZmeIZo mIZquIZqqBFj84ZwGIdyOId0WId2eId4mId6KCNg2IdhyHyis4eCOIiEWIiGeIiImIiKuIiDKEl/ +Ih+GImQOImSWImUeImWmImYuIma2Imc+ImeGImhCIqkOIqmWIqoeIqqmIqsuIqu2Iqw+IqyCAMB AQA7 ------_=_NextPart_000_01C21DFA.CCBD6930-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] nice article Date: 27 Jun 2002 16:36:17 EDT Thanks Tom. Nice (and frightening) article. jans (PS- I never thought I'd think more of a New York attorney than I would of an Ohioan) In a message dated 6/27/2002 7:30:51 AM Eastern Daylight Time, stkguru@bellsouth.net writes: << worth reading, if you care about how politics, and politicians, continue to interfere with cleaning up Wall Street and all the crooked accounting and practices. http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&d ist=yhoo&guid=%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D Tom Worley >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: Re: [CANSLIM] Selling question Date: 27 Jun 2002 16:38:42 -0400 Mike, Having also bought NCEN recently, I have the same "problem". As a matter of money management, NCEN dropped to an interday low of 26.4 after you purchased it which meant you were willing to tolerate a >9% loss in hopes of making a profit. If you're now willing to cash out at a 15% profit, I'd say as a general rule, one can't make long term money after slippage, commissions etc with those parameters, because as a general rule, I expect to be right about my trades less than 50% of the time. It's only by holding out for profits greater than 25% ( and hopefully some 100% plus trades) that I can hope to be profitable in the long run. Having said this, it's a nasty market and capital conservation is the name of the game. Not trying to be wishy-washy, but how about selling half your position now and raising your stop on the remaining half? Jon ----- Original Message ----- Sent: Thursday, June 27, 2002 3:35 PM > Okay CANSLIM experts...I bought NCEN on 6/10 at $29.25, and therefore am > sitting on a 15% gain in a little over two weeks. Based on the M , do I > bank this nice little profit and sit tight and wait for another > opportunity, or do I follow WON's rule and NOT sell a stock that has risen > nicely in only a couple of weeks? > > To my eyes, the chart still looks good, IBD rates it an A+, RS is into new > high ground, housing still appears to be a safe haven...... Guess I'm > looking for an objective eye to give me a gut check. > > Thanks > > > Mike Niemotka , PE > Sr. Principal Engineer > Baxter Healthcare Corporation > Route 120 & Wilson Road > Round Lake, IL 60073 > Tel (847) 270-4075 > Fax (847) 270-4525 > michael_niemotka@baxter.com > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Bob Raible Subject: Re: [CANSLIM] nice article Date: 27 Jun 2002 13:52:09 -0700 (PDT) The link doesn't seem to work for me (perhaps it expired). Can you post the article title so that I can search for it on MarketWatch? TIA. --- Tom Worley wrote: > worth reading, if you care about how politics, and politicians, > continue to > interfere with cleaning up Wall Street and all the crooked accounting > and > practices. > > http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&d > ist=yhoo&guid=%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Bob Raible Sunny San Jose,CA __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: Re: [CANSLIM] Selling question Date: 27 Jun 2002 15:53:06 -0500 Jon, Glad to see that misery has company! I was kinda thinking about selling have of my position and banking the gain, and letting the other have ride. I guess I must have abit of gambler in me, because going against WON, I have slightly extended by loss limit to 10%, rather that tightening to 5-6% as is sometimes recommended in bear markets. Now for the important question: what are YOU planning on doing? With todays close, up 16.9%. Mike Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "J. Lobatto" To: canslim@lists.xmission.com Sent by: cc: owner-canslim@lists.xm Subject: Re: [CANSLIM] Selling question ission.com 06/27/2002 03:38 PM Please respond to canslim Mike, Having also bought NCEN recently, I have the same "problem". As a matter of money management, NCEN dropped to an interday low of 26.4 after you purchased it which meant you were willing to tolerate a >9% loss in hopes of making a profit. If you're now willing to cash out at a 15% profit, I'd say as a general rule, one can't make long term money after slippage, commissions etc with those parameters, because as a general rule, I expect to be right about my trades less than 50% of the time. It's only by holding out for profits greater than 25% ( and hopefully some 100% plus trades) that I can hope to be profitable in the long run. Having said this, it's a nasty market and capital conservation is the name of the game. Not trying to be wishy-washy, but how about selling half your position now and raising your stop on the remaining half? Jon ----- Original Message ----- Sent: Thursday, June 27, 2002 3:35 PM > Okay CANSLIM experts...I bought NCEN on 6/10 at $29.25, and therefore am > sitting on a 15% gain in a little over two weeks. Based on the M , do I > bank this nice little profit and sit tight and wait for another > opportunity, or do I follow WON's rule and NOT sell a stock that has risen > nicely in only a couple of weeks? > > To my eyes, the chart still looks good, IBD rates it an A+, RS is into new > high ground, housing still appears to be a safe haven...... Guess I'm > looking for an objective eye to give me a gut check. > > Thanks > > > Mike Niemotka , PE > Sr. Principal Engineer > Baxter Healthcare Corporation > Route 120 & Wilson Road > Round Lake, IL 60073 > Tel (847) 270-4075 > Fax (847) 270-4525 > michael_niemotka@baxter.com > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Mike Gibbons" Subject: RE: [CANSLIM] nice article Date: 27 Jun 2002 16:02:22 -1000 The link is broken due to a line feed in the middle. Copy and past each line into your browser to make the complete link. Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Bob Raible Sent: Thursday, June 27, 2002 10:52 AM The link doesn't seem to work for me (perhaps it expired). Can you post the article title so that I can search for it on MarketWatch? TIA. --- Tom Worley wrote: > worth reading, if you care about how politics, and politicians, > continue to > interfere with cleaning up Wall Street and all the crooked accounting > and > practices. > > http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&d > ist=yhoo&guid=%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Bob Raible Sunny San Jose,CA __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "J. Lobatto" Subject: Re: [CANSLIM] Selling question Date: 27 Jun 2002 17:13:15 -0400 I will sell half my position tomorrow if it rises... BTW, please allow me to sell my position first before you place a trade!! Jon ----- Original Message ----- Sent: Thursday, June 27, 2002 4:53 PM > > Jon, > > Glad to see that misery has company! I was kinda thinking about selling > have of my position and banking the gain, and letting the other have ride. > I guess I must have abit of gambler in me, because going against WON, I > have slightly extended by loss limit to 10%, rather that tightening to 5-6% > as is sometimes recommended in bear markets. > > Now for the important question: what are YOU planning on doing? With > todays close, up 16.9%. > > Mike > > > Mike Niemotka , PE > Sr. Principal Engineer > Baxter Healthcare Corporation > Route 120 & Wilson Road > Round Lake, IL 60073 > Tel (847) 270-4075 > Fax (847) 270-4525 > michael_niemotka@baxter.com > > > > "J. Lobatto" > To: canslim@lists.xmission.com > Sent by: cc: > owner-canslim@lists.xm Subject: Re: [CANSLIM] Selling question > ission.com > > > 06/27/2002 03:38 PM > Please respond to > canslim > > > > > > > Mike, > > Having also bought NCEN recently, I have the same "problem". As a matter of > money management, NCEN dropped to an interday low of 26.4 after you > purchased it which meant you were willing to tolerate a >9% loss in hopes > of > making a profit. If you're now willing to cash out at a 15% profit, I'd say > as a general rule, one can't make long term money after slippage, > commissions etc with those parameters, because as a general rule, I expect > to be right about my trades less than 50% of the time. It's only by holding > out for profits greater than 25% ( and hopefully some 100% plus trades) > that > I can hope to be profitable in the long run. Having said this, it's a nasty > market and capital conservation is the name of the game. Not trying to be > wishy-washy, but how about selling half your position now and raising your > stop on the remaining half? > > Jon > ----- Original Message ----- > From: > To: > Sent: Thursday, June 27, 2002 3:35 PM > Subject: [CANSLIM] Selling question > > > > Okay CANSLIM experts...I bought NCEN on 6/10 at $29.25, and therefore am > > sitting on a 15% gain in a little over two weeks. Based on the M , do I > > bank this nice little profit and sit tight and wait for another > > opportunity, or do I follow WON's rule and NOT sell a stock that has > risen > > nicely in only a couple of weeks? > > > > To my eyes, the chart still looks good, IBD rates it an A+, RS is into > new > > high ground, housing still appears to be a safe haven...... Guess I'm > > looking for an objective eye to give me a gut check. > > > > Thanks > > > > > > Mike Niemotka , PE > > Sr. Principal Engineer > > Baxter Healthcare Corporation > > Route 120 & Wilson Road > > Round Lake, IL 60073 > > Tel (847) 270-4075 > > Fax (847) 270-4525 > > michael_niemotka@baxter.com > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: michael_niemotka@baxter.com Subject: Re: [CANSLIM] Selling question Date: 27 Jun 2002 16:18:59 -0500 Jon, Trust me, the handful of shares I would be selling will NOT shift the market! :) Are you going to sell at open, or if not, what do you mean by "if it rises"? Go NCEN!! Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com "J. Lobatto" To: canslim@lists.xmission.com Sent by: cc: owner-canslim@lists.xm Subject: Re: [CANSLIM] Selling question ission.com 06/27/2002 04:13 PM Please respond to canslim I will sell half my position tomorrow if it rises... BTW, please allow me to sell my position first before you place a trade!! Jon ----- Original Message ----- Sent: Thursday, June 27, 2002 4:53 PM > > Jon, > > Glad to see that misery has company! I was kinda thinking about selling > have of my position and banking the gain, and letting the other have ride. > I guess I must have abit of gambler in me, because going against WON, I > have slightly extended by loss limit to 10%, rather that tightening to 5-6% > as is sometimes recommended in bear markets. > > Now for the important question: what are YOU planning on doing? With > todays close, up 16.9%. > > Mike > > > Mike Niemotka , PE > Sr. Principal Engineer > Baxter Healthcare Corporation > Route 120 & Wilson Road > Round Lake, IL 60073 > Tel (847) 270-4075 > Fax (847) 270-4525 > michael_niemotka@baxter.com > > > > "J. Lobatto" > To: canslim@lists.xmission.com > Sent by: cc: > owner-canslim@lists.xm Subject: Re: [CANSLIM] Selling question > ission.com > > > 06/27/2002 03:38 PM > Please respond to > canslim > > > > > > > Mike, > > Having also bought NCEN recently, I have the same "problem". As a matter of > money management, NCEN dropped to an interday low of 26.4 after you > purchased it which meant you were willing to tolerate a >9% loss in hopes > of > making a profit. If you're now willing to cash out at a 15% profit, I'd say > as a general rule, one can't make long term money after slippage, > commissions etc with those parameters, because as a general rule, I expect > to be right about my trades less than 50% of the time. It's only by holding > out for profits greater than 25% ( and hopefully some 100% plus trades) > that > I can hope to be profitable in the long run. Having said this, it's a nasty > market and capital conservation is the name of the game. Not trying to be > wishy-washy, but how about selling half your position now and raising your > stop on the remaining half? > > Jon > ----- Original Message ----- > From: > To: > Sent: Thursday, June 27, 2002 3:35 PM > Subject: [CANSLIM] Selling question > > > > Okay CANSLIM experts...I bought NCEN on 6/10 at $29.25, and therefore am > > sitting on a 15% gain in a little over two weeks. Based on the M , do I > > bank this nice little profit and sit tight and wait for another > > opportunity, or do I follow WON's rule and NOT sell a stock that has > risen > > nicely in only a couple of weeks? > > > > To my eyes, the chart still looks good, IBD rates it an A+, RS is into > new > > high ground, housing still appears to be a safe haven...... Guess I'm > > looking for an objective eye to give me a gut check. > > > > Thanks > > > > > > Mike Niemotka , PE > > Sr. Principal Engineer > > Baxter Healthcare Corporation > > Route 120 & Wilson Road > > Round Lake, IL 60073 > > Tel (847) 270-4075 > > Fax (847) 270-4525 > > michael_niemotka@baxter.com > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "zillagirl" Subject: [CANSLIM] Date: Thu, 27 Jun 2002 16:08:10 -0700 Date: 27 Jun 2002 17:06:29 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_000B_01C21DF4.D5409380 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable clintons econmy vs current situation ------=_NextPart_000_000B_01C21DF4.D5409380 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
clintons econmy vs current = situation
 
------=_NextPart_000_000B_01C21DF4.D5409380-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] nice article Date: 27 Jun 2002 19:34:42 -0400 Is the article "Eliot Ness goes to Washington" written by David Callaway on 27 June 2002 updated 12:02am? I too had trouble linking through the reference, and I am still wondering if I linked with the correct article. ----- Original Message ----- Sent: Thursday, June 27, 2002 10:02 PM > The link is broken due to a line feed in the middle. Copy and past each line > into your browser to make the complete link. > > Aloha, > > Mike Gibbons > Proactive Technologies, LLC > http://www.proactech.com > > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Bob Raible > Sent: Thursday, June 27, 2002 10:52 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] nice article > > > The link doesn't seem to work for me (perhaps it expired). Can you post > the article title so that I can search for it on MarketWatch? TIA. > > --- Tom Worley wrote: > > worth reading, if you care about how politics, and politicians, > > continue to > > interfere with cleaning up Wall Street and all the crooked accounting > > and > > practices. > > > > > http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&d > > ist=yhoo&guid=%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D > > Tom Worley > > stkguru@bellsouth.net > > AIM: TexWorley > > > > > > > > - > > -To subscribe/unsubscribe, email "majordomo@xmission.com" > > -In the email body, write "subscribe canslim" or > > -"unsubscribe canslim". Do not use quotes in your email. > > > ===== > Bob Raible > Sunny San Jose,CA > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Wahl" Subject: Re: [CANSLIM] nice article Date: 27 Jun 2002 18:32:11 -0600 Try this - http://makeashorterlink.com/?N4BE12621 For longer links I suggest this site - http://www.makeashorterlink.com/index.php On 27 Jun 2002 at 19:34, Winston Little wrote: > Is the article "Eliot Ness goes to Washington" written by David Callaway on > 27 June 2002 updated 12:02am? > I too had trouble linking through the reference, and I am still wondering if > I linked with the correct article. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 27 Jun 2002 20:56:05 -0400 Jans: Whether a person owns 60 million shares, as Ross Perot did in 1987 in GM, or just one share as Mrs. Davis did in many of the annual meetings that she attended, one should either take an active, ethical, inquisitive approach or QUIT. The person's depth of involvement must not be a function of the quantity of shares owned. Mrs. Davis traveled from meeting to meeting starting with IBM in 1959, and many embarrassed CEOs came out on the wrong end of discussions which were detailed in the publication Highlights and Lowlights. My complaint is that several members of BOD of many companies use the position for largess, and allow or promote corruption or passively sit in the corner. Too often, the BOD members cower in meetings or act as sycophants to the CEO. Very few fall into the group that are active, inquisitive, pursue constructive criticism, or may even cause an errant CEO to wet his pants. ----- Original Message ----- Sent: Thursday, June 27, 2002 3:53 PM > Winston: > > I believe Ross Perot was a substantial holder of GM stock at the time. > My point is: Would he have been as determined at the Board Meetings if he > hadn't had a stake in the company? I'm not saying that he would have > short-shrifted the stockholders by doing something dishonorable. But I do > believe, if he hadn't had a large stake in the company, he would have quit > the Board. He certainly didn't need the money or the burden of more > responsibilities (nor, I believe, was he desirous of corporate-aggravation). > > jans > > > In a message dated 6/27/2002 9:16:39 AM Eastern Daylight Time, > wlittle1@peoplepc.com writes: > > << When Ross Perot was a director of GM, he refused to participate in the > "excess and other skuldugery" of the GM HQ12th floor. > He even REFUSED the free cars and eating in the executive dining room. He > wrote a series "How I would Reform GM" and the incumbents were so dismayed > that they asked him to leave the company. Their view was that he wanted to > deprive them of their birthright! > > My point is that even with the infrequent meetings and shows, if one is > alert, one can usually smell the stink in the place. > In a later note Tom mentions Jimmy Carter(JEC). Itoo view him (JEC) as an > honorable man, but he is too trusting of people. I wonder if he would detect > the smell in many of the crooked houses around. >> > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Robert Gammon" Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? Date: 27 Jun 2002 20:09:07 -0500 (CDT) Clinton will NEVER stand anywhere near Carter on the morality/ethics scale. Clinton fans are DREAMING. Robert On Thu, 27 Jun 2002 08:56:18 -0500, Gene Ricci wrote: >Jimmy Carter.... are you joshing??? Before you know it, Clinton will start looking good... > > >----- Original Message ----- > From: Tom Worley > To: canslim@lists.xmission.com > Sent: Wednesday, June 26, 2002 10:06 PM > Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > I look at a guy like Jimmy Carter, who was not a very effective Prez, but is > to me a man of character. I have little doubt that there is no offer that > could be made to him that would work if he was on a Board, and detected > anything that smelled questionable to him. Don't know how many others there > are that both have strong moral ethics, rich enough that they don't need > stock options, and also have some understanding of business. > > ----- Original Message ----- > From: > To: > Sent: Wednesday, June 26, 2002 10:50 PM > Subject: Re: [CANSLIM] Re: Retstatement of CANSLIM? > > > Tom: > > I'm not entirely sure what you mean by an independent director. If > this > means a director who has no stake in the company's success or failure, I > don't know that this is an idea that should be adopted. > > It seems to me that a company whose directors own a certain percentage > of the stock, would be more likely to have directors that care about that > company's future. An independent director (ie. someone who has no stake in > the company's future), I see as nothing but a mouthpiece for whatever > political agenda that particular director is driven by. > > jans > > > In a message dated 6/26/2002 10:16:30 PM Eastern Daylight Time, > stkguru@bellsouth.net writes: > > << I would like to see the SEC mandate that the Board of Directors consist > of > 51% independent directors in all cases. And for corps over certain market > value, say $1 billion, require that independent Directors be over 67% and > of > those Directors include at least a minority of successful, but retired, > businessmen or businesswomen (I nominate Katherine) that will be willing to > speak out publicly if necessary when they are concerned about what they > see. > >> > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Breakouts Date: 27 Jun 2002 23:02:23 -0400 Hi Michael, I will try to give you at least a partial answer. First, when I buy a partial position initially, then add to it one or two times, I always try to deal in average price per share rather than price of each piece. Second, once I am up 15%, I normally mentally shift from protecting against a large loss of capital into protecting profits, and try thereafter to maintain approx a 15% trailing stop (hence your example of an initial 30% gain, with such a stop I would be out with about a 15% gain if it falls back). Third, I generally apply a 10% limit over the pivot rather than a 5% limit. In today's highly volatile market (where "M" is telling you not to play anyway), a 5% upper limit from the pivot may make more sense due the numerous failed b/o. In practice, I am not as disciplined as this all sounds, since I only buy small and micro cap stocks, I am investing for one or two years out, or more, many / most of my stocks are thinly traded, and most are low priced. As a result, I usually give them much more freedom to roam around. I also have more risk (understand pain) tolerance than the normal, and a heavy workload also means I am currently not paying anywhere as near the attention as I should. I am also fatally bullish, and almost always fully invested in virtually any "M", so that's about half a dozen major CANSLIM rule violations right there. ----- Original Message ----- Sent: Thursday, June 27, 2002 9:59 AM All, I have just finished reading the 24 Essential Rules, and am starting on the 3rd edition of How to make money... and I have a couple of question regarding breakouts and adding shares to a position. 1. WON talks about only purchasing 1/2 of your position at the breakout, and then if the stock moves up 2-3% you can add a bit more, etc. But the part that confuses me is : what is the stock breaks out, and rises 6% on the breakout. Then by the overextended rule, you would not want to buy more, since it is more than 5% over the pivot price. Would you end up waiting for the stock to go thru a pullback, and then buy more? It seems to me, that one of the trickiest parts to using this system is being able to determine if a stock is pulling back in a normal fashion, or if it is headed down. 2. If you buy at the first breakout, and the stock rises, lets say 15%, and then starts to go into a new cwh , that might consolidate 20-30%, would you end up watching the charts and sell out and lock in profits, then buy back in at the next breakout? what about the case where the stock is up 30% from the first breakout. Do you end up riding it down to 0% gain, (not selling because it is not a 7-8% loss) and hang on for the long term? TIA Mike Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] An Example for my question Date: 27 Jun 2002 23:07:38 -0400 Erik, I would disagree with you on one very fundamental point: you really do want your cost basis increasing from the purchase price, if you are adding to the position. That means the stock is continuing higher. I have had any number of good performing stocks get away from me, JCOM being just the latest example (up another 15% today alone), where I hesitated to buy more because it was higher than my first purchase price. One reason I try to look at everything from a total position / average price per share basis. ----- Original Message ----- Sent: Thursday, June 27, 2002 2:01 PM Hi Mike, My interpretation from the book is that you would add anywhere from 2%-5% from the pivot point (on 2x volume, etc). In this market however, I personally would not attempt it. With the volitility from one day to the next, I do not want my cost basis increasing from the purchase price. Just my opinion. "2. If you buy at the first breakout, and the stock rises, lets say 15%, and then starts to go into a new cwh , that might consolidate 20-30%, would you end up watching the charts and sell out and lock in profits, then buy back in at the next breakout? what about the case where the stock is up 30% from the first breakout. Do you end up riding it down to 0% gain, (not selling because it is not a 7-8% loss) and hang on for the long term?" Selling and buying back depends on your trading style and the market. Again, in this volitile market, locking profits and taking a 15% - 20% gain might not be a bad idea. It also depends on how quickly the stock rises. From memory I recall HTMMIS suggesting that you hold a stock that rises quickly within a few weeks. However, I would never let a 20-30% gain turn into a loss. My interpertation of HTMMIS is that after a resonable gain, you set a sell point above your buy price. My opinion is that HTMMIS provides very good rules. How we interpret and implement them depends on many factors including personal style, market, etc. Erik -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of michael_niemotka@baxter.com Sent: Thursday, June 27, 2002 11:18 AM All, Based on my previous question, I will include COCO, which I recently purchased at $31.47, which was slightly above 5% over the pivot of $29.54. The stock is moving up in the past few days, slowly, suck that I am up about 0.5%. So the question becomes: when would I add more to my position if the stock still looks like a good performer? Thanks Mike Niemotka , PE Sr. Principal Engineer Baxter Healthcare Corporation Route 120 & Wilson Road Round Lake, IL 60073 Tel (847) 270-4075 Fax (847) 270-4525 michael_niemotka@baxter.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] nice article Date: 27 Jun 2002 23:17:12 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_00B8_01C21E30.C4AA16E0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit still works tonight for me, Bob, but I had to copy the second line of the link in to get it. Here is the start of the article: Eliot Ness goes to Washington Commentary: But Wall Street remains untouchable By David Callaway, CBS.MarketWatch.com Last Update: 12:02 AM ET June 27, 2002 WASHINGTON (CBS.MW) - As the last remnants of investor confidence in the integrity of the global financial markets burned to the ground early Wednesday, the curious sounds of a fiddle could be heard wafting over the nation's capital. ----- Original Message ----- Sent: Thursday, June 27, 2002 4:52 PM The link doesn't seem to work for me (perhaps it expired). Can you post the article title so that I can search for it on MarketWatch? TIA. --- Tom Worley wrote: > worth reading, if you care about how politics, and politicians, > continue to > interfere with cleaning up Wall Street and all the crooked accounting > and > practices. > > http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&d > ist=yhoo&guid=%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Bob Raible Sunny San Jose,CA __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_00B8_01C21E30.C4AA16E0 Content-Type: image/gif; name="callaway_67x67.gif" Content-Transfer-Encoding: base64 Content-Location: http://i.mktw.net/newsimages/news/dreds/columnist/callaway_67x67.gif R0lGODlhQwBDAMQfAKJpVcKHcO7JyW1eXee3qPj3+6aamxcJBuOumqm309ilks20rMyVfrvM7EEl GejAu+exyGpENvrT48zY787N0EJSiIh4eNCTqbN5YohWReLn8d2eilBBQh4qSa/D6f///yH5BAEA AB8ALAAAAABDAEMAAAX/4CeOo9Z4aKqiiXUcDudEQ8RF+DBw8uvsNINlF+NYKIUCabksTFZQ1uIF c8AijlgsU8NaixyAZTjkDMYLjZK5NEWhiYR35svOvjSiPRaxGHYcBxx/EWlrbB8ab3ByV3d7dnWP OnZ9FoGCYz9IiE6LcBk+XjdWMFRUYDQ8OzqtrVkWakyenysJpT5VklmofDxmNTJnQ5QxnCS0tSlx X7p7N15VdhmhMcSZfwN/MQayIsnKLBi9X1lz5VrOZkIyfToGBhwdA8cfT+HLC7i8/DLlEdSolZqB A5gdI352WFhwCJ8KChj2SZqDIwKAAAEwANioMQMOajYCDRrDKtYah1Ii/w2sBDADAGoAMGAMwAAB gg0YMDBgAKDIAW1jypgUgdJDAgPOpM3IkDOjzJ0MaG5AQMDmgwcQGOQxQ2yMGW9Fj5pSesDiU6hT q26YSpWAgLcSBGDIcMnrMB3HHDaYoEHfqUoXpdqkSrgtgQdvBUhYrJUGGR0kE8gKx1dJAQ0RcjnI GZPBWgU2CVQ1fBhxYsUPLNjoSmZIgiS1JhwSocEFrwganyrYHVq0b99XTysmoPoM5FZmkCxqoIFN 34FMm3rmTbqq6KumT0tQ4Jj1pQFp3nhrMoEBqpjSN+wGPVh0aOzCURcPGvTdPRUNZiNrQCGzD/Rn fTbYgMBlF5wED2DQiv8f9J1BwQqyddJAC7zAkJN0O6k3YHulIQafYnLRBRkxkCWgQnMSGnXUQABi lGFao4EG3FsfKqaAiJYAcoaJKKDIRgEnGLUAFv9dOFOGAyqQ1ofBJYYgAJaU8Ys2PSLyAS0JLJBB hQ5k4NRMgsUoY3YEKFCakwhw4dUvPBjggY/OqRAAQOVchOF0Zo6GgIwbRCVTnqYxdsYfbGoD5yxB GiXEllXYKRNNoPGmp5IMzHVRgQsghiADfhDKigFW0mZLf3UAUOlGMF2EpG99OsUWVVcd9tYCCsDz XQwLhAqkLQkMgApnAGq00UUbuCUAAafOxVSlAfhG4wIkysBBAqEqAof/f2VlxFSxNm0ApUXFvkVA ABshMIQBC2RUk6wCpBYSLNRaed8yFODiJTXAntFTl+EKgABPgTHgVlzXBcoAD5lNG++PiarQCAwX BeRSUPsC0C8BG2REbIfZwfVADRkMYqKVBbyRAKMHmDqXRS7y9FFNND5w01ruLamdAAbItEGQVloL BzwvZJAxR2cJS2zHD/imZLFNtgsXARhsYG3Pi8QRSAZRQdUysFF33K5N7LFL41sFQI2ABk9QXTVS Ecy0W1QYcb2B13q25bVpCkAgAQUmyFtLrw445VmGleam02EQQJA02IM1HfOxAiyQxqEk+Fy1WU+p p4CfGwUwFQQCJP5A/59snXnagRIYgEQDan9yspc6T7W5sFFbpdhiCGSOAHYGavpAN4q0XrWW6d1k aU7rfi0jAuoy7Thce+9KcjgJ5OY5aDi55JGp3CpppszNw9pxXGncQ3LDJltKE9inegSQTt//hqzO u2snwQA/uOlBqPOabIBLOlnLTTQ2LEgZZnH/isncxraYQDiAR9VSxlFgIpVWGYkBm8NgcK6yJwW8 ZIFOi0sg4oACXaEvCq+LyUwM95R/1SRpotkcTcgFQrgIYAw82l8E/zYn9LzEJSq83lqGmDHPTWV9 HkrM70hYpfP9zQDg8mBFYMKZR9HkAhc4TFV2AquYPWABOWwiIiyHQv85AAAB/lLWR4alQNGJa4sv 5N1VwAgFyo0AHCj0iMDSiKrY0ax3MusTVTIFnwsYIIxiRJTroHRGfxHQj0uCz+LYIzn4KMACEEDk m/RzxxMuA4pYK1NuOLKTpnxPkowjQKYyJYEFYMCQmowQwy6HG/VYT11wi2OTFicayREycljswCGh kJ8UoRADAKGJ9XbDljGZ7msI8GUlt3MBCchDkyiQJXlMhgOu6WQnYeuQEr8YTWk+gJoSyIz+osCc MZ4wAQHoUkeCiEE91Yic5azkWy4AgQJYoAMViI0dL9O/k7UEiC6S0XXaNccF7EmamWpXNf0JUMqM BxloO8GKDsqUhFb/54uSW485Q9fP+1UUH3u56B2ToAGPSAyAkFpPVAyAQZFKrkN6KwAEHHBSlKQ0 CbPoz0E/AkSjqRAqBthNJR/ATwlQtAIBLQp+9jIBvkyAAkN6qfsk1jmagFOpq8SiU60J0KhKlVdH CYRFtEq0OzGApko9TACaWoAL8BSqZ11GHP5wCqawNViPggoGYYVFvTl1HFCtgCf/tldsnSImWgVi TNDTsnrSqqljjUBZOVAyh8SBQqcILar+eiEjedUmDOAnXHR61wpwIBESbGxoZ7uZl3CUilVs2W7m mjjD1rW1r4VtGT2wAF/N9ri13SpXOUJZDPKEn6C73f0OkNjgXqlhVnEo7nG36wOjuXS0bZUKTwKA leg6FQIH2Kx1r/vZeHD3vSkr4HdL2xTPkQsDiVuAeSUwDg5AlQffuExf8Aff9zpgWI/6YWDARK6Y QCBvipOuSFzr2hAAADs= ------=_NextPart_000_00B8_01C21E30.C4AA16E0 Content-Type: image/gif; name="email.gif" Content-Transfer-Encoding: base64 Content-Location: http://www.marketwatch.com/news/images/email.gif R0lGODlhdAAUAKIAAM7Q8szMzAEBi5un1wUFm////wAAAAAAACH5BAAAAAAALAAAAAB0ABQAAAPd WLrc/jDKSau9OOvNu/9gKC4CYZ7mqK4f8bhsLFdnSQgFPC/6uzc9mu91aimCOR6wo0MmLYMUymUa OJweZHOEVVqK19QygsqJzbA0sFh+osPqqZvNO18B1DIBH2jYnFtHS2pjc09dSmI4gm6HXnd4QAB8 hUdigYd0jYyGTYCaho1pbZB4KJOUDIiYVImcj1tBsq6chIyIR6h4u6gEfapghYF6r3Wdlp9SwHPK yFh7k3vSvb8/1ivQ0L3R1c5T3+Dh4uPk5eaka+Td1+wgAe/w8fDt9PX29/j5+vv8EwkAOw== ------=_NextPart_000_00B8_01C21E30.C4AA16E0 Content-Type: image/gif; name="printer.gif" Content-Transfer-Encoding: base64 Content-Location: http://www.marketwatch.com/news/images/printer.gif R0lGODlhkQAUAKIAAP///87Q8qq/2Zun1w8PnwUFmwEBiwAAqyH5BAAAAAAALAAAAACRABQAAAP/ CLrc/jDKSau9OOvNu/+dUYzkCJ5oqjrF065wLFclCbxzrss40++s36YlBGqIpZvL1igqM0WnhMhT RV0LafOIoho7ptqNqcBRvcnk+OXN2s5uNjldrvvs67q8zVRTCgGAAYOEBQMDPWZjdooGWY8mDo5l bHh8T0qVmIyWi5uamY8TgIelpYYDB4l9oopmdJSgimthkLZPP5piq5x6ohGAI6qqBaqHBwI9k7+y mLkQs7hbvtSeTdF4t66/0IGE3wepiAF35dKMe23TznGXtJ8PIj5vcZaR2C7e34MFBOPkX3RoCZhF 3z5Dgq7VWMiwocOHECNKnEgxErCHBwYR3MjxEsG+jx1DihxJsqTJkyhTqjyRAAA7 ------=_NextPart_000_00B8_01C21E30.C4AA16E0 Content-Type: image/gif; name="alert-new.gif" Content-Transfer-Encoding: base64 Content-Location: http://www.marketwatch.com/news/images/alert-new.gif R0lGODlhkQAUALMAAAEBi87Q8szMzJun1/j3+/n29gkJlQUFm/8AAP///wAAAAAAAAAAAAAAAAAA AAAAACH5BAAAAAAALAAAAACRABQAAAT/MMlJq7046827/2AojmRpnmiqrmxbARIcz25t3xYQJPKk 87igcPXrxXbGoXLZOSAlg8Ng5wRaDljRAbSddL3Yblg8zn4nCIQkPWKPihJDoQqvfM/Nz/Zu70vO gBZubiGEWk8DAAMEdRR4CXt/WZJ7YZQYkX9+XpydmhVpaoShagmDa6Klb08UjZ5gn5B9PXybYnaW kLmvj6GmpYOpv8KGWjNbMkmxnmWUmbq7YLl41Muyr6jDqKS/2mzFJlIcfLXM1+cXtdWOvBvfwYLv qithAuOTgNP6zpuazWPLyqHL1q1gsFTA5oWDZI+Jw3gEh6kalTCFmUeOymjcyLGjx48gJaM9vAcA S8ORKFNmPCBApMqXTEzaMwmzpkMBJ3Ha3Mmzp88PEQAAOw== ------=_NextPart_000_00B8_01C21E30.C4AA16E0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Date: Thu, 27 Jun 2002 16:08:10 -0700 Date: 27 Jun 2002 23:18:56 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_00D3_01C21E31.027C5A50 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable but this IS Clinton's economy, not even the Feds can turn the economy = around either direction in just a year, even with 11 rate cuts, and a = tax rebate as well. ----- Original Message -----=20 Sent: Thursday, June 27, 2002 7:06 PM clintons econmy vs current situation ------=_NextPart_000_00D3_01C21E31.027C5A50 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
but this IS Clinton's economy, not even the Feds = can turn=20 the economy around either direction in just a year, even with 11 rate = cuts, and=20 a tax rebate as well.
 
----- Original Message -----=20
From: zillagirl
Sent: Thursday, June 27, 2002 7:06 PM
Subject: [CANSLIM] Date: Thu, 27 Jun 2002 16:08:10 = -0700

clintons econmy vs current = situation
 
------=_NextPart_000_00D3_01C21E31.027C5A50-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Bob Raible Subject: Re: [CANSLIM] nice article Date: 27 Jun 2002 21:07:59 -0700 (PDT) --0-239523419-1025237279=:1287 Content-Type: text/plain; charset=us-ascii Thanks, my eyes are getting old. I missed seeing the second line of the link. As far as the article is concerned, it is my belief that the states have always had the responsibility to protect the interests of their respective citizens. Fraud is after all fraud, and has always been a crime, no matter what jurisdiction it occurs in. Tom Worley wrote: still works tonight for me, Bob, but I had to copy the second line of the link in to get it. Here is the start of the article: Eliot Ness goes to Washington Commentary: But Wall Street remains untouchable By David Callaway, CBS.MarketWatch.com Last Update: 12:02 AM ET June 27, 2002 WASHINGTON (CBS.MW) - As the last remnants of investor confidence in the integrity of the global financial markets burned to the ground early Wednesday, the curious sounds of a fiddle could be heard wafting over the nation's capital. ----- Original Message ----- Sent: Thursday, June 27, 2002 4:52 PM The link doesn't seem to work for me (perhaps it expired). Can you post the article title so that I can search for it on MarketWatch? TIA. --- Tom Worley wrote: > worth reading, if you care about how politics, and politicians, > continue to > interfere with cleaning up Wall Street and all the crooked accounting > and > practices. > > http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&d > ist=yhoo&guid=%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. ===== Bob Raible Sunny San Jose,CA __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. > ATTACHMENT part 2 image/gif name=callaway_67x67.gif > ATTACHMENT part 3 image/gif name=email.gif > ATTACHMENT part 4 image/gif name=printer.gif > ATTACHMENT part 5 image/gif name=alert-new.gif Bob Raible Sunny San Jose,CA Do You Yahoo!? Sign-up for Video Highlights of 2002 FIFA World Cup --0-239523419-1025237279=:1287 Content-Type: text/html; charset=us-ascii

Thanks, my eyes are getting old. I missed seeing the second line of the link.

As far as the article is concerned, it is my belief that the states have always had the responsibility to protect the interests of their respective citizens. Fraud is after all fraud, and has always been a crime, no matter what jurisdiction it occurs in.

  Tom Worley <stkguru@bellsouth.net> wrote:

still works tonight for me, Bob, but I had to copy the second line of the
link in to get it. Here is the start of the article:

Eliot Ness goes to Washington
Commentary: But Wall Street remains untouchable

By David Callaway, CBS.MarketWatch.com
Last Update: 12:02 AM ET June 27, 2002




WASHINGTON (CBS.MW) - As the last remnants of investor confidence in
the integrity of the global financial markets burned to the ground early
Wednesday, the curious sounds of a fiddle could be heard wafting over the
nation's capital.



----- Original Message -----
From: "Bob Raible"
To:
Sent: Thursday, June 27, 2002 4:52 PM
Subject: Re: [CANSLIM] nice article


The link doesn't seem to work for me (perhaps it expired). Can you post
the article title so that I can search for it on MarketWatch? TIA.

--- Tom Worley wrote:
> worth reading, if you care about how politics, and politicians,
> continue to
> interfere with cleaning up Wall Street and all the crooked accounting
> and
> practices.
>
>
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&d
> ist=yhoo&guid=%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D
> Tom Worley
> stkguru@bellsouth.net
> AIM: TexWorley
>
>
>
> -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
> -In the email body, write "subscribe canslim" or
> -"unsubscribe canslim". Do not use quotes in your email.


=====
Bob Raible
Sunny San Jose,CA

__________________________________________________
Do You Yahoo!?
Yahoo! - Official partner of 2002 FIFA World Cup
http://fifaworldcup.yahoo.com

-
-To subscribe/unsubscribe, email "majordomo@xmission.com"
-In the email body, write "subscribe canslim" or
-"unsubscribe canslim". Do not use quotes in your email.

> ATTACHMENT part 2 image/gif name=callaway_67x67.gif > ATTACHMENT part 3 image/gif name=email.gif > ATTACHMENT part 4 image/gif name=printer.gif > ATTACHMENT part 5 image/gif name=alert-new.gif


Bob Raible
Sunny San Jose,CA



Do You Yahoo!?
Sign-up for Video Highlights of 2002 FIFA World Cup --0-239523419-1025237279=:1287-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] nice article Date: 27 Jun 2002 23:49:46 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0147_01C21E35.51862140 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable with the national, and global, access to the stock markets via the = internet, I can well appreciate the interests of the SEC in an orderly, = orchestrated enforcement plan on a national level. On the other hand, = when the regulators take a year or more to "investigate" some of the = most blatant cases before beginning enforcement action or sanctions, I = can only conclude the system doesn't work. In that case, I would much = rather see one state act alone, at least it publicizes the problem, and = helps establish a basis for other states to follow suit. And even at that the SEC moves faster than Congress, which can talk the = most horrific case to sleep long before deciding on any lame course of = action, much less decisive and corrective / preventative action. What both governmental agencies need are about 50% fewer high paid = lawyers, and about 100% more lower paid investigators. ----- Original Message -----=20 Sent: Friday, June 28, 2002 12:07 AM Thanks, my eyes are getting old. I missed seeing the second line of the = link.=20 As far as the article is concerned, it is my belief that the states have = always had the responsibility to protect the interests of their = respective citizens. Fraud is after all fraud, and has always been a = crime, no matter what jurisdiction it occurs in.=20 Tom Worley wrote:=20 still works tonight for me, Bob, but I had to copy the second line of = the link in to get it. Here is the start of the article: Eliot Ness goes to Washington Commentary: But Wall Street remains untouchable By David Callaway, CBS.MarketWatch.com Last Update: 12:02 AM ET June 27, 2002 WASHINGTON (CBS.MW) - As the last remnants of investor confidence in the integrity of the global financial markets burned to the ground = early Wednesday, the curious sounds of a fiddle could be heard wafting over = the nation's capital. ----- Original Message ----- From: "Bob Raible"=20 To:=20 Sent: Thursday, June 27, 2002 4:52 PM Subject: Re: [CANSLIM] nice article The link doesn't seem to work for me (perhaps it expired). Can you = post the article title so that I can search for it on MarketWatch? TIA. --- Tom Worley wrote: > worth reading, if you care about how politics, and politicians, > continue to > interfere with cleaning up Wall Street and all the crooked = accounting > and > practices. > > = http://www.marketwatch.com/news/yhoo/story.asp?source=3Dblq/yhoo&siteid=3D= yhoo&d > ist=3Dyhoo&guid=3D%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D > Tom Worley > stkguru@bellsouth.net > AIM: TexWorley > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. =3D=3D=3D=3D=3D Bob Raible Sunny San Jose,CA __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. > ATTACHMENT part 2 image/gif name=3Dcallaway_67x67.gif > ATTACHMENT = part 3 image/gif name=3Demail.gif > ATTACHMENT part 4 image/gif = name=3Dprinter.gif > ATTACHMENT part 5 image/gif name=3Dalert-new.gif=20 Bob Raible Sunny San Jose,CA ------- Do You Yahoo!? Sign-up for Video Highlights of 2002 FIFA World Cup ------=_NextPart_000_0147_01C21E35.51862140 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
with the national, and global, access to the = stock markets=20 via the internet, I can well appreciate the interests of the SEC in an = orderly,=20 orchestrated enforcement plan on a national level. On the other hand, = when the=20 regulators take a year or more to "investigate" some of the most blatant = cases=20 before beginning enforcement action or sanctions, I can only conclude = the system=20 doesn't work. In that case, I would much rather see one state act alone, = at=20 least it publicizes the problem, and helps establish a basis for other = states to=20 follow suit.
 
And even at that the SEC moves faster than = Congress, which=20 can talk the most horrific case to sleep long before deciding on any = lame course=20 of action, much less decisive and corrective / preventative = action.
 
What both governmental agencies need are about = 50% fewer=20 high paid lawyers, and about 100% more lower paid = investigators.
 
----- Original Message -----=20
From: Bob = Raible
Sent: Friday, June 28, 2002 12:07 AM
Subject: Re: [CANSLIM] nice article

Thanks, my eyes are getting old. I missed seeing the second line of = the link.=20

As far as the article is concerned, it is my belief that the states = have=20 always had the responsibility to protect the interests of their = respective=20 citizens. Fraud is after all fraud, and has always been a crime, no = matter what=20 jurisdiction it occurs in.=20

  Tom Worley <stkguru@bellsouth.net> wrote:=20 still=20 works tonight for me, Bob, but I had to copy the second line of = the
link in=20 to get it. Here is the start of the article:

Eliot Ness goes to = Washington
Commentary: But Wall Street remains = untouchable

By David=20 Callaway, CBS.MarketWatch.com
Last Update: 12:02 AM ET June 27,=20 2002




WASHINGTON (CBS.MW) - As the last remnants of = investor=20 confidence in
the integrity of the global financial markets burned = to the=20 ground early
Wednesday, the curious sounds of a fiddle could be = heard=20 wafting over the
nation's capital.



----- Original = Message=20 -----
From: "Bob Raible"
To:=20
Sent: Thursday, June 27, 2002 4:52=20 PM
Subject: Re: [CANSLIM] nice article


The link doesn't = seem to=20 work for me (perhaps it expired). Can you post
the article title so = that I=20 can search for it on MarketWatch? TIA.

--- Tom Worley=20 wrote:
> worth reading, if you care about = how=20 politics, and politicians,
> continue to
> interfere with = cleaning=20 up Wall Street and all the crooked accounting
> and
>=20 = practices.
>
>
http://www.marketwatch.com/news/yhoo/story.= asp?source=3Dblq/yhoo&siteid=3Dyhoo&d
>=20 = ist=3Dyhoo&guid=3D%7B21ECED80%2DBB29%2D4752%2D99F2%2D5340393A4A24%7D<= BR>>=20 Tom Worley
> stkguru@bellsouth.net
> AIM:=20 TexWorley
>
>
>
> -
> -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
> -In the email body, write = "subscribe=20 canslim" or
> -"unsubscribe canslim". Do not use quotes in your=20 email.


=3D=3D=3D=3D=3D
Bob Raible
Sunny San=20 = Jose,CA

__________________________________________________
Do = You=20 Yahoo!?
Yahoo! - Official partner of 2002 FIFA World=20 Cup
http://fifaworldcup.yahoo.com

-
-To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
-In the email body, write "subscribe = canslim" or
-"unsubscribe canslim". Do not use quotes in your=20 email.

> ATTACHMENT part 2 image/gif = name=3Dcallaway_67x67.gif >=20 ATTACHMENT part 3 image/gif name=3Demail.gif > ATTACHMENT part 4 = image/gif=20 name=3Dprinter.gif > ATTACHMENT part 5 image/gif = name=3Dalert-new.gif=20

Bob Raible
Sunny San Jose,CA



Do You Yahoo!?
Sign-up=20 for Video Highlights of 2002 FIFA World Cup ------=_NextPart_000_0147_01C21E35.51862140-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] S&P index "M" Date: 27 Jun 2002 19:31:49 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C21E3B.30FC2590 Content-Type: text/plain The next turn high should occur within four trading days of 7-15. There are two likely price targets for this turn. The first target is the 1006-1011 range, which corresponds to a .382 retracement of the move from the high made on 5-17 to the low made on 6-26. The second target is 1048 which corresponds to a .618 retracement of the same move from 5-17 to 6-26. If the first target is taken out on strength prior to the turn window then look for the market to move up to the second target before turning lower. E -----Original Message----- Sent: Saturday, June 15, 2002 6:01 PM The next significant low turn for the S&P should occur within four trading days of 6-26 with the turn most likely happening during the last half of the window from 6-26 to 7-2. The target price range is 965 - 958. If the turn comes early in the window it is more likely to be in the high part of the range and if the turn comes late in the window it is more likely to be in the low part of the range. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C21E3B.30FC2590 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

The next turn high should occur within= four trading days of 7-15. There are two likely price targets for this turn. The first target is the 1006-1011 range, which corresponds to a .382 retracemen= t of the move from the high made on 5-17 to the low made on 6-26. The second tar= get is 1048 which corresponds to a .618 retracement of the same move from 5-17 = to 6-26.

 

If the first target is taken out on st= rength prior to the turn window then look for the market to move up to the second target before turning lower.

 

E

 <= /span>

-----Original Message-----
From: Hill, Ernie
Sent: Saturday, June 15, 200= 2 6:01 PM
To: 'canslim@lists.xmission.= com'
Subject: RE:[CANSLIM] S&P index "M"

 <= /o:p>

The next significan= t low turn for the S&P should occur within four trading days of 6-26 with the turn most likely happening during the last half of the window from 6-26 to = 7-2. The target price range is 965 - 958. If the turn comes early in the window = it is more likely to be in the high part of the range and if the turn comes late = in the window it is more likely to be in the low part of the range.=

 

E=

 

 



******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
------_=_NextPart_001_01C21E3B.30FC2590-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" Subject: RE: [CANSLIM] Market geometry another try Date: 28 Jun 2002 07:47:11 -0400 Ernie, That graphic is amazing, and frightening. Thanks for sharing it. John C. -----Original Message----- Sent: Thursday, June 27, 2002 12:51 PM Apparently my company blocks access to the FTP site or Explorer is not capable of communicating with it. I will try to make the file smaller. Here goes. This is some pretty amazing symmetry. Notice the H&S pattern. Looks very bearish for some time to come. E <> ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: [CANSLIM] lighter side of corp deception Date: 27 Jun 2002 18:17:53 -0500 REMAINING U.S. CEOs MAKE A BREAK FOR IT-- Band of Roving Chief Executives Spotted Miles from Mexican Border San Antonio, Texas(Reuters) - Unwilling to wait for their eventual indictments, the 10,000 remaining CEOs of public U.S. companies made a break for it yesterday, heading for the Mexican border, plundering towns and villages along the way, and writing the entire rampage off as a marketing expense. "They came into my home, made me pay for my own TV, then double-booked the revenues," said Rachel Sanchez of Las Cruces, just north of El Paso. "Right in front of my daughters." Calling themselves the CEOnistas, the chief executives were first spotted last night along the Rio Grande River near Quemado, where they bought each of the town's 320 residents by borrowing against pension fund gains. By late this morning, the CEOnistas had arbitrarily inflated Quemado's population to 960, and declared a 200 percent profit for the fiscal second quarter. This morning, the outlaws bought the city of Waco, transferred its under performing areas to a private partnership, and sent a bill to California for $4.5 billion. Law enforcement officials and disgruntled shareholders riding posse were noticeably frustrated. "First of all, they're very hard to find because they always stand behind their numbers, and the numbers keep shifting," said posse spokesman Dean Levitt. "And every time we yell 'Stop in the name of the shareholders!', they refer us to investor relations. I've been on the phone all damn morning." "YOU'LL NEVER AUDIT ME ALIVE!" The pursuers said they have had some success, however, by preying on a common executive weakness. "Last night we caught about 24 of them by disguising one of our female officers as a CNBC anchor," said U.S. Border Patrol spokesperson Janet Lewis. "It was like moths to a flame." Also, teams of agents have been using high-powered listening devices to scan the plains for telltale sounds of the CEOnistas. "Most of the time we just hear leaves rustling or cattle flicking their tails," said Lewis, "but occasionally we'll pick up someone saying, 'I was totally out of the loop on that.'" Among former and current CEOs apprehended with this method were Computer Associates' Sanjay Kumar, Adelphia's John Rigas, Enron's Ken Lay, Joseph Nacchio of Qwest, Joseph Berardino of Arthur Andersen, and every Global Crossing CEO since 1997. ImClone Systems' Sam Waksal and Dennis Kozlowski of Tyco were not allowed to join the CEOnistas as they have already been indicted. So far, about 50 chief executives have been captured, including Martha Stewart, who was detained south of El Paso where she had cut through a barbed-wire fence at the Zaragosa border crossing off Highway 375. "She would have gotten away, but she was stopping motorists to ask for marzipan and food coloring so she could make edible snowman place settings, using the cut pieces of wire for the arms," said Border Patrol officer Jennette Cushing. "We put her in cell No. 7, because the morning sun really adds texture to the stucco walls." While some stragglers are believed to have successfully crossed into Mexico, Cushing said the bulk of the CEOnistas have holed themselves up at the Alamo. "No, not the fort, the car rental place at the airport," she said. "They're rotating all the tires on the minivans and accounting for each change as a sale." ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] lighter side of corp deception Date: 28 Jun 2002 09:37:35 EDT Thanks Ernie for sharing this serious work of real fiction! Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: [CANSLIM] Now Xerox? Date: 28 Jun 2002 08:46:42 -0500 Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!) Kelly - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "zillagirl" Subject: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700 Date: 28 Jun 2002 08:46:07 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_0009_01C21E78.236007C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable tom-I am trading a few small caps right now also. Do you go to the = boards at clearstation. Some pretty good advice sometime and a trader = called dynodino(who was written up in IBD a couple of weeks ago,) trades = small and has had good success. Please let me know if you start posting = on their boards-will follow. ------=_NextPart_000_0009_01C21E78.236007C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
tom-I am trading a few small caps right = now=20 also.  Do you go to the boards at clearstation.  Some pretty = good=20 advice sometime and a trader called dynodino(who was written up in IBD a = couple=20 of weeks ago,) trades small and has had good success. Please let me know = if you=20 start posting on their boards-will follow.
------=_NextPart_000_0009_01C21E78.236007C0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 10:47:58 -0400 They all used EBITDA.. which Warren Buffett in May said is the currency of a crook ... they all have a smell about them. ----- Original Message ----- Sent: Friday, June 28, 2002 9:46 AM Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!) Kelly - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 10:29:48 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_000A_01C21E8E.BABAF880 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Here's some background on earnings from Briefing.com for those less = familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go back *years*.... P-U.... =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D The Earnings Confidence Problem - Part I=20 25-Jun-02 14:18 ET=20 =20 [BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous market problems, the earnings confidence problem is not = receiving the attention it should. Here is more on the topic.=20 The Market Problems The current market suffers from the following ailments:=20 a.. Distrust of management - from excessive comp to outright = fraud. Tyco is the best example.=20 b.. Distrust of accounting - Andersen=20 c.. Distrust of analysts - Blodgett These three problems get all the press and attention.=20 But a deeper problem is afflicting the buy side - a growing = concern about the validity of earnings reporting.=20 The Earnings Problem Accounting rules have always been flexible enough to allow most = companies a far amount of flexibility both in revenue recognition and = expense recognition. Even when earnings reporting was somewhat = standardized, some companies were criticized for how they recognized = revenue and expense. But in the last five years, the types of earnings that companies = have driven Wall Street to focus upon have become questionable.=20 There are four different basic types of earnings today: a.. GAAP earnings: Generally Accepted Accounting Principles - A = standards board that publishes rules on how expenses should be booked. = Generally, all types of expenses are deducted.=20 b.. As reported: Earnings excluding extraordinary items (as = defined by GAAP), changes in accounting charges, charges related to = discontinued operations (plant closings, etc.)=20 c.. Operating earnings: As reported earnings but excluding = "one-time" charges which do not fit the GAAP definition of = "extraordinary"=20 d.. Proforma earnings: Loosely defined "as if" analysis. = Originally designed to provide comparison data for mergers. GAAP accounting principles are guidelines for accountants, not = investors. The GAAP standards are guidelines for how a company should = keep its books, not how the company should report earnings.=20 For example, a basic principle behind GAAP is that revenue must be = booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in cash, up = front, the entire $200,000 cannot be booked in the quarter in which the = contract is signed. However, the revenue does not have to be booked as = $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a contract = can be booked in each quarter.=20 GAAP covers expenses as well as revenues, of course.=20 As reported earnings are the historical standard for earnings. = Until the mid-eighties, in fact, there was little debate over how = earnings should be reported as everyone used "as reported" earnings as a = standard. For the most part, there was no difference between "as = reported" earnings and any other methodology because one-time charges = were not as common. Furthermore, companies did not actively seek, as = they do today, to have certain expenses classified as "one-time."=20 Operating earnings are designed to allow comparisons between = quarters and years for a company. One time charges in any quarter are = excluded because these would distort the comparison. Operating earnings = became important when it became clear that Wall Street would completely = ignore any "one-time" charges, and focus solely on earnings growth. This = provided a strong incentive for companies to classify large expenses as = one-time charges.=20 An example of one company's aggressive attempt to get charges = classified as one-time was Excite's 1997 $40 million marketing deal with = Netscape. Now long forgotten, Excite paid Netscape up-front for a = four-year deal to be the principal search engine at the Netscape web = site. Excite tried to classify the entire $40 million payment as a = one-time charge in a single quarter. By doing so, Excite was almost = profitable. At Briefing we highlighted this event as an indicator of the = times. The SEC later forced Excite to restate the payment as a four-year = expense. But many, many companies were successful in getting major = expense outlays classified as "one-time" which improved income = statements.=20 The focus on operating expenses led to the development of the = "EBITDA" concept, which is "Earnings Before Interest, Taxes, = Depreciation, and Amortization." The EBITDA concept, which has to be = calculated from the line items shown on an operating earnings report, = was designed to show the basic business model of the company, without = regard to cost-of-capital. If capital were free, then EBITDA would be = earnings.=20 The focus on EBITDA has fallen from favor in recent times for one = single reason: Interest. The interest payments on bonds, which are = excluded from EBITDA calculations, has ruined many debt-ridden.=20 Only through focusing on EBITDA projections could a company like = Exodus Communications raise so much debt that their interest payments = exceeded their gross margin. That won't happen again for decades.=20 Pro-forma earnings are very hard to define today. The original = purpose of pro-forma earnings calculations was to show the effects of a = merger in a format that allowed a single income statement to combine = only the operating models of each company, and exclude the actual costs = of making the merger.=20 Under the pro-forma for merger guidelines, pro-forma calculations = could only be used for one year, after which the company should start = reporting as-reported earnings for the combined entities.=20 However, companies soon learned that as long as they made a new = merger each year, they could continue reporting pro-forma earnings = indefinitely. This "flexibility" in how earnings could be reported led = to "pro-forma" meanings that were never intended, including stock option = compensation expenses and R&D "in-progress" write-offs.=20 The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the unsung = hero of bringing pro-forma earnings to the popularity they enjoyed. She = did so by diverting attention away from standardized earnings reports.=20 Ms. Covey invented the concept of "EBITMA" which was defined = "EBITDA plus marketing." She was successful in convincing Wall Street = that marketing costs were equivalent to capital investment, a concept = which looks ridiculous in retrospect. But in the early days of the = internet, marketing and brand development was equated with capturing = "territory" which, presumably, everyone thought could never be lost. = (Tell that to investors in Excite.)=20 Nevertheless, Joy Covey was successful in convincing investors, = particularly convertible bond investors, to focus on the EBITMA concept. = It was a crucial element in selling the $2 billion in Amazon.com bonds = that built the company. After all, if you ignore the interest payments = on the bond, and you consider spending the bond principal on marketing = as "not an expense," Amazon's income statement would look great!.=20 The problem, of course, is that bond holders don't care about = earnings statements. They just care about the payments. The jury is = still out on whether Amazon.com will eventually be able to pay the = principal on their bonds. (See the Stock Brief of: 14-May-01 = Amazon.com's Bond Problem.=20 After Joy Covey established the principle of EBITMA, internet = companies began using all types of non-earnings related statistics to = show growth. Page views, registered users, unique monthly visitors are = just some of the meaningless examples that became popular. (Surely you = remember.) When "non-revenue statistics" becoming drivers of stock prices, = (around 1998) pro-forma earnings increased in popularity. After all, a = pro-forma income statement that showed some kind of earnings progress = looked a lot more "real" than the phony statistics being coughed up by = internet companies.=20 But when the bubble collapsed, everyone began questioning earnings = quality. It didn't happen overnight, and it didn't happen all at once. = But as a long, slow evolutionary force, earnings confidence has eroded, = and is still present today.=20 The Aftermath The evolution of earnings focus over the past 10 years has led us = to today's situation: a basic lack of confidence in many companies = income statements.=20 Amazon.com still reports earnings on a pro-forma basis. In their = Q1 income statement, you can take your choice of earnings:=20 a.. Pro-forma: $25 million profit=20 b.. Operating: $2 million profit=20 c.. Net (as-reported): $(23) million loss The earnings format you choose is not relevant, frankly. It is far = more important to the stock value what format the guy next to you = chooses. After all, value to you is primarily determined by what someone = else will pay, not by what you pay.=20 Even GE Even solid companies like General Electric have come under = scrutiny because of the extremely complex financial situations. = Unraveling a GE earnings report has now become a major task. Where GE = only had to beat earnings estimates by $0.01 each quarter to count on an = ever increasing stock price, today that is not enough. GE stock is down 50% in the last two years despite having only = missed one earnings estimate in the last four years and having continual = year-over-year growth in earnings averaging 15%.=20 This bears repeating: GE, as representative a stock as you can get = of the overall economy, is down 50% since September 2000. During that = time period, they have grown earnings at over 11% (year-to-year basis) = and beat or met earnings estimates every quarter except one. The one = shortfall was October 2001, the quarter of the Attack on America and GE = was only one penny short.=20 Why can't GE get any respect? The only definable long-term culprit = is a decline in confidence in GE's earnings numbers. During the same = eight quarter time-period, GE revenue growth rate has been consistently = falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has = steadily fallen, and even was negative for most of 2001.=20 Flat or declining revenue combined with continuing increasing = earnings leads to only one conclusion: you can't keep this up forever. = Eventually, GE will be unable to book the earnings number higher than = previous years. When (if), that happens, GE stock will be further = devastated. Until then, the slow erosion of confidence causes the stock = price to decline. GE is just one good example of how confidence in earnings numbers = has been eroding over time since the bubble collapse. Until greater = confidence in earnings numbers is established, you can expect further = difficulties in the market overall.=20 Standard & Poors is now pushing for a standardized calculation for = earnings reporting, called Core Earnings. We will have more on this = concept in Part II of this story, to appear later this week. Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com=20 =20 ----- Original Message -----=20 From: Winston Little=20 To: canslim@lists.xmission.com=20 Sent: Friday, June 28, 2002 9:47 AM Subject: Re: [CANSLIM] Now Xerox? They all used EBITDA.. which Warren Buffett in May said is the = currency of a crook ... they all have a smell about them. ----- Original Message ----- From: "Kelly Short" To: Sent: Friday, June 28, 2002 9:46 AM Subject: [CANSLIM] Now Xerox? Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in = boy!) Kelly ------=_NextPart_000_000A_01C21E8E.BABAF880 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Here's some background on earnings from Briefing.com for those = less=20 familiar with EBITDA, etc.
 
--Katherine
 
PS Xerox's accounting woes go back *years*.... P-U....
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
 
The Earnings Confidence Problem - Part = I
25-Jun-02 14:18=20 ET

[BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous=20 market problems, the earnings confidence problem is not receiving = the=20 attention it should. Here is more on the topic.

The Market Problems

The current market suffers from the following ailments:

  • Distrust of management - from excessive comp to outright = fraud. Tyco=20 is the best example.=20
  • Distrust of accounting - Andersen=20
  • Distrust of analysts - Blodgett

These three problems get all the press and attention.

But a deeper problem is afflicting the buy side - a growing = concern=20 about the validity of earnings reporting.

The Earnings Problem

Accounting rules have always been flexible enough to allow most = companies a far amount of flexibility both in revenue recognition = and=20 expense recognition. Even when earnings reporting was somewhat=20 standardized, some companies were criticized for how they = recognized=20 revenue and expense.

But in the last five years, the types of earnings that = companies=20 have driven Wall Street to focus upon have become questionable. =

There are four different basic types of earnings today:

  • GAAP earnings: Generally Accepted Accounting Principles - A=20 standards board that publishes rules on how expenses should be = booked.=20 Generally, all types of expenses are deducted.=20
  • As reported: Earnings excluding extraordinary items (as = defined by=20 GAAP), changes in accounting charges, charges related to = discontinued=20 operations (plant closings, etc.)=20
  • Operating earnings: As reported earnings but excluding = "one-time"=20 charges which do not fit the GAAP definition of "extraordinary"=20
  • Proforma earnings: Loosely defined "as if" analysis. = Originally=20 designed to provide comparison data for mergers.

GAAP accounting principles are guidelines for = accountants, not=20 investors. The GAAP standards are guidelines for how a company = should keep=20 its books, not how the company should report earnings.

For example, a basic principle behind GAAP is that revenue must = be=20 booked over the time period for which services and product are = delivered.=20 If a two year $200,000 contract is pre-paid in cash, up front, the = entire=20 $200,000 cannot be booked in the quarter in which the contract is = signed.=20 However, the revenue does not have to be booked as $25,000 per = quarter for=20 two years. A fair amount of flexibility, sometimes negotiated by = auditors,=20 is possible for how much of a contract can be booked in each = quarter.

GAAP covers expenses as well as revenues, of course.

As reported earnings are the historical standard for = earnings.=20 Until the mid-eighties, in fact, there was little debate over how = earnings=20 should be reported as everyone used "as reported" earnings as a = standard.=20 For the most part, there was no difference between "as reported" = earnings=20 and any other methodology because one-time charges were not as = common.=20 Furthermore, companies did not actively seek, as they do today, to = have=20 certain expenses classified as "one-time."

Operating earnings are designed to allow comparisons = between=20 quarters and years for a company. One time charges in any quarter = are=20 excluded because these would distort the comparison. Operating = earnings=20 became important when it became clear that Wall Street would = completely=20 ignore any "one-time" charges, and focus solely on earnings = growth. This=20 provided a strong incentive for companies to classify large = expenses as=20 one-time charges.

An example of one company's aggressive attempt to get charges=20 classified as one-time was Excite's 1997 $40 million marketing = deal with=20 Netscape. Now long forgotten, Excite paid Netscape up-front for a=20 four-year deal to be the principal search engine at the Netscape = web site.=20 Excite tried to classify the entire $40 million payment as a = one-time=20 charge in a single quarter. By doing so, Excite was almost = profitable. At=20 Briefing we highlighted this event as an indicator of the times. = The SEC=20 later forced Excite to restate the payment as a four-year expense. = But=20 many, many companies were successful in getting major expense = outlays=20 classified as "one-time" which improved income statements.

The focus on operating expenses led to the development of the = "EBITDA"=20 concept, which is "Earnings Before Interest, Taxes, Depreciation, = and=20 Amortization." The EBITDA concept, which has to be calculated from = the=20 line items shown on an operating earnings report, was designed to = show the=20 basic business model of the company, without regard to = cost-of-capital. If=20 capital were free, then EBITDA would be earnings.

The focus on EBITDA has fallen from favor in recent times for = one=20 single reason: Interest. The interest payments on bonds, = which are=20 excluded from EBITDA calculations, has ruined many debt-ridden. =

Only through focusing on EBITDA projections could a company = like Exodus=20 Communications raise so much debt that their interest payments = exceeded=20 their gross margin. That won't happen again for decades.

Pro-forma earnings are very hard to define today. The = original=20 purpose of pro-forma earnings calculations was to show the effects = of a=20 merger in a format that allowed a single income statement to = combine only=20 the operating models of each company, and exclude the actual costs = of=20 making the merger.

Under the pro-forma for merger guidelines, pro-forma = calculations could=20 only be used for one year, after which the company should start = reporting=20 as-reported earnings for the combined entities.

However, companies soon learned that as long as they made a new = merger=20 each year, they could continue reporting pro-forma earnings = indefinitely.=20 This "flexibility" in how earnings could be reported led to = "pro-forma"=20 meanings that were never intended, including stock option = compensation=20 expenses and R&D "in-progress" write-offs.

The Erosion of Earnings Confidence

The now long-departed CFO of Amazon.com, Joy Covey, was the = unsung hero=20 of bringing pro-forma earnings to the popularity they enjoyed. She = did so=20 by diverting attention away from standardized earnings reports. =

Ms. Covey invented the concept of "EBITMA" which was defined = "EBITDA=20 plus marketing." She was successful in convincing Wall Street that = marketing costs were equivalent to capital investment, a = concept=20 which looks ridiculous in retrospect. But in the early days of the = internet, marketing and brand development was equated with = capturing=20 "territory" which, presumably, everyone thought could never be = lost. (Tell=20 that to investors in Excite.)

Nevertheless, Joy Covey was successful in convincing investors, = particularly convertible bond investors, to focus on the EBITMA = concept.=20 It was a crucial element in selling the $2 billion in Amazon.com = bonds=20 that built the company. After all, if you ignore the interest = payments on=20 the bond, and you consider spending the bond principal on = marketing as=20 "not an expense," Amazon's income statement would look great!. =

The problem, of course, is that bond holders don't care about = earnings=20 statements. They just care about the payments. The jury is still = out on=20 whether Amazon.com will eventually be able to pay the principal on = their=20 bonds. (See the Stock Brief of: 14-May-01=20 Amazon.com's Bond Problem.

After Joy Covey established the principle of EBITMA, internet = companies=20 began using all types of non-earnings related statistics to show = growth.=20 Page views, registered users, unique monthly visitors are just = some of the=20 meaningless examples that became popular. (Surely you = remember.)

When "non-revenue statistics" becoming drivers of stock prices, = (around=20 1998) pro-forma earnings increased in popularity. After all, a = pro-forma=20 income statement that showed some kind of earnings progress = looked=20 a lot more "real" than the phony statistics being coughed up by = internet=20 companies.

But when the bubble collapsed, everyone began = questioning=20 earnings quality. It didn't happen overnight, and it didn't happen = all at=20 once. But as a long, slow evolutionary force, earnings confidence = has=20 eroded, and is still present today.

The Aftermath

The evolution of earnings focus over the past 10 years has led = us to=20 today's situation: a basic lack of confidence in many companies = income=20 statements.

Amazon.com still reports earnings on a pro-forma basis. In = their Q1=20 income statement, you can take your choice of earnings:

  • Pro-forma: $25 million profit=20
  • Operating: $2 million profit=20
  • Net (as-reported): $(23) million loss

The earnings format you choose is not relevant, frankly. = It is=20 far more important to the stock value what format the guy next = to you=20 chooses.

After all, value to you is primarily determined by what = someone=20 else will pay, not by what you pay.

Even GE

Even solid companies like General Electric have come under = scrutiny=20 because of the extremely complex financial situations. Unraveling = a GE=20 earnings report has now become a major task. Where GE only had to = beat=20 earnings estimates by $0.01 each quarter to count on an ever = increasing=20 stock price, today that is not enough.

GE stock is down 50% in the last two years despite having = only=20 missed one earnings estimate in the last four years and having = continual=20 year-over-year growth in earnings averaging 15%.

This bears repeating: GE, as representative a stock as you can = get of=20 the overall economy, is down 50% since September 2000. During that = time=20 period, they have grown earnings at over 11% (year-to-year basis) = and beat=20 or met earnings estimates every quarter except one. The one = shortfall was=20 October 2001, the quarter of the Attack on America and GE was only = one=20 penny short.

Why can't GE get any respect? The only definable long-term = culprit is a=20 decline in confidence in GE's earnings numbers. During the same = eight=20 quarter time-period, GE revenue growth rate has been consistently = falling.=20 From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has = steadily=20 fallen, and even was negative for most of 2001.

Flat or declining revenue combined with continuing increasing = earnings=20 leads to only one conclusion: you can't keep this up forever.=20 Eventually, GE will be unable to book the earnings number = higher than=20 previous years. When (if), that happens, GE stock will be further=20 devastated. Until then, the slow erosion of confidence causes the = stock=20 price to decline.

GE is just one good example of how confidence in earnings = numbers has=20 been eroding over time since the bubble collapse. Until greater = confidence=20 in earnings numbers is established, you can expect further = difficulties in=20 the market overall.

Standard & Poors is now pushing for a standardized = calculation for=20 earnings reporting, called Core Earnings. We will have more on = this=20 concept in Part II of this story, to appear later this week.

Comments may be emailed to the author, Robert V. Green, at rvgreen@briefing.com=20

----- Original Message -----
From:=20 Winston=20 Little
Sent: Friday, June 28, 2002 = 9:47 AM
Subject: Re: [CANSLIM] Now = Xerox?

They all used EBITDA.. which Warren Buffett in May said = is the=20 currency of a
crook ... they all have a smell about = them.

-----=20 Original Message -----
From: "Kelly Short" <kelly.short@neoris.com>
= <canslim@lists.xmission.com= >
Sent:=20 Friday, June 28, 2002 9:46 AM
Subject: [CANSLIM] Now=20 Xerox?


Enron, WorldCom- nothing. Xerox off by $6B. (Yes- = that's "B"=20 as in boy!)

Kelly

------=_NextPart_000_000A_01C21E8E.BABAF880-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] Now Xerox? Date: 28 Jun 2002 10:48:06 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C21EBB.31D9B220 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Katherine, =20 Thanks for the article (I haven't read it yet but I'm sure it will = provide a nice distraction this afternoon). My cohorts and I are = discussing which company will be the next whale to wash ashore with = accounting scandal. Perhaps the group would like to predict which = company will be next (because Xerox/WorldCom are not the last). I'll = start: =20 These are just hunches at this point- I'll be researching them later = today: 1. Something in the telecom/media sector- AOL Time Warner maybe? 2. Something in the technology sector- Sun or Apple? 3. anything from the Andersen Top 20 Client list =20 I'd enjoy hearing other's predictions. Perhaps we should start a pool- = people could pick squares- at least somebody would make money! =20 Kelly -----Original Message----- Sent: Friday, June 28, 2002 10:30 AM Here's some background on earnings from Briefing.com for those less = familiar with EBITDA, etc. =20 --Katherine =20 PS Xerox's accounting woes go back *years*.... P-U.... =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =20 The Earnings Confidence Problem - Part I=09 25-Jun-02 14:18 ET=09 =09 [BRIEFING.COM - Robert V. Green] In the midst of the more scandalous = market problems, the earnings confidence problem is not receiving the = attention it should. Here is more on the topic.=20 The Market Problems The current market suffers from the following ailments:=20 * Distrust of management - from excessive comp to outright fraud. Tyco = is the best example.=20 * Distrust of accounting - Andersen=20 * Distrust of analysts - Blodgett These three problems get all the press and attention.=20 But a deeper problem is afflicting the buy side - a growing concern = about the validity of earnings reporting.=20 The Earnings Problem Accounting rules have always been flexible enough to allow most = companies a far amount of flexibility both in revenue recognition and = expense recognition. Even when earnings reporting was somewhat = standardized, some companies were criticized for how they recognized = revenue and expense. But in the last five years, the types of earnings that companies have = driven Wall Street to focus upon have become questionable.=20 There are four different basic types of earnings today: * GAAP earnings: Generally Accepted Accounting Principles - A standards = board that publishes rules on how expenses should be booked. Generally, = all types of expenses are deducted.=20 * As reported: Earnings excluding extraordinary items (as defined by = GAAP), changes in accounting charges, charges related to discontinued = operations (plant closings, etc.)=20 * Operating earnings: As reported earnings but excluding "one-time" = charges which do not fit the GAAP definition of "extraordinary"=20 * Proforma earnings: Loosely defined "as if" analysis. Originally = designed to provide comparison data for mergers. GAAP accounting principles are guidelines for accountants, not = investors. The GAAP standards are guidelines for how a company should = keep its books, not how the company should report earnings.=20 For example, a basic principle behind GAAP is that revenue must be = booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in cash, up = front, the entire $200,000 cannot be booked in the quarter in which the = contract is signed. However, the revenue does not have to be booked as = $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a contract = can be booked in each quarter.=20 GAAP covers expenses as well as revenues, of course.=20 As reported earnings are the historical standard for earnings. Until the = mid-eighties, in fact, there was little debate over how earnings should = be reported as everyone used "as reported" earnings as a standard. For = the most part, there was no difference between "as reported" earnings = and any other methodology because one-time charges were not as common. = Furthermore, companies did not actively seek, as they do today, to have = certain expenses classified as "one-time."=20 Operating earnings are designed to allow comparisons between quarters = and years for a company. One time charges in any quarter are excluded = because these would distort the comparison. Operating earnings became = important when it became clear that Wall Street would completely ignore = any "one-time" charges, and focus solely on earnings growth. This = provided a strong incentive for companies to classify large expenses as = one-time charges.=20 An example of one company's aggressive attempt to get charges classified = as one-time was Excite's 1997 $40 million marketing deal with Netscape. = Now long forgotten, Excite paid Netscape up-front for a four-year deal = to be the principal search engine at the Netscape web site. Excite tried = to classify the entire $40 million payment as a one-time charge in a = single quarter. By doing so, Excite was almost profitable. At Briefing = we highlighted this event as an indicator of the times. The SEC later = forced Excite to restate the payment as a four-year expense. But many, = many companies were successful in getting major expense outlays = classified as "one-time" which improved income statements.=20 The focus on operating expenses led to the development of the "EBITDA" = concept, which is "Earnings Before Interest, Taxes, Depreciation, and = Amortization." The EBITDA concept, which has to be calculated from the = line items shown on an operating earnings report, was designed to show = the basic business model of the company, without regard to = cost-of-capital. If capital were free, then EBITDA would be earnings.=20 The focus on EBITDA has fallen from favor in recent times for one single = reason: Interest. The interest payments on bonds, which are excluded = from EBITDA calculations, has ruined many debt-ridden.=20 Only through focusing on EBITDA projections could a company like Exodus = Communications raise so much debt that their interest payments exceeded = their gross margin. That won't happen again for decades.=20 Pro-forma earnings are very hard to define today. The original purpose = of pro-forma earnings calculations was to show the effects of a merger = in a format that allowed a single income statement to combine only the = operating models of each company, and exclude the actual costs of making = the merger.=20 Under the pro-forma for merger guidelines, pro-forma calculations could = only be used for one year, after which the company should start = reporting as-reported earnings for the combined entities.=20 However, companies soon learned that as long as they made a new merger = each year, they could continue reporting pro-forma earnings = indefinitely. This "flexibility" in how earnings could be reported led = to "pro-forma" meanings that were never intended, including stock option = compensation expenses and R&D "in-progress" write-offs.=20 The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the unsung hero = of bringing pro-forma earnings to the popularity they enjoyed. She did = so by diverting attention away from standardized earnings reports.=20 Ms. Covey invented the concept of "EBITMA" which was defined "EBITDA = plus marketing." She was successful in convincing Wall Street that = marketing costs were equivalent to capital investment, a concept which = looks ridiculous in retrospect. But in the early days of the internet, = marketing and brand development was equated with capturing "territory" = which, presumably, everyone thought could never be lost. (Tell that to = investors in Excite.)=20 Nevertheless, Joy Covey was successful in convincing investors, = particularly convertible bond investors, to focus on the EBITMA concept. = It was a crucial element in selling the $2 billion in Amazon.com bonds = that built the company. After all, if you ignore the interest payments = on the bond, and you consider spending the bond principal on marketing = as "not an expense," Amazon's income statement would look great!.=20 The problem, of course, is that bond holders don't care about earnings = statements. They just care about the payments. The jury is still out on = whether Amazon.com will eventually be able to pay the principal on their = bonds. (See the Stock Brief of: 14-May-01 = Amazon.com's Bond Problem.=20 After Joy Covey established the principle of EBITMA, internet companies = began using all types of non-earnings related statistics to show growth. = Page views, registered users, unique monthly visitors are just some of = the meaningless examples that became popular. (Surely you remember.) When "non-revenue statistics" becoming drivers of stock prices, (around = 1998) pro-forma earnings increased in popularity. After all, a pro-forma = income statement that showed some kind of earnings progress looked a lot = more "real" than the phony statistics being coughed up by internet = companies.=20 But when the bubble collapsed, everyone began questioning earnings = quality. It didn't happen overnight, and it didn't happen all at once. = But as a long, slow evolutionary force, earnings confidence has eroded, = and is still present today.=20 The Aftermath The evolution of earnings focus over the past 10 years has led us to = today's situation: a basic lack of confidence in many companies income = statements.=20 Amazon.com still reports earnings on a pro-forma basis. In their Q1 = income statement, you can take your choice of earnings:=20 * Pro-forma: $25 million profit=20 * Operating: $2 million profit=20 * Net (as-reported): $(23) million loss The earnings format you choose is not relevant, frankly. It is far more = important to the stock value what format the guy next to you chooses. After all, value to you is primarily determined by what someone else = will pay, not by what you pay.=20 Even GE Even solid companies like General Electric have come under scrutiny = because of the extremely complex financial situations. Unraveling a GE = earnings report has now become a major task. Where GE only had to beat = earnings estimates by $0.01 each quarter to count on an ever increasing = stock price, today that is not enough. GE stock is down 50% in the last two years despite having only missed = one earnings estimate in the last four years and having continual = year-over-year growth in earnings averaging 15%.=20 This bears repeating: GE, as representative a stock as you can get of = the overall economy, is down 50% since September 2000. During that time = period, they have grown earnings at over 11% (year-to-year basis) and = beat or met earnings estimates every quarter except one. The one = shortfall was October 2001, the quarter of the Attack on America and GE = was only one penny short.=20 Why can't GE get any respect? The only definable long-term culprit is a = decline in confidence in GE's earnings numbers. During the same eight = quarter time-period, GE revenue growth rate has been consistently = falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has = steadily fallen, and even was negative for most of 2001.=20 Flat or declining revenue combined with continuing increasing earnings = leads to only one conclusion: you can't keep this up forever. = Eventually, GE will be unable to book the earnings number higher than = previous years. When (if), that happens, GE stock will be further = devastated. Until then, the slow erosion of confidence causes the stock = price to decline. GE is just one good example of how confidence in earnings numbers has = been eroding over time since the bubble collapse. Until greater = confidence in earnings numbers is established, you can expect further = difficulties in the market overall.=20 Standard & Poors is now pushing for a standardized calculation for = earnings reporting, called Core Earnings. We will have more on this = concept in Part II of this story, to appear later this week. Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com=20 ----- Original Message -----=20 Sent: Friday, June 28, 2002 9:47 AM They all used EBITDA.. which Warren Buffett in May said is the currency = of a crook ... they all have a smell about them. ----- Original Message ----- Sent: Friday, June 28, 2002 9:46 AM Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!) Kelly _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C21EBB.31D9B220 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Katherine,
 
Thanks=20 for the article (I haven't read it yet but I'm sure it will provide a = nice=20 distraction this afternoon). My cohorts and I are discussing which = company will=20 be the next whale to wash ashore with accounting scandal. Perhaps the = group=20 would like to predict which company will be next (because Xerox/WorldCom = are not=20 the last). I'll start:
 
These=20 are just hunches at this point- I'll be researching them later=20 today:
1.=20 Something in the telecom/media sector- AOL Time Warner=20 maybe?
2.=20 Something in the technology sector- Sun or Apple?
3.=20 anything from the Andersen Top 20 Client list
 
I'd=20 enjoy hearing other's predictions. Perhaps we should start a pool- = people could=20 pick squares- at least somebody would make money!
 
Kelly
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Friday, June 28, 2002 = 10:30=20 AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 Now Xerox?

Here's some background on earnings from Briefing.com for = those less=20 familiar with EBITDA, etc.
 
--Katherine
 
PS Xerox's accounting woes go back *years*.... P-U....
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
 
The Earnings Confidence Problem - Part = I
25-Jun-02 14:18=20 ET

[BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous=20 market problems, the earnings confidence problem is not = receiving the=20 attention it should. Here is more on the topic.

The Market Problems

The current market suffers from the following ailments:

  • Distrust of management - from excessive comp to outright = fraud.=20 Tyco is the best example.=20
  • Distrust of accounting - Andersen=20
  • Distrust of analysts - Blodgett

These three problems get all the press and attention.

But a deeper problem is afflicting the buy side - a growing = concern=20 about the validity of earnings reporting.

The Earnings Problem

Accounting rules have always been flexible enough to allow = most=20 companies a far amount of flexibility both in revenue = recognition and=20 expense recognition. Even when earnings reporting was somewhat=20 standardized, some companies were criticized for how they = recognized=20 revenue and expense.

But in the last five years, the types of earnings that = companies have driven Wall Street to focus upon have become=20 questionable.

There are four different basic types of earnings today:

  • GAAP earnings: Generally Accepted Accounting Principles - = A=20 standards board that publishes rules on how expenses should be = booked.=20 Generally, all types of expenses are deducted.=20
  • As reported: Earnings excluding extraordinary items (as = defined by=20 GAAP), changes in accounting charges, charges related to = discontinued=20 operations (plant closings, etc.)=20
  • Operating earnings: As reported earnings but excluding = "one-time"=20 charges which do not fit the GAAP definition of = "extraordinary"=20
  • Proforma earnings: Loosely defined "as if" analysis. = Originally=20 designed to provide comparison data for mergers.

GAAP accounting principles are guidelines for = accountants, not=20 investors. The GAAP standards are guidelines for how a company = should=20 keep its books, not how the company should report earnings.

For example, a basic principle behind GAAP is that revenue = must be=20 booked over the time period for which services and product are=20 delivered. If a two year $200,000 contract is pre-paid in cash, = up=20 front, the entire $200,000 cannot be booked in the quarter in = which the=20 contract is signed. However, the revenue does not have to be = booked as=20 $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a = contract=20 can be booked in each quarter.

GAAP covers expenses as well as revenues, of course.

As reported earnings are the historical standard for = earnings.=20 Until the mid-eighties, in fact, there was little debate over = how=20 earnings should be reported as everyone used "as reported" = earnings as a=20 standard. For the most part, there was no difference between "as = reported" earnings and any other methodology because one-time = charges=20 were not as common. Furthermore, companies did not actively = seek, as=20 they do today, to have certain expenses classified as = "one-time."

Operating earnings are designed to allow comparisons = between=20 quarters and years for a company. One time charges in any = quarter are=20 excluded because these would distort the comparison. Operating = earnings=20 became important when it became clear that Wall Street would = completely=20 ignore any "one-time" charges, and focus solely on earnings = growth. This=20 provided a strong incentive for companies to classify large = expenses as=20 one-time charges.

An example of one company's aggressive attempt to get charges = classified as one-time was Excite's 1997 $40 million marketing = deal with=20 Netscape. Now long forgotten, Excite paid Netscape up-front for = a=20 four-year deal to be the principal search engine at the Netscape = web=20 site. Excite tried to classify the entire $40 million payment as = a=20 one-time charge in a single quarter. By doing so, Excite was = almost=20 profitable. At Briefing we highlighted this event as an = indicator of the=20 times. The SEC later forced Excite to restate the payment as a = four-year=20 expense. But many, many companies were successful in getting = major=20 expense outlays classified as "one-time" which improved income=20 statements.

The focus on operating expenses led to the development of the = "EBITDA" concept, which is "Earnings Before Interest, Taxes,=20 Depreciation, and Amortization." The EBITDA concept, which has = to be=20 calculated from the line items shown on an operating earnings = report,=20 was designed to show the basic business model of the company, = without=20 regard to cost-of-capital. If capital were free, then EBITDA = would be=20 earnings.

The focus on EBITDA has fallen from favor in recent times for = one=20 single reason: Interest. The interest payments on bonds, = which=20 are excluded from EBITDA calculations, has ruined many = debt-ridden.

Only through focusing on EBITDA projections could a company = like=20 Exodus Communications raise so much debt that their interest = payments=20 exceeded their gross margin. That won't happen again for = decades.

Pro-forma earnings are very hard to define today. The = original=20 purpose of pro-forma earnings calculations was to show the = effects of a=20 merger in a format that allowed a single income statement to = combine=20 only the operating models of each company, and exclude the = actual costs=20 of making the merger.

Under the pro-forma for merger guidelines, pro-forma = calculations=20 could only be used for one year, after which the company should = start=20 reporting as-reported earnings for the combined entities.

However, companies soon learned that as long as they made a = new=20 merger each year, they could continue reporting pro-forma = earnings=20 indefinitely. This "flexibility" in how earnings could be = reported led=20 to "pro-forma" meanings that were never intended, including = stock option=20 compensation expenses and R&D "in-progress" write-offs.

The Erosion of Earnings Confidence

The now long-departed CFO of Amazon.com, Joy Covey, was the = unsung=20 hero of bringing pro-forma earnings to the popularity they = enjoyed. She=20 did so by diverting attention away from standardized earnings = reports.=20

Ms. Covey invented the concept of "EBITMA" which was defined = "EBITDA=20 plus marketing." She was successful in convincing Wall Street = that=20 marketing costs were equivalent to capital investment, a = concept=20 which looks ridiculous in retrospect. But in the early days of = the=20 internet, marketing and brand development was equated with = capturing=20 "territory" which, presumably, everyone thought could never be = lost.=20 (Tell that to investors in Excite.)

Nevertheless, Joy Covey was successful in convincing = investors,=20 particularly convertible bond investors, to focus on the EBITMA = concept.=20 It was a crucial element in selling the $2 billion in Amazon.com = bonds=20 that built the company. After all, if you ignore the interest = payments=20 on the bond, and you consider spending the bond principal on = marketing=20 as "not an expense," Amazon's income statement would look = great!.

The problem, of course, is that bond holders don't care about = earnings statements. They just care about the payments. The jury = is=20 still out on whether Amazon.com will eventually be able to pay = the=20 principal on their bonds. (See the Stock Brief of: 14-May-01=20 Amazon.com's Bond Problem.

After Joy Covey established the principle of EBITMA, internet = companies began using all types of non-earnings related = statistics to=20 show growth. Page views, registered users, unique monthly = visitors are=20 just some of the meaningless examples that became popular. = (Surely you=20 remember.)

When "non-revenue statistics" becoming drivers of stock = prices,=20 (around 1998) pro-forma earnings increased in popularity. After = all, a=20 pro-forma income statement that showed some kind of = earnings=20 progress looked a lot more "real" than the phony statistics = being=20 coughed up by internet companies.

But when the bubble collapsed, everyone began = questioning=20 earnings quality. It didn't happen overnight, and it didn't = happen all=20 at once. But as a long, slow evolutionary force, earnings = confidence has=20 eroded, and is still present today.

The Aftermath

The evolution of earnings focus over the past 10 years has = led us to=20 today's situation: a basic lack of confidence in many companies = income=20 statements.

Amazon.com still reports earnings on a pro-forma basis. In = their Q1=20 income statement, you can take your choice of earnings:

  • Pro-forma: $25 million profit=20
  • Operating: $2 million profit=20
  • Net (as-reported): $(23) million loss

The earnings format you choose is not relevant, = frankly. It is=20 far more important to the stock value what format the guy = next to you=20 chooses.

After all, value to you is primarily determined by = what=20 someone else will pay, not by what you pay.

Even GE

Even solid companies like General Electric have come under = scrutiny=20 because of the extremely complex financial situations. = Unraveling a GE=20 earnings report has now become a major task. Where GE only had = to beat=20 earnings estimates by $0.01 each quarter to count on an ever = increasing=20 stock price, today that is not enough.

GE stock is down 50% in the last two years despite having = only=20 missed one earnings estimate in the last four years and having = continual=20 year-over-year growth in earnings averaging 15%.

This bears repeating: GE, as representative a stock as you = can get of=20 the overall economy, is down 50% since September 2000. During = that time=20 period, they have grown earnings at over 11% (year-to-year = basis) and=20 beat or met earnings estimates every quarter except one. The one = shortfall was October 2001, the quarter of the Attack on America = and GE=20 was only one penny short.

Why can't GE get any respect? The only definable long-term = culprit is=20 a decline in confidence in GE's earnings numbers. During the = same eight=20 quarter time-period, GE revenue growth rate has been = consistently=20 falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, = growth has=20 steadily fallen, and even was negative for most of 2001.

Flat or declining revenue combined with continuing increasing = earnings leads to only one conclusion: you can't keep this up = forever. Eventually, GE will be unable to book the earnings = number=20 higher than previous years. When (if), that happens, GE stock = will be=20 further devastated. Until then, the slow erosion of confidence = causes=20 the stock price to decline.

GE is just one good example of how confidence in earnings = numbers has=20 been eroding over time since the bubble collapse. Until greater=20 confidence in earnings numbers is established, you can expect = further=20 difficulties in the market overall.

Standard & Poors is now pushing for a standardized = calculation=20 for earnings reporting, called Core Earnings. We will have more = on this=20 concept in Part II of this story, to appear later this week.

Comments may be emailed to the author, Robert V. Green, at rvgreen@briefing.com=20

----- Original Message -----
From:=20 Winston=20 Little
Sent: Friday, June 28, 2002 = 9:47=20 AM
Subject: Re: [CANSLIM] Now = Xerox?

They all used EBITDA.. which Warren Buffett in May = said is=20 the currency of a
crook ... they all have a smell about=20 them.

----- Original Message -----
From: "Kelly Short" = <kelly.short@neoris.com>
= <canslim@lists.xmission.com= >
Sent:=20 Friday, June 28, 2002 9:46 AM
Subject: [CANSLIM] Now=20 Xerox?


Enron, WorldCom- nothing. Xerox off by $6B. (Yes- = that's=20 "B" as in boy!)

Kelly


For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C21EBB.31D9B220-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: RE: [CANSLIM] Now Xerox? Date: 28 Jun 2002 09:52:08 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_0022_01C21E89.778653C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Well I have a few votes. I vote TYC it is still trading at around 14. Emotionally I agree with AOL I cant stand them but I doubt they dissapear. My biggest call is our government. One day all this debt will catch up to them I have no idea when but we are now an empire so sooner or later we will crumble like those of the past. It sounds doomy and gloomy but eventually it will happen. -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Friday, June 28, 2002 9:48 AM To: canslim@lists.xmission.com Subject: RE: [CANSLIM] Now Xerox? Katherine, Thanks for the article (I haven't read it yet but I'm sure it will provide a nice distraction this afternoon). My cohorts and I are discussing which company will be the next whale to wash ashore with accounting scandal. Perhaps the group would like to predict which company will be next (because Xerox/WorldCom are not the last). I'll start: These are just hunches at this point- I'll be researching them later today: 1. Something in the telecom/media sector- AOL Time Warner maybe? 2. Something in the technology sector- Sun or Apple? 3. anything from the Andersen Top 20 Client list I'd enjoy hearing other's predictions. Perhaps we should start a pool- people could pick squares- at least somebody would make money! Kelly -----Original Message----- From: Katherine Malm [mailto:kmalm@earthlink.net] Sent: Friday, June 28, 2002 10:30 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] Now Xerox? Here's some background on earnings from Briefing.com for those less familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go back *years*.... P-U.... ========== The Earnings Confidence Problem - Part I 25-Jun-02 14:18 ET [BRIEFING.COM - Robert V. Green] In the midst of the more scandalous market problems, the earnings confidence problem is not receiving the attention it should. Here is more on the topic. The Market Problems The current market suffers from the following ailments: a.. Distrust of management - from excessive comp to outright fraud. Tyco is the best example. b.. Distrust of accounting - Andersen c.. Distrust of analysts - Blodgett These three problems get all the press and attention. But a deeper problem is afflicting the buy side - a growing concern about the validity of earnings reporting. The Earnings Problem Accounting rules have always been flexible enough to allow most companies a far amount of flexibility both in revenue recognition and expense recognition. Even when earnings reporting was somewhat standardized, some companies were criticized for how they recognized revenue and expense. But in the last five years, the types of earnings that companies have driven Wall Street to focus upon have become questionable. There are four different basic types of earnings today: a.. GAAP earnings: Generally Accepted Accounting Principles - A standards board that publishes rules on how expenses should be booked. Generally, all types of expenses are deducted. b.. As reported: Earnings excluding extraordinary items (as defined by GAAP), changes in accounting charges, charges related to discontinued operations (plant closings, etc.) c.. Operating earnings: As reported earnings but excluding "one-time" charges which do not fit the GAAP definition of "extraordinary" d.. Proforma earnings: Loosely defined "as if" analysis. Originally designed to provide comparison data for mergers. GAAP accounting principles are guidelines for accountants, not investors. The GAAP standards are guidelines for how a company should keep its books, not how the company should report earnings. For example, a basic principle behind GAAP is that revenue must be booked over the time period for which services and product are delivered. If a two year $200,000 contract is pre-paid in cash, up front, the entire $200,000 cannot be booked in the quarter in which the contract is signed. However, the revenue does not have to be booked as $25,000 per quarter for two years. A fair amount of flexibility, sometimes negotiated by auditors, is possible for how much of a contract can be booked in each quarter. GAAP covers expenses as well as revenues, of course. As reported earnings are the historical standard for earnings. Until the mid-eighties, in fact, there was little debate over how earnings should be reported as everyone used "as reported" earnings as a standard. For the most part, there was no difference between "as reported" earnings and any other methodology because one-time charges were not as common. Furthermore, companies did not actively seek, as they do today, to have certain expenses classified as "one-time." Operating earnings are designed to allow comparisons between quarters and years for a company. One time charges in any quarter are excluded because these would distort the comparison. Operating earnings became important when it became clear that Wall Street would completely ignore any "one-time" charges, and focus solely on earnings growth. This provided a strong incentive for companies to classify large expenses as one-time charges. An example of one company's aggressive attempt to get charges classified as one-time was Excite's 1997 $40 million marketing deal with Netscape. Now long forgotten, Excite paid Netscape up-front for a four-year deal to be the principal search engine at the Netscape web site. Excite tried to classify the entire $40 million payment as a one-time charge in a single quarter. By doing so, Excite was almost profitable. At Briefing we highlighted this event as an indicator of the times. The SEC later forced Excite to restate the payment as a four-year expense. But many, many companies were successful in getting major expense outlays classified as "one-time" which improved income statements. The focus on operating expenses led to the development of the "EBITDA" concept, which is "Earnings Before Interest, Taxes, Depreciation, and Amortization." The EBITDA concept, which has to be calculated from the line items shown on an operating earnings report, was designed to show the basic business model of the company, without regard to cost-of-capital. If capital were free, then EBITDA would be earnings. The focus on EBITDA has fallen from favor in recent times for one single reason: Interest. The interest payments on bonds, which are excluded from EBITDA calculations, has ruined many debt-ridden. Only through focusing on EBITDA projections could a company like Exodus Communications raise so much debt that their interest payments exceeded their gross margin. That won't happen again for decades. Pro-forma earnings are very hard to define today. The original purpose of pro-forma earnings calculations was to show the effects of a merger in a format that allowed a single income statement to combine only the operating models of each company, and exclude the actual costs of making the merger. Under the pro-forma for merger guidelines, pro-forma calculations could only be used for one year, after which the company should start reporting as-reported earnings for the combined entities. However, companies soon learned that as long as they made a new merger each year, they could continue reporting pro-forma earnings indefinitely. This "flexibility" in how earnings could be reported led to "pro-forma" meanings that were never intended, including stock option compensation expenses and R&D "in-progress" write-offs. The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the unsung hero of bringing pro-forma earnings to the popularity they enjoyed. She did so by diverting attention away from standardized earnings reports. Ms. Covey invented the concept of "EBITMA" which was defined "EBITDA plus marketing." She was successful in convincing Wall Street that marketing costs were equivalent to capital investment, a concept which looks ridiculous in retrospect. But in the early days of the internet, marketing and brand development was equated with capturing "territory" which, presumably, everyone thought could never be lost. (Tell that to investors in Excite.) Nevertheless, Joy Covey was successful in convincing investors, particularly convertible bond investors, to focus on the EBITMA concept. It was a crucial element in selling the $2 billion in Amazon.com bonds that built the company. After all, if you ignore the interest payments on the bond, and you consider spending the bond principal on marketing as "not an expense," Amazon's income statement would look great!. The problem, of course, is that bond holders don't care about earnings statements. They just care about the payments. The jury is still out on whether Amazon.com will eventually be able to pay the principal on their bonds. (See the Stock Brief of: 14-May-01 Amazon.com's Bond Problem. After Joy Covey established the principle of EBITMA, internet companies began using all types of non-earnings related statistics to show growth. Page views, registered users, unique monthly visitors are just some of the meaningless examples that became popular. (Surely you remember.) When "non-revenue statistics" becoming drivers of stock prices, (around 1998) pro-forma earnings increased in popularity. After all, a pro-forma income statement that showed some kind of earnings progress looked a lot more "real" than the phony statistics being coughed up by internet companies. But when the bubble collapsed, everyone began questioning earnings quality. It didn't happen overnight, and it didn't happen all at once. But as a long, slow evolutionary force, earnings confidence has eroded, and is still present today. The Aftermath The evolution of earnings focus over the past 10 years has led us to today's situation: a basic lack of confidence in many companies income statements. Amazon.com still reports earnings on a pro-forma basis. In their Q1 income statement, you can take your choice of earnings: a.. Pro-forma: $25 million profit b.. Operating: $2 million profit c.. Net (as-reported): $(23) million loss The earnings format you choose is not relevant, frankly. It is far more important to the stock value what format the guy next to you chooses. After all, value to you is primarily determined by what someone else will pay, not by what you pay. Even GE Even solid companies like General Electric have come under scrutiny because of the extremely complex financial situations. Unraveling a GE earnings report has now become a major task. Where GE only had to beat earnings estimates by $0.01 each quarter to count on an ever increasing stock price, today that is not enough. GE stock is down 50% in the last two years despite having only missed one earnings estimate in the last four years and having continual year-over-year growth in earnings averaging 15%. This bears repeating: GE, as representative a stock as you can get of the overall economy, is down 50% since September 2000. During that time period, they have grown earnings at over 11% (year-to-year basis) and beat or met earnings estimates every quarter except one. The one shortfall was October 2001, the quarter of the Attack on America and GE was only one penny short. Why can't GE get any respect? The only definable long-term culprit is a decline in confidence in GE's earnings numbers. During the same eight quarter time-period, GE revenue growth rate has been consistently falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has steadily fallen, and even was negative for most of 2001. Flat or declining revenue combined with continuing increasing earnings leads to only one conclusion: you can't keep this up forever. Eventually, GE will be unable to book the earnings number higher than previous years. When (if), that happens, GE stock will be further devastated. Until then, the slow erosion of confidence causes the stock price to decline. GE is just one good example of how confidence in earnings numbers has been eroding over time since the bubble collapse. Until greater confidence in earnings numbers is established, you can expect further difficulties in the market overall. Standard & Poors is now pushing for a standardized calculation for earnings reporting, called Core Earnings. We will have more on this concept in Part II of this story, to appear later this week. Comments may be emailed to the author, Robert V. Green, at rvgreen@briefing.com ----- Original Message ----- From: Winston Little To: canslim@lists.xmission.com Sent: Friday, June 28, 2002 9:47 AM Subject: Re: [CANSLIM] Now Xerox? They all used EBITDA.. which Warren Buffett in May said is the currency of a crook ... they all have a smell about them. ----- Original Message ----- From: "Kelly Short" To: Sent: Friday, June 28, 2002 9:46 AM Subject: [CANSLIM] Now Xerox? Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!) Kelly For your protection, this e-mail message has been scanned for viruses. Visit us at http://www.neoris.com/ ------=_NextPart_000_0022_01C21E89.778653C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Well I=20 have a few votes.  I vote TYC it is still trading at around = 14. =20 Emotionally I agree with AOL  I cant stand them but I doubt = they=20 dissapear.  My biggest call is our government.  One day all = this debt=20 will catch up to them I have no idea when but we are now an empire so = sooner or=20 later we will crumble like those of the past.  It sounds doomy and = gloomy=20 but eventually it will happen.
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly=20 Short
Sent: Friday, June 28, 2002 9:48 AM
To:=20 canslim@lists.xmission.com
Subject: RE: [CANSLIM] Now=20 Xerox?

Katherine,
 
Thanks for the article (I haven't read it yet but I'm sure it = will=20 provide a nice distraction this afternoon). My cohorts and I are = discussing=20 which company will be the next whale to wash ashore with accounting = scandal.=20 Perhaps the group would like to predict which company will be next = (because=20 Xerox/WorldCom are not the last). I'll start:
 
These are just hunches at this point- I'll be researching = them later=20 today:
1.=20 Something in the telecom/media sector- AOL Time Warner=20 maybe?
2.=20 Something in the technology sector- Sun or Apple?
3.=20 anything from the Andersen Top 20 Client list
 
I'd=20 enjoy hearing other's predictions. Perhaps we should start a pool- = people=20 could pick squares- at least somebody would make = money!
 
Kelly
-----Original Message-----
From: Katherine Malm=20 [mailto:kmalm@earthlink.net]
Sent: Friday, June 28, 2002 = 10:30=20 AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM]=20 Now Xerox?

Here's some background on earnings from Briefing.com for = those=20 less familiar with EBITDA, etc.
 
--Katherine
 
PS Xerox's accounting woes go back *years*.... P-U....
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
 
The Earnings Confidence Problem - Part = I
25-Jun-02 14:18=20 ET

[BRIEFING.COM - Robert V. Green] In the midst of the more=20 scandalous market problems, the earnings confidence problem is = not=20 receiving the attention it should. Here is more on the topic. =

The Market Problems

The current market suffers from the following ailments: =

  • Distrust of management - from excessive comp to outright = fraud.=20 Tyco is the best example.=20
  • Distrust of accounting - Andersen=20
  • Distrust of analysts - Blodgett

These three problems get all the press and attention.

But a deeper problem is afflicting the buy side - a growing = concern=20 about the validity of earnings reporting.

The Earnings Problem

Accounting rules have always been flexible enough to allow = most=20 companies a far amount of flexibility both in revenue = recognition and=20 expense recognition. Even when earnings reporting was somewhat = standardized, some companies were criticized for how they = recognized=20 revenue and expense.

But in the last five years, the types of earnings = that=20 companies have driven Wall Street to focus upon have become=20 questionable.

There are four different basic types of earnings today:

  • GAAP earnings: Generally Accepted Accounting Principles = - A=20 standards board that publishes rules on how expenses should = be=20 booked. Generally, all types of expenses are deducted.=20
  • As reported: Earnings excluding extraordinary items (as = defined=20 by GAAP), changes in accounting charges, charges related to=20 discontinued operations (plant closings, etc.)=20
  • Operating earnings: As reported earnings but excluding=20 "one-time" charges which do not fit the GAAP definition of=20 "extraordinary"=20
  • Proforma earnings: Loosely defined "as if" analysis. = Originally=20 designed to provide comparison data for mergers.

GAAP accounting principles are guidelines for = accountants,=20 not investors. The GAAP standards are guidelines for how a = company=20 should keep its books, not how the company should report = earnings.=20

For example, a basic principle behind GAAP is that revenue = must be=20 booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in = cash, up=20 front, the entire $200,000 cannot be booked in the quarter in = which=20 the contract is signed. However, the revenue does not have to = be=20 booked as $25,000 per quarter for two years. A fair amount of=20 flexibility, sometimes negotiated by auditors, is possible for = how=20 much of a contract can be booked in each quarter.

GAAP covers expenses as well as revenues, of course.

As reported earnings are the historical standard for = earnings. Until the mid-eighties, in fact, there was little = debate=20 over how earnings should be reported as everyone used "as = reported"=20 earnings as a standard. For the most part, there was no = difference=20 between "as reported" earnings and any other methodology = because=20 one-time charges were not as common. Furthermore, companies = did not=20 actively seek, as they do today, to have certain expenses = classified=20 as "one-time."

Operating earnings are designed to allow comparisons = between=20 quarters and years for a company. One time charges in any = quarter are=20 excluded because these would distort the comparison. Operating = earnings became important when it became clear that Wall = Street would=20 completely ignore any "one-time" charges, and focus solely on = earnings=20 growth. This provided a strong incentive for companies to = classify=20 large expenses as one-time charges.

An example of one company's aggressive attempt to get = charges=20 classified as one-time was Excite's 1997 $40 million marketing = deal=20 with Netscape. Now long forgotten, Excite paid Netscape = up-front for a=20 four-year deal to be the principal search engine at the = Netscape web=20 site. Excite tried to classify the entire $40 million payment = as a=20 one-time charge in a single quarter. By doing so, Excite was = almost=20 profitable. At Briefing we highlighted this event as an = indicator of=20 the times. The SEC later forced Excite to restate the payment = as a=20 four-year expense. But many, many companies were successful in = getting=20 major expense outlays classified as "one-time" which improved = income=20 statements.

The focus on operating expenses led to the development of = the=20 "EBITDA" concept, which is "Earnings Before Interest, Taxes,=20 Depreciation, and Amortization." The EBITDA concept, which has = to be=20 calculated from the line items shown on an operating earnings = report,=20 was designed to show the basic business model of the company, = without=20 regard to cost-of-capital. If capital were free, then EBITDA = would be=20 earnings.

The focus on EBITDA has fallen from favor in recent times = for one=20 single reason: Interest. The interest payments on = bonds, which=20 are excluded from EBITDA calculations, has ruined many = debt-ridden.=20

Only through focusing on EBITDA projections could a company = like=20 Exodus Communications raise so much debt that their interest = payments=20 exceeded their gross margin. That won't happen again for = decades.

Pro-forma earnings are very hard to define today. = The=20 original purpose of pro-forma earnings calculations was to = show the=20 effects of a merger in a format that allowed a single income = statement=20 to combine only the operating models of each company, and = exclude the=20 actual costs of making the merger.

Under the pro-forma for merger guidelines, pro-forma = calculations=20 could only be used for one year, after which the company = should start=20 reporting as-reported earnings for the combined entities.

However, companies soon learned that as long as they made a = new=20 merger each year, they could continue reporting pro-forma = earnings=20 indefinitely. This "flexibility" in how earnings could be = reported led=20 to "pro-forma" meanings that were never intended, including = stock=20 option compensation expenses and R&D "in-progress" = write-offs.=20

The Erosion of Earnings Confidence

The now long-departed CFO of Amazon.com, Joy Covey, was the = unsung=20 hero of bringing pro-forma earnings to the popularity they = enjoyed.=20 She did so by diverting attention away from standardized = earnings=20 reports.

Ms. Covey invented the concept of "EBITMA" which was = defined=20 "EBITDA plus marketing." She was successful in convincing Wall = Street=20 that marketing costs were equivalent to capital = investment, a=20 concept which looks ridiculous in retrospect. But in the early = days of=20 the internet, marketing and brand development was equated with = capturing "territory" which, presumably, everyone thought = could never=20 be lost. (Tell that to investors in Excite.)

Nevertheless, Joy Covey was successful in convincing = investors,=20 particularly convertible bond investors, to focus on the = EBITMA=20 concept. It was a crucial element in selling the $2 billion in = Amazon.com bonds that built the company. After all, if you = ignore the=20 interest payments on the bond, and you consider spending the = bond=20 principal on marketing as "not an expense," Amazon's income = statement=20 would look great!.

The problem, of course, is that bond holders don't care = about=20 earnings statements. They just care about the payments. The = jury is=20 still out on whether Amazon.com will eventually be able to pay = the=20 principal on their bonds. (See the Stock Brief of: 14-May-01=20 Amazon.com's Bond Problem.

After Joy Covey established the principle of EBITMA, = internet=20 companies began using all types of non-earnings related = statistics to=20 show growth. Page views, registered users, unique monthly = visitors are=20 just some of the meaningless examples that became popular. = (Surely you=20 remember.)

When "non-revenue statistics" becoming drivers of stock = prices,=20 (around 1998) pro-forma earnings increased in popularity. = After all, a=20 pro-forma income statement that showed some kind of = earnings=20 progress looked a lot more "real" than the phony statistics = being=20 coughed up by internet companies.

But when the bubble collapsed, everyone began = questioning=20 earnings quality. It didn't happen overnight, and it didn't = happen all=20 at once. But as a long, slow evolutionary force, earnings = confidence=20 has eroded, and is still present today.

The Aftermath

The evolution of earnings focus over the past 10 years has = led us=20 to today's situation: a basic lack of confidence in many = companies=20 income statements.

Amazon.com still reports earnings on a pro-forma basis. In = their Q1=20 income statement, you can take your choice of earnings:

  • Pro-forma: $25 million profit=20
  • Operating: $2 million profit=20
  • Net (as-reported): $(23) million loss

The earnings format you choose is not relevant, = frankly. It=20 is far more important to the stock value what format the = guy next=20 to you chooses.

After all, value to you is primarily determined by = what=20 someone else will pay, not by what you pay.

Even GE

Even solid companies like General Electric have come under = scrutiny=20 because of the extremely complex financial situations. = Unraveling a GE=20 earnings report has now become a major task. Where GE only had = to beat=20 earnings estimates by $0.01 each quarter to count on an ever=20 increasing stock price, today that is not enough.

GE stock is down 50% in the last two years despite = having only=20 missed one earnings estimate in the last four years and having = continual year-over-year growth in earnings averaging 15%. =

This bears repeating: GE, as representative a stock as you = can get=20 of the overall economy, is down 50% since September 2000. = During that=20 time period, they have grown earnings at over 11% = (year-to-year basis)=20 and beat or met earnings estimates every quarter except one. = The one=20 shortfall was October 2001, the quarter of the Attack on = America and=20 GE was only one penny short.

Why can't GE get any respect? The only definable long-term = culprit=20 is a decline in confidence in GE's earnings numbers. During = the same=20 eight quarter time-period, GE revenue growth rate has been=20 consistently falling. From a growth rate of 24% and 20% in = 00Q1 and=20 00Q2, growth has steadily fallen, and even was negative for = most of=20 2001.

Flat or declining revenue combined with continuing = increasing=20 earnings leads to only one conclusion: you can't keep this = up=20 forever. Eventually, GE will be unable to book the = earnings number=20 higher than previous years. When (if), that happens, GE stock = will be=20 further devastated. Until then, the slow erosion of confidence = causes=20 the stock price to decline.

GE is just one good example of how confidence in earnings = numbers=20 has been eroding over time since the bubble collapse. Until = greater=20 confidence in earnings numbers is established, you can expect = further=20 difficulties in the market overall.

Standard & Poors is now pushing for a standardized = calculation=20 for earnings reporting, called Core Earnings. We will have = more on=20 this concept in Part II of this story, to appear later this = week.

Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com =

----- Original Message ----- =
From:=20 Winston=20 Little
To: canslim@lists.xmission.com= =20
Sent: Friday, June 28, 2002 = 9:47=20 AM
Subject: Re: [CANSLIM] Now=20 Xerox?

They all used EBITDA.. which Warren Buffett in May = said is=20 the currency of a
crook ... they all have a smell about=20 them.

----- Original Message -----
From: "Kelly Short" = <kelly.short@neoris.com>
= <canslim@lists.xmission.com= >
Sent:=20 Friday, June 28, 2002 9:46 AM
Subject: [CANSLIM] Now=20 Xerox?


Enron, WorldCom- nothing. Xerox off by $6B. = (Yes- that's=20 "B" as in boy!)

Kelly


For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20


------=_NextPart_000_0022_01C21E89.778653C0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Katherine Malm" Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 11:12:10 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0021_01C21E94.A5B830A0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable ...and in approximately 2.6 billion years the universe will no longer = exist.... but I'm not basing my investing strategy on it... :)) Katherine ----- Original Message -----=20 From: David Taggart=20 To: canslim@lists.xmission.com=20 Sent: Friday, June 28, 2002 10:52 AM Subject: RE: [CANSLIM] Now Xerox? Well I have a few votes. I vote TYC it is still trading at around 14. = Emotionally I agree with AOL I cant stand them but I doubt they = dissapear. My biggest call is our government. One day all this debt = will catch up to them I have no idea when but we are now an empire so = sooner or later we will crumble like those of the past. It sounds doomy = and gloomy but eventually it will happen. ----- ------=_NextPart_000_0021_01C21E94.A5B830A0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
...and in approximately 2.6 billion years the universe will no = longer=20 exist.... but I'm not basing my investing strategy on it... :))
 
Katherine
----- Original Message -----
From:=20 David Taggart
Sent: Friday, June 28, 2002 = 10:52=20 AM
Subject: RE: [CANSLIM] Now = Xerox?

Well=20 I have a few votes.  I vote TYC it is still trading at around = 14. =20 Emotionally I agree with AOL  I cant stand them but I doubt = they=20 dissapear.  My biggest call is our government.  One day all = this=20 debt will catch up to them I have no idea when but we are now an = empire so=20 sooner or later we will crumble like those of the past.  It = sounds doomy=20 and gloomy but eventually it will happen.

------=_NextPart_000_0021_01C21E94.A5B830A0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Robert Gammon" Subject: RE: [CANSLIM] Now Xerox? Date: 28 Jun 2002 11:12:55 -0500 (CDT) We tend to view the Worldcom/Xerox issues as black and white here in hindsight. I believe that knowledgeable, reasonable, honest people who are in the thick of the near real time information flow have to make thousands of decisions on which account bucket this expense belongs in. We are really dealing with issues that have thousands of shades of gray, not black and white, yes/no decisions. What appears to be happening is that a new set of individuals are now able to make themselves heard in the corporations, individuals who have different opinions, perhaps opinions that are a bit more conservative in allocation of expenses to accounting buckets. It is also useful to recall that accounting at Fortune 1000 companies happens in MANY rollup levels. By the time the bottom level expenses are rolled up to the top level, the outside accountants may have NO idea WHAT the company ACTUALLY did with the funds. TYC has had such INTENSE scrutiny of its books, it is NOT a candidate in my mind for future accounting explosions. I suspect that most of the action will focus on the companies that were the darlings of the 1999/2000 market boom. Even so, we are likely to find explosions emanating from unexpected areas of the economy as more conservative accounting and legal people take ofer the helm at Fortune 1000 cos. Robert On Fri, 28 Jun 2002 09:52:08 -0600, David Taggart wrote: >Well I have a few votes. I vote TYC it is still trading at around 14. >Emotionally I agree with AOL I cant stand them but I doubt they dissapear. >My biggest call is our government. One day all this debt will catch up to >them I have no idea when but we are now an empire so sooner or later we will >crumble like those of the past. It sounds doomy and gloomy but eventually >it will happen. > -----Original Message----- > From: owner-canslim@lists.xmission.com >[mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short > Sent: Friday, June 28, 2002 9:48 AM > To: canslim@lists.xmission.com > Subject: RE: [CANSLIM] Now Xerox? > > > Katherine, > > Thanks for the article (I haven't read it yet but I'm sure it will provide >a nice distraction this afternoon). My cohorts and I are discussing which >company will be the next whale to wash ashore with accounting scandal. >Perhaps the group would like to predict which company will be next (because >Xerox/WorldCom are not the last). I'll start: > > These are just hunches at this point- I'll be researching them later >today: > 1. Something in the telecom/media sector- AOL Time Warner maybe? > 2. Something in the technology sector- Sun or Apple? > 3. anything from the Andersen Top 20 Client list > > I'd enjoy hearing other's predictions. Perhaps we should start a pool- >people could pick squares- at least somebody would make money! > > Kelly > -----Original Message----- > From: Katherine Malm [mailto:kmalm@earthlink.net] > Sent: Friday, June 28, 2002 10:30 AM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] Now Xerox? > > > Here's some background on earnings from Briefing.com for those less >familiar with EBITDA, etc. > > --Katherine > > PS Xerox's accounting woes go back *years*.... P-U.... > ========== > > The Earnings Confidence Problem - Part I > 25-Jun-02 14:18 ET > > [BRIEFING.COM - Robert V. Green] In the midst of the more >scandalous market problems, the earnings confidence problem is not receiving >the attention it should. Here is more on the topic. > > The Market Problems > The current market suffers from the following ailments: > > a.. Distrust of management - from excessive comp to outright >fraud. Tyco is the best example. > b.. Distrust of accounting - Andersen > c.. Distrust of analysts - Blodgett > These three problems get all the press and attention. > > But a deeper problem is afflicting the buy side - a growing >concern about the validity of earnings reporting. > > The Earnings Problem > Accounting rules have always been flexible enough to allow most >companies a far amount of flexibility both in revenue recognition and >expense recognition. Even when earnings reporting was somewhat standardized, >some companies were criticized for how they recognized revenue and expense. > > But in the last five years, the types of earnings that companies >have driven Wall Street to focus upon have become questionable. > > There are four different basic types of earnings today: > > a.. GAAP earnings: Generally Accepted Accounting Principles - A >standards board that publishes rules on how expenses should be booked. >Generally, all types of expenses are deducted. > b.. As reported: Earnings excluding extraordinary items (as >defined by GAAP), changes in accounting charges, charges related to >discontinued operations (plant closings, etc.) > c.. Operating earnings: As reported earnings but excluding >"one-time" charges which do not fit the GAAP definition of "extraordinary" > d.. Proforma earnings: Loosely defined "as if" analysis. >Originally designed to provide comparison data for mergers. > GAAP accounting principles are guidelines for accountants, not >investors. The GAAP standards are guidelines for how a company should keep >its books, not how the company should report earnings. > > For example, a basic principle behind GAAP is that revenue must be >booked over the time period for which services and product are delivered. If >a two year $200,000 contract is pre-paid in cash, up front, the entire >$200,000 cannot be booked in the quarter in which the contract is signed. >However, the revenue does not have to be booked as $25,000 per quarter for >two years. A fair amount of flexibility, sometimes negotiated by auditors, >is possible for how much of a contract can be booked in each quarter. > > GAAP covers expenses as well as revenues, of course. > > As reported earnings are the historical standard for earnings. >Until the mid-eighties, in fact, there was little debate over how earnings >should be reported as everyone used "as reported" earnings as a standard. >For the most part, there was no difference between "as reported" earnings >and any other methodology because one-time charges were not as common. >Furthermore, companies did not actively seek, as they do today, to have >certain expenses classified as "one-time." > > Operating earnings are designed to allow comparisons between >quarters and years for a company. One time charges in any quarter are >excluded because these would distort the comparison. Operating earnings >became important when it became clear that Wall Street would completely >ignore any "one-time" charges, and focus solely on earnings growth. This >provided a strong incentive for companies to classify large expenses as >one-time charges. > > An example of one company's aggressive attempt to get charges >classified as one-time was Excite's 1997 $40 million marketing deal with >Netscape. Now long forgotten, Excite paid Netscape up-front for a four-year >deal to be the principal search engine at the Netscape web site. Excite >tried to classify the entire $40 million payment as a one-time charge in a >single quarter. By doing so, Excite was almost profitable. At Briefing we >highlighted this event as an indicator of the times. The SEC later forced >Excite to restate the payment as a four-year expense. But many, many >companies were successful in getting major expense outlays classified as >"one-time" which improved income statements. > > The focus on operating expenses led to the development of the >"EBITDA" concept, which is "Earnings Before Interest, Taxes, Depreciation, >and Amortization." The EBITDA concept, which has to be calculated from the >line items shown on an operating earnings report, was designed to show the >basic business model of the company, without regard to cost-of-capital. If >capital were free, then EBITDA would be earnings. > > The focus on EBITDA has fallen from favor in recent times for one >single reason: Interest. The interest payments on bonds, which are excluded >from EBITDA calculations, has ruined many debt-ridden. > > Only through focusing on EBITDA projections could a company like >Exodus Communications raise so much debt that their interest payments >exceeded their gross margin. That won't happen again for decades. > > Pro-forma earnings are very hard to define today. The original >purpose of pro-forma earnings calculations was to show the effects of a >merger in a format that allowed a single income statement to combine only >the operating models of each company, and exclude the actual costs of making >the merger. > > Under the pro-forma for merger guidelines, pro-forma calculations >could only be used for one year, after which the company should start >reporting as-reported earnings for the combined entities. > > However, companies soon learned that as long as they made a new >merger each year, they could continue reporting pro-forma earnings >indefinitely. This "flexibility" in how earnings could be reported led to >"pro-forma" meanings that were never intended, including stock option >compensation expenses and R&D "in-progress" write-offs. > > The Erosion of Earnings Confidence > The now long-departed CFO of Amazon.com, Joy Covey, was the unsung >hero of bringing pro-forma earnings to the popularity they enjoyed. She did >so by diverting attention away from standardized earnings reports. > > Ms. Covey invented the concept of "EBITMA" which was defined >"EBITDA plus marketing." She was successful in convincing Wall Street that >marketing costs were equivalent to capital investment, a concept which looks >ridiculous in retrospect. But in the early days of the internet, marketing >and brand development was equated with capturing "territory" which, >presumably, everyone thought could never be lost. (Tell that to investors in >Excite.) > > Nevertheless, Joy Covey was successful in convincing investors, >particularly convertible bond investors, to focus on the EBITMA concept. It >was a crucial element in selling the $2 billion in Amazon.com bonds that >built the company. After all, if you ignore the interest payments on the >bond, and you consider spending the bond principal on marketing as "not an >expense," Amazon's income statement would look great!. > > The problem, of course, is that bond holders don't care about >earnings statements. They just care about the payments. The jury is still >out on whether Amazon.com will eventually be able to pay the principal on >their bonds. (See the Stock Brief of: 14-May-01 Amazon.com's Bond Problem. > > After Joy Covey established the principle of EBITMA, internet >companies began using all types of non-earnings related statistics to show >growth. Page views, registered users, unique monthly visitors are just some >of the meaningless examples that became popular. (Surely you remember.) > > When "non-revenue statistics" becoming drivers of stock prices, >(around 1998) pro-forma earnings increased in popularity. After all, a >pro-forma income statement that showed some kind of earnings progress looked >a lot more "real" than the phony statistics being coughed up by internet >companies. > > But when the bubble collapsed, everyone began questioning earnings >quality. It didn't happen overnight, and it didn't happen all at once. But >as a long, slow evolutionary force, earnings confidence has eroded, and is >still present today. > > The Aftermath > The evolution of earnings focus over the past 10 years has led us >to today's situation: a basic lack of confidence in many companies income >statements. > > Amazon.com still reports earnings on a pro-forma basis. In their >Q1 income statement, you can take your choice of earnings: > > a.. Pro-forma: $25 million profit > b.. Operating: $2 million profit > c.. Net (as-reported): $(23) million loss > The earnings format you choose is not relevant, frankly. It is far >more important to the stock value what format the guy next to you chooses. > > After all, value to you is primarily determined by what someone >else will pay, not by what you pay. > > Even GE > Even solid companies like General Electric have come under >scrutiny because of the extremely complex financial situations. Unraveling a >GE earnings report has now become a major task. Where GE only had to beat >earnings estimates by $0.01 each quarter to count on an ever increasing >stock price, today that is not enough. > > GE stock is down 50% in the last two years despite having only >missed one earnings estimate in the last four years and having continual >year-over-year growth in earnings averaging 15%. > > This bears repeating: GE, as representative a stock as you can get >of the overall economy, is down 50% since September 2000. During that time >period, they have grown earnings at over 11% (year-to-year basis) and beat >or met earnings estimates every quarter except one. The one shortfall was >October 2001, the quarter of the Attack on America and GE was only one penny >short. > > Why can't GE get any respect? The only definable long-term culprit >is a decline in confidence in GE's earnings numbers. During the same eight >quarter time-period, GE revenue growth rate has been consistently falling. >From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has steadily >fallen, and even was negative for most of 2001. > > Flat or declining revenue combined with continuing increasing >earnings leads to only one conclusion: you can't keep this up forever. >Eventually, GE will be unable to book the earnings number higher than >previous years. When (if), that happens, GE stock will be further >devastated. Until then, the slow erosion of confidence causes the stock >price to decline. > > GE is just one good example of how confidence in earnings numbers >has been eroding over time since the bubble collapse. Until greater >confidence in earnings numbers is established, you can expect further >difficulties in the market overall. > > Standard & Poors is now pushing for a standardized calculation for >earnings reporting, called Core Earnings. We will have more on this concept >in Part II of this story, to appear later this week. > > Comments may be emailed to the author, Robert V. Green, at >rvgreen@briefing.com > > > ----- Original Message ----- > From: Winston Little > To: canslim@lists.xmission.com > Sent: Friday, June 28, 2002 9:47 AM > Subject: Re: [CANSLIM] Now Xerox? > > > They all used EBITDA.. which Warren Buffett in May said is the >currency of a > crook ... they all have a smell about them. > > ----- Original Message ----- > From: "Kelly Short" > To: > Sent: Friday, June 28, 2002 9:46 AM > Subject: [CANSLIM] Now Xerox? > > > Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in >boy!) > > Kelly > > > >---------------------------------------------------------------- ------------ > For your protection, this e-mail message has been scanned for viruses. > Visit us at http://www.neoris.com/ > > >---------------------------------------------------------------- ------------ > > > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] Now Xerox? Date: 28 Jun 2002 11:14:19 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C21EBE.DB4ABA60 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable David, =20 I hope you are wrong about the end of this empire- but history does seem = to repeat itself. =20 I found a comprehensive list of client defections from Andersen- might = be a good place to start looking for the next whale:=20 Andersen Client Defection List: = http://forbes.com/2002/03/13/0313andersen.html -----Original Message----- Sent: Friday, June 28, 2002 10:52 AM Well I have a few votes. I vote TYC it is still trading at around 14. = Emotionally I agree with AOL I cant stand them but I doubt they = dissapear. My biggest call is our government. One day all this debt = will catch up to them I have no idea when but we are now an empire so = sooner or later we will crumble like those of the past. It sounds doomy = and gloomy but eventually it will happen. -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Friday, June 28, 2002 9:48 AM Katherine, =20 Thanks for the article (I haven't read it yet but I'm sure it will = provide a nice distraction this afternoon). My cohorts and I are = discussing which company will be the next whale to wash ashore with = accounting scandal. Perhaps the group would like to predict which = company will be next (because Xerox/WorldCom are not the last). I'll = start: =20 These are just hunches at this point- I'll be researching them later = today: 1. Something in the telecom/media sector- AOL Time Warner maybe? 2. Something in the technology sector- Sun or Apple? 3. anything from the Andersen Top 20 Client list =20 I'd enjoy hearing other's predictions. Perhaps we should start a pool- = people could pick squares- at least somebody would make money! =20 Kelly -----Original Message----- Sent: Friday, June 28, 2002 10:30 AM Here's some background on earnings from Briefing.com for those less = familiar with EBITDA, etc. =20 --Katherine =20 PS Xerox's accounting woes go back *years*.... P-U.... =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =20 The Earnings Confidence Problem - Part I=09 25-Jun-02 14:18 ET=09 =09 [BRIEFING.COM - Robert V. Green] In the midst of the more scandalous = market problems, the earnings confidence problem is not receiving the = attention it should. Here is more on the topic.=20 The Market Problems The current market suffers from the following ailments:=20 * Distrust of management - from excessive comp to outright fraud. Tyco = is the best example.=20 * Distrust of accounting - Andersen=20 * Distrust of analysts - Blodgett These three problems get all the press and attention.=20 But a deeper problem is afflicting the buy side - a growing concern = about the validity of earnings reporting.=20 The Earnings Problem Accounting rules have always been flexible enough to allow most = companies a far amount of flexibility both in revenue recognition and = expense recognition. Even when earnings reporting was somewhat = standardized, some companies were criticized for how they recognized = revenue and expense. But in the last five years, the types of earnings that companies have = driven Wall Street to focus upon have become questionable.=20 There are four different basic types of earnings today: * GAAP earnings: Generally Accepted Accounting Principles - A standards = board that publishes rules on how expenses should be booked. Generally, = all types of expenses are deducted.=20 * As reported: Earnings excluding extraordinary items (as defined by = GAAP), changes in accounting charges, charges related to discontinued = operations (plant closings, etc.)=20 * Operating earnings: As reported earnings but excluding "one-time" = charges which do not fit the GAAP definition of "extraordinary"=20 * Proforma earnings: Loosely defined "as if" analysis. Originally = designed to provide comparison data for mergers. GAAP accounting principles are guidelines for accountants, not = investors. The GAAP standards are guidelines for how a company should = keep its books, not how the company should report earnings.=20 For example, a basic principle behind GAAP is that revenue must be = booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in cash, up = front, the entire $200,000 cannot be booked in the quarter in which the = contract is signed. However, the revenue does not have to be booked as = $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a contract = can be booked in each quarter.=20 GAAP covers expenses as well as revenues, of course.=20 As reported earnings are the historical standard for earnings. Until the = mid-eighties, in fact, there was little debate over how earnings should = be reported as everyone used "as reported" earnings as a standard. For = the most part, there was no difference between "as reported" earnings = and any other methodology because one-time charges were not as common. = Furthermore, companies did not actively seek, as they do today, to have = certain expenses classified as "one-time."=20 Operating earnings are designed to allow comparisons between quarters = and years for a company. One time charges in any quarter are excluded = because these would distort the comparison. Operating earnings became = important when it became clear that Wall Street would completely ignore = any "one-time" charges, and focus solely on earnings growth. This = provided a strong incentive for companies to classify large expenses as = one-time charges.=20 An example of one company's aggressive attempt to get charges classified = as one-time was Excite's 1997 $40 million marketing deal with Netscape. = Now long forgotten, Excite paid Netscape up-front for a four-year deal = to be the principal search engine at the Netscape web site. Excite tried = to classify the entire $40 million payment as a one-time charge in a = single quarter. By doing so, Excite was almost profitable. At Briefing = we highlighted this event as an indicator of the times. The SEC later = forced Excite to restate the payment as a four-year expense. But many, = many companies were successful in getting major expense outlays = classified as "one-time" which improved income statements.=20 The focus on operating expenses led to the development of the "EBITDA" = concept, which is "Earnings Before Interest, Taxes, Depreciation, and = Amortization." The EBITDA concept, which has to be calculated from the = line items shown on an operating earnings report, was designed to show = the basic business model of the company, without regard to = cost-of-capital. If capital were free, then EBITDA would be earnings.=20 The focus on EBITDA has fallen from favor in recent times for one single = reason: Interest. The interest payments on bonds, which are excluded = from EBITDA calculations, has ruined many debt-ridden.=20 Only through focusing on EBITDA projections could a company like Exodus = Communications raise so much debt that their interest payments exceeded = their gross margin. That won't happen again for decades.=20 Pro-forma earnings are very hard to define today. The original purpose = of pro-forma earnings calculations was to show the effects of a merger = in a format that allowed a single income statement to combine only the = operating models of each company, and exclude the actual costs of making = the merger.=20 Under the pro-forma for merger guidelines, pro-forma calculations could = only be used for one year, after which the company should start = reporting as-reported earnings for the combined entities.=20 However, companies soon learned that as long as they made a new merger = each year, they could continue reporting pro-forma earnings = indefinitely. This "flexibility" in how earnings could be reported led = to "pro-forma" meanings that were never intended, including stock option = compensation expenses and R&D "in-progress" write-offs.=20 The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the unsung hero = of bringing pro-forma earnings to the popularity they enjoyed. She did = so by diverting attention away from standardized earnings reports.=20 Ms. Covey invented the concept of "EBITMA" which was defined "EBITDA = plus marketing." She was successful in convincing Wall Street that = marketing costs were equivalent to capital investment, a concept which = looks ridiculous in retrospect. But in the early days of the internet, = marketing and brand development was equated with capturing "territory" = which, presumably, everyone thought could never be lost. (Tell that to = investors in Excite.)=20 Nevertheless, Joy Covey was successful in convincing investors, = particularly convertible bond investors, to focus on the EBITMA concept. = It was a crucial element in selling the $2 billion in Amazon.com bonds = that built the company. After all, if you ignore the interest payments = on the bond, and you consider spending the bond principal on marketing = as "not an expense," Amazon's income statement would look great!.=20 The problem, of course, is that bond holders don't care about earnings = statements. They just care about the payments. The jury is still out on = whether Amazon.com will eventually be able to pay the principal on their = bonds. (See the Stock Brief of: 14-May-01 = Amazon.com's Bond Problem.=20 After Joy Covey established the principle of EBITMA, internet companies = began using all types of non-earnings related statistics to show growth. = Page views, registered users, unique monthly visitors are just some of = the meaningless examples that became popular. (Surely you remember.) When "non-revenue statistics" becoming drivers of stock prices, (around = 1998) pro-forma earnings increased in popularity. After all, a pro-forma = income statement that showed some kind of earnings progress looked a lot = more "real" than the phony statistics being coughed up by internet = companies.=20 But when the bubble collapsed, everyone began questioning earnings = quality. It didn't happen overnight, and it didn't happen all at once. = But as a long, slow evolutionary force, earnings confidence has eroded, = and is still present today.=20 The Aftermath The evolution of earnings focus over the past 10 years has led us to = today's situation: a basic lack of confidence in many companies income = statements.=20 Amazon.com still reports earnings on a pro-forma basis. In their Q1 = income statement, you can take your choice of earnings:=20 * Pro-forma: $25 million profit=20 * Operating: $2 million profit=20 * Net (as-reported): $(23) million loss The earnings format you choose is not relevant, frankly. It is far more = important to the stock value what format the guy next to you chooses. After all, value to you is primarily determined by what someone else = will pay, not by what you pay.=20 Even GE Even solid companies like General Electric have come under scrutiny = because of the extremely complex financial situations. Unraveling a GE = earnings report has now become a major task. Where GE only had to beat = earnings estimates by $0.01 each quarter to count on an ever increasing = stock price, today that is not enough. GE stock is down 50% in the last two years despite having only missed = one earnings estimate in the last four years and having continual = year-over-year growth in earnings averaging 15%.=20 This bears repeating: GE, as representative a stock as you can get of = the overall economy, is down 50% since September 2000. During that time = period, they have grown earnings at over 11% (year-to-year basis) and = beat or met earnings estimates every quarter except one. The one = shortfall was October 2001, the quarter of the Attack on America and GE = was only one penny short.=20 Why can't GE get any respect? The only definable long-term culprit is a = decline in confidence in GE's earnings numbers. During the same eight = quarter time-period, GE revenue growth rate has been consistently = falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has = steadily fallen, and even was negative for most of 2001.=20 Flat or declining revenue combined with continuing increasing earnings = leads to only one conclusion: you can't keep this up forever. = Eventually, GE will be unable to book the earnings number higher than = previous years. When (if), that happens, GE stock will be further = devastated. Until then, the slow erosion of confidence causes the stock = price to decline. GE is just one good example of how confidence in earnings numbers has = been eroding over time since the bubble collapse. Until greater = confidence in earnings numbers is established, you can expect further = difficulties in the market overall.=20 Standard & Poors is now pushing for a standardized calculation for = earnings reporting, called Core Earnings. We will have more on this = concept in Part II of this story, to appear later this week. Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com=20 ----- Original Message -----=20 Sent: Friday, June 28, 2002 9:47 AM They all used EBITDA.. which Warren Buffett in May said is the currency = of a crook ... they all have a smell about them. ----- Original Message ----- Sent: Friday, June 28, 2002 9:46 AM Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!) Kelly _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C21EBE.DB4ABA60 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
David,
 
I hope=20 you are wrong about the end of this empire- but history does seem to = repeat=20 itself.
 
I=20 found a comprehensive list of client defections from Andersen- might be = a good=20 place to start looking for the next whale:=20
Andersen Client Defection List: http://forbes.com= /2002/03/13/0313andersen.html
=
-----Original Message-----
From: David Taggart=20 [mailto:dctag@mavericktrading.com]
Sent: Friday, June 28, = 2002 10:52=20 AM
To: canslim@lists.xmission.com
Subject: RE: = [CANSLIM]=20 Now Xerox?

Well=20 I have a few votes.  I vote TYC it is still trading at around = 14. =20 Emotionally I agree with AOL  I cant stand them but I doubt = they=20 dissapear.  My biggest call is our government.  One day all = this=20 debt will catch up to them I have no idea when but we are now an = empire so=20 sooner or later we will crumble like those of the past.  It = sounds doomy=20 and gloomy but eventually it will happen.
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly=20 Short
Sent: Friday, June 28, 2002 9:48 AM
To:=20 canslim@lists.xmission.com
Subject: RE: [CANSLIM] Now=20 Xerox?

Katherine,
 
Thanks for the article (I haven't read it yet but I'm sure = it will=20 provide a nice distraction this afternoon). My cohorts and I are = discussing=20 which company will be the next whale to wash ashore with accounting = scandal.=20 Perhaps the group would like to predict which company will be next = (because=20 Xerox/WorldCom are not the last). I'll start:
 
These are just hunches at this point- I'll be researching = them later=20 today:
1.=20 Something in the telecom/media sector- AOL Time Warner=20 maybe?
2.=20 Something in the technology sector- Sun or = Apple?
3.=20 anything from the Andersen Top 20 Client list
 
I'd enjoy hearing other's predictions. Perhaps we should = start a=20 pool- people could pick squares- at least somebody would make=20 money!
 
Kelly
-----Original Message-----
From: Katherine Malm = [mailto:kmalm@earthlink.net]
Sent: Friday, June 28, 2002 = 10:30=20 AM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM] Now Xerox?

Here's some background on earnings from Briefing.com for = those=20 less familiar with EBITDA, etc.
 
--Katherine
 
PS Xerox's accounting woes go back *years*.... P-U....
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
 
The Earnings Confidence Problem - Part = I
25-Jun-02 14:18 = ET

[BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous market problems, the earnings confidence problem = is not=20 receiving the attention it should. Here is more on the = topic.

The Market Problems

The current market suffers from the following ailments: =

  • Distrust of management - from excessive comp to = outright=20 fraud. Tyco is the best example.=20
  • Distrust of accounting - Andersen=20
  • Distrust of analysts - Blodgett

These three problems get all the press and attention. =

But a deeper problem is afflicting the buy side - a = growing=20 concern about the validity of earnings reporting.

The Earnings Problem

Accounting rules have always been flexible enough to = allow most=20 companies a far amount of flexibility both in revenue = recognition=20 and expense recognition. Even when earnings reporting was = somewhat=20 standardized, some companies were criticized for how they = recognized=20 revenue and expense.

But in the last five years, the types of earnings = that=20 companies have driven Wall Street to focus upon have become=20 questionable.

There are four different basic types of earnings = today:

  • GAAP earnings: Generally Accepted Accounting = Principles - A=20 standards board that publishes rules on how expenses = should be=20 booked. Generally, all types of expenses are deducted.=20
  • As reported: Earnings excluding extraordinary items = (as=20 defined by GAAP), changes in accounting charges, charges = related=20 to discontinued operations (plant closings, etc.)=20
  • Operating earnings: As reported earnings but excluding = "one-time" charges which do not fit the GAAP definition of = "extraordinary"=20
  • Proforma earnings: Loosely defined "as if" analysis.=20 Originally designed to provide comparison data for=20 mergers.

GAAP accounting principles are guidelines for = accountants,=20 not investors. The GAAP standards are guidelines for how a = company=20 should keep its books, not how the company should report = earnings.=20

For example, a basic principle behind GAAP is that = revenue must=20 be booked over the time period for which services and = product are=20 delivered. If a two year $200,000 contract is pre-paid in = cash, up=20 front, the entire $200,000 cannot be booked in the quarter = in which=20 the contract is signed. However, the revenue does not have = to be=20 booked as $25,000 per quarter for two years. A fair amount = of=20 flexibility, sometimes negotiated by auditors, is possible = for how=20 much of a contract can be booked in each quarter.

GAAP covers expenses as well as revenues, of course.

As reported earnings are the historical standard = for=20 earnings. Until the mid-eighties, in fact, there was little = debate=20 over how earnings should be reported as everyone used "as = reported"=20 earnings as a standard. For the most part, there was no = difference=20 between "as reported" earnings and any other methodology = because=20 one-time charges were not as common. Furthermore, companies = did not=20 actively seek, as they do today, to have certain expenses = classified=20 as "one-time."

Operating earnings are designed to allow = comparisons=20 between quarters and years for a company. One time charges = in any=20 quarter are excluded because these would distort the = comparison.=20 Operating earnings became important when it became clear = that Wall=20 Street would completely ignore any "one-time" charges, and = focus=20 solely on earnings growth. This provided a strong incentive = for=20 companies to classify large expenses as one-time charges. =

An example of one company's aggressive attempt to get = charges=20 classified as one-time was Excite's 1997 $40 million = marketing deal=20 with Netscape. Now long forgotten, Excite paid Netscape = up-front for=20 a four-year deal to be the principal search engine at the = Netscape=20 web site. Excite tried to classify the entire $40 million = payment as=20 a one-time charge in a single quarter. By doing so, Excite = was=20 almost profitable. At Briefing we highlighted this event as = an=20 indicator of the times. The SEC later forced Excite to = restate the=20 payment as a four-year expense. But many, many companies = were=20 successful in getting major expense outlays classified as = "one-time"=20 which improved income statements.

The focus on operating expenses led to the development of = the=20 "EBITDA" concept, which is "Earnings Before Interest, Taxes, = Depreciation, and Amortization." The EBITDA concept, which = has to be=20 calculated from the line items shown on an operating = earnings=20 report, was designed to show the basic business model of the = company, without regard to cost-of-capital. If capital were = free,=20 then EBITDA would be earnings.

The focus on EBITDA has fallen from favor in recent times = for one=20 single reason: Interest. The interest payments on = bonds,=20 which are excluded from EBITDA calculations, has ruined many = debt-ridden.

Only through focusing on EBITDA projections could a = company like=20 Exodus Communications raise so much debt that their interest = payments exceeded their gross margin. That won't happen = again for=20 decades.

Pro-forma earnings are very hard to define today. = The=20 original purpose of pro-forma earnings calculations was to = show the=20 effects of a merger in a format that allowed a single income = statement to combine only the operating models of each = company, and=20 exclude the actual costs of making the merger.

Under the pro-forma for merger guidelines, pro-forma = calculations=20 could only be used for one year, after which the company = should=20 start reporting as-reported earnings for the combined = entities.

However, companies soon learned that as long as they made = a new=20 merger each year, they could continue reporting pro-forma = earnings=20 indefinitely. This "flexibility" in how earnings could be = reported=20 led to "pro-forma" meanings that were never intended, = including=20 stock option compensation expenses and R&D "in-progress" = write-offs.

The Erosion of Earnings Confidence

The now long-departed CFO of Amazon.com, Joy Covey, was = the=20 unsung hero of bringing pro-forma earnings to the popularity = they=20 enjoyed. She did so by diverting attention away from = standardized=20 earnings reports.

Ms. Covey invented the concept of "EBITMA" which was = defined=20 "EBITDA plus marketing." She was successful in convincing = Wall=20 Street that marketing costs were equivalent to capital=20 investment, a concept which looks ridiculous in = retrospect. But=20 in the early days of the internet, marketing and brand = development=20 was equated with capturing "territory" which, presumably, = everyone=20 thought could never be lost. (Tell that to investors in = Excite.)=20

Nevertheless, Joy Covey was successful in convincing = investors,=20 particularly convertible bond investors, to focus on the = EBITMA=20 concept. It was a crucial element in selling the $2 billion = in=20 Amazon.com bonds that built the company. After all, if you = ignore=20 the interest payments on the bond, and you consider spending = the=20 bond principal on marketing as "not an expense," Amazon's = income=20 statement would look great!.

The problem, of course, is that bond holders don't care = about=20 earnings statements. They just care about the payments. The = jury is=20 still out on whether Amazon.com will eventually be able to = pay the=20 principal on their bonds. (See the Stock Brief of: 14-May-01=20 Amazon.com's Bond Problem.

After Joy Covey established the principle of EBITMA, = internet=20 companies began using all types of non-earnings related = statistics=20 to show growth. Page views, registered users, unique monthly = visitors are just some of the meaningless examples that = became=20 popular. (Surely you remember.)

When "non-revenue statistics" becoming drivers of stock = prices,=20 (around 1998) pro-forma earnings increased in popularity. = After all,=20 a pro-forma income statement that showed some kind of=20 earnings progress looked a lot more "real" than the = phony=20 statistics being coughed up by internet companies.

But when the bubble collapsed, everyone began = questioning=20 earnings quality. It didn't happen overnight, and it didn't = happen=20 all at once. But as a long, slow evolutionary force, = earnings=20 confidence has eroded, and is still present today.

The Aftermath

The evolution of earnings focus over the past 10 years = has led us=20 to today's situation: a basic lack of confidence in many = companies=20 income statements.

Amazon.com still reports earnings on a pro-forma basis. = In their=20 Q1 income statement, you can take your choice of earnings: =

  • Pro-forma: $25 million profit=20
  • Operating: $2 million profit=20
  • Net (as-reported): $(23) million loss

The earnings format you choose is not relevant, = frankly.=20 It is far more important to the stock value what format = the guy=20 next to you chooses.

After all, value to you is primarily determined by = what=20 someone else will pay, not by what you pay.

Even GE

Even solid companies like General Electric have come = under=20 scrutiny because of the extremely complex financial = situations.=20 Unraveling a GE earnings report has now become a major task. = Where=20 GE only had to beat earnings estimates by $0.01 each quarter = to=20 count on an ever increasing stock price, today that is not=20 enough.

GE stock is down 50% in the last two years despite = having only=20 missed one earnings estimate in the last four years and = having=20 continual year-over-year growth in earnings averaging 15%. =

This bears repeating: GE, as representative a stock as = you can=20 get of the overall economy, is down 50% since September = 2000. During=20 that time period, they have grown earnings at over 11% = (year-to-year=20 basis) and beat or met earnings estimates every quarter = except one.=20 The one shortfall was October 2001, the quarter of the = Attack on=20 America and GE was only one penny short.

Why can't GE get any respect? The only definable = long-term=20 culprit is a decline in confidence in GE's earnings numbers. = During=20 the same eight quarter time-period, GE revenue growth rate = has been=20 consistently falling. From a growth rate of 24% and 20% in = 00Q1 and=20 00Q2, growth has steadily fallen, and even was negative for = most of=20 2001.

Flat or declining revenue combined with continuing = increasing=20 earnings leads to only one conclusion: you can't keep = this up=20 forever. Eventually, GE will be unable to book the = earnings=20 number higher than previous years. When (if), that happens, = GE stock=20 will be further devastated. Until then, the slow erosion of=20 confidence causes the stock price to decline.

GE is just one good example of how confidence in earnings = numbers=20 has been eroding over time since the bubble collapse. Until = greater=20 confidence in earnings numbers is established, you can = expect=20 further difficulties in the market overall.

Standard & Poors is now pushing for a standardized=20 calculation for earnings reporting, called Core Earnings. We = will=20 have more on this concept in Part II of this story, to = appear later=20 this week.

Comments may be emailed to the author, Robert V. Green, = at rvgreen@briefing.com =

----- Original Message ----- =
From:=20 Winston Little
To: canslim@lists.xmission.com= =20
Sent: Friday, June 28, = 2002 9:47=20 AM
Subject: Re: [CANSLIM] = Now=20 Xerox?

They all used EBITDA.. which Warren Buffett in = May said=20 is the currency of a
crook ... they all have a smell about=20 them.

----- Original Message -----
From: "Kelly Short" = <kelly.short@neoris.com>
= <canslim@lists.xmission.com= >
Sent:=20 Friday, June 28, 2002 9:46 AM
Subject: [CANSLIM] Now=20 Xerox?


Enron, WorldCom- nothing. Xerox off by $6B. = (Yes-=20 that's "B" as in boy!)

Kelly


For your protection, this e-mail message has been scanned for = viruses.=20

Visit us at http://www.neoris.com/=20



For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C21EBE.DB4ABA60-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "zillagirl" Subject: [CANSLIM] Date: Fri, 28 Jun 2002 09:17:15 -0700 Date: 28 Jun 2002 10:15:18 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_0016_01C21E84.98086AC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable katherine-thank you so much for this info-if you see the second article = will you post? I dont talk much on this board because I see that many of = you are more advanced then I am right now but I sure do learn a lot. = thanks again zillagirl ------=_NextPart_000_0016_01C21E84.98086AC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
katherine-thank you so much for this = info-if you=20 see the second article will you post? I dont talk much on this board = because I=20 see that many of you are more advanced then I am right now but I sure do = learn a=20 lot. thanks again  zillagirl
------=_NextPart_000_0016_01C21E84.98086AC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: RE: [CANSLIM] Now Xerox? Date: 28 Jun 2002 10:23:02 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_002E_01C21E8D.C8ABA7B0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Nor am I but I dont base my investing on WCOM either it was no where near a growth stock the past few years. :-) -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Katherine Malm Sent: Friday, June 28, 2002 10:12 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] Now Xerox? ...and in approximately 2.6 billion years the universe will no longer exist.... but I'm not basing my investing strategy on it... :)) Katherine ----- Original Message ----- From: David Taggart To: canslim@lists.xmission.com Sent: Friday, June 28, 2002 10:52 AM Subject: RE: [CANSLIM] Now Xerox? Well I have a few votes. I vote TYC it is still trading at around 14. Emotionally I agree with AOL I cant stand them but I doubt they dissapear. My biggest call is our government. One day all this debt will catch up to them I have no idea when but we are now an empire so sooner or later we will crumble like those of the past. It sounds doomy and gloomy but eventually it will happen. ------=_NextPart_000_002E_01C21E8D.C8ABA7B0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Nor am=20 I but I dont base my investing on WCOM either it was no where near = a growth=20 stock the past few years. :-)
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Katherine = Malm
Sent: Friday, June 28, 2002 10:12 AM
To:=20 canslim@lists.xmission.com
Subject: Re: [CANSLIM] Now=20 Xerox?

...and in approximately 2.6 billion years the universe will no = longer=20 exist.... but I'm not basing my investing strategy on it... :))
 
Katherine
----- Original Message -----
From:=20 David Taggart
Sent: Friday, June 28, 2002 = 10:52=20 AM
Subject: RE: [CANSLIM] Now = Xerox?

Well I have a few votes.  I vote TYC it is still = trading at=20 around 14.  Emotionally I agree with AOL  I cant = stand them=20 but I doubt they dissapear.  My biggest call is our = government. =20 One day all this debt will catch up to them I have no idea when but = we are=20 now an empire so sooner or later we will crumble like those of the=20 past.  It sounds doomy and gloomy but eventually it will=20 happen.=20

------=_NextPart_000_002E_01C21E8D.C8ABA7B0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 12:41:09 -0400 Robert: I agree with your points. Much of the current frenzy is derived from use of the INTERNET and instant TV reports. Rumor, speculation and distortion of facts get instant widespread distribution. If Chrysler were to undergo its financial difficulty today rather than back in 192x or again in 1978, it would have long been out of business and we would be talking about all the crooks and incompetents that ran it into the ground. ----- Original Message ----- Sent: Friday, June 28, 2002 12:12 PM > We tend to view the Worldcom/Xerox issues as black and white here > in hindsight. I believe that knowledgeable, reasonable, honest > people who are in the thick of the near real time information > flow have to make thousands of decisions on which account bucket > this expense belongs in. We are really dealing with issues that > have thousands of shades of gray, not black and white, yes/no > decisions. > > What appears to be happening is that a new set of individuals are > now able to make themselves heard in the corporations, > individuals who have different opinions, perhaps opinions that > are a bit more conservative in allocation of expenses to > accounting buckets. It is also useful to recall that accounting > at Fortune 1000 companies happens in MANY rollup levels. By the > time the bottom level expenses are rolled up to the top level, > the outside accountants may have NO idea WHAT the company > ACTUALLY did with the funds. > > TYC has had such INTENSE scrutiny of its books, it is NOT a > candidate in my mind for future accounting explosions. I suspect > that most of the action will focus on the companies that were the > darlings of the 1999/2000 market boom. Even so, we are likely to > find explosions emanating from unexpected areas of the economy as > more conservative accounting and legal people take ofer the helm > at Fortune 1000 cos. > > Robert > > On Fri, 28 Jun 2002 09:52:08 -0600, David Taggart wrote: > > >Well I have a few votes. I vote TYC it is still trading at > around 14. > >Emotionally I agree with AOL I cant stand them but I doubt they > dissapear. > >My biggest call is our government. One day all this debt will > catch up to > >them I have no idea when but we are now an empire so sooner or > later we will > >crumble like those of the past. It sounds doomy and gloomy but > eventually > >it will happen. > > -----Original Message----- > > From: owner-canslim@lists.xmission.com > >[mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly > Short > > Sent: Friday, June 28, 2002 9:48 AM > > To: canslim@lists.xmission.com > > Subject: RE: [CANSLIM] Now Xerox? > > > > > > Katherine, > > > > Thanks for the article (I haven't read it yet but I'm sure it > will provide > >a nice distraction this afternoon). My cohorts and I are > discussing which > >company will be the next whale to wash ashore with accounting > scandal. > >Perhaps the group would like to predict which company will be > next (because > >Xerox/WorldCom are not the last). I'll start: > > > > These are just hunches at this point- I'll be researching them > later > >today: > > 1. Something in the telecom/media sector- AOL Time Warner > maybe? > > 2. Something in the technology sector- Sun or Apple? > > 3. anything from the Andersen Top 20 Client list > > > > I'd enjoy hearing other's predictions. Perhaps we should start > a pool- > >people could pick squares- at least somebody would make money! > > > > Kelly > > -----Original Message----- > > From: Katherine Malm [mailto:kmalm@earthlink.net] > > Sent: Friday, June 28, 2002 10:30 AM > > To: canslim@lists.xmission.com > > Subject: Re: [CANSLIM] Now Xerox? > > > > > > Here's some background on earnings from Briefing.com for > those less > >familiar with EBITDA, etc. > > > > --Katherine > > > > PS Xerox's accounting woes go back *years*.... P-U.... > > ========== > > > > The Earnings Confidence Problem - Part I > > 25-Jun-02 14:18 ET > > > > [BRIEFING.COM - Robert V. Green] In the midst of the > more > >scandalous market problems, the earnings confidence problem is > not receiving > >the attention it should. Here is more on the topic. > > > > The Market Problems > > The current market suffers from the following > ailments: > > > > a.. Distrust of management - from excessive comp to > outright > >fraud. Tyco is the best example. > > b.. Distrust of accounting - Andersen > > c.. Distrust of analysts - Blodgett > > These three problems get all the press and attention. > > > > But a deeper problem is afflicting the buy side - a > growing > >concern about the validity of earnings reporting. > > > > The Earnings Problem > > Accounting rules have always been flexible enough to > allow most > >companies a far amount of flexibility both in revenue > recognition and > >expense recognition. Even when earnings reporting was somewhat > standardized, > >some companies were criticized for how they recognized revenue > and expense. > > > > But in the last five years, the types of earnings that > companies > >have driven Wall Street to focus upon have become questionable. > > > > There are four different basic types of earnings > today: > > > > a.. GAAP earnings: Generally Accepted Accounting > Principles - A > >standards board that publishes rules on how expenses should be > booked. > >Generally, all types of expenses are deducted. > > b.. As reported: Earnings excluding extraordinary > items (as > >defined by GAAP), changes in accounting charges, charges related > to > >discontinued operations (plant closings, etc.) > > c.. Operating earnings: As reported earnings but > excluding > >"one-time" charges which do not fit the GAAP definition of > "extraordinary" > > d.. Proforma earnings: Loosely defined "as if" > analysis. > >Originally designed to provide comparison data for mergers. > > GAAP accounting principles are guidelines for > accountants, not > >investors. The GAAP standards are guidelines for how a company > should keep > >its books, not how the company should report earnings. > > > > For example, a basic principle behind GAAP is that > revenue must be > >booked over the time period for which services and product are > delivered. If > >a two year $200,000 contract is pre-paid in cash, up front, the > entire > >$200,000 cannot be booked in the quarter in which the contract > is signed. > >However, the revenue does not have to be booked as $25,000 per > quarter for > >two years. A fair amount of flexibility, sometimes negotiated by > auditors, > >is possible for how much of a contract can be booked in each > quarter. > > > > GAAP covers expenses as well as revenues, of course. > > > > As reported earnings are the historical standard for > earnings. > >Until the mid-eighties, in fact, there was little debate over > how earnings > >should be reported as everyone used "as reported" earnings as a > standard. > >For the most part, there was no difference between "as reported" > earnings > >and any other methodology because one-time charges were not as > common. > >Furthermore, companies did not actively seek, as they do today, > to have > >certain expenses classified as "one-time." > > > > Operating earnings are designed to allow comparisons > between > >quarters and years for a company. One time charges in any > quarter are > >excluded because these would distort the comparison. Operating > earnings > >became important when it became clear that Wall Street would > completely > >ignore any "one-time" charges, and focus solely on earnings > growth. This > >provided a strong incentive for companies to classify large > expenses as > >one-time charges. > > > > An example of one company's aggressive attempt to get > charges > >classified as one-time was Excite's 1997 $40 million marketing > deal with > >Netscape. Now long forgotten, Excite paid Netscape up-front for > a four-year > >deal to be the principal search engine at the Netscape web site. > Excite > >tried to classify the entire $40 million payment as a one-time > charge in a > >single quarter. By doing so, Excite was almost profitable. At > Briefing we > >highlighted this event as an indicator of the times. The SEC > later forced > >Excite to restate the payment as a four-year expense. But many, > many > >companies were successful in getting major expense outlays > classified as > >"one-time" which improved income statements. > > > > The focus on operating expenses led to the development > of the > >"EBITDA" concept, which is "Earnings Before Interest, Taxes, > Depreciation, > >and Amortization." The EBITDA concept, which has to be > calculated from the > >line items shown on an operating earnings report, was designed > to show the > >basic business model of the company, without regard to > cost-of-capital. If > >capital were free, then EBITDA would be earnings. > > > > The focus on EBITDA has fallen from favor in recent > times for one > >single reason: Interest. The interest payments on bonds, which > are excluded > >from EBITDA calculations, has ruined many debt-ridden. > > > > Only through focusing on EBITDA projections could a > company like > >Exodus Communications raise so much debt that their interest > payments > >exceeded their gross margin. That won't happen again for > decades. > > > > Pro-forma earnings are very hard to define today. The > original > >purpose of pro-forma earnings calculations was to show the > effects of a > >merger in a format that allowed a single income statement to > combine only > >the operating models of each company, and exclude the actual > costs of making > >the merger. > > > > Under the pro-forma for merger guidelines, pro-forma > calculations > >could only be used for one year, after which the company should > start > >reporting as-reported earnings for the combined entities. > > > > However, companies soon learned that as long as they > made a new > >merger each year, they could continue reporting pro-forma > earnings > >indefinitely. This "flexibility" in how earnings could be > reported led to > >"pro-forma" meanings that were never intended, including stock > option > >compensation expenses and R&D "in-progress" write-offs. > > > > The Erosion of Earnings Confidence > > The now long-departed CFO of Amazon.com, Joy Covey, > was the unsung > >hero of bringing pro-forma earnings to the popularity they > enjoyed. She did > >so by diverting attention away from standardized earnings > reports. > > > > Ms. Covey invented the concept of "EBITMA" which was > defined > >"EBITDA plus marketing." She was successful in convincing Wall > Street that > >marketing costs were equivalent to capital investment, a concept > which looks > >ridiculous in retrospect. But in the early days of the internet, > marketing > >and brand development was equated with capturing "territory" > which, > >presumably, everyone thought could never be lost. (Tell that to > investors in > >Excite.) > > > > Nevertheless, Joy Covey was successful in convincing > investors, > >particularly convertible bond investors, to focus on the EBITMA > concept. It > >was a crucial element in selling the $2 billion in Amazon.com > bonds that > >built the company. After all, if you ignore the interest > payments on the > >bond, and you consider spending the bond principal on marketing > as "not an > >expense," Amazon's income statement would look great!. > > > > The problem, of course, is that bond holders don't > care about > >earnings statements. They just care about the payments. The jury > is still > >out on whether Amazon.com will eventually be able to pay the > principal on > >their bonds. (See the Stock Brief of: 14-May-01 Amazon.com's > Bond Problem. > > > > After Joy Covey established the principle of EBITMA, > internet > >companies began using all types of non-earnings related > statistics to show > >growth. Page views, registered users, unique monthly visitors > are just some > >of the meaningless examples that became popular. (Surely you > remember.) > > > > When "non-revenue statistics" becoming drivers of > stock prices, > >(around 1998) pro-forma earnings increased in popularity. After > all, a > >pro-forma income statement that showed some kind of earnings > progress looked > >a lot more "real" than the phony statistics being coughed up by > internet > >companies. > > > > But when the bubble collapsed, everyone began > questioning earnings > >quality. It didn't happen overnight, and it didn't happen all at > once. But > >as a long, slow evolutionary force, earnings confidence has > eroded, and is > >still present today. > > > > The Aftermath > > The evolution of earnings focus over the past 10 years > has led us > >to today's situation: a basic lack of confidence in many > companies income > >statements. > > > > Amazon.com still reports earnings on a pro-forma > basis. In their > >Q1 income statement, you can take your choice of earnings: > > > > a.. Pro-forma: $25 million profit > > b.. Operating: $2 million profit > > c.. Net (as-reported): $(23) million loss > > The earnings format you choose is not relevant, > frankly. It is far > >more important to the stock value what format the guy next to > you chooses. > > > > After all, value to you is primarily determined by > what someone > >else will pay, not by what you pay. > > > > Even GE > > Even solid companies like General Electric have come > under > >scrutiny because of the extremely complex financial situations. > Unraveling a > >GE earnings report has now become a major task. Where GE only > had to beat > >earnings estimates by $0.01 each quarter to count on an ever > increasing > >stock price, today that is not enough. > > > > GE stock is down 50% in the last two years despite > having only > >missed one earnings estimate in the last four years and having > continual > >year-over-year growth in earnings averaging 15%. > > > > This bears repeating: GE, as representative a stock as > you can get > >of the overall economy, is down 50% since September 2000. During > that time > >period, they have grown earnings at over 11% (year-to-year > basis) and beat > >or met earnings estimates every quarter except one. The one > shortfall was > >October 2001, the quarter of the Attack on America and GE was > only one penny > >short. > > > > Why can't GE get any respect? The only definable > long-term culprit > >is a decline in confidence in GE's earnings numbers. During the > same eight > >quarter time-period, GE revenue growth rate has been > consistently falling. > >From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has > steadily > >fallen, and even was negative for most of 2001. > > > > Flat or declining revenue combined with continuing > increasing > >earnings leads to only one conclusion: you can't keep this up > forever. > >Eventually, GE will be unable to book the earnings number higher > than > >previous years. When (if), that happens, GE stock will be > further > >devastated. Until then, the slow erosion of confidence causes > the stock > >price to decline. > > > > GE is just one good example of how confidence in > earnings numbers > >has been eroding over time since the bubble collapse. Until > greater > >confidence in earnings numbers is established, you can expect > further > >difficulties in the market overall. > > > > Standard & Poors is now pushing for a standardized > calculation for > >earnings reporting, called Core Earnings. We will have more on > this concept > >in Part II of this story, to appear later this week. > > > > Comments may be emailed to the author, Robert V. > Green, at > >rvgreen@briefing.com > > > > > > ----- Original Message ----- > > From: Winston Little > > To: canslim@lists.xmission.com > > Sent: Friday, June 28, 2002 9:47 AM > > Subject: Re: [CANSLIM] Now Xerox? > > > > > > They all used EBITDA.. which Warren Buffett in May said is > the > >currency of a > > crook ... they all have a smell about them. > > > > ----- Original Message ----- > > From: "Kelly Short" > > To: > > Sent: Friday, June 28, 2002 9:46 AM > > Subject: [CANSLIM] Now Xerox? > > > > > > Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's > "B" as in > >boy!) > > > > Kelly > > > > > > > >---------------------------------------------------------------- > ------------ > > For your protection, this e-mail message has been scanned > for viruses. > > Visit us at http://www.neoris.com/ > > > > > >---------------------------------------------------------------- > ------------ > > > > > > > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "zillagirl" Subject: [CANSLIM] who is next to go Date: 28 Jun 2002 10:13:41 -0700 This is a multi-part message in MIME format. ------=_NextPart_000_0033_01C21E8C.7A576DC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable I heard a lady on cnbc about a week ago and she does research for = institutions only- she said she is telling her clients to get out of = dynegy, tyco, and quest for various underlying problems that could = appear and may cause them to blow up. I also wonder myself about GE. = Its down about 2/3 in a year, The CEO left recently, and Ive read = articles saying that there accounting is so complicated that even they = dont know what it says. It seems that in this down market people would = be running to a gorilla like that but they are jumping out??? Do they = know something we done-any thoughts for me to digest. thanks zillagirl ------=_NextPart_000_0033_01C21E8C.7A576DC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
I heard a lady on cnbc about a week ago = and she=20 does research for institutions only- she said she is telling her clients = to get=20 out of dynegy, tyco, and quest for various underlying problems that = could =20 appear and may cause them to blow up.  I also wonder myself about = GE. =20 Its down about 2/3 in a year, The CEO left recently, and Ive read = articles=20 saying that there accounting is so complicated that even they dont know = what it=20 says.  It seems that in this down market people would be running to = a=20 gorilla like that but they are jumping out??? Do they know something we = done-any=20 thoughts for me to digest. thanks zillagirl
------=_NextPart_000_0033_01C21E8C.7A576DC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: [CANSLIM] Next ExplodingCompany Date: 28 Jun 2002 13:16:51 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0044_01C21EA6.1085BE00 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Robert: I especially agree with your assessment of TYC. My assessment is : TYC had been engaged in producing items that could be counted and = touched. They fall into three groups:=20 1) AMP connectors (biggest and best in the industry) and p.c. boards 2) Medical products - bandages, crutches and respiratory items 3) Fire and burglar alarms. They went outside of this to buy CIT ( which does not produce things = that one can touch or count). Price paid for CIT is believed to be exorbitant. Next week they plan to spin-off CIT, thus leaving the things that can = be touched and counted, and manageable debt. Audits and examinations of the past two years have shown that there is = little probability of mis-binning or fraud in the company. The prior CEO had some personal difficulties in his lifestyle, but even = if he used company funds for some of the items, the total involved is = NOT SIGNIFICANT for TYC survival. However, people have intertwined the personal lifestyle of the former = CEO and that of the company. TYC sales are $35 Billion/year, profits are $2 Billion/year and the = potential CEO items appear to be under $50 million (could even be = zero). =20 ------=_NextPart_000_0044_01C21EA6.1085BE00 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Robert:
I especially agree with your assessment of =20 TYC.
 
My assessment is :
TYC had been engaged in producing items that could = be counted=20 and touched.
They fall into three groups: 
1) AMP connectors (biggest and best in the industry) = and p.c.=20 boards
2) Medical products - bandages, crutches and = respiratory=20 items
3) Fire and burglar alarms.
 
They went outside of this to buy CIT ( which does = not produce=20 things that one can touch or count).
Price paid for CIT is believed to be=20 exorbitant.
Next week they plan  to spin-off CIT, thus = leaving the=20 things that can be touched and counted, and manageable = debt.
 
Audits and examinations of the past two years have = shown that=20 there is little probability of mis-binning or fraud in the = company.
 
The prior CEO had some personal difficulties in = his=20 lifestyle, but even if he used company funds for some of the items, the = total=20 involved is NOT SIGNIFICANT for TYC survival.
However, people have intertwined the personal = lifestyle of the=20 former CEO and that of the company.
TYC sales are $35 Billion/year, profits are $2 = Billion/year=20 and the potential  CEO items appear to be under $50 = million=20 (could even be zero).
  
------=_NextPart_000_0044_01C21EA6.1085BE00-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] lighter side of corp deception Date: 28 Jun 2002 09:15:12 -0400 I love it, Ernie, best laugh in days, thanks ----- Original Message ----- Sent: Thursday, June 27, 2002 7:17 PM REMAINING U.S. CEOs MAKE A BREAK FOR IT-- Band of Roving Chief Executives Spotted Miles from Mexican Border San Antonio, Texas(Reuters) - Unwilling to wait for their eventual indictments, the 10,000 remaining CEOs of public U.S. companies made a break for it yesterday, heading for the Mexican border, plundering towns and villages along the way, and writing the entire rampage off as a marketing expense. "They came into my home, made me pay for my own TV, then double-booked the revenues," said Rachel Sanchez of Las Cruces, just north of El Paso. "Right in front of my daughters." Calling themselves the CEOnistas, the chief executives were first spotted last night along the Rio Grande River near Quemado, where they bought each of the town's 320 residents by borrowing against pension fund gains. By late this morning, the CEOnistas had arbitrarily inflated Quemado's population to 960, and declared a 200 percent profit for the fiscal second quarter. This morning, the outlaws bought the city of Waco, transferred its under performing areas to a private partnership, and sent a bill to California for $4.5 billion. Law enforcement officials and disgruntled shareholders riding posse were noticeably frustrated. "First of all, they're very hard to find because they always stand behind their numbers, and the numbers keep shifting," said posse spokesman Dean Levitt. "And every time we yell 'Stop in the name of the shareholders!', they refer us to investor relations. I've been on the phone all damn morning." "YOU'LL NEVER AUDIT ME ALIVE!" The pursuers said they have had some success, however, by preying on a common executive weakness. "Last night we caught about 24 of them by disguising one of our female officers as a CNBC anchor," said U.S. Border Patrol spokesperson Janet Lewis. "It was like moths to a flame." Also, teams of agents have been using high-powered listening devices to scan the plains for telltale sounds of the CEOnistas. "Most of the time we just hear leaves rustling or cattle flicking their tails," said Lewis, "but occasionally we'll pick up someone saying, 'I was totally out of the loop on that.'" Among former and current CEOs apprehended with this method were Computer Associates' Sanjay Kumar, Adelphia's John Rigas, Enron's Ken Lay, Joseph Nacchio of Qwest, Joseph Berardino of Arthur Andersen, and every Global Crossing CEO since 1997. ImClone Systems' Sam Waksal and Dennis Kozlowski of Tyco were not allowed to join the CEOnistas as they have already been indicted. So far, about 50 chief executives have been captured, including Martha Stewart, who was detained south of El Paso where she had cut through a barbed-wire fence at the Zaragosa border crossing off Highway 375. "She would have gotten away, but she was stopping motorists to ask for marzipan and food coloring so she could make edible snowman place settings, using the cut pieces of wire for the arms," said Border Patrol officer Jennette Cushing. "We put her in cell No. 7, because the morning sun really adds texture to the stucco walls." While some stragglers are believed to have successfully crossed into Mexico, Cushing said the bulk of the CEOnistas have holed themselves up at the Alamo. "No, not the fort, the car rental place at the airport," she said. "They're rotating all the tires on the minivans and accounting for each change as a sale." ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: RE: [CANSLIM] Next ExplodingCompany Date: 28 Jun 2002 13:00:12 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C21ECD.A65C6068 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable I created a spreadsheet of all the clients that have dumped Andersen as = their auditor post-Enron if anyone is interested: http://www.kellyrshort.com/canslim/andersendefections.xls (145k) Don't = ask what happened to the "New Auditor" column- I don't know. Blame it on = Bill Gates. -----Original Message----- Sent: Friday, June 28, 2002 12:17 PM Robert: I especially agree with your assessment of TYC. =20 My assessment is : TYC had been engaged in producing items that could be counted and = touched. They fall into three groups:=20 1) AMP connectors (biggest and best in the industry) and p.c. boards 2) Medical products - bandages, crutches and respiratory items 3) Fire and burglar alarms. =20 They went outside of this to buy CIT ( which does not produce things = that one can touch or count). Price paid for CIT is believed to be exorbitant. Next week they plan to spin-off CIT, thus leaving the things that can = be touched and counted, and manageable debt. =20 Audits and examinations of the past two years have shown that there is = little probability of mis-binning or fraud in the company. =20 The prior CEO had some personal difficulties in his lifestyle, but even = if he used company funds for some of the items, the total involved is = NOT SIGNIFICANT for TYC survival. However, people have intertwined the personal lifestyle of the former = CEO and that of the company. TYC sales are $35 Billion/year, profits are $2 Billion/year and the = potential CEO items appear to be under $50 million (could even be = zero). =20 _____ =20 For your protection, this e-mail message has been scanned for viruses.=20 Visit us at http://www.neoris.com/=20 _____ =20 ------_=_NextPart_001_01C21ECD.A65C6068 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
I=20 created a spreadsheet of all the clients that have dumped Andersen as = their=20 auditor post-Enron if anyone is interested:
http:/= /www.kellyrshort.com/canslim/andersendefections.xls (145k)=20 Don't ask what happened to the "New Auditor" column- I don't know. Blame = it on=20 Bill Gates.
-----Original Message-----
From: Winston Little=20 [mailto:wlittle1@peoplepc.com]
Sent: Friday, June 28, 2002 = 12:17=20 PM
To: canslim@lists.xmission.com
Subject: = [CANSLIM] Next=20 ExplodingCompany

Robert:
I especially agree with your assessment of =20 TYC.
 
My assessment is :
TYC had been engaged in producing items that could = be=20 counted and touched.
They fall into three groups: 
1) AMP connectors (biggest and best in the = industry) and=20 p.c. boards
2) Medical products - bandages, crutches and = respiratory=20 items
3) Fire and burglar alarms.
 
They went outside of this to buy CIT ( which does = not=20 produce things that one can touch or count).
Price paid for CIT is believed to be=20 exorbitant.
Next week they plan  to spin-off CIT, thus = leaving the=20 things that can be touched and counted, and manageable = debt.
 
Audits and examinations of the past two years have = shown=20 that there is little probability of mis-binning or fraud in the=20 company.
 
The prior CEO had some personal difficulties = in his=20 lifestyle, but even if he used company funds for some of the items, = the total=20 involved is NOT SIGNIFICANT for TYC survival.
However, people have intertwined the personal = lifestyle of=20 the former CEO and that of the company.
TYC sales are $35 Billion/year, profits are $2 = Billion/year=20 and the potential  CEO items appear to be under $50 = million=20 (could even be zero).
  

For your protection, this e-mail message has been scanned for viruses. =

Visit us at http://www.neoris.com/=20


------_=_NextPart_001_01C21ECD.A65C6068-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Chazmoore@aol.com Subject: Re: [CANSLIM] Next ExplodingCompany Date: 28 Jun 2002 14:21:03 EDT --part1_8e.2a2a0599.2a4e030f_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Kelly: That was a lot of work. Thank you for sharing. Charley --part1_8e.2a2a0599.2a4e030f_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Kelly: That was a lot of work. Thank you for sharing. Charley --part1_8e.2a2a0599.2a4e030f_boundary-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Fred Richards" Subject: [CANSLIM] Beware of quarter-end rallies! Date: 28 Jun 2002 14:17:18 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_0006_01C21EAE.82C84160 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit The stock market this week has attempted to rally on the backs of the wise guys, the Plunge Protection Team and the mark-up wizards of the major funds. If it is for real, why is the number of "A" rated stocks in the Accumulate/Distribution schedule dropping? We have updated the charts and you may view them at: http://www.adrich.com/SI/Info/A's.htm ---- Fred Richards Corruptisima republica plurimae leges. [The more corrupt a republic, the more laws.] - - Tacitus, Annuals III 27 www.adrich.com ------=_NextPart_000_0006_01C21EAE.82C84160 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
The = stock market=20 this week has attempted to rally on the backs of the wise guys, the = Plunge=20 Protection Team and the mark-up wizards of the major = funds.
 
If it = is for real,=20 why is the number of "A" rated stocks in the Accumulate/Distribution = schedule=20 dropping?
 
We = have updated the=20 charts and you may view them at:
 
http://www.adrich.com/SI/I= nfo/A's.htm
 

Fred Richards
 
Corruptisima republica plurimae = leges.  [The=20 more corrupt a republic, the more laws.]  - - Tacitus, Annuals III=20 27
 
www.adrich.com
 
------=_NextPart_000_0006_01C21EAE.82C84160-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Kelly Short" Subject: [CANSLIM] Too much information in IBD Date: 28 Jun 2002 14:41:57 -0500 This is a multi-part message in MIME format. ------_=_NextPart_001_01C21EDB.DD514E40 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable I recently started reviewing the "Screen of the Day" on the IBD website = everyday. It's a lot of information to digest and certainly there are = too many companies to perform a detailed analysis of each one on each = list. I welcome any comments on how you personally find this, and other = lists, useful and how you prioritize the myriad information found on the = IBD site/print edition. =20 Kelly ------_=_NextPart_001_01C21EDB.DD514E40 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
I=20 recently started reviewing the "Screen of the Day" on the IBD website = everyday.=20 It's a lot of information to digest and certainly there are too many = companies=20 to perform a detailed analysis of each one on each list. I welcome any = comments=20 on how you personally find this, and other lists, useful and how you = prioritize=20 the myriad information found on the IBD site/print = edition.
 
Kelly
------_=_NextPart_001_01C21EDB.DD514E40-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Sam Funchess Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 15:36:31 -0400 Canslim Members,

Been a while since my last post.

With that being said, I think the "scandal's" are very good for the long term benefit of CANSLIMers and the market.  Its been a while since I've read HTMMIS so I can't quote chapters or such, but I recall him talking a lot about the fear factor.  We have not had the "Fear" in the market yet.  I think that there is no sustainable upside to the market until the fear has hit the market.

Just my thoughts.

Sam

Katherine Malm wrote:

Here's some background on earnings from Briefing.com for those less familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go back *years*.... P-U....==========  
The Earnings Confidence Problem - Part I
25-Jun-02 14:18 ET
[BRIEFING.COM - Robert V. Green] In the midst of the more scandalous market problems, the earnings confidence problem is not receiving the attention it should. Here is more on the topic. 

The Market Problems

The current market suffers from the following ailments: 
  • Distrust of management - from excessive comp to outright fraud. Tyco is the best example. 
  • Distrust of accounting - Andersen 
  • Distrust of analysts - Blodgett
These three problems get all the press and attention. 

But a deeper problem is afflicting the buy side - a growing concern about the validity of earnings reporting. 

The Earnings Problem

Accounting rules have always been flexible enough to allow most companies a far amount of flexibility both in revenue recognition and expense recognition. Even when earnings reporting was somewhat standardized, some companies were criticized for how they recognized revenue and expense.

But in the last five years, the types of earnings that companies have driven Wall Street to focus upon have become questionable. 

There are four different basic types of earnings today:

  • GAAP earnings: Generally Accepted Accounting Principles - A standards board that publishes rules on how expenses should be booked. Generally, all types of expenses are deducted. 
  • As reported: Earnings excluding extraordinary items (as defined by GAAP), changes in accounting charges, charges related to discontinued operations (plant closings, etc.) 
  • Operating earnings: As reported earnings but excluding "one-time" charges which do not fit the GAAP definition of "extraordinary" 
  • Proforma earnings: Loosely defined "as if" analysis. Originally designed to provide comparison data for mergers.
GAAP accounting principles are guidelines for accountants, not investors. The GAAP standards are guidelines for how a company should keep its books, not how the company should report earnings. 

For example, a basic principle behind GAAP is that revenue must be booked over the time period for which services and product are delivered. If a two year $200,000 contract is pre-paid in cash, up front, the entire $200,000 cannot be booked in the quarter in which the contract is signed. However, the revenue does not have to be booked as $25,000 per quarter for two years. A fair amount of flexibility, sometimes negotiated by auditors, is possible for how much of a contract can be booked in each quarter. 

GAAP covers expenses as well as revenues, of course. 

As reported earnings are the historical standard for earnings. Until the mid-eighties, in fact, there was little debate over how earnings should be reported as everyone used "as reported" earnings as a standard. For the most part, there was no difference between "as reported" earnings and any other methodology because one-time charges were not as common. Furthermore, companies did not actively seek, as they do today, to have certain expenses classified as "one-time." 

Operating earnings are designed to allow comparisons between quarters and years for a company. One time charges in any quarter are excluded because these would distort the comparison. Operating earnings became important when it became clear that Wall Street would completely ignore any "one-time" charges, and focus solely on earnings growth. This provided a strong incentive for companies to classify large expenses as one-time charges. 

An example of one company's aggressive attempt to get charges classified as one-time was Excite's 1997 $40 million marketing deal with Netscape. Now long forgotten, Excite paid Netscape up-front for a four-year deal to be the principal search engine at the Netscape web site. Excite tried to classify the entire $40 million payment as a one-time charge in a single quarter. By doing so, Excite was almost profitable. At Briefing we highlighted this event as an indicator of the times. The SEC later forced Excite to restate the payment as a four-year expense. But many, many companies were successful in getting major expense outlays classified as "one-time" which improved income statements. 

The focus on operating expenses led to the development of the "EBITDA" concept, which is "Earnings Before Interest, Taxes, Depreciation, and Amortization." The EBITDA concept, which has to be calculated from the line items shown on an operating earnings report, was designed to show the basic business model of the company, without regard to cost-of-capital. If capital were free, then EBITDA would be earnings. 

The focus on EBITDA has fallen from favor in recent times for one single reason: Interest. The interest payments on bonds, which are excluded from EBITDA calculations, has ruined many debt-ridden. 

Only through focusing on EBITDA projections could a company like Exodus Communications raise so much debt that their interest payments exceeded their gross margin. That won't happen again for decades. 

Pro-forma earnings are very hard to define today. The original purpose of pro-forma earnings calculations was to show the effects of a merger in a format that allowed a single income statement to combine only the operating models of each company, and exclude the actual costs of making the merger. 

Under the pro-forma for merger guidelines, pro-forma calculations could only be used for one year, after which the company should start reporting as-reported earnings for the combined entities. 

However, companies soon learned that as long as they made a new merger each year, they could continue reporting pro-forma earnings indefinitely. This "flexibility" in how earnings could be reported led to "pro-forma" meanings that were never intended, including stock option compensation expenses and R&D "in-progress" write-offs. 

The Erosion of Earnings Confidence

The now long-departed CFO of Amazon.com, Joy Covey, was the unsung hero of bringing pro-forma earnings to the popularity they enjoyed. She did so by diverting attention away from standardized earnings reports. 

Ms. Covey invented the concept of "EBITMA" which was defined "EBITDA plus marketing." She was successful in convincing Wall Street that marketing costs were equivalent to capital investment, a concept which looks ridiculous in retrospect. But in the early days of the internet, marketing and brand development was equated with capturing "territory" which, presumably, everyone thought could never be lost. (Tell that to investors in Excite.) 

Nevertheless, Joy Covey was successful in convincing investors, particularly convertible bond investors, to focus on the EBITMA concept. It was a crucial element in selling the $2 billion in Amazon.com bonds that built the company. After all, if you ignore the interest payments on the bond, and you consider spending the bond principal on marketing as "not an expense," Amazon's income statement would look great!. 

The problem, of course, is that bond holders don't care about earnings statements. They just care about the payments. The jury is still out on whether Amazon.com will eventually be able to pay the principal on their bonds. (See the Stock Brief of: 14-May-01 Amazon.com's Bond Problem.

After Joy Covey established the principle of EBITMA, internet companies began using all types of non-earnings related statistics to show growth. Page views, registered users, unique monthly visitors are just some of the meaningless examples that became popular. (Surely you remember.)

When "non-revenue statistics" becoming drivers of stock prices, (around 1998) pro-forma earnings increased in popularity. After all, a pro-forma income statement that showed some kind of earnings progress looked a lot more "real" than the phony statistics being coughed up by internet companies. 

But when the bubble collapsed, everyone began questioning earnings quality. It didn't happen overnight, and it didn't happen all at once. But as a long, slow evolutionary force, earnings confidence has eroded, and is still present today. 

The Aftermath

The evolution of earnings focus over the past 10 years has led us to today's situation: a basic lack of confidence in many companies income statements. 

Amazon.com still reports earnings on a pro-forma basis. In their Q1 income statement, you can take your choice of earnings: 

  • Pro-forma: $25 million profit 
  • Operating: $2 million profit 
  • Net (as-reported): $(23) million loss
The earnings format you choose is not relevant, frankly. It is far more important to the stock value what format the guy next to you chooses.

After all, value to you is primarily determined by what someone else will pay, not by what you pay. 

Even GE

Even solid companies like General Electric have come under scrutiny because of the extremely complex financial situations. Unraveling a GE earnings report has now become a major task. Where GE only had to beat earnings estimates by $0.01 each quarter to count on an ever increasing stock price, today that is not enough.

GE stock is down 50% in the last two years despite having only missed one earnings estimate in the last four years and having continual year-over-year growth in earnings averaging 15%. 

This bears repeating: GE, as representative a stock as you can get of the overall economy, is down 50% since September 2000. During that time period, they have grown earnings at over 11% (year-to-year basis) and beat or met earnings estimates every quarter except one. The one shortfall was October 2001, the quarter of the Attack on America and GE was only one penny short. 

Why can't GE get any respect? The only definable long-term culprit is a decline in confidence in GE's earnings numbers. During the same eight quarter time-period, GE revenue growth rate has been consistently falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has steadily fallen, and even was negative for most of 2001. 

Flat or declining revenue combined with continuing increasing earnings leads to only one conclusion: you can't keep this up forever. Eventually, GE will be unable to book the earnings number higher than previous years. When (if), that happens, GE stock will be further devastated. Until then, the slow erosion of confidence causes the stock price to decline.

GE is just one good example of how confidence in earnings numbers has been eroding over time since the bubble collapse. Until greater confidence in earnings numbers is established, you can expect further difficulties in the market overall. 

Standard & Poors is now pushing for a standardized calculation for earnings reporting, called Core Earnings. We will have more on this concept in Part II of this story, to appear later this week.

Comments may be emailed to the author, Robert V. Green, at rvgreen@briefing.com

----- Original Message -----
Sent: Friday, June 28, 2002 9:47 AM
Subject: Re: [CANSLIM] Now Xerox?
 They all used EBITDA.. which Warren Buffett in May said is the currency of a
crook ... they all have a smell about them.

----- Original Message -----
From: "Kelly Short" <kelly.short@neoris.com>
To: <canslim@lists.xmission.com>
Sent: Friday, June 28, 2002 9:46 AM
Subject: [CANSLIM] Now Xerox?
 

Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!)

Kelly
 

- -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Bill Triffet" Subject: Re: [CANSLIM] Now Xerox?Fear? Date: 28 Jun 2002 13:24:43 -0700 Sam, Right you are. I see in today's IBD, the Puts vs. Calls ratio (one of IBD's "fear" indicators) has dropped back below .8 after having quickly popped to 1.2 last week. I guess fear is short lived - even in this market. -Bill ----- Original Message ----- Sent: Friday, June 28, 2002 12:36 PM > Canslim Members, > Been a while since my last post. > > With that being said, I think the "scandal's" are very good for the long term benefit of CANSLIMers and the market. Its been a while since I've read HTMMIS so I can't quote chapters or such, but I recall him talking a lot about the fear factor. We have not had the "Fear" in the market yet. I think that there is no sustainable upside to the market until the fear has hit the market. > > Just my thoughts. > > Sam > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 16:27:41 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_000F_01C21EC0.B9D6A040 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable "The market always climbs a wall of worry" is an old familiar saying. In 1965 only 10% of the population invested in the market.(Just over 50% = of trading volume was by individuals) The participation grew to 60% of the population in April 2002 (either = directly or through retirement/mutual funds). The volume due to = individuals fell to under 20%.=20 Fund managers may not have the same fear as an individual (it is not = HIS/HER money, but YOURS!) The larger population of individuals will also contain a larger number = of people who know no fear. Thus I wonder if the exhibition of fear will be as large or severe as in = the past.=20 ----- Original Message -----=20 From: Sam Funchess=20 To: canslim@lists.xmission.com=20 Sent: Friday, June 28, 2002 3:36 PM Subject: Re: [CANSLIM] Now Xerox? Canslim Members,=20 Been a while since my last post.=20 With that being said, I think the "scandal's" are very good for the = long term benefit of CANSLIMers and the market. Its been a while since = I've read HTMMIS so I can't quote chapters or such, but I recall him = talking a lot about the fear factor. We have not had the "Fear" in the = market yet. I think that there is no sustainable upside to the market = until the fear has hit the market.=20 Just my thoughts.=20 Sam=20 Katherine Malm wrote:=20 Here's some background on earnings from Briefing.com for those less = familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go = back *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =20 The Earnings Confidence Problem - Part I=20 25-Jun-02 14:18 ET=20 =20 [BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous market problems, the earnings confidence problem is not = receiving the attention it should. Here is more on the topic. =20 The Market Problems The current market suffers from the following ailments: =20 a.. Distrust of management - from excessive comp to outright = fraud. Tyco is the best example. =20 b.. Distrust of accounting - Andersen =20 c.. Distrust of analysts - Blodgett=20 These three problems get all the press and attention. =20 But a deeper problem is afflicting the buy side - a growing = concern about the validity of earnings reporting. =20 The Earnings Problem Accounting rules have always been flexible enough to allow = most companies a far amount of flexibility both in revenue recognition = and expense recognition. Even when earnings reporting was somewhat = standardized, some companies were criticized for how they recognized = revenue and expense.=20 But in the last five years, the types of earnings that = companies have driven Wall Street to focus upon have become = questionable. =20 There are four different basic types of earnings today:=20 a.. GAAP earnings: Generally Accepted Accounting Principles = - A standards board that publishes rules on how expenses should be = booked. Generally, all types of expenses are deducted. =20 b.. As reported: Earnings excluding extraordinary items (as = defined by GAAP), changes in accounting charges, charges related to = discontinued operations (plant closings, etc.) =20 c.. Operating earnings: As reported earnings but excluding = "one-time" charges which do not fit the GAAP definition of = "extraordinary" =20 d.. Proforma earnings: Loosely defined "as if" analysis. = Originally designed to provide comparison data for mergers.=20 GAAP accounting principles are guidelines for accountants, not = investors. The GAAP standards are guidelines for how a company should = keep its books, not how the company should report earnings. =20 For example, a basic principle behind GAAP is that revenue = must be booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in cash, up = front, the entire $200,000 cannot be booked in the quarter in which the = contract is signed. However, the revenue does not have to be booked as = $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a contract = can be booked in each quarter. =20 GAAP covers expenses as well as revenues, of course. =20 As reported earnings are the historical standard for earnings. = Until the mid-eighties, in fact, there was little debate over how = earnings should be reported as everyone used "as reported" earnings as a = standard. For the most part, there was no difference between "as = reported" earnings and any other methodology because one-time charges = were not as common. Furthermore, companies did not actively seek, as = they do today, to have certain expenses classified as "one-time." =20 Operating earnings are designed to allow comparisons between = quarters and years for a company. One time charges in any quarter are = excluded because these would distort the comparison. Operating earnings = became important when it became clear that Wall Street would completely = ignore any "one-time" charges, and focus solely on earnings growth. This = provided a strong incentive for companies to classify large expenses as = one-time charges. =20 An example of one company's aggressive attempt to get charges = classified as one-time was Excite's 1997 $40 million marketing deal with = Netscape. Now long forgotten, Excite paid Netscape up-front for a = four-year deal to be the principal search engine at the Netscape web = site. Excite tried to classify the entire $40 million payment as a = one-time charge in a single quarter. By doing so, Excite was almost = profitable. At Briefing we highlighted this event as an indicator of the = times. The SEC later forced Excite to restate the payment as a four-year = expense. But many, many companies were successful in getting major = expense outlays classified as "one-time" which improved income = statements. =20 The focus on operating expenses led to the development of the = "EBITDA" concept, which is "Earnings Before Interest, Taxes, = Depreciation, and Amortization." The EBITDA concept, which has to be = calculated from the line items shown on an operating earnings report, = was designed to show the basic business model of the company, without = regard to cost-of-capital. If capital were free, then EBITDA would be = earnings. =20 The focus on EBITDA has fallen from favor in recent times for = one single reason: Interest. The interest payments on bonds, which are = excluded from EBITDA calculations, has ruined many debt-ridden. =20 Only through focusing on EBITDA projections could a company = like Exodus Communications raise so much debt that their interest = payments exceeded their gross margin. That won't happen again for = decades. =20 Pro-forma earnings are very hard to define today. The original = purpose of pro-forma earnings calculations was to show the effects of a = merger in a format that allowed a single income statement to combine = only the operating models of each company, and exclude the actual costs = of making the merger. =20 Under the pro-forma for merger guidelines, pro-forma = calculations could only be used for one year, after which the company = should start reporting as-reported earnings for the combined entities. =20 However, companies soon learned that as long as they made a = new merger each year, they could continue reporting pro-forma earnings = indefinitely. This "flexibility" in how earnings could be reported led = to "pro-forma" meanings that were never intended, including stock option = compensation expenses and R&D "in-progress" write-offs. =20 The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the = unsung hero of bringing pro-forma earnings to the popularity they = enjoyed. She did so by diverting attention away from standardized = earnings reports. =20 Ms. Covey invented the concept of "EBITMA" which was defined = "EBITDA plus marketing." She was successful in convincing Wall Street = that marketing costs were equivalent to capital investment, a concept = which looks ridiculous in retrospect. But in the early days of the = internet, marketing and brand development was equated with capturing = "territory" which, presumably, everyone thought could never be lost. = (Tell that to investors in Excite.) =20 Nevertheless, Joy Covey was successful in convincing = investors, particularly convertible bond investors, to focus on the = EBITMA concept. It was a crucial element in selling the $2 billion in = Amazon.com bonds that built the company. After all, if you ignore the = interest payments on the bond, and you consider spending the bond = principal on marketing as "not an expense," Amazon's income statement = would look great!. =20 The problem, of course, is that bond holders don't care about = earnings statements. They just care about the payments. The jury is = still out on whether Amazon.com will eventually be able to pay the = principal on their bonds. (See the Stock Brief of: 14-May-01 = Amazon.com's Bond Problem.=20 After Joy Covey established the principle of EBITMA, internet = companies began using all types of non-earnings related statistics to = show growth. Page views, registered users, unique monthly visitors are = just some of the meaningless examples that became popular. (Surely you = remember.)=20 When "non-revenue statistics" becoming drivers of stock = prices, (around 1998) pro-forma earnings increased in popularity. After = all, a pro-forma income statement that showed some kind of earnings = progress looked a lot more "real" than the phony statistics being = coughed up by internet companies. =20 But when the bubble collapsed, everyone began questioning = earnings quality. It didn't happen overnight, and it didn't happen all = at once. But as a long, slow evolutionary force, earnings confidence has = eroded, and is still present today. =20 The Aftermath The evolution of earnings focus over the past 10 years has led = us to today's situation: a basic lack of confidence in many companies = income statements. =20 Amazon.com still reports earnings on a pro-forma basis. In = their Q1 income statement, you can take your choice of earnings: =20 a.. Pro-forma: $25 million profit =20 b.. Operating: $2 million profit =20 c.. Net (as-reported): $(23) million loss=20 The earnings format you choose is not relevant, frankly. It is = far more important to the stock value what format the guy next to you = chooses.=20 After all, value to you is primarily determined by what = someone else will pay, not by what you pay. =20 Even GE Even solid companies like General Electric have come under = scrutiny because of the extremely complex financial situations. = Unraveling a GE earnings report has now become a major task. Where GE = only had to beat earnings estimates by $0.01 each quarter to count on an = ever increasing stock price, today that is not enough.=20 GE stock is down 50% in the last two years despite having only = missed one earnings estimate in the last four years and having continual = year-over-year growth in earnings averaging 15%. =20 This bears repeating: GE, as representative a stock as you can = get of the overall economy, is down 50% since September 2000. During = that time period, they have grown earnings at over 11% (year-to-year = basis) and beat or met earnings estimates every quarter except one. The = one shortfall was October 2001, the quarter of the Attack on America and = GE was only one penny short. =20 Why can't GE get any respect? The only definable long-term = culprit is a decline in confidence in GE's earnings numbers. During the = same eight quarter time-period, GE revenue growth rate has been = consistently falling. From a growth rate of 24% and 20% in 00Q1 and = 00Q2, growth has steadily fallen, and even was negative for most of = 2001. =20 Flat or declining revenue combined with continuing increasing = earnings leads to only one conclusion: you can't keep this up forever. = Eventually, GE will be unable to book the earnings number higher than = previous years. When (if), that happens, GE stock will be further = devastated. Until then, the slow erosion of confidence causes the stock = price to decline.=20 GE is just one good example of how confidence in earnings = numbers has been eroding over time since the bubble collapse. Until = greater confidence in earnings numbers is established, you can expect = further difficulties in the market overall. =20 Standard & Poors is now pushing for a standardized calculation = for earnings reporting, called Core Earnings. We will have more on this = concept in Part II of this story, to appear later this week.=20 Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com =20 ----- Original Message ----- From: Winston Little To: canslim@lists.xmission.com Sent: Friday, June 28, 2002 9:47 AM Subject: Re: [CANSLIM] Now Xerox? They all used EBITDA.. which Warren Buffett in May said is the = currency of a=20 crook ... they all have a smell about them.=20 ----- Original Message -----=20 From: "Kelly Short" =20 To: =20 Sent: Friday, June 28, 2002 9:46 AM=20 Subject: [CANSLIM] Now Xerox?=20 =20 Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in = boy!)=20 Kelly=20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the = email body, write "subscribe canslim" or -"unsubscribe canslim". Do not = use quotes in your email.=20 ------=_NextPart_000_000F_01C21EC0.B9D6A040 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
"The market always climbs a wall of worry" is an old = familiar=20 saying.
 
In 1965 only 10% of the population invested in the=20 market.(Just over 50% of trading volume was by = individuals)
The participation grew to 60% of the population = in April=20 2002 (either directly or through retirement/mutual funds). The volume = due to=20 individuals fell to under 20%. 
 
Fund managers may not have the same fear as an = individual (it=20 is not HIS/HER money, but YOURS!)
The larger population of individuals will also = contain a=20 larger number of people who know no fear.
Thus I wonder if the exhibition of fear will be as = large or=20 severe as in the past. 
 
 
----- Original Message -----
From:=20 Sam = Funchess
Sent: Friday, June 28, 2002 = 3:36 PM
Subject: Re: [CANSLIM] Now = Xerox?

Canslim Members,=20

Been a while since my last post.=20

With that being said, I think the "scandal's" are very good for the = long=20 term benefit of CANSLIMers and the market.  Its been a while = since I've=20 read HTMMIS so I can't quote chapters or such, but I recall him = talking a lot=20 about the fear factor.  We have not had the "Fear" in the market=20 yet.  I think that there is no sustainable upside to the market = until the=20 fear has hit the market.=20

Just my thoughts.

Sam=20

Katherine Malm wrote:=20

Here's some background on earnings from Briefing.com for those less = familiar=20 with EBITDA, etc. --Katherine PS Xerox's accounting woes = go back=20 *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D  =20
The Earnings Confidence Problem - Part = I
25-Jun-02 14:18=20 ET
[BRIEFING.COM - Robert V. Green] In the midst of the more=20 scandalous market problems, the earnings confidence problem is = not=20 receiving the attention it should. Here is more on the = topic. =20

The Market Problems

The current market suffers from = the=20 following ailments: =20
  • Distrust of management - from excessive comp to outright = fraud.=20 Tyco is the best example. =20
  • Distrust of accounting - Andersen =20
  • Distrust of analysts - Blodgett
These three = problems get=20 all the press and attention. =20

But a deeper problem is afflicting the buy side - a growing = concern=20 about the validity of earnings reporting. =20

The Earnings Problem

Accounting rules have always been = flexible enough to allow most companies a far amount of = flexibility=20 both in revenue recognition and expense recognition. Even when = earnings reporting was somewhat standardized, some companies = were=20 criticized for how they recognized revenue and expense.=20

But in the last five years, the types of earnings = that=20 companies have driven Wall Street to focus upon have become=20 questionable. =20

There are four different basic types of earnings today:=20

  • GAAP earnings: Generally Accepted Accounting Principles = - A=20 standards board that publishes rules on how expenses should = be=20 booked. Generally, all types of expenses are deducted.  =
  • As reported: Earnings excluding extraordinary items (as = defined=20 by GAAP), changes in accounting charges, charges related to=20 discontinued operations (plant closings, etc.) =20
  • Operating earnings: As reported earnings but excluding=20 "one-time" charges which do not fit the GAAP definition of=20 "extraordinary" =20
  • Proforma earnings: Loosely defined "as if" analysis. = Originally=20 designed to provide comparison data for mergers. =
GAAP=20 accounting principles are guidelines for accountants, not = investors.=20 The GAAP standards are guidelines for how a company should = keep its=20 books, not how the company should report earnings. =20

For example, a basic principle behind GAAP is that revenue = must be=20 booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in = cash, up=20 front, the entire $200,000 cannot be booked in the quarter in = which=20 the contract is signed. However, the revenue does not have to = be=20 booked as $25,000 per quarter for two years. A fair amount of=20 flexibility, sometimes negotiated by auditors, is possible for = how=20 much of a contract can be booked in each quarter. =20

GAAP covers expenses as well as revenues, of course. =20

As reported earnings are the historical standard for = earnings. Until the mid-eighties, in fact, there was little = debate=20 over how earnings should be reported as everyone used "as = reported"=20 earnings as a standard. For the most part, there was no = difference=20 between "as reported" earnings and any other methodology = because=20 one-time charges were not as common. Furthermore, companies = did not=20 actively seek, as they do today, to have certain expenses = classified=20 as "one-time." =20

Operating earnings are designed to allow comparisons = between=20 quarters and years for a company. One time charges in any = quarter are=20 excluded because these would distort the comparison. Operating = earnings became important when it became clear that Wall = Street would=20 completely ignore any "one-time" charges, and focus solely on = earnings=20 growth. This provided a strong incentive for companies to = classify=20 large expenses as one-time charges. =20

An example of one company's aggressive attempt to get = charges=20 classified as one-time was Excite's 1997 $40 million marketing = deal=20 with Netscape. Now long forgotten, Excite paid Netscape = up-front for a=20 four-year deal to be the principal search engine at the = Netscape web=20 site. Excite tried to classify the entire $40 million payment = as a=20 one-time charge in a single quarter. By doing so, Excite was = almost=20 profitable. At Briefing we highlighted this event as an = indicator of=20 the times. The SEC later forced Excite to restate the payment = as a=20 four-year expense. But many, many companies were successful in = getting=20 major expense outlays classified as "one-time" which improved = income=20 statements. =20

The focus on operating expenses led to the development of = the=20 "EBITDA" concept, which is "Earnings Before Interest, Taxes,=20 Depreciation, and Amortization." The EBITDA concept, which has = to be=20 calculated from the line items shown on an operating earnings = report,=20 was designed to show the basic business model of the company, = without=20 regard to cost-of-capital. If capital were free, then EBITDA = would be=20 earnings. =20

The focus on EBITDA has fallen from favor in recent times = for one=20 single reason: Interest. The interest payments on = bonds, which=20 are excluded from EBITDA calculations, has ruined many=20 debt-ridden. =20

Only through focusing on EBITDA projections could a company = like=20 Exodus Communications raise so much debt that their interest = payments=20 exceeded their gross margin. That won't happen again for=20 decades. =20

Pro-forma earnings are very hard to define today. = The=20 original purpose of pro-forma earnings calculations was to = show the=20 effects of a merger in a format that allowed a single income = statement=20 to combine only the operating models of each company, and = exclude the=20 actual costs of making the merger. =20

Under the pro-forma for merger guidelines, pro-forma = calculations=20 could only be used for one year, after which the company = should start=20 reporting as-reported earnings for the combined = entities. =20

However, companies soon learned that as long as they made a = new=20 merger each year, they could continue reporting pro-forma = earnings=20 indefinitely. This "flexibility" in how earnings could be = reported led=20 to "pro-forma" meanings that were never intended, including = stock=20 option compensation expenses and R&D "in-progress"=20 write-offs. =20

The Erosion of Earnings Confidence

The now = long-departed CFO=20 of Amazon.com, Joy Covey, was the unsung hero of bringing = pro-forma=20 earnings to the popularity they enjoyed. She did so by = diverting=20 attention away from standardized earnings reports. =20

Ms. Covey invented the concept of "EBITMA" which was = defined=20 "EBITDA plus marketing." She was successful in convincing Wall = Street=20 that marketing costs were equivalent to capital = investment, a=20 concept which looks ridiculous in retrospect. But in the early = days of=20 the internet, marketing and brand development was equated with = capturing "territory" which, presumably, everyone thought = could never=20 be lost. (Tell that to investors in Excite.) =20

Nevertheless, Joy Covey was successful in convincing = investors,=20 particularly convertible bond investors, to focus on the = EBITMA=20 concept. It was a crucial element in selling the $2 billion in = Amazon.com bonds that built the company. After all, if you = ignore the=20 interest payments on the bond, and you consider spending the = bond=20 principal on marketing as "not an expense," Amazon's income = statement=20 would look great!. =20

The problem, of course, is that bond holders don't care = about=20 earnings statements. They just care about the payments. The = jury is=20 still out on whether Amazon.com will eventually be able to pay = the=20 principal on their bonds. (See the Stock Brief of: 14-May-01=20 Amazon.com's Bond Problem.=20

After Joy Covey established the principle of EBITMA, = internet=20 companies began using all types of non-earnings related = statistics to=20 show growth. Page views, registered users, unique monthly = visitors are=20 just some of the meaningless examples that became popular. = (Surely you=20 remember.)=20

When "non-revenue statistics" becoming drivers of stock = prices,=20 (around 1998) pro-forma earnings increased in popularity. = After all, a=20 pro-forma income statement that showed some kind of = earnings=20 progress looked a lot more "real" than the phony statistics = being=20 coughed up by internet companies. =20

But when the bubble collapsed, everyone began = questioning=20 earnings quality. It didn't happen overnight, and it didn't = happen all=20 at once. But as a long, slow evolutionary force, earnings = confidence=20 has eroded, and is still present today. =20

The Aftermath

The evolution of earnings focus over the = past 10=20 years has led us to today's situation: a basic lack of = confidence in=20 many companies income statements. =20

Amazon.com still reports earnings on a pro-forma basis. In = their Q1=20 income statement, you can take your choice of earnings: =20

  • Pro-forma: $25 million profit =20
  • Operating: $2 million profit =20
  • Net (as-reported): $(23) million loss
The = earnings=20 format you choose is not relevant, frankly. It is far = more=20 important to the stock value what format the guy next to = you=20 chooses.=20

After all, value to you is primarily determined by = what=20 someone else will pay, not by what you pay. =20

Even GE

Even solid companies like General Electric = have come=20 under scrutiny because of the extremely complex financial = situations.=20 Unraveling a GE earnings report has now become a major task. = Where GE=20 only had to beat earnings estimates by $0.01 each quarter to = count on=20 an ever increasing stock price, today that is not enough.=20

GE stock is down 50% in the last two years despite = having only=20 missed one earnings estimate in the last four years and having = continual year-over-year growth in earnings averaging = 15%. =20

This bears repeating: GE, as representative a stock as you = can get=20 of the overall economy, is down 50% since September 2000. = During that=20 time period, they have grown earnings at over 11% = (year-to-year basis)=20 and beat or met earnings estimates every quarter except one. = The one=20 shortfall was October 2001, the quarter of the Attack on = America and=20 GE was only one penny short. =20

Why can't GE get any respect? The only definable long-term = culprit=20 is a decline in confidence in GE's earnings numbers. During = the same=20 eight quarter time-period, GE revenue growth rate has been=20 consistently falling. From a growth rate of 24% and 20% in = 00Q1 and=20 00Q2, growth has steadily fallen, and even was negative for = most of=20 2001. =20

Flat or declining revenue combined with continuing = increasing=20 earnings leads to only one conclusion: you can't keep this = up=20 forever. Eventually, GE will be unable to book the = earnings number=20 higher than previous years. When (if), that happens, GE stock = will be=20 further devastated. Until then, the slow erosion of confidence = causes=20 the stock price to decline.=20

GE is just one good example of how confidence in earnings = numbers=20 has been eroding over time since the bubble collapse. Until = greater=20 confidence in earnings numbers is established, you can expect = further=20 difficulties in the market overall. =20

Standard & Poors is now pushing for a standardized = calculation=20 for earnings reporting, called Core Earnings. We will have = more on=20 this concept in Part II of this story, to appear later this = week.=20

Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com=

----- Original Message -----
From:=20 Winston=20 Little
To: canslim@lists.xmission.com=
Sent: Friday, June 28, 2002 = 9:47=20 AM
Subject: Re: [CANSLIM] Now=20 Xerox?
 They all used EBITDA.. which Warren Buffett in = May said=20 is the currency of a
crook ... they all have a smell about = them.=20

----- Original Message -----
From: "Kelly Short" <kelly.short@neoris.com>=20
To: <canslim@lists.xmission.com= >=20
Sent: Friday, June 28, 2002 9:46 AM
Subject: [CANSLIM] Now = Xerox?=20
 =20

Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as = in=20 boy!)=20

Kelly
 

- -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In the email body, write "subscribe = canslim"=20 or -"unsubscribe canslim". Do not use quotes in your email.=20 ------=_NextPart_000_000F_01C21EC0.B9D6A040-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Rocky Sanghvi" Subject: RE: [CANSLIM] Now Xerox? Date: 28 Jun 2002 16:23:28 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0185_01C21EC0.22BB9CB0 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit Sam, I agree with you with one exception. Capitulation and Fear seem to work only in 'Bull' Markets. In a true bear, like the one we're in, it will be like bleeding with a thousand cuts. It will go on and on until no one gives a crap anymore. Look at all the times before, when we had thought confirmation of the magical (2-5 day) FT. My gut tells me to Watch out for the coming earnings season - for some pleasant but a lot more NASTY surprises. Also on a side note, does anyone care about CFOs managing earnings to the downside? Meaning specifically guiding lower in a bad market with the intention of beating and bloating future quarterly earnings? Have there been specific cases? Microsoft has consistently been accused of 'managing earnings.' Rocky -----Original Message----- [mailto:owner-canslim@lists.xmission.com]On Behalf Of Sam Funchess Sent: Friday, June 28, 2002 3:37 PM Canslim Members, Been a while since my last post. With that being said, I think the "scandal's" are very good for the long term benefit of CANSLIMers and the market. Its been a while since I've read HTMMIS so I can't quote chapters or such, but I recall him talking a lot about the fear factor. We have not had the "Fear" in the market yet. I think that there is no sustainable upside to the market until the fear has hit the market. Just my thoughts. Sam Katherine Malm wrote: Here's some background on earnings from Briefing.com for those less familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go back *years*.... P-U....========== The Earnings Confidence Problem - Part I 25-Jun-02 14:18 ET [BRIEFING.COM - Robert V. Green] In the midst of the more scandalous market problems, the earnings confidence problem is not receiving the attention it should. Here is more on the topic. The Market Problems The current market suffers from the following ailments: a.. Distrust of management - from excessive comp to outright fraud. Tyco is the best example. b.. Distrust of accounting - Andersen c.. Distrust of analysts - Blodgett These three problems get all the press and attention. But a deeper problem is afflicting the buy side - a growing concern about the validity of earnings reporting. The Earnings Problem Accounting rules have always been flexible enough to allow most companies a far amount of flexibility both in revenue recognition and expense recognition. Even when earnings reporting was somewhat standardized, some companies were criticized for how they recognized revenue and expense. But in the last five years, the types of earnings that companies have driven Wall Street to focus upon have become questionable. There are four different basic types of earnings today: a.. GAAP earnings: Generally Accepted Accounting Principles - A standards board that publishes rules on how expenses should be booked. Generally, all types of expenses are deducted. b.. As reported: Earnings excluding extraordinary items (as defined by GAAP), changes in accounting charges, charges related to discontinued operations (plant closings, etc.) c.. Operating earnings: As reported earnings but excluding "one-time" charges which do not fit the GAAP definition of "extraordinary" d.. Proforma earnings: Loosely defined "as if" analysis. Originally designed to provide comparison data for mergers. GAAP accounting principles are guidelines for accountants, not investors. The GAAP standards are guidelines for how a company should keep its books, not how the company should report earnings. For example, a basic principle behind GAAP is that revenue must be booked over the time period for which services and product are delivered. If a two year $200,000 contract is pre-paid in cash, up front, the entire $200,000 cannot be booked in the quarter in which the contract is signed. However, the revenue does not have to be booked as $25,000 per quarter for two years. A fair amount of flexibility, sometimes negotiated by auditors, is possible for how much of a contract can be booked in each quarter. GAAP covers expenses as well as revenues, of course. As reported earnings are the historical standard for earnings. Until the mid-eighties, in fact, there was little debate over how earnings should be reported as everyone used "as reported" earnings as a standard. For the most part, there was no difference between "as reported" earnings and any other methodology because one-time charges were not as common. Furthermore, companies did not actively seek, as they do today, to have certain expenses classified as "one-time." Operating earnings are designed to allow comparisons between quarters and years for a company. One time charges in any quarter are excluded because these would distort the comparison. Operating earnings became important when it became clear that Wall Street would completely ignore any "one-time" charges, and focus solely on earnings growth. This provided a strong incentive for companies to classify large expenses as one-time charges. An example of one company's aggressive attempt to get charges classified as one-time was Excite's 1997 $40 million marketing deal with Netscape. Now long forgotten, Excite paid Netscape up-front for a four-year deal to be the principal search engine at the Netscape web site. Excite tried to classify the entire $40 million payment as a one-time charge in a single quarter. By doing so, Excite was almost profitable. At Briefing we highlighted this event as an indicator of the times. The SEC later forced Excite to restate the payment as a four-year expense. But many, many companies were successful in getting major expense outlays classified as "one-time" which improved income statements. The focus on operating expenses led to the development of the "EBITDA" concept, which is "Earnings Before Interest, Taxes, Depreciation, and Amortization." The EBITDA concept, which has to be calculated from the line items shown on an operating earnings report, was designed to show the basic business model of the company, without regard to cost-of-capital. If capital were free, then EBITDA would be earnings. The focus on EBITDA has fallen from favor in recent times for one single reason: Interest. The interest payments on bonds, which are excluded from EBITDA calculations, has ruined many debt-ridden. Only through focusing on EBITDA projections could a company like Exodus Communications raise so much debt that their interest payments exceeded their gross margin. That won't happen again for decades. Pro-forma earnings are very hard to define today. The original purpose of pro-forma earnings calculations was to show the effects of a merger in a format that allowed a single income statement to combine only the operating models of each company, and exclude the actual costs of making the merger. Under the pro-forma for merger guidelines, pro-forma calculations could only be used for one year, after which the company should start reporting as-reported earnings for the combined entities. However, companies soon learned that as long as they made a new merger each year, they could continue reporting pro-forma earnings indefinitely. This "flexibility" in how earnings could be reported led to "pro-forma" meanings that were never intended, including stock option compensation expenses and R&D "in-progress" write-offs. The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the unsung hero of bringing pro-forma earnings to the popularity they enjoyed. She did so by diverting attention away from standardized earnings reports. Ms. Covey invented the concept of "EBITMA" which was defined "EBITDA plus marketing." She was successful in convincing Wall Street that marketing costs were equivalent to capital investment, a concept which looks ridiculous in retrospect. But in the early days of the internet, marketing and brand development was equated with capturing "territory" which, presumably, everyone thought could never be lost. (Tell that to investors in Excite.) Nevertheless, Joy Covey was successful in convincing investors, particularly convertible bond investors, to focus on the EBITMA concept. It was a crucial element in selling the $2 billion in Amazon.com bonds that built the company. After all, if you ignore the interest payments on the bond, and you consider spending the bond principal on marketing as "not an expense," Amazon's income statement would look great!. The problem, of course, is that bond holders don't care about earnings statements. They just care about the payments. The jury is still out on whether Amazon.com will eventually be able to pay the principal on their bonds. (See the Stock Brief of: 14-May-01 Amazon.com's Bond Problem. After Joy Covey established the principle of EBITMA, internet companies began using all types of non-earnings related statistics to show growth. Page views, registered users, unique monthly visitors are just some of the meaningless examples that became popular. (Surely you remember.) When "non-revenue statistics" becoming drivers of stock prices, (around 1998) pro-forma earnings increased in popularity. After all, a pro-forma income statement that showed some kind of earnings progress looked a lot more "real" than the phony statistics being coughed up by internet companies. But when the bubble collapsed, everyone began questioning earnings quality. It didn't happen overnight, and it didn't happen all at once. But as a long, slow evolutionary force, earnings confidence has eroded, and is still present today. The Aftermath The evolution of earnings focus over the past 10 years has led us to today's situation: a basic lack of confidence in many companies income statements. Amazon.com still reports earnings on a pro-forma basis. In their Q1 income statement, you can take your choice of earnings: a.. Pro-forma: $25 million profit b.. Operating: $2 million profit c.. Net (as-reported): $(23) million loss The earnings format you choose is not relevant, frankly. It is far more important to the stock value what format the guy next to you chooses. After all, value to you is primarily determined by what someone else will pay, not by what you pay. Even GE Even solid companies like General Electric have come under scrutiny because of the extremely complex financial situations. Unraveling a GE earnings report has now become a major task. Where GE only had to beat earnings estimates by $0.01 each quarter to count on an ever increasing stock price, today that is not enough. GE stock is down 50% in the last two years despite having only missed one earnings estimate in the last four years and having continual year-over-year growth in earnings averaging 15%. This bears repeating: GE, as representative a stock as you can get of the overall economy, is down 50% since September 2000. During that time period, they have grown earnings at over 11% (year-to-year basis) and beat or met earnings estimates every quarter except one. The one shortfall was October 2001, the quarter of the Attack on America and GE was only one penny short. Why can't GE get any respect? The only definable long-term culprit is a decline in confidence in GE's earnings numbers. During the same eight quarter time-period, GE revenue growth rate has been consistently falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has steadily fallen, and even was negative for most of 2001. Flat or declining revenue combined with continuing increasing earnings leads to only one conclusion: you can't keep this up forever. Eventually, GE will be unable to book the earnings number higher than previous years. When (if), that happens, GE stock will be further devastated. Until then, the slow erosion of confidence causes the stock price to decline. GE is just one good example of how confidence in earnings numbers has been eroding over time since the bubble collapse. Until greater confidence in earnings numbers is established, you can expect further difficulties in the market overall. Standard & Poors is now pushing for a standardized calculation for earnings reporting, called Core Earnings. We will have more on this concept in Part II of this story, to appear later this week. Comments may be emailed to the author, Robert V. Green, at rvgreen@briefing.com ----- Original Message ----- From: Winston Little To: canslim@lists.xmission.com Sent: Friday, June 28, 2002 9:47 AM Subject: Re: [CANSLIM] Now Xerox? They all used EBITDA.. which Warren Buffett in May said is the currency of a crook ... they all have a smell about them. ----- Original Message ----- From: "Kelly Short" To: Sent: Friday, June 28, 2002 9:46 AM Subject: [CANSLIM] Now Xerox? Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!) Kelly - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_0185_01C21EC0.22BB9CB0 Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable
Sam, 
 
I = agree with you=20 with one exception.  Capitulation and Fear seem to work only in = 'Bull'=20 Markets.   In a true bear, like the one we're in, it will be = like=20 bleeding with a thousand cuts.  It will go on and on until no one = gives a=20 crap anymore.    Look at all the times before, = when we had=20 thought confirmation of the magical (2-5 day) FT.  My gut = tells=20 me to Watch out for the coming earnings season - for some pleasant but a = lot=20 more NASTY surprises.  
 
Also = on a side note,=20 does anyone care about CFOs managing earnings to the downside?  = Meaning=20 specifically guiding lower in a bad market with the intention of beating = and=20 bloating future quarterly earnings?  Have there been specific = cases? =20 Microsoft has consistently been accused of 'managing=20 earnings.'
 
Rocky
-----Original Message-----
From:=20 owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]On=20 Behalf Of Sam Funchess
Sent: Friday, June 28, 2002 3:37=20 PM
To: canslim@lists.xmission.com
Subject: Re: = [CANSLIM] Now=20 Xerox?

Canslim Members,=20

Been a while since my last post.=20

With that being said, I think the "scandal's" are very good for the = long term=20 benefit of CANSLIMers and the market.  Its been a while since I've = read=20 HTMMIS so I can't quote chapters or such, but I recall him talking a lot = about=20 the fear factor.  We have not had the "Fear" in the market = yet.  I=20 think that there is no sustainable upside to the market until the fear = has hit=20 the market.=20

Just my thoughts.

Sam=20

Katherine Malm wrote:=20

Here's some background on earnings from Briefing.com for those less = familiar=20 with EBITDA, etc. --Katherine PS Xerox's accounting woes go = back=20 *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D  =20
The Earnings Confidence Problem - Part = I
25-Jun-02 14:18=20 ET
[BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous=20 market problems, the earnings confidence problem is not = receiving the=20 attention it should. Here is more on the topic. =20

The Market Problems

The current market suffers from the=20 following ailments: =20
  • Distrust of management - from excessive comp to outright = fraud.=20 Tyco is the best example. =20
  • Distrust of accounting - Andersen =20
  • Distrust of analysts - Blodgett
These three = problems get=20 all the press and attention. =20

But a deeper problem is afflicting the buy side - a growing = concern=20 about the validity of earnings reporting. =20

The Earnings Problem

Accounting rules have always been = flexible=20 enough to allow most companies a far amount of flexibility both = in=20 revenue recognition and expense recognition. Even when earnings=20 reporting was somewhat standardized, some companies were = criticized for=20 how they recognized revenue and expense.=20

But in the last five years, the types of earnings that = companies have driven Wall Street to focus upon have become=20 questionable. =20

There are four different basic types of earnings today:=20

  • GAAP earnings: Generally Accepted Accounting Principles - = A=20 standards board that publishes rules on how expenses should be = booked.=20 Generally, all types of expenses are deducted. =20
  • As reported: Earnings excluding extraordinary items (as = defined by=20 GAAP), changes in accounting charges, charges related to = discontinued=20 operations (plant closings, etc.) =20
  • Operating earnings: As reported earnings but excluding = "one-time"=20 charges which do not fit the GAAP definition of = "extraordinary" =20
  • Proforma earnings: Loosely defined "as if" analysis. = Originally=20 designed to provide comparison data for mergers. =
GAAP=20 accounting principles are guidelines for accountants, not = investors. The=20 GAAP standards are guidelines for how a company should keep its = books,=20 not how the company should report earnings. =20

For example, a basic principle behind GAAP is that revenue = must be=20 booked over the time period for which services and product are=20 delivered. If a two year $200,000 contract is pre-paid in cash, = up=20 front, the entire $200,000 cannot be booked in the quarter in = which the=20 contract is signed. However, the revenue does not have to be = booked as=20 $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a = contract=20 can be booked in each quarter. =20

GAAP covers expenses as well as revenues, of course. =20

As reported earnings are the historical standard for = earnings.=20 Until the mid-eighties, in fact, there was little debate over = how=20 earnings should be reported as everyone used "as reported" = earnings as a=20 standard. For the most part, there was no difference between "as = reported" earnings and any other methodology because one-time = charges=20 were not as common. Furthermore, companies did not actively = seek, as=20 they do today, to have certain expenses classified as = "one-time." =20

Operating earnings are designed to allow comparisons = between=20 quarters and years for a company. One time charges in any = quarter are=20 excluded because these would distort the comparison. Operating = earnings=20 became important when it became clear that Wall Street would = completely=20 ignore any "one-time" charges, and focus solely on earnings = growth. This=20 provided a strong incentive for companies to classify large = expenses as=20 one-time charges. =20

An example of one company's aggressive attempt to get charges = classified as one-time was Excite's 1997 $40 million marketing = deal with=20 Netscape. Now long forgotten, Excite paid Netscape up-front for = a=20 four-year deal to be the principal search engine at the Netscape = web=20 site. Excite tried to classify the entire $40 million payment as = a=20 one-time charge in a single quarter. By doing so, Excite was = almost=20 profitable. At Briefing we highlighted this event as an = indicator of the=20 times. The SEC later forced Excite to restate the payment as a = four-year=20 expense. But many, many companies were successful in getting = major=20 expense outlays classified as "one-time" which improved income=20 statements. =20

The focus on operating expenses led to the development of the = "EBITDA" concept, which is "Earnings Before Interest, Taxes,=20 Depreciation, and Amortization." The EBITDA concept, which has = to be=20 calculated from the line items shown on an operating earnings = report,=20 was designed to show the basic business model of the company, = without=20 regard to cost-of-capital. If capital were free, then EBITDA = would be=20 earnings. =20

The focus on EBITDA has fallen from favor in recent times for = one=20 single reason: Interest. The interest payments on bonds, = which=20 are excluded from EBITDA calculations, has ruined many=20 debt-ridden. =20

Only through focusing on EBITDA projections could a company = like=20 Exodus Communications raise so much debt that their interest = payments=20 exceeded their gross margin. That won't happen again for = decades. =20

Pro-forma earnings are very hard to define today. The = original=20 purpose of pro-forma earnings calculations was to show the = effects of a=20 merger in a format that allowed a single income statement to = combine=20 only the operating models of each company, and exclude the = actual costs=20 of making the merger. =20

Under the pro-forma for merger guidelines, pro-forma = calculations=20 could only be used for one year, after which the company should = start=20 reporting as-reported earnings for the combined entities. =20

However, companies soon learned that as long as they made a = new=20 merger each year, they could continue reporting pro-forma = earnings=20 indefinitely. This "flexibility" in how earnings could be = reported led=20 to "pro-forma" meanings that were never intended, including = stock option=20 compensation expenses and R&D "in-progress" = write-offs. =20

The Erosion of Earnings Confidence

The now long-departed = CFO of=20 Amazon.com, Joy Covey, was the unsung hero of bringing pro-forma = earnings to the popularity they enjoyed. She did so by diverting = attention away from standardized earnings reports. =20

Ms. Covey invented the concept of "EBITMA" which was defined = "EBITDA=20 plus marketing." She was successful in convincing Wall Street = that=20 marketing costs were equivalent to capital investment, a = concept=20 which looks ridiculous in retrospect. But in the early days of = the=20 internet, marketing and brand development was equated with = capturing=20 "territory" which, presumably, everyone thought could never be = lost.=20 (Tell that to investors in Excite.) =20

Nevertheless, Joy Covey was successful in convincing = investors,=20 particularly convertible bond investors, to focus on the EBITMA = concept.=20 It was a crucial element in selling the $2 billion in Amazon.com = bonds=20 that built the company. After all, if you ignore the interest = payments=20 on the bond, and you consider spending the bond principal on = marketing=20 as "not an expense," Amazon's income statement would look = great!. =20

The problem, of course, is that bond holders don't care about = earnings statements. They just care about the payments. The jury = is=20 still out on whether Amazon.com will eventually be able to pay = the=20 principal on their bonds. (See the Stock Brief of: 14-May-01=20 Amazon.com's Bond Problem.=20

After Joy Covey established the principle of EBITMA, internet = companies began using all types of non-earnings related = statistics to=20 show growth. Page views, registered users, unique monthly = visitors are=20 just some of the meaningless examples that became popular. = (Surely you=20 remember.)=20

When "non-revenue statistics" becoming drivers of stock = prices,=20 (around 1998) pro-forma earnings increased in popularity. After = all, a=20 pro-forma income statement that showed some kind of = earnings=20 progress looked a lot more "real" than the phony statistics = being=20 coughed up by internet companies. =20

But when the bubble collapsed, everyone began = questioning=20 earnings quality. It didn't happen overnight, and it didn't = happen all=20 at once. But as a long, slow evolutionary force, earnings = confidence has=20 eroded, and is still present today. =20

The Aftermath

The evolution of earnings focus over the = past 10=20 years has led us to today's situation: a basic lack of = confidence in=20 many companies income statements. =20

Amazon.com still reports earnings on a pro-forma basis. In = their Q1=20 income statement, you can take your choice of earnings: =20

  • Pro-forma: $25 million profit =20
  • Operating: $2 million profit =20
  • Net (as-reported): $(23) million loss
The = earnings format=20 you choose is not relevant, frankly. It is far more = important to=20 the stock value what format the guy next to you chooses.=20

After all, value to you is primarily determined by = what=20 someone else will pay, not by what you pay. =20

Even GE

Even solid companies like General Electric have = come=20 under scrutiny because of the extremely complex financial = situations.=20 Unraveling a GE earnings report has now become a major task. = Where GE=20 only had to beat earnings estimates by $0.01 each quarter to = count on an=20 ever increasing stock price, today that is not enough.=20

GE stock is down 50% in the last two years despite having = only=20 missed one earnings estimate in the last four years and having = continual=20 year-over-year growth in earnings averaging 15%. =20

This bears repeating: GE, as representative a stock as you = can get of=20 the overall economy, is down 50% since September 2000. During = that time=20 period, they have grown earnings at over 11% (year-to-year = basis) and=20 beat or met earnings estimates every quarter except one. The one = shortfall was October 2001, the quarter of the Attack on America = and GE=20 was only one penny short. =20

Why can't GE get any respect? The only definable long-term = culprit is=20 a decline in confidence in GE's earnings numbers. During the = same eight=20 quarter time-period, GE revenue growth rate has been = consistently=20 falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, = growth has=20 steadily fallen, and even was negative for most of 2001. =20

Flat or declining revenue combined with continuing increasing = earnings leads to only one conclusion: you can't keep this up = forever. Eventually, GE will be unable to book the earnings = number=20 higher than previous years. When (if), that happens, GE stock = will be=20 further devastated. Until then, the slow erosion of confidence = causes=20 the stock price to decline.=20

GE is just one good example of how confidence in earnings = numbers has=20 been eroding over time since the bubble collapse. Until greater=20 confidence in earnings numbers is established, you can expect = further=20 difficulties in the market overall. =20

Standard & Poors is now pushing for a standardized = calculation=20 for earnings reporting, called Core Earnings. We will have more = on this=20 concept in Part II of this story, to appear later this week.=20

Comments may be emailed to the author, Robert V. Green, at rvgreen@briefing.com=

----- Original Message -----
From:=20 Winston=20 Little
Sent: Friday, June 28, 2002 = 9:47=20 AM
Subject: Re: [CANSLIM] Now=20 Xerox?
 They all used EBITDA.. which Warren Buffett in May = said is=20 the currency of a
crook ... they all have a smell about them.=20

----- Original Message -----
From: "Kelly Short" <kelly.short@neoris.com> =
To:=20 <canslim@lists.xmission.com= >=20
Sent: Friday, June 28, 2002 9:46 AM
Subject: [CANSLIM] Now = Xerox?=20
 =20

Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as = in boy!)=20

Kelly
 

- -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In the email body, write "subscribe = canslim" or=20 -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_0185_01C21EC0.22BB9CB0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: jch Subject: Re: [CANSLIM] Too much information in IBD Date: 28 Jun 2002 15:38:27 -0500 --=======66675E99======= Content-Type: multipart/alternative; x-avg-checked=avg-ok-3D3C3B32; boundary="=====================_4011170==_.ALT" --=====================_4011170==_.ALT Content-Type: text/plain; x-avg-checked=avg-ok-3D3C3B32; charset=us-ascii; format=flowed Content-Transfer-Encoding: 8bit Have been saving the spreadsheet every day past two months with the intent of chaining them together then sorting to find multiple appearances--recent IBD article noted multiple appearances on different screens an important flag--however I believe it will only point to those companies already well extended..when I save each file I alter it's title to include date published.. I highlight every line in yellow where A+194 exists & highlight Worley's watchlist in green(Usually sort by symbol first to make spotting easy then resort back to original format)..I think someone else has been saving these excel spreadsheets for quite a while longer--would like to hear how they are being digested by that person.. john heiman >I recently started reviewing the "Screen of the Day" on the IBD website >everyday. It's a lot of information to digest and certainly there are too >many companies to perform a detailed analysis of each one on each list. I >welcome any comments on how you personally find this, and other lists, >useful and how you prioritize the myriad information found on the IBD >site/print edition. > >Kelly > >--- >Incoming mail is certified Virus Free. >Checked by AVG anti-virus system (http://www.grisoft.com). >Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002 --=====================_4011170==_.ALT Content-Type: text/html; x-avg-checked=avg-ok-3D3C3B32; charset=us-ascii Content-Transfer-Encoding: 8bit Have been saving the spreadsheet every day past two months with the intent of chaining them together then sorting to find multiple appearances--recent IBD article noted multiple appearances on different screens an important flag--however I believe it will only point to those companies already well extended..when I save each file I alter it's title to include date published.. I highlight every line in yellow where A+194 exists & highlight Worley's watchlist in green(Usually sort by symbol first to make spotting easy then resort back to original format)..I think  someone else has been saving these excel spreadsheets for quite a while longer--would like to hear how they are being digested by that person..
john heiman

I recently started reviewing the "Screen of the Day" on the IBD website everyday. It's a lot of information to digest and certainly there are too many companies to perform a detailed analysis of each one on each list. I welcome any comments on how you personally find this, and other lists, useful and how you prioritize the myriad information found on the IBD site/print edition.
 
Kelly

---
Incoming mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002
--=====================_4011170==_.ALT-- --=======66675E99======= Content-Type: text/plain; charset=us-ascii; x-avg=cert; x-avg-checked=avg-ok-3D3C3B32 Content-Disposition: inline --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002 --=======66675E99=======-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: phil bolte Subject: Re: [CANSLIM] who is next to go Date: 28 Jun 2002 13:43:25 -0700 (PDT) Zilla, GE's former CEO, Jack Welch, did not "leave". His transition was planned for years, culminating in the "short list" of two possible successors, and finally one was selected after years(!) of careful examination. Even after the new CEO was selected, Welch stayed for 1-2 years full time for the transition. Even now he is consulting for them. Welch has been considered the best CEO of any American company for many, many years, his business models have served as the basis for many Harvard Business School courses, and he has written more than one best seller books. Re: accounting concerns at GE, the main complaint was lack of detail in some disclosures. As soon as this GE heard of this, they quickly worked to provide more detail. I heard last week that GE now produces so much detail in their disclusures that it is something like a 2-foot high stack of paperwork every quarter. My only concern is that the executives become so burdened with all this disclosure that they have no time for running the business. --- zillagirl wrote: > I heard a lady on cnbc about a week ago and she does > research for institutions only- she said she is > telling her clients to get out of dynegy, tyco, and > quest for various underlying problems that could > appear and may cause them to blow up. I also wonder > myself about GE. Its down about 2/3 in a year, The > CEO left recently, and Ive read articles saying that > there accounting is so complicated that even they > dont know what it says. It seems that in this down > market people would be running to a gorilla like > that but they are jumping out??? Do they know > something we done-any thoughts for me to digest. > thanks zillagirl > __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: phil bolte Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 14:10:21 -0700 (PDT) Of course it's a "B". Anything that a Fortune 100 company does has a "B" behind it. I'm getting fed up with this "scandal of the day" phase we're in. I'm starting to think it's all driven by individual ambition - by newsrooms, legislators, critics, and others. Chance for them to make a name for themselves - the next Watergate! I don't know about any of you, but the more I work for Corporate America, and I have worked for over 10 Fortune 100 companies now, the more I have discovered that ethics and morals are MUCH WORSE than any of you imagine in both large and small companies. Every client I have ever had cooked their books. They all had their accounting staffs work weekends toward the end of each period so they could figure out a way to make the report look "presentable". Bottom line, I see this as the latest media hype, just like two years ago when media were falling all over themselves to get the next "scoop" on proof of the "new economy." There was some truth to the concept of a new economy, just like there is some truth to false accounting. The only difference is how much light the media shines on the topic. --- Kelly Short wrote: > Enron, WorldCom- nothing. Xerox off by $6B. (Yes- > that's "B" as in boy!) > > Kelly > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Sam Funchess Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 17:26:13 -0400 Winston,

The way I read your statement is that, This time is different.  We can not look to history to provide an accurate view of our current economic times.  I ask, were you thinking the same thoughts in 1999 as the market was going ever higher?  Was the speculation bubble any different then than any other time?  I think the past 2 years has told us that this bubble was no different.  It is always nice to think that this time is different but haw many times has it been?  Sure our society has been trained to believe in the long term fund and that over time it will average out.  I ask you, the fund managers are just as scared if not more so in today's current economic time.  Who pay's the fund managers their large salary.  It is you and whoever invests in their fund.  If you have poor performance over several years, you have a large likelihood that your customers will leave.  So you are fearful that you will not come close to the averages and lose your customers and therefore your job.  The thirty something's like myself are in for the long haul.  How about those investors that are in their 50's (what percentage of the population is 50 or older?  A Large Percentage!)  They have watched their portfolio shrink dramatically over the past couple of years and they will become scared enough to remove their cash from funds.  When will that be?  When fear has hit the market.  Everybody, young and old, are still waiting for the market to continue its "normal upward movement" and at some point people will begin to question if the market is a good place to keep their investment or is it better to plow all their money into a larger house.  Unless of course, the market begins its upward trend.  Ask anybody you know that is older than 50 who has large mutual fund holdings if they have moved any of their money or if they intend to in the near future.  Please let the group know your answer.

Your comment to the "The larger population of individuals will also contain a larger number of people who know no fear." This seems irrational at first sight as averages stay relatively the same.  As the population grows, wouldn't it be reasonable to expect that the same percentage of risk takers will be born?  Why would the larger population mean that there is a larger population of risk takers?

This being said, I think that anybody who believes "this time is different" is fooling themselves and being wishful.  If you are a value investor for the long haul, you should be buying everything that you have researched and like at a maddening pace.  Are you?  Are you selling?

What is the general market tell you?  I read and have read for the past 2 years to be in cash.  That is where I have been and am enjoying using my cash for other non-stock market investments.  I have kept two investments in small portfolios only because I have been too lazy to remove them.  i kick myself for being so lazy as I have lost a decent amount of money.  Oh well.  The market told me to get out and stay out for the time being.

Sam
Winston Little wrote:

 "The market always climbs a wall of worry" is an old familiar saying. In 1965 only 10% of the population invested in the market.(Just over 50% of trading volume was by individuals)The participation grew to 60% of the population in April 2002 (either directly or through retirement/mutual funds). The volume due to individuals fell to under 20%. Fund managers may not have the same fear as an individual (it is not HIS/HER money, but YOURS!)The larger population of individuals will also contain a larger number of people who know no fear.Thus I wonder if the exhibition of fear will be as large or severe as in the past.  
----- Original Message -----
Sent: Friday, June 28, 2002 3:36 PM
Subject: Re: [CANSLIM] Now Xerox?
 Canslim Members,

Been a while since my last post.

With that being said, I think the "scandal's" are very good for the long term benefit of CANSLIMers and the market.  Its been a while since I've read HTMMIS so I can't quote chapters or such, but I recall him talking a lot about the fear factor.  We have not had the "Fear" in the market yet.  I think that there is no sustainable upside to the market until the fear has hit the market.

Just my thoughts.

Sam

Katherine Malm wrote:

Here's some background on earnings from Briefing.com for those less familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go back *years*.... P-U....==========


The Earnings Confidence Problem - Part I
25-Jun-02 14:18 ET
[BRIEFING.COM - Robert V. Green] In the midst of the more scandalous market problems, the earnings confidence problem is not receiving the attention it should. Here is more on the topic. 

The Market Problems

The current market suffers from the following ailments: 
  • Distrust of management - from excessive comp to outright fraud. Tyco is the best example. 
  • Distrust of accounting - Andersen 
  • Distrust of analysts - Blodgett 
These three problems get all the press and attention. 

But a deeper problem is afflicting the buy side - a growing concern about the validity of earnings reporting. 

The Earnings Problem

Accounting rules have always been flexible enough to allow most companies a far amount of flexibility both in revenue recognition and expense recognition. Even when earnings reporting was somewhat standardized, some companies were criticized for how they recognized revenue and expense. 

But in the last five years, the types of earnings that companies have driven Wall Street to focus upon have become questionable. 

There are four different basic types of earnings today: 

  • GAAP earnings: Generally Accepted Accounting Principles - A standards board that publishes rules on how expenses should be booked. Generally, all types of expenses are deducted. 
  • As reported: Earnings excluding extraordinary items (as defined by GAAP), changes in accounting charges, charges related to discontinued operations (plant closings, etc.) 
  • Operating earnings: As reported earnings but excluding "one-time" charges which do not fit the GAAP definition of "extraordinary" 
  • Proforma earnings: Loosely defined "as if" analysis. Originally designed to provide comparison data for mergers. 
GAAP accounting principles are guidelines for accountants, not investors. The GAAP standards are guidelines for how a company should keep its books, not how the company should report earnings. 

For example, a basic principle behind GAAP is that revenue must be booked over the time period for which services and product are delivered. If a two year $200,000 contract is pre-paid in cash, up front, the entire $200,000 cannot be booked in the quarter in which the contract is signed. However, the revenue does not have to be booked as $25,000 per quarter for two years. A fair amount of flexibility, sometimes negotiated by auditors, is possible for how much of a contract can be booked in each quarter. 

GAAP covers expenses as well as revenues, of course. 

As reported earnings are the historical standard for earnings. Until the mid-eighties, in fact, there was little debate over how earnings should be reported as everyone used "as reported" earnings as a standard. For the most part, there was no difference between "as reported" earnings and any other methodology because one-time charges were not as common. Furthermore, companies did not actively seek, as they do today, to have certain expenses classified as "one-time." 

Operating earnings are designed to allow comparisons between quarters and years for a company. One time charges in any quarter are excluded because these would distort the comparison. Operating earnings became important when it became clear that Wall Street would completely ignore any "one-time" charges, and focus solely on earnings growth. This provided a strong incentive for companies to classify large expenses as one-time charges. 

An example of one company's aggressive attempt to get charges classified as one-time was Excite's 1997 $40 million marketing deal with Netscape. Now long forgotten, Excite paid Netscape up-front for a four-year deal to be the principal search engine at the Netscape web site. Excite tried to classify the entire $40 million payment as a one-time charge in a single quarter. By doing so, Excite was almost profitable. At Briefing we highlighted this event as an indicator of the times. The SEC later forced Excite to restate the payment as a four-year expense. But many, many companies were successful in getting major expense outlays classified as "one-time" which improved income statements. 

The focus on operating expenses led to the development of the "EBITDA" concept, which is "Earnings Before Interest, Taxes, Depreciation, and Amortization." The EBITDA concept, which has to be calculated from the line items shown on an operating earnings report, was designed to show the basic business model of the company, without regard to cost-of-capital. If capital were free, then EBITDA would be earnings. 

The focus on EBITDA has fallen from favor in recent times for one single reason: Interest. The interest payments on bonds, which are excluded from EBITDA calculations, has ruined many debt-ridden. 

Only through focusing on EBITDA projections could a company like Exodus Communications raise so much debt that their interest payments exceeded their gross margin. That won't happen again for decades. 

Pro-forma earnings are very hard to define today. The original purpose of pro-forma earnings calculations was to show the effects of a merger in a format that allowed a single income statement to combine only the operating models of each company, and exclude the actual costs of making the merger. 

Under the pro-forma for merger guidelines, pro-forma calculations could only be used for one year, after which the company should start reporting as-reported earnings for the combined entities. 

However, companies soon learned that as long as they made a new merger each year, they could continue reporting pro-forma earnings indefinitely. This "flexibility" in how earnings could be reported led to "pro-forma" meanings that were never intended, including stock option compensation expenses and R&D "in-progress" write-offs. 

The Erosion of Earnings Confidence

The now long-departed CFO of Amazon.com, Joy Covey, was the unsung hero of bringing pro-forma earnings to the popularity they enjoyed. She did so by diverting attention away from standardized earnings reports. 

Ms. Covey invented the concept of "EBITMA" which was defined "EBITDA plus marketing." She was successful in convincing Wall Street that marketing costs were equivalent to capital investment, a concept which looks ridiculous in retrospect. But in the early days of the internet, marketing and brand development was equated with capturing "territory" which, presumably, everyone thought could never be lost. (Tell that to investors in Excite.) 

Nevertheless, Joy Covey was successful in convincing investors, particularly convertible bond investors, to focus on the EBITMA concept. It was a crucial element in selling the $2 billion in Amazon.com bonds that built the company. After all, if you ignore the interest payments on the bond, and you consider spending the bond principal on marketing as "not an expense," Amazon's income statement would look great!. 

The problem, of course, is that bond holders don't care about earnings statements. They just care about the payments. The jury is still out on whether Amazon.com will eventually be able to pay the principal on their bonds. (See the Stock Brief of: 14-May-01 Amazon.com's Bond Problem.

After Joy Covey established the principle of EBITMA, internet companies began using all types of non-earnings related statistics to show growth. Page views, registered users, unique monthly visitors are just some of the meaningless examples that became popular. (Surely you remember.) 

When "non-revenue statistics" becoming drivers of stock prices, (around 1998) pro-forma earnings increased in popularity. After all, a pro-forma income statement that showed some kind of earnings progress looked a lot more "real" than the phony statistics being coughed up by internet companies. 

But when the bubble collapsed, everyone began questioning earnings quality. It didn't happen overnight, and it didn't happen all at once. But as a long, slow evolutionary force, earnings confidence has eroded, and is still present today. 

The Aftermath

The evolution of earnings focus over the past 10 years has led us to today's situation: a basic lack of confidence in many companies income statements. 

Amazon.com still reports earnings on a pro-forma basis. In their Q1 income statement, you can take your choice of earnings: 

  • Pro-forma: $25 million profit 
  • Operating: $2 million profit 
  • Net (as-reported): $(23) million loss 
The earnings format you choose is not relevant, frankly. It is far more important to the stock value what format the guy next to you chooses.

After all, value to you is primarily determined by what someone else will pay, not by what you pay. 

Even GE

Even solid companies like General Electric have come under scrutiny because of the extremely complex financial situations. Unraveling a GE earnings report has now become a major task. Where GE only had to beat earnings estimates by $0.01 each quarter to count on an ever increasing stock price, today that is not enough. 

GE stock is down 50% in the last two years despite having only missed one earnings estimate in the last four years and having continual year-over-year growth in earnings averaging 15%. 

This bears repeating: GE, as representative a stock as you can get of the overall economy, is down 50% since September 2000. During that time period, they have grown earnings at over 11% (year-to-year basis) and beat or met earnings estimates every quarter except one. The one shortfall was October 2001, the quarter of the Attack on America and GE was only one penny short. 

Why can't GE get any respect? The only definable long-term culprit is a decline in confidence in GE's earnings numbers. During the same eight quarter time-period, GE revenue growth rate has been consistently falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has steadily fallen, and even was negative for most of 2001. 

Flat or declining revenue combined with continuing increasing earnings leads to only one conclusion: you can't keep this up forever. Eventually, GE will be unable to book the earnings number higher than previous years. When (if), that happens, GE stock will be further devastated. Until then, the slow erosion of confidence causes the stock price to decline. 

GE is just one good example of how confidence in earnings numbers has been eroding over time since the bubble collapse. Until greater confidence in earnings numbers is established, you can expect further difficulties in the market overall. 

Standard & Poors is now pushing for a standardized calculation for earnings reporting, called Core Earnings. We will have more on this concept in Part II of this story, to appear later this week. 

Comments may be emailed to the author, Robert V. Green, at rvgreen@briefing.com

----- Original Message -----
Sent: Friday, June 28, 2002 9:47 AM
Subject: Re: [CANSLIM] Now Xerox?
 They all used EBITDA.. which Warren Buffett in May said is the currency of a
crook ... they all have a smell about them.

----- Original Message -----
From: "Kelly Short" <kelly.short@neoris.com>
To: <canslim@lists.xmission.com>
Sent: Friday, June 28, 2002 9:46 AM
Subject: [CANSLIM] Now Xerox?
 

Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!)

Kelly
 

- -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email.
- -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] who is next to go Date: 28 Jun 2002 18:36:07 -0400 Consider the following two points on this subject: 1. When one hears the pronouncement of a person on TV consider the source and MOTIVATION of the speaker. SELL can mean MY COMPANY wants to buy, so panic the little people to sell and help create a supply and hold the price low. BUY can mean MY COMPANY wants to sell this pig, so we need to create a demand and by putting lipstick on it, the demand and price of it will rise, while I deliver it to you. 2. Of the 12 companies selected for inclusion in the DJIA on 26 May 1896, only ONE (General Electric) is still included in the averages, and it did not do so by using EBITDA or other flim flam methods for reporting earnings. In the last three or four years it has swapped position of being #1 or #2 largest for market capitalization with MSFT (another one which strangely enough does not use EBITDA. For some brief weeks in 2000, there were a few companies which did not produce products which can be touched or counted that displaced it from the #1 or #2 position, but at that time "earnings had become an obsolete concept. Profits were not important, only sales!" ----- Original Message ----- Sent: Friday, June 28, 2002 4:43 PM > Zilla, > > GE's former CEO, Jack Welch, did not "leave". His > transition was planned for years, culminating in the > "short list" of two possible successors, and finally > one was selected after years(!) of careful > examination. Even after the new CEO was selected, > Welch stayed for 1-2 years full time for the > transition. Even now he is consulting for them. > Welch has been considered the best CEO of any American > company for many, many years, his business models have > served as the basis for many Harvard Business School > courses, and he has written more than one best seller > books. > > Re: accounting concerns at GE, the main complaint was > lack of detail in some disclosures. As soon as this > GE heard of this, they quickly worked to provide more > detail. I heard last week that GE now produces so > much detail in their disclusures that it is something > like a 2-foot high stack of paperwork every quarter. > My only concern is that the executives become so > burdened with all this disclosure that they have no > time for running the business. > > --- zillagirl wrote: > > I heard a lady on cnbc about a week ago and she does > > research for institutions only- she said she is > > telling her clients to get out of dynegy, tyco, and > > quest for various underlying problems that could > > appear and may cause them to blow up. I also wonder > > myself about GE. Its down about 2/3 in a year, The > > CEO left recently, and Ive read articles saying that > > there accounting is so complicated that even they > > dont know what it says. It seems that in this down > > market people would be running to a gorilla like > > that but they are jumping out??? Do they know > > something we done-any thoughts for me to digest. > > thanks zillagirl > > > > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 15:39:41 -0700 (PDT) Do you really think the reporters cooked the books and then planted them in the corporate suites? There is plenty of bad news out there, they certainly don't have to create their own (not since the Princess Di thing anyhow). Kent Norman --- phil bolte wrote: > Of course it's a "B". Anything that a Fortune 100 > company does has a "B" behind it. > > I'm getting fed up with this "scandal of the day" > phase we're in. I'm starting to think it's all driven > by individual ambition - by newsrooms, legislators, > critics, and others. Chance for them to make a name > for themselves - the next Watergate! ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Hill, Ernie" Subject: RE: [CANSLIM] Now Xerox? Date: 28 Jun 2002 17:47:44 -0500 This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. ------_=_NextPart_001_01C21EF5.D11BDC40 Content-Type: text/plain Sam You, IMHO are of course right. The mantra of "this time it is different" to me is a little humorous. I can't help but smile as I write this (guess I am a little sadistic). History repeats itself because of human nature, and part of human nature is the arrogant idea that we some how have it all figure out better than those who preceded us. The psychology of freely traded markets will never change, and while I have no historical reference I am sure that in past investment bubbles there were plenty of people who believed "this time it is different". My reference to arrogance was not directed at any individual in this group, rather I was speaking of the mass psychology of the investment community that propelled our recently busted bubble. E -----Original Message----- Sent: Friday, June 28, 2002 4:26 PM Winston, The way I read your statement is that, This time is different. We can not look to history to provide an accurate view of our current economic times. I ask, were you thinking the same thoughts in 1999 as the market was going ever higher? Was the speculation bubble any different then than any other time? I think the past 2 years has told us that this bubble was no different. It is always nice to think that this time is different but haw many times has it been? Sure our society has been trained to believe in the long term fund and that over time it will average out. I ask you, the fund managers are just as scared if not more so in today's current economic time. Who pay's the fund managers their large salary. It is you and whoever invests in their fund. If you have poor performance over several years, you have a large likelihood that your customers will leave. So you are fearful that you will not come close to the averages and lose your customers and therefore your job. The thirty something's like myself are in for the long haul. How about those investors that are in their 50's (what percentage of the population is 50 or older? A Large Percentage!) They have watched their portfolio shrink dramatically over the past couple of years and they will become scared enough to remove their cash from funds. When will that be? When fear has hit the market. Everybody, young and old, are still waiting for the market to continue its "normal upward movement" and at some point people will begin to question if the market is a good place to keep their investment or is it better to plow all their money into a larger house. Unless of course, the market begins its upward trend. Ask anybody you know that is older than 50 who has large mutual fund holdings if they have moved any of their money or if they intend to in the near future. Please let the group know your answer. Your comment to the "The larger population of individuals will also contain a larger number of people who know no fear." This seems irrational at first sight as averages stay relatively the same. As the population grows, wouldn't it be reasonable to expect that the same percentage of risk takers will be born? Why would the larger population mean that there is a larger population of risk takers? This being said, I think that anybody who believes "this time is different" is fooling themselves and being wishful. If you are a value investor for the long haul, you should be buying everything that you have researched and like at a maddening pace. Are you? Are you selling? What is the general market tell you? I read and have read for the past 2 years to be in cash. That is where I have been and am enjoying using my cash for other non-stock market investments. I have kept two investments in small portfolios only because I have been too lazy to remove them. i kick myself for being so lazy as I have lost a decent amount of money. Oh well. The market told me to get out and stay out for the time being. Sam Winston Little wrote: "The market always climbs a wall of worry" is an old familiar saying. In 1965 only 10% of the population invested in the market.(Just over 50% of trading volume was by individuals)The participation grew to 60% of the population in April 2002 (either directly or through retirement/mutual funds). The volume due to individuals fell to under 20%. Fund managers may not have the same fear as an individual (it is not HIS/HER money, but YOURS!)The larger population of individuals will also contain a larger number of people who know no fear.Thus I wonder if the exhibition of fear will be as large or severe as in the past. ----- Original Message ----- Sent: Friday, June 28, 2002 3:36 PM Canslim Members, Been a while since my last post. With that being said, I think the "scandal's" are very good for the long term benefit of CANSLIMers and the market. Its been a while since I've read HTMMIS so I can't quote chapters or such, but I recall him talking a lot about the fear factor. We have not had the "Fear" in the market yet. I think that there is no sustainable upside to the market until the fear has hit the market. Just my thoughts. Sam Katherine Malm wrote: Here's some background on earnings from Briefing.com for those less familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go back *years*.... P-U....========== The Earnings Confidence Problem - Part I 25-Jun-02 14:18 ET [BRIEFING.COM - Robert V. Green] In the midst of the more scandalous market problems, the earnings confidence problem is not receiving the attention it should. Here is more on the topic. The Market Problems The current market suffers from the following ailments: * Distrust of management - from excessive comp to outright fraud. Tyco is the best example. * Distrust of accounting - Andersen * Distrust of analysts - Blodgett These three problems get all the press and attention. But a deeper problem is afflicting the buy side - a growing concern about the validity of earnings reporting. The Earnings Problem Accounting rules have always been flexible enough to allow most companies a far amount of flexibility both in revenue recognition and expense recognition. Even when earnings reporting was somewhat standardized, some companies were criticized for how they recognized revenue and expense. But in the last five years, the types of earnings that companies have driven Wall Street to focus upon have become questionable. There are four different basic types of earnings today: * GAAP earnings: Generally Accepted Accounting Principles - A standards board that publishes rules on how expenses should be booked. Generally, all types of expenses are deducted. * As reported: Earnings excluding extraordinary items (as defined by GAAP), changes in accounting charges, charges related to discontinued operations (plant closings, etc.) * Operating earnings: As reported earnings but excluding "one-time" charges which do not fit the GAAP definition of "extraordinary" * Proforma earnings: Loosely defined "as if" analysis. Originally designed to provide comparison data for mergers. GAAP accounting principles are guidelines for accountants, not investors. The GAAP standards are guidelines for how a company should keep its books, not how the company should report earnings. For example, a basic principle behind GAAP is that revenue must be booked over the time period for which services and product are delivered. If a two year $200,000 contract is pre-paid in cash, up front, the entire $200,000 cannot be booked in the quarter in which the contract is signed. However, the revenue does not have to be booked as $25,000 per quarter for two years. A fair amount of flexibility, sometimes negotiated by auditors, is possible for how much of a contract can be booked in each quarter. GAAP covers expenses as well as revenues, of course. As reported earnings are the historical standard for earnings. Until the mid-eighties, in fact, there was little debate over how earnings should be reported as everyone used "as reported" earnings as a standard. For the most part, there was no difference between "as reported" earnings and any other methodology because one-time charges were not as common. Furthermore, companies did not actively seek, as they do today, to have certain expenses classified as "one-time." Operating earnings are designed to allow comparisons between quarters and years for a company. One time charges in any quarter are excluded because these would distort the comparison. Operating earnings became important when it became clear that Wall Street would completely ignore any "one-time" charges, and focus solely on earnings growth. This provided a strong incentive for companies to classify large expenses as one-time charges. An example of one company's aggressive attempt to get charges classified as one-time was Excite's 1997 $40 million marketing deal with Netscape. Now long forgotten, Excite paid Netscape up-front for a four-year deal to be the principal search engine at the Netscape web site. Excite tried to classify the entire $40 million payment as a one-time charge in a single quarter. By doing so, Excite was almost profitable. At Briefing we highlighted this event as an indicator of the times. The SEC later forced Excite to restate the payment as a four-year expense. But many, many companies were successful in getting major expense outlays classified as "one-time" which improved income statements. The focus on operating expenses led to the development of the "EBITDA" concept, which is "Earnings Before Interest, Taxes, Depreciation, and Amortization." The EBITDA concept, which has to be calculated from the line items shown on an operating earnings report, was designed to show the basic business model of the company, without regard to cost-of-capital. If capital were free, then EBITDA would be earnings. The focus on EBITDA has fallen from favor in recent times for one single reason: Interest. The interest payments on bonds, which are excluded from EBITDA calculations, has ruined many debt-ridden. Only through focusing on EBITDA projections could a company like Exodus Communications raise so much debt that their interest payments exceeded their gross margin. That won't happen again for decades. Pro-forma earnings are very hard to define today. The original purpose of pro-forma earnings calculations was to show the effects of a merger in a format that allowed a single income statement to combine only the operating models of each company, and exclude the actual costs of making the merger. Under the pro-forma for merger guidelines, pro-forma calculations could only be used for one year, after which the company should start reporting as-reported earnings for the combined entities. However, companies soon learned that as long as they made a new merger each year, they could continue reporting pro-forma earnings indefinitely. This "flexibility" in how earnings could be reported led to "pro-forma" meanings that were never intended, including stock option compensation expenses and R&D "in-progress" write-offs. The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the unsung hero of bringing pro-forma earnings to the popularity they enjoyed. She did so by diverting attention away from standardized earnings reports. Ms. Covey invented the concept of "EBITMA" which was defined "EBITDA plus marketing." She was successful in convincing Wall Street that marketing costs were equivalent to capital investment, a concept which looks ridiculous in retrospect. But in the early days of the internet, marketing and brand development was equated with capturing "territory" which, presumably, everyone thought could never be lost. (Tell that to investors in Excite.) Nevertheless, Joy Covey was successful in convincing investors, particularly convertible bond investors, to focus on the EBITMA concept. It was a crucial element in selling the $2 billion in Amazon.com bonds that built the company. After all, if you ignore the interest payments on the bond, and you consider spending the bond principal on marketing as "not an expense," Amazon's income statement would look great!. The problem, of course, is that bond holders don't care about earnings statements. They just care about the payments. The jury is still out on whether Amazon.com will eventually be able to pay the principal on their bonds. (See the Stock Brief of: 14-May-01 Amazon.com's Bond Problem. After Joy Covey established the principle of EBITMA, internet companies began using all types of non-earnings related statistics to show growth. Page views, registered users, unique monthly visitors are just some of the meaningless examples that became popular. (Surely you remember.) When "non-revenue statistics" becoming drivers of stock prices, (around 1998) pro-forma earnings increased in popularity. After all, a pro-forma income statement that showed some kind of earnings progress looked a lot more "real" than the phony statistics being coughed up by internet companies. But when the bubble collapsed, everyone began questioning earnings quality. It didn't happen overnight, and it didn't happen all at once. But as a long, slow evolutionary force, earnings confidence has eroded, and is still present today. The Aftermath The evolution of earnings focus over the past 10 years has led us to today's situation: a basic lack of confidence in many companies income statements. Amazon.com still reports earnings on a pro-forma basis. In their Q1 income statement, you can take your choice of earnings: * Pro-forma: $25 million profit * Operating: $2 million profit * Net (as-reported): $(23) million loss The earnings format you choose is not relevant, frankly. It is far more important to the stock value what format the guy next to you chooses. After all, value to you is primarily determined by what someone else will pay, not by what you pay. Even GE Even solid companies like General Electric have come under scrutiny because of the extremely complex financial situations. Unraveling a GE earnings report has now become a major task. Where GE only had to beat earnings estimates by $0.01 each quarter to count on an ever increasing stock price, today that is not enough. GE stock is down 50% in the last two years despite having only missed one earnings estimate in the last four years and having continual year-over-year growth in earnings averaging 15%. This bears repeating: GE, as representative a stock as you can get of the overall economy, is down 50% since September 2000. During that time period, they have grown earnings at over 11% (year-to-year basis) and beat or met earnings estimates every quarter except one. The one shortfall was October 2001, the quarter of the Attack on America and GE was only one penny short. Why can't GE get any respect? The only definable long-term culprit is a decline in confidence in GE's earnings numbers. During the same eight quarter time-period, GE revenue growth rate has been consistently falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has steadily fallen, and even was negative for most of 2001. Flat or declining revenue combined with continuing increasing earnings leads to only one conclusion: you can't keep this up forever. Eventually, GE will be unable to book the earnings number higher than previous years. When (if), that happens, GE stock will be further devastated. Until then, the slow erosion of confidence causes the stock price to decline. GE is just one good example of how confidence in earnings numbers has been eroding over time since the bubble collapse. Until greater confidence in earnings numbers is established, you can expect further difficulties in the market overall. Standard & Poors is now pushing for a standardized calculation for earnings reporting, called Core Earnings. We will have more on this concept in Part II of this story, to appear later this week. Comments may be emailed to the author, Robert V. Green, at rvgreen@briefing.com ----- Original Message ----- Sent: Friday, June 28, 2002 9:47 AM They all used EBITDA.. which Warren Buffett in May said is the currency of a crook ... they all have a smell about them. ----- Original Message ----- > Sent: Friday, June 28, 2002 9:46 AM Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!) Kelly - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** ------_=_NextPart_001_01C21EF5.D11BDC40 Content-Type: text/html Content-Transfer-Encoding: quoted-printable

Sam

 <= /span>

You, IMHO are of course right.

 <= /span>

The mantra of “this time it is different” to me is a little humorou= s. I can’t help but smile as I write this (guess I am a little sadistic). History repeats itself because of human nature, and part of human nature is the arrogant id= ea that we some how have it all figure out better than those who preceded us. = The psychology of freely traded markets will never change, and while I have no historical reference I am sure that in past investment bubbles there were plenty of people who believed “this time it is different”.=

 <= /span>

My reference to arrogance was not directed at any individual in this group, ra= ther I was speaking of the mass psychology of the investment community that prop= elled our recently busted bubble.

 <= /span>

E

 <= /span>

-----Original Message-----
From: Sam Funchess [mailto:sam5@mindspring.com]
Sent: Friday, June 28, 2002 = 4:26 PM
To: canslim@lists.xmission.c= om
Subject: Re: [CANSLIM] Now X= erox?

 <= /o:p>

Winst= on,

The way I read your statement is tha= t, This time is different.  We can not look to history to provide an accu= rate view of our current economic times.  I ask, were you thinking the same thoughts in 1999 as the market was going ever higher?  Was the specula= tion bubble any different then than any other time?  I think the past 2 yea= rs has told us that this bubble was no different.  It is always nice to t= hink that this time is different but haw many times has it been?  Sure our society has been trained to believe in the long term fund and that over tim= e it will average out.  I ask you, the fund managers are just as scared if = not more so in today's current economic time.  Who pay's the fund managers their large salary.  It is you and whoever invests in their fund. = ; If you have poor performance over several years, you have a large likelihood t= hat your customers will leave.  So you are fearful that you will not come close to the averages and lose your customers and therefore your job. = The thirty something's like myself are in for the long haul.  How about th= ose investors that are in their 50's (what percentage of the population is 50 or older?  A Large Percentage!)  They have watched their portfolio shrink dramatically over the past couple of years and they will become scar= ed enough to remove their cash from funds.  When will that be?  When fear has hit the market.  Everybody, young and old, are still waiting = for the market to continue its "normal upward movement" and at some p= oint people will begin to question if the market is a good place to keep their investment or is it better to plow all their money into a larger house.&nbs= p; Unless of course, the market begins its upward trend.  Ask anybody you know that is older than 50 who has large mutual fund holdings if they have moved any of their money or if they intend to in the near future.  Ple= ase let the group know your answer.

Your comment to the "
The larger population of individuals= will also contain a larger number of people who know no fear." This seems i= rrational at first sight as averages stay relatively the same.  As the population grows, wouldn't it be reasonable to expect that the same percentage of risk takers will be born?  Why would the larger population mean that there = is a larger population of risk takers?

This being said, I think that anybod= y who believes "this time is different" is fooling themselves and being wishful.  If you are a value investor for the long haul, you should be buying everything that you have researched and like at a maddening pace.&nb= sp; Are you?  Are you selling?

What is the general market tell you?=   I read and have read for the past 2 years to be in cash.  That is wher= e I have been and am enjoying using my cash for other non-stock market investments.  I have kept two investments in small portfolios only bec= ause I have been too lazy to remove them.  i kick myself for being so lazy = as I have lost a decent amount of money.  Oh well.  The market told me= to get out and stay out for the time being. =

Sam
Winston Little wrote:

 "The market= always climbs a wall of worry" is an old familiar saying. In 1965 only 10%= of the population invested in the market.(Just over 50% of trading volume was by individuals)The participation grew to 60% of the population in April 2002 (either directly or through retirement/mutual funds). The volume due to individuals fell to under 20%. Fund managers may not have the same = fear as an individual (it is not HIS/HER money, but YOURS!)The larger population= of individuals will also contain a larger number of people who know no fear.Th= us I wonder if the exhibition of fear will be as large or severe as in the past.=   

----- Original Message -----

To: canslim@lists.xmission.com

Sent: Friday, June 28, = 2002 3:36 PM

Subject: Re: [CANSLIM] Now Xerox?

 = ;Canslim Members,

Been a while since my last post.

With that being said, I think the "scandal's" are very good for the lo= ng term benefit of CANSLIMers and the market.  Its been a while since I've read HTMMIS so I can't quote chapters or such, but I recall him talking a l= ot about the fear factor.  We have not had the "Fear" in the ma= rket yet.  I think that there is no sustainable upside to the market until = the fear has hit the market.

Just my thoughts.

Sam

Katherine Malm wrote:

Here's some background on earnings from Briefing.com for those less familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go back *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D



The Market Problems<= font color=3Dblack><= /o:p>

Distrust of management - from excessive comp to outrigh= t fraud. Tyco is the best example. 

  • Distrust of accounting - Andersen <= o:p>
  • Distrust of analysts - Blodgett <= o:p>
  • But a deeper problem is afflicting the buy side - a growing concern about the validity of earnings reporting.  <= /o:p>

    The Earnings Problem= <= /o:p>

    But in the last five years, the types of earnings that companies h= ave driven Wall Street to focus upon have become questionable.  <= /font><= /o:p>

    There are four different basic types of earnings today: 

    • GAAP earnings: Generally Accepted Accounting Principles= - A standards board that publishes rules on how expenses should be booke= d. Generally, all types of expenses are deducted. <= o:p>
    • As reported: Earnings excluding extraordinary items (as defined by GAAP), changes in accounting charges, charges related to discontinued operations (plant closings, etc.) <= o:p>
    • Operating earnings: As reported earnings but excluding "one-time" charges which do not fit the GAAP definition of "extraordinary" 
    • Proforma earnings: Loosely defined "as if" analysis. Originally designed to provide comparison data for mergers. 

    GAAP accounting principles are guid= elines for accountants, not investors. The GAAP standards are guidelines for how= a company should keep its books, not how the company should report earnings. 

    For example, a basic principle behind GAAP is that revenue must be booked over the time period for which services and product are delivered. If a two year $200,000 contract is pre-paid in cash, up fr= ont, the entire $200,000 cannot be booked in the quarter in which the contract= is signed. However, the revenue does not have to be booked as $25,000 per quarter for two years. A fair amount of flexibility, sometimes negotiated= by auditors, is possible for how much of a contract can be booked in each quarter. 

    GAAP covers expenses as well as revenues, of course. 

    As reported earnings are the historical st= andard for earnings. Until the mid-eighties, in fact, there was little debate ov= er how earnings should be reported as everyone used "as reported" earnings as a standard. For the most part, there was no difference between "as reported" earnings and any other methodology because one-ti= me charges were not as common. Furthermore, companies did not actively seek,= as they do today, to have certain expenses classified as "one-time."  <= /p>

    Operating earnings= are designed to allow comparis= ons between quarters and years for a company. One time charges in any quarter= are excluded because these would distort the comparison. Operating earnings became important when it became clear that Wall Street would completely ignore any "one-time" charges, and focus solely on earnings gro= wth. This provided a strong incentive for companies to classify large expenses= as one-time charges.  <= /p>

    An example of one company's aggressive attempt to get charges classified as one-time was Excite's 1997 $40 million marketing de= al with Netscape. Now long forgotten, Excite paid Netscape up-front for a four-year deal to be the principal search engine at the Netscape web site. Excite tried to classify the entire $40 million payment as a one-time cha= rge in a single quarter. By doing so, Excite was almost profitable. At Briefi= ng we highlighted this event as an indicator of the times. The SEC later for= ced Excite to restate the payment as a four-year expense. But many, many companies were successful in getting major expense outlays classified as "one-time" which improved income statements.  <= /o:p>

    The focus on operating expenses led to the developmen= t of the "EBITDA" concept, which is "Earnings Before Interest, Taxes, Depreciation, and Amortization." The EBITDA concept, which ha= s to be calculated from the line items shown on an operating earnings report, = was designed to show the basic business model of the company, without regard = to cost-of-capital. If capital were free, then EBITDA would be earnings.&nbs= p; <= /o:p>

    The focus on EBITDA has fallen from favor in recent t= imes for one single reason: Interest. The interest payments on bonds, which are excluded from EBITDA calculatio= ns, has ruined many debt-ridden.  <= /p>

    Only through focusing on EBITDA projections could a company like Exodus Communications raise so much debt that their interest payments exceeded their gross margin. That won't happen again for decades. 

    Pro-forma earnings= are very hard to define today.= The original purpose of pro-forma earnings calculations was to show the effec= ts of a merger in a format that allowed a single income statement to combine only the operating models of each company, and exclude the actual costs o= f making the merger. 

    Under the pro-forma for merger guidelines, pro-forma calculations could only be used for one year, after which the company sho= uld start reporting as-reported earnings for the combined entities.  <= /o:p>

    However, companies soon learned that as long as they = made a new merger each year, they could continue reporting pro-forma earnings indefinitely. This "flexibility" in how earnings could be repor= ted led to "pro-forma" meanings that were never intended, including stock option compensation expenses and R&D "in-progress" write-offs. 

    The Erosion of Earnings Confidence= <= /o:p>

    Ms. Covey invented the concept of "EBITMA" which was defined "EBITDA plus marketing." She was successful in convincing Wall Street that marketing costs were equivalent to capital investment, a concept which l= ooks ridiculous in retrospect. But in the early days of the internet, marketing and brand development was equated with capturing "territory" wh= ich, presumably, everyone thought could never be lost. (Tell that to investors= in Excite.) 

    Nevertheless, Joy Covey was successful in convincing investors, particularly convertible bond investors, to focus on the EBITMA concept. It was a crucial element in selling the $2 billion in Amazon.com bonds that built the company. After all, if you ignore the interest payme= nts on the bond, and you consider spending the bond principal on marketing as "not an expense," Amazon's income statement would look great!. 

    The problem, of course, is that bond holders don't ca= re about earnings statements. They just care about the payments. The jury is still out on whether Amazon.com will eventually be able to pay the princi= pal on their bonds. (See the Stock Brief of: 14-May-01 Amazon.com's Bond Problem. <= /p>

    After Joy Covey established the principle of EBITMA, internet companies began using all types of non-earnings related statisti= cs to show growth. Page views, registered users, unique monthly visitors are just some of the meaningless examples that became popular. (Surely you remember.) 

    When "non-revenue statistics" becoming driv= ers of stock prices, (around 1998) pro-forma earnings increased in popularity. After all, a pro-forma income statement that showed some kind of earnings progress loo= ked a lot more "real" than the phony statistics being coughed up by internet companies.  <= /p>

    But when the bubble collapsed, everyone began questioning earnings quality. It didn't happen overnight, and it didn't happen all at once. But as a long, slow evolutionary force, earnings confidence has eroded, and is still present today. 

    The Aftermath<= /o:p>

    Amazon.com still reports earnings on a pro-forma basi= s. In their Q1 income statement, you can take your choice of earnings: = <= /o:p>

    • Pro-forma: $25 million profit <= o:p>
    • Operating: $2 million profit <= o:p>
    • Net (as-reported): $(23) million loss <= o:p>

    After all, value to you is primarily determined by what someone else will pay, not= by what you pay. 

    Even GE<= /b>

    GE stock is down 50% in the last two years despite having only missed one earnings estimate in the last four y= ears and having continual year-over-year growth in earnings averaging 15%.&nbs= p; <= /p>

    This bears repeating: GE, as representative a stock as you can get of the overall economy, is down 50% since September 2000. Dur= ing that time period, they have grown earnings at over 11% (year-to-year basi= s) and beat or met earnings estimates every quarter except one. The one shortfall was October 2001, the quarter of the Attack on America and GE w= as only one penny short.  <= /p>

    Why can't GE get any respect? The only definable long-term culprit is a decline in confidence in GE's earnings numbers. Du= ring the same eight quarter time-period, GE revenue growth rate has been consistently falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has steadily fallen, and even was negative for most of 2001. = <= /o:p>

    Flat or declining revenue combined with continuing increasing earnings leads to only one conclusion: you can't keep this up forever. Eventually, GE will be unable to book the earnings number higher than previous years. When (if), that happens, GE stock will be further devastated. Until then, the slow erosion of confidence causes the stock price to decline.  <= /o:p>

    GE is just one good example of how confidence in earn= ings numbers has been eroding over time since the bubble collapse. Until great= er confidence in earnings numbers is established, you can expect further difficulties in the market overall.  <= /p>

    Standard & Poors is now pushing for a standardized calculation for earnings reporting, called Core Earnings. We will have mo= re on this concept in Part II of this story, to appear later this week. = ; <= /o:p>

    Comments may be emailed to the author, Robert V. Gree= n, at rvgreen@briefing.com<= /o:p>

    ----- Original Message -----

    To: canslim@lists.xmission.com

    Sent: Friday, June 28, 2002 9:47 AM

    Subject: Re: [CANSLIM] Now Xerox?

     They all used EBITDA.. which Warren Buffett in May said is the currency of a
    crook ... they all have a smell about them.

    ----- Original Message -----
    >kelly.short@neoris.com>
    n.com>
    Sent: Friday, June 28, 2002 9:46 AM
     

    Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!)=

    Kelly
     

    - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the ema= il body, write "subscribe canslim" or -"unsubscribe canslim&quo= t;. Do not use quotes in your email.



    ******************************************************************
    This email and any files transmitted with it from the ElPaso
    Corporation are confidential and intended solely for the
    use of the individual or entity to whom they are addressed.
    If you have received this email in error please notify the
    sender.
    ******************************************************************
    - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------_=_NextPart_001_01C21EF5.D11BDC40-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Keeley" Subject: Re: [CANSLIM] Where do I put my cash? Date: 28 Jun 2002 16:52:06 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_0018_01C21EC4.227BFED0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Katherine, Thanks for the advice. That's what I did. I switched it from my money = market at 1.2% to SWVXX at 1.6 %. A nearly 50% increase. Not much = difference however at this low interest rate. Kris suggested ING Direct and that looks great. 3% return right now. = However my pension fund has to remain at Schwab until I retire.=20 Pat ----- Original Message -----=20 From: Katherine Malm=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 27, 2002 7:18 AM Subject: Re: [CANSLIM] Where do I put my cash? Hi Pat, Give Schwab a call and ask them this question, they're good about = giving you options. Also consider their high yield money market fund = (still not a great return, but better than 0%): SWVXX. I believe the = minimum to open is $25K, lower if the money is in an IRA account. Katherine ----- Original Message -----=20 From: Patrick Keeley=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 27, 2002 6:53 AM Subject: [CANSLIM] Where do I put my cash? About a year and a half ago the company I work for allowed us to = transfer our pension savings to a brokerage (Schwab) account? I want to = get into individual stock investing and decided to be a CANSLIMer. = However the M has kept me out of the market the entire time. My question now is where is a good place to accumulate interest? The = money market fund where my cash is now is almost worthless. I certainly enjoy the wealth of expertise on this board and can't = wait until the stock market turns around so I can invest. Thanks in advance for your help. Pat ------=_NextPart_000_0018_01C21EC4.227BFED0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    Katherine,
     
    Thanks for the advice. That's what I did. I = switched it=20 from my money market at 1.2% to SWVXX at 1.6 %. A nearly 50% increase. = Not much=20 difference however at this low interest rate.
     
    Kris suggested ING Direct and that looks = great. 3%=20 return right now. However my pension fund has to remain at Schwab until = I=20 retire.
     
    Pat
    ----- Original Message -----
    From:=20 Katherine=20 Malm
    Sent: Thursday, June 27, 2002 = 7:18=20 AM
    Subject: Re: [CANSLIM] Where do = I put my=20 cash?

    Hi Pat,
     
    Give Schwab a call and ask them this question, they're good about = giving=20 you options. Also consider their high yield money market fund (still = not a=20 great return, but better than 0%): SWVXX. I believe the minimum to = open is=20 $25K, lower if the money is in an IRA account.
     
    Katherine
    ----- Original Message -----
    From:=20 Patrick Keeley
    Sent: Thursday, June 27, 2002 = 6:53=20 AM
    Subject: [CANSLIM] Where do I = put my=20 cash?

    About a = year and a=20 half ago the company I work for allowed us to transfer our = pension=20 savings to a brokerage (Schwab) account? I want to get into = individual=20 stock investing and decided to be a CANSLIMer. However the M has = kept me out=20 of the market the entire time.
     
    My = question now is=20 where is a good place to accumulate interest? The money market fund = where my=20 cash is now is almost worthless.
     
    I = certainly enjoy the=20 wealth of expertise on this board and can't wait until the stock = market=20 turns around so I can invest.
     
    Thanks = in advance for=20 your help.
     
    Pat
    ------=_NextPart_000_0018_01C21EC4.227BFED0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Patrick Keeley" Subject: Re: [CANSLIM] Where do I put my cash? Date: 28 Jun 2002 16:53:57 -0600 Kris, Thanks for the advice. That's exactly where it would go If I could. My pension has to remain with Schwab until I retire. Pat ----- Original Message ----- Sent: Thursday, June 27, 2002 12:12 PM > Hi Pat: > > Nothing beats cash earning 3% at ING DIRECT in the current M with the > overhang of terrorism, crisis of confidence and still week earnings. > > Kris > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. > - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Winston Little" Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 19:00:20 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_000A_01C21ED6.0D059720 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable History repeats itself and only the names and minute details are = different. History is a great teacher. The points that I was trying to make are: - news travels faster with the use of internet and all business TV=20 - fear rises and ebbs much quicker today, as releases and = recommendations are touted on the net or on TV - fear is most extreme in individual investors not fund managers (how = much fear has Blodget or Grubman shown?) - funds trade more than 80% of the volumes today which are about 2 = billion shares/day ( lower levels of fear and not as sustained) - individuals traded more than 50% of the 15 million shares per day = traded in 1965 era (so high sustained fear) - fund managers and analysts get paid so highly today that in one year = they make more than the average Joe does in several lifetimes, and it = takes several years before the managers get axed. So fear is not high = priority for them. ----- Original Message -----=20 From: Sam Funchess=20 To: canslim@lists.xmission.com=20 Sent: Friday, June 28, 2002 5:26 PM Subject: Re: [CANSLIM] Now Xerox? Winston,=20 The way I read your statement is that, This time is different. We can = not look to history to provide an accurate view of our current economic = times. I ask, were you thinking the same thoughts in 1999 as the market = was going ever higher? Was the speculation bubble any different then = than any other time? I think the past 2 years has told us that this = bubble was no different. It is always nice to think that this time is = different but haw many times has it been? Sure our society has been = trained to believe in the long term fund and that over time it will = average out. I ask you, the fund managers are just as scared if not = more so in today's current economic time. Who pay's the fund managers = their large salary. It is you and whoever invests in their fund. If = you have poor performance over several years, you have a large = likelihood that your customers will leave. So you are fearful that you = will not come close to the averages and lose your customers and = therefore your job. The thirty something's like myself are in for the = long haul. How about those investors that are in their 50's (what = percentage of the population is 50 or older? A Large Percentage!) They = have watched their portfolio shrink dramatically over the past couple of = years and they will become scared enough to remove their cash from = funds. When will that be? When fear has hit the market. Everybody, = young and old, are still waiting for the market to continue its "normal = upward movement" and at some point people will begin to question if the = market is a good place to keep their investment or is it better to plow = all their money into a larger house. Unless of course, the market = begins its upward trend. Ask anybody you know that is older than 50 who = has large mutual fund holdings if they have moved any of their money or = if they intend to in the near future. Please let the group know your = answer.=20 Your comment to the "The larger population of individuals will also = contain a larger number of people who know no fear." This seems = irrational at first sight as averages stay relatively the same. As the = population grows, wouldn't it be reasonable to expect that the same = percentage of risk takers will be born? Why would the larger population = mean that there is a larger population of risk takers?=20 This being said, I think that anybody who believes "this time is = different" is fooling themselves and being wishful. If you are a value = investor for the long haul, you should be buying everything that you = have researched and like at a maddening pace. Are you? Are you = selling?=20 What is the general market tell you? I read and have read for the = past 2 years to be in cash. That is where I have been and am enjoying = using my cash for other non-stock market investments. I have kept two = investments in small portfolios only because I have been too lazy to = remove them. i kick myself for being so lazy as I have lost a decent = amount of money. Oh well. The market told me to get out and stay out = for the time being.=20 Sam=20 Winston Little wrote:=20 "The market always climbs a wall of worry" is an old familiar = saying. In 1965 only 10% of the population invested in the market.(Just = over 50% of trading volume was by individuals)The participation grew to = 60% of the population in April 2002 (either directly or through = retirement/mutual funds). The volume due to individuals fell to under = 20%. Fund managers may not have the same fear as an individual (it is = not HIS/HER money, but YOURS!)The larger population of individuals will = also contain a larger number of people who know no fear.Thus I wonder if = the exhibition of fear will be as large or severe as in the past. =20 ----- Original Message ----- From: Sam Funchess To: canslim@lists.xmission.com Sent: Friday, June 28, 2002 3:36 PM Subject: Re: [CANSLIM] Now Xerox? Canslim Members,=20 Been a while since my last post.=20 With that being said, I think the "scandal's" are very good for = the long term benefit of CANSLIMers and the market. Its been a while = since I've read HTMMIS so I can't quote chapters or such, but I recall = him talking a lot about the fear factor. We have not had the "Fear" in = the market yet. I think that there is no sustainable upside to the = market until the fear has hit the market.=20 Just my thoughts.=20 Sam=20 Katherine Malm wrote:=20 Here's some background on earnings from Briefing.com for those = less familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes = go back *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =20 =20 =20 The Earnings Confidence Problem - Part I=20 25-Jun-02 14:18 ET=20 =20 [BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous market problems, the earnings confidence problem is not = receiving the attention it should. Here is more on the topic. =20 The Market Problems The current market suffers from the following ailments: =20 a.. Distrust of management - from excessive comp to = outright fraud. Tyco is the best example. =20 b.. Distrust of accounting - Andersen =20 c.. Distrust of analysts - Blodgett =20 These three problems get all the press and attention. =20 But a deeper problem is afflicting the buy side - a = growing concern about the validity of earnings reporting. =20 The Earnings Problem Accounting rules have always been flexible enough to allow = most companies a far amount of flexibility both in revenue recognition = and expense recognition. Even when earnings reporting was somewhat = standardized, some companies were criticized for how they recognized = revenue and expense. =20 But in the last five years, the types of earnings that = companies have driven Wall Street to focus upon have become = questionable. =20 There are four different basic types of earnings today: =20 a.. GAAP earnings: Generally Accepted Accounting = Principles - A standards board that publishes rules on how expenses = should be booked. Generally, all types of expenses are deducted. =20 b.. As reported: Earnings excluding extraordinary items = (as defined by GAAP), changes in accounting charges, charges related to = discontinued operations (plant closings, etc.) =20 c.. Operating earnings: As reported earnings but = excluding "one-time" charges which do not fit the GAAP definition of = "extraordinary" =20 d.. Proforma earnings: Loosely defined "as if" analysis. = Originally designed to provide comparison data for mergers. =20 GAAP accounting principles are guidelines for accountants, = not investors. The GAAP standards are guidelines for how a company = should keep its books, not how the company should report earnings. =20 For example, a basic principle behind GAAP is that revenue = must be booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in cash, up = front, the entire $200,000 cannot be booked in the quarter in which the = contract is signed. However, the revenue does not have to be booked as = $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a contract = can be booked in each quarter. =20 GAAP covers expenses as well as revenues, of course. =20 As reported earnings are the historical standard for = earnings. Until the mid-eighties, in fact, there was little debate over = how earnings should be reported as everyone used "as reported" earnings = as a standard. For the most part, there was no difference between "as = reported" earnings and any other methodology because one-time charges = were not as common. Furthermore, companies did not actively seek, as = they do today, to have certain expenses classified as "one-time." =20 Operating earnings are designed to allow comparisons = between quarters and years for a company. One time charges in any = quarter are excluded because these would distort the comparison. = Operating earnings became important when it became clear that Wall = Street would completely ignore any "one-time" charges, and focus solely = on earnings growth. This provided a strong incentive for companies to = classify large expenses as one-time charges. =20 An example of one company's aggressive attempt to get = charges classified as one-time was Excite's 1997 $40 million marketing = deal with Netscape. Now long forgotten, Excite paid Netscape up-front = for a four-year deal to be the principal search engine at the Netscape = web site. Excite tried to classify the entire $40 million payment as a = one-time charge in a single quarter. By doing so, Excite was almost = profitable. At Briefing we highlighted this event as an indicator of the = times. The SEC later forced Excite to restate the payment as a four-year = expense. But many, many companies were successful in getting major = expense outlays classified as "one-time" which improved income = statements. =20 The focus on operating expenses led to the development of = the "EBITDA" concept, which is "Earnings Before Interest, Taxes, = Depreciation, and Amortization." The EBITDA concept, which has to be = calculated from the line items shown on an operating earnings report, = was designed to show the basic business model of the company, without = regard to cost-of-capital. If capital were free, then EBITDA would be = earnings. =20 The focus on EBITDA has fallen from favor in recent times = for one single reason: Interest. The interest payments on bonds, which = are excluded from EBITDA calculations, has ruined many debt-ridden. =20 Only through focusing on EBITDA projections could a = company like Exodus Communications raise so much debt that their = interest payments exceeded their gross margin. That won't happen again = for decades. =20 Pro-forma earnings are very hard to define today. The = original purpose of pro-forma earnings calculations was to show the = effects of a merger in a format that allowed a single income statement = to combine only the operating models of each company, and exclude the = actual costs of making the merger. =20 Under the pro-forma for merger guidelines, pro-forma = calculations could only be used for one year, after which the company = should start reporting as-reported earnings for the combined entities. =20 However, companies soon learned that as long as they made = a new merger each year, they could continue reporting pro-forma earnings = indefinitely. This "flexibility" in how earnings could be reported led = to "pro-forma" meanings that were never intended, including stock option = compensation expenses and R&D "in-progress" write-offs. =20 The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was = the unsung hero of bringing pro-forma earnings to the popularity they = enjoyed. She did so by diverting attention away from standardized = earnings reports. =20 Ms. Covey invented the concept of "EBITMA" which was = defined "EBITDA plus marketing." She was successful in convincing Wall = Street that marketing costs were equivalent to capital investment, a = concept which looks ridiculous in retrospect. But in the early days of = the internet, marketing and brand development was equated with capturing = "territory" which, presumably, everyone thought could never be lost. = (Tell that to investors in Excite.) =20 Nevertheless, Joy Covey was successful in convincing = investors, particularly convertible bond investors, to focus on the = EBITMA concept. It was a crucial element in selling the $2 billion in = Amazon.com bonds that built the company. After all, if you ignore the = interest payments on the bond, and you consider spending the bond = principal on marketing as "not an expense," Amazon's income statement = would look great!. =20 The problem, of course, is that bond holders don't care = about earnings statements. They just care about the payments. The jury = is still out on whether Amazon.com will eventually be able to pay the = principal on their bonds. (See the Stock Brief of: 14-May-01 = Amazon.com's Bond Problem.=20 After Joy Covey established the principle of EBITMA, = internet companies began using all types of non-earnings related = statistics to show growth. Page views, registered users, unique monthly = visitors are just some of the meaningless examples that became popular. = (Surely you remember.) =20 When "non-revenue statistics" becoming drivers of stock = prices, (around 1998) pro-forma earnings increased in popularity. After = all, a pro-forma income statement that showed some kind of earnings = progress looked a lot more "real" than the phony statistics being = coughed up by internet companies. =20 But when the bubble collapsed, everyone began questioning = earnings quality. It didn't happen overnight, and it didn't happen all = at once. But as a long, slow evolutionary force, earnings confidence has = eroded, and is still present today. =20 The Aftermath The evolution of earnings focus over the past 10 years has = led us to today's situation: a basic lack of confidence in many = companies income statements. =20 Amazon.com still reports earnings on a pro-forma basis. In = their Q1 income statement, you can take your choice of earnings: =20 a.. Pro-forma: $25 million profit =20 b.. Operating: $2 million profit =20 c.. Net (as-reported): $(23) million loss =20 The earnings format you choose is not relevant, frankly. = It is far more important to the stock value what format the guy next to = you chooses.=20 After all, value to you is primarily determined by what = someone else will pay, not by what you pay. =20 Even GE Even solid companies like General Electric have come under = scrutiny because of the extremely complex financial situations. = Unraveling a GE earnings report has now become a major task. Where GE = only had to beat earnings estimates by $0.01 each quarter to count on an = ever increasing stock price, today that is not enough. =20 GE stock is down 50% in the last two years despite having = only missed one earnings estimate in the last four years and having = continual year-over-year growth in earnings averaging 15%. =20 This bears repeating: GE, as representative a stock as you = can get of the overall economy, is down 50% since September 2000. During = that time period, they have grown earnings at over 11% (year-to-year = basis) and beat or met earnings estimates every quarter except one. The = one shortfall was October 2001, the quarter of the Attack on America and = GE was only one penny short. =20 Why can't GE get any respect? The only definable long-term = culprit is a decline in confidence in GE's earnings numbers. During the = same eight quarter time-period, GE revenue growth rate has been = consistently falling. From a growth rate of 24% and 20% in 00Q1 and = 00Q2, growth has steadily fallen, and even was negative for most of = 2001. =20 Flat or declining revenue combined with continuing = increasing earnings leads to only one conclusion: you can't keep this up = forever. Eventually, GE will be unable to book the earnings number = higher than previous years. When (if), that happens, GE stock will be = further devastated. Until then, the slow erosion of confidence causes = the stock price to decline. =20 GE is just one good example of how confidence in earnings = numbers has been eroding over time since the bubble collapse. Until = greater confidence in earnings numbers is established, you can expect = further difficulties in the market overall. =20 Standard & Poors is now pushing for a standardized = calculation for earnings reporting, called Core Earnings. We will have = more on this concept in Part II of this story, to appear later this = week. =20 Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com =20 ----- Original Message ----- From: Winston Little To: canslim@lists.xmission.com Sent: Friday, June 28, 2002 9:47 AM Subject: Re: [CANSLIM] Now Xerox? They all used EBITDA.. which Warren Buffett in May said is = the currency of a=20 crook ... they all have a smell about them.=20 ----- Original Message -----=20 From: "Kelly Short" =20 To: =20 Sent: Friday, June 28, 2002 9:46 AM=20 Subject: [CANSLIM] Now Xerox?=20 =20 Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" = as in boy!)=20 Kelly=20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In = the email body, write "subscribe canslim" or -"unsubscribe canslim". Do = not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the = email body, write "subscribe canslim" or -"unsubscribe canslim". Do not = use quotes in your email.=20 ------=_NextPart_000_000A_01C21ED6.0D059720 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    History repeats itself and only the names and minute = details=20 are different.
    History is a great teacher.
     
    The points that I was trying to make = are:
    - news travels faster with the use of internet and = all=20 business TV
    - fear rises and ebbs much quicker today, as = releases and=20 recommendations are touted on the net or on TV
    - fear is most extreme in individual investors not = fund=20 managers (how much fear has Blodget or Grubman shown?)
    - funds trade more than 80% of the volumes today = which are=20 about 2 billion shares/day ( lower levels of fear and not as=20 sustained)
    - individuals traded more than 50% of the 15 million = shares=20 per day traded in 1965 era (so high sustained fear)
    - fund managers and analysts get paid so highly = today that in=20 one year they make more than the average Joe does=20 in several lifetimes, and it takes several years before the = managers=20 get axed. So fear is not high priority for them.
     
     
    ----- Original Message -----
    From:=20 Sam = Funchess
    Sent: Friday, June 28, 2002 = 5:26 PM
    Subject: Re: [CANSLIM] Now = Xerox?

    Winston,=20

    The way I read your statement is that, This time is = different.  We can=20 not look to history to provide an accurate view of our current = economic=20 times.  I ask, were you thinking the same thoughts in 1999 as the = market=20 was going ever higher?  Was the speculation bubble any different = then=20 than any other time?  I think the past 2 years has told us that = this=20 bubble was no different.  It is always nice to think that this = time is=20 different but haw many times has it been?  Sure our society has = been=20 trained to believe in the long term fund and that over time it will = average=20 out.  I ask you, the fund managers are just as scared if not more = so in=20 today's current economic time.  Who pay's the fund managers their = large=20 salary.  It is you and whoever invests in their fund.  If = you have=20 poor performance over several years, you have a large likelihood that = your=20 customers will leave.  So you are fearful that you will not come = close to=20 the averages and lose your customers and therefore your job.  The = thirty=20 something's like myself are in for the long haul.  How about = those=20 investors that are in their 50's (what percentage of the population is = 50 or=20 older?  A Large Percentage!)  They have watched their = portfolio=20 shrink dramatically over the past couple of years and they will become = scared=20 enough to remove their cash from funds.  When will that be?  = When=20 fear has hit the market.  Everybody, young and old, are still = waiting for=20 the market to continue its "normal upward movement" and at some point = people=20 will begin to question if the market is a good place to keep their = investment=20 or is it better to plow all their money into a larger house.  = Unless of=20 course, the market begins its upward trend.  Ask anybody you know = that is=20 older than 50 who has large mutual fund holdings if they have moved = any of=20 their money or if they intend to in the near future.  Please let = the=20 group know your answer.

    Your comment to the "The larger=20 population of individuals will also contain a larger number of people = who know=20 no fear." This seems irrational at first sight as averages stay = relatively the=20 same.  As the population grows, wouldn't it be reasonable to = expect that=20 the same percentage of risk takers will be born?  Why would the = larger=20 population mean that there is a larger population of risk = takers?=20

    This being said, I think that anybody who believes "this time is = different"=20 is fooling themselves and being wishful.  If you are a value = investor for=20 the long haul, you should be buying everything that you have = researched and=20 like at a maddening pace.  Are you?  Are you selling?=20

    What is the general market tell you?  I read and have read for = the=20 past 2 years to be in cash.  That is where I have been and am = enjoying=20 using my cash for other non-stock market investments.  I have = kept two=20 investments in small portfolios only because I have been too lazy to = remove=20 them.  i kick myself for being so lazy as I have lost a decent = amount of=20 money.  Oh well.  The market told me to get out and stay out = for the=20 time being.=20

    Sam
    Winston Little wrote:=20

     "The market always = climbs a wall=20 of worry" is an old familiar saying. In = 1965 only=20 10% of the population invested in the market.(Just over 50% of = trading=20 volume was by individuals)The participation = grew to 60%=20 of the population in April 2002 (either directly or through=20 retirement/mutual funds). The volume due to individuals fell to = under=20 20%. Fund managers may not have the same = fear as=20 an individual (it is not HIS/HER money, but YOURS!)The=20 larger population of individuals will also contain a larger number = of people=20 who know no fear.Thus I wonder if the = exhibition of=20 fear will be as large or severe as in the past.  =20
    ----- Original Message -----
    From:=20 Sam=20 Funchess
    To: canslim@lists.xmission.com=
    Sent: Friday, June 28, 2002 = 3:36=20 PM
    Subject: Re: [CANSLIM] Now=20 Xerox?
     Canslim Members,=20

    Been a while since my last post.=20

    With that being said, I think the "scandal's" are very good for = the=20 long term benefit of CANSLIMers and the market.  Its been a = while=20 since I've read HTMMIS so I can't quote chapters or such, but I = recall him=20 talking a lot about the fear factor.  We have not had the = "Fear" in=20 the market yet.  I think that there is no sustainable upside = to the=20 market until the fear has hit the market.=20

    Just my thoughts.=20

    Sam=20

    Katherine Malm wrote:=20

    Here's some background on earnings from Briefing.com for those = less=20 familiar with EBITDA, etc. --Katherine PS Xerox's accounting = woes go=20 back *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=20


    The Earnings Confidence Problem - Part = I
    25-Jun-02 14:18=20 ET
    [BRIEFING.COM - Robert V. Green] In the midst of the = more=20 scandalous market problems, the earnings confidence = problem is not=20 receiving the attention it should. Here is more on the=20 topic. =20

    The Market Problems

    The current market suffers = from the=20 following ailments: =20
    • Distrust of management - from excessive comp to = outright=20 fraud. Tyco is the best example. =20
    • Distrust of accounting - Andersen =20
    • Distrust of analysts - Blodgett  =
    These three=20 problems get all the press and attention. =20

    But a deeper problem is afflicting the buy side - a = growing=20 concern about the validity of earnings reporting. =20

    The Earnings Problem

    Accounting rules have always = been=20 flexible enough to allow most companies a far amount of=20 flexibility both in revenue recognition and expense = recognition.=20 Even when earnings reporting was somewhat standardized, = some=20 companies were criticized for how they recognized revenue = and=20 expense. =20

    But in the last five years, the types of = earnings that=20 companies have driven Wall Street to focus upon have = become=20 questionable. =20

    There are four different basic types of earnings = today: =20

    • GAAP earnings: Generally Accepted Accounting = Principles - A=20 standards board that publishes rules on how expenses = should be=20 booked. Generally, all types of expenses are = deducted. =20
    • As reported: Earnings excluding extraordinary items = (as=20 defined by GAAP), changes in accounting charges, charges = related=20 to discontinued operations (plant closings, etc.) =20
    • Operating earnings: As reported earnings but = excluding=20 "one-time" charges which do not fit the GAAP definition = of=20 "extraordinary" =20
    • Proforma earnings: Loosely defined "as if" analysis. = Originally designed to provide comparison data for=20 mergers. 
    GAAP accounting = principles are=20 guidelines for accountants, not investors. The GAAP = standards are=20 guidelines for how a company should keep its books, not = how the=20 company should report earnings. =20

    For example, a basic principle behind GAAP is that = revenue must=20 be booked over the time period for which services and = product are=20 delivered. If a two year $200,000 contract is pre-paid in = cash, up=20 front, the entire $200,000 cannot be booked in the quarter = in=20 which the contract is signed. However, the revenue does = not have=20 to be booked as $25,000 per quarter for two years. A fair = amount=20 of flexibility, sometimes negotiated by auditors, is = possible for=20 how much of a contract can be booked in each = quarter. =20

    GAAP covers expenses as well as revenues, of = course. =20

    As reported earnings are the historical standard = for=20 earnings. Until the mid-eighties, in fact, there was = little debate=20 over how earnings should be reported as everyone used "as=20 reported" earnings as a standard. For the most part, there = was no=20 difference between "as reported" earnings and any other=20 methodology because one-time charges were not as common.=20 Furthermore, companies did not actively seek, as they do = today, to=20 have certain expenses classified as "one-time." =20

    Operating earnings are designed to allow = comparisons=20 between quarters and years for a company. One time charges = in any=20 quarter are excluded because these would distort the = comparison.=20 Operating earnings became important when it became clear = that Wall=20 Street would completely ignore any "one-time" charges, and = focus=20 solely on earnings growth. This provided a strong = incentive for=20 companies to classify large expenses as one-time = charges. =20

    An example of one company's aggressive attempt to get = charges=20 classified as one-time was Excite's 1997 $40 million = marketing=20 deal with Netscape. Now long forgotten, Excite paid = Netscape=20 up-front for a four-year deal to be the principal search = engine at=20 the Netscape web site. Excite tried to classify the entire = $40=20 million payment as a one-time charge in a single quarter. = By doing=20 so, Excite was almost profitable. At Briefing we = highlighted this=20 event as an indicator of the times. The SEC later forced = Excite to=20 restate the payment as a four-year expense. But many, many = companies were successful in getting major expense outlays = classified as "one-time" which improved income = statements. =20

    The focus on operating expenses led to the development = of the=20 "EBITDA" concept, which is "Earnings Before Interest, = Taxes,=20 Depreciation, and Amortization." The EBITDA concept, which = has to=20 be calculated from the line items shown on an operating = earnings=20 report, was designed to show the basic business model of = the=20 company, without regard to cost-of-capital. If capital = were free,=20 then EBITDA would be earnings. =20

    The focus on EBITDA has fallen from favor in recent = times for=20 one single reason: Interest. The interest payments = on=20 bonds, which are excluded from EBITDA calculations, has = ruined=20 many debt-ridden. =20

    Only through focusing on EBITDA projections could a = company=20 like Exodus Communications raise so much debt that their = interest=20 payments exceeded their gross margin. That won't happen = again for=20 decades. =20

    Pro-forma earnings are very hard to define = today. The=20 original purpose of pro-forma earnings calculations was to = show=20 the effects of a merger in a format that allowed a single = income=20 statement to combine only the operating models of each = company,=20 and exclude the actual costs of making the merger. =20

    Under the pro-forma for merger guidelines, pro-forma=20 calculations could only be used for one year, after which = the=20 company should start reporting as-reported earnings for = the=20 combined entities. =20

    However, companies soon learned that as long as they = made a new=20 merger each year, they could continue reporting pro-forma = earnings=20 indefinitely. This "flexibility" in how earnings could be = reported=20 led to "pro-forma" meanings that were never intended, = including=20 stock option compensation expenses and R&D = "in-progress"=20 write-offs. =20

    The Erosion of Earnings Confidence

    The now = long-departed=20 CFO of Amazon.com, Joy Covey, was the unsung hero of = bringing=20 pro-forma earnings to the popularity they enjoyed. She did = so by=20 diverting attention away from standardized earnings = reports. =20

    Ms. Covey invented the concept of "EBITMA" which was = defined=20 "EBITDA plus marketing." She was successful in convincing = Wall=20 Street that marketing costs were equivalent to capital=20 investment, a concept which looks ridiculous in = retrospect.=20 But in the early days of the internet, marketing and brand = development was equated with capturing "territory" which,=20 presumably, everyone thought could never be lost. (Tell = that to=20 investors in Excite.) =20

    Nevertheless, Joy Covey was successful in convincing = investors,=20 particularly convertible bond investors, to focus on the = EBITMA=20 concept. It was a crucial element in selling the $2 = billion in=20 Amazon.com bonds that built the company. After all, if you = ignore=20 the interest payments on the bond, and you consider = spending the=20 bond principal on marketing as "not an expense," Amazon's = income=20 statement would look great!. =20

    The problem, of course, is that bond holders don't care = about=20 earnings statements. They just care about the payments. = The jury=20 is still out on whether Amazon.com will eventually be able = to pay=20 the principal on their bonds. (See the Stock Brief of: 14-May-01=20 Amazon.com's Bond Problem.=20

    After Joy Covey established the principle of EBITMA, = internet=20 companies began using all types of non-earnings related = statistics=20 to show growth. Page views, registered users, unique = monthly=20 visitors are just some of the meaningless examples that = became=20 popular. (Surely you remember.) =20

    When "non-revenue statistics" becoming drivers of stock = prices,=20 (around 1998) pro-forma earnings increased in popularity. = After=20 all, a pro-forma income statement that showed some kind = of=20 earnings progress looked a lot more "real" than the = phony=20 statistics being coughed up by internet companies. =20

    But when the bubble collapsed, everyone began=20 questioning earnings quality. It didn't happen overnight, = and it=20 didn't happen all at once. But as a long, slow = evolutionary force,=20 earnings confidence has eroded, and is still present = today. =20

    The Aftermath

    The evolution of earnings focus over = the=20 past 10 years has led us to today's situation: a basic = lack of=20 confidence in many companies income statements. =20

    Amazon.com still reports earnings on a pro-forma basis. = In=20 their Q1 income statement, you can take your choice of=20 earnings: =20

    • Pro-forma: $25 million profit =20
    • Operating: $2 million profit =20
    • Net (as-reported): $(23) million loss  =
    The=20 earnings format you choose is not relevant, = frankly. It is=20 far more important to the stock value what format the = guy next=20 to you chooses.=20

    After all, value to you is primarily determined = by what=20 someone else will pay, not by what you pay. =20

    Even GE

    Even solid companies like General Electric = have=20 come under scrutiny because of the extremely complex = financial=20 situations. Unraveling a GE earnings report has now become = a major=20 task. Where GE only had to beat earnings estimates by = $0.01 each=20 quarter to count on an ever increasing stock price, today = that is=20 not enough. =20

    GE stock is down 50% in the last two years despite = having=20 only missed one earnings estimate in the last four years = and=20 having continual year-over-year growth in earnings = averaging=20 15%. =20

    This bears repeating: GE, as representative a stock as = you can=20 get of the overall economy, is down 50% since September = 2000.=20 During that time period, they have grown earnings at over = 11%=20 (year-to-year basis) and beat or met earnings estimates = every=20 quarter except one. The one shortfall was October 2001, = the=20 quarter of the Attack on America and GE was only one penny = short. =20

    Why can't GE get any respect? The only definable = long-term=20 culprit is a decline in confidence in GE's earnings = numbers.=20 During the same eight quarter time-period, GE revenue = growth rate=20 has been consistently falling. From a growth rate of 24% = and 20%=20 in 00Q1 and 00Q2, growth has steadily fallen, and even was = negative for most of 2001. =20

    Flat or declining revenue combined with continuing = increasing=20 earnings leads to only one conclusion: you can't keep = this up=20 forever. Eventually, GE will be unable to book the = earnings=20 number higher than previous years. When (if), that = happens, GE=20 stock will be further devastated. Until then, the slow = erosion of=20 confidence causes the stock price to decline. =20

    GE is just one good example of how confidence in = earnings=20 numbers has been eroding over time since the bubble = collapse.=20 Until greater confidence in earnings numbers is = established, you=20 can expect further difficulties in the market = overall. =20

    Standard & Poors is now pushing for a standardized=20 calculation for earnings reporting, called Core Earnings. = We will=20 have more on this concept in Part II of this story, to = appear=20 later this week. =20

    Comments may be emailed to the author, Robert V. Green, = at rvgreen@briefing.com=

    ----- Original Message = -----
    From:=20 Winston Little
    To: canslim@lists.xmission.com=
    Sent: Friday, June 28, = 2002 9:47=20 AM
    Subject: Re: [CANSLIM] = Now=20 Xerox?
     They all used EBITDA.. which Warren Buffett = in May=20 said is the currency of a
    crook ... they all have a smell = about=20 them.=20

    ----- Original Message -----
    From: "Kelly Short" <kelly.short@neoris.com>=20
    To: <canslim@lists.xmission.com= >=20
    Sent: Friday, June 28, 2002 9:46 AM
    Subject: [CANSLIM] = Now=20 Xerox?
     =20

    Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's = "B" as in=20 boy!)=20

    Kelly
     

    - -To=20 subscribe/unsubscribe, email "majordomo@xmission.com" -In the = email body,=20 write "subscribe canslim" or -"unsubscribe canslim". Do not use = quotes in=20 your email.- -To subscribe/unsubscribe, = email=20 "majordomo@xmission.com" -In the email body, write "subscribe canslim" = or=20 -"unsubscribe canslim". Do not use quotes in your email.=20 ------=_NextPart_000_000A_01C21ED6.0D059720-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Bert Pesak" Subject: Re: [CANSLIM] Where do I put my cash? Date: 28 Jun 2002 19:40:16 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_001B_01C21EDB.A117D540 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Patrick, Schwab also has an Ultrashort Bond fund in 2 flavors SWYPX $2500 min in = regular account & $1000 in IRA YTD 1.27% return. SWYSX $50,000 Min in = regular & IRA accounts 1.33% YTD. The idea is that within a year or less = most of the holding will turn over so you shouldn't get hit to hard if = you are willing to wait. If interest rates start moving up you may = loose a few pennies, the price today is $9.81 and the 52 wk high is = $10.03. If you are a Schwab customer check them out on their web site = and talk to one of their broker/advisors. Bert ----- Original Message -----=20 From: Patrick Keeley=20 To: canslim@lists.xmission.com=20 Sent: Friday, June 28, 2002 6:52 PM Subject: Re: [CANSLIM] Where do I put my cash? Katherine, Thanks for the advice. That's what I did. I switched it from my money = market at 1.2% to SWVXX at 1.6 %. A nearly 50% increase. Not much = difference however at this low interest rate. Kris suggested ING Direct and that looks great. 3% return right now. = However my pension fund has to remain at Schwab until I retire.=20 Pat ----- Original Message -----=20 From: Katherine Malm=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 27, 2002 7:18 AM Subject: Re: [CANSLIM] Where do I put my cash? Hi Pat, Give Schwab a call and ask them this question, they're good about = giving you options. Also consider their high yield money market fund = (still not a great return, but better than 0%): SWVXX. I believe the = minimum to open is $25K, lower if the money is in an IRA account. Katherine ----- Original Message -----=20 From: Patrick Keeley=20 To: canslim@lists.xmission.com=20 Sent: Thursday, June 27, 2002 6:53 AM Subject: [CANSLIM] Where do I put my cash? About a year and a half ago the company I work for allowed us to = transfer our pension savings to a brokerage (Schwab) account? I want to = get into individual stock investing and decided to be a CANSLIMer. = However the M has kept me out of the market the entire time. My question now is where is a good place to accumulate interest? = The money market fund where my cash is now is almost worthless. I certainly enjoy the wealth of expertise on this board and can't = wait until the stock market turns around so I can invest. Thanks in advance for your help. Pat ------=_NextPart_000_001B_01C21EDB.A117D540 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    Patrick,
     
    Schwab also has an Ultrashort Bond fund in 2=20 flavors SWYPX $2500 min in regular account & $1000 in IRA YTD = 1.27%=20 return. SWYSX $50,000 Min in regular & IRA accounts 1.33% YTD. The = idea is=20 that within a year or less most of the holding will turn over so you = shouldn't=20 get hit to hard if you are willing to wait.  If interest rates = start moving=20 up you may loose a few pennies, the price today is $9.81 and the 52 wk = high is=20 $10.03.  If you are a Schwab customer check them out on their web = site and=20 talk to one of their broker/advisors.
     
    Bert
    ... Compared the = current=20 incumbent's administration, at least on management of the economy, he = already=20 does. Where's Paul O'Niel amid all the mayhem? We've heard hardly a = whisper.=20
    ----- Original Message -----
    From:=20 Patrick Keeley
    Sent: Friday, June 28, 2002 = 6:52 PM
    Subject: Re: [CANSLIM] Where do = I put my=20 cash?

    Katherine,
     
    Thanks for the advice. That's what I did. I = switched=20 it from my money market at 1.2% to SWVXX at 1.6 %. A nearly 50% = increase. Not=20 much difference however at this low interest rate.
     
    Kris suggested ING Direct and that looks = great. 3%=20 return right now. However my pension fund has to remain at Schwab = until I=20 retire.
     
    Pat
    ----- Original Message -----
    From:=20 Katherine=20 Malm
    Sent: Thursday, June 27, 2002 = 7:18=20 AM
    Subject: Re: [CANSLIM] Where = do I put=20 my cash?

    Hi Pat,
     
    Give Schwab a call and ask them this question, they're good = about=20 giving you options. Also consider their high yield money market fund = (still=20 not a great return, but better than 0%): SWVXX. I believe the = minimum to=20 open is $25K, lower if the money is in an IRA account.
     
    Katherine
    ----- Original Message ----- =
    From:=20 Patrick Keeley =
    To: canslim@lists.xmission.com= =20
    Sent: Thursday, June 27, = 2002 6:53=20 AM
    Subject: [CANSLIM] Where do = I put my=20 cash?

    About = a year and a=20 half ago the company I work for allowed us to transfer our = pension=20 savings to a brokerage (Schwab) account? I want to get into=20 individual stock investing and decided to be a CANSLIMer. However = the M=20 has kept me out of the market the entire time.
     
    My = question now is=20 where is a good place to accumulate interest? The money market = fund where=20 my cash is now is almost worthless.
     
    I = certainly enjoy=20 the wealth of expertise on this board and can't wait until the = stock=20 market turns around so I can invest.
     
    Thanks in advance=20 for your help.
     
    Pat
    ------=_NextPart_000_001B_01C21EDB.A117D540-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700 Date: 28 Jun 2002 21:18:20 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_006E_01C21EE9.5410DE00 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable sorry, I don't even have enough time to post here, but I don't post = normally in any case on my stocks, as I deviate personally too far from = CANSLIM rules for most. two days doesn't make a trend, but my piece of the small cap growth = market has had two nice days here. Real money accounts up over 10%, VR = Fund up over 5%. A few more days like this and I may start believing = small cap growth is back in favor.=20 at least it's not such big news when a little guy plays with his = accounting principles. ----- Original Message -----=20 Sent: Friday, June 28, 2002 10:46 AM tom-I am trading a few small caps right now also. Do you go to the = boards at clearstation. Some pretty good advice sometime and a trader = called dynodino(who was written up in IBD a couple of weeks ago,) trades = small and has had good success. Please let me know if you start posting = on their boards-will follow. ------=_NextPart_000_006E_01C21EE9.5410DE00 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    sorry, I don't even have enough time to post = here, but I=20 don't post normally in any case on my stocks, as I deviate personally = too far=20 from CANSLIM rules for most.
     
    two days doesn't make a trend, but my piece of = the small=20 cap growth market has had two nice days here. Real money accounts up = over 10%,=20 VR Fund up over 5%. A few more days like this and I may start believing = small=20 cap growth is back in favor.
     
    at least it's not such big news when a little = guy plays=20 with his accounting principles.
     
    ----- Original Message -----=20
    From: zillagirl
    Sent: Friday, June 28, 2002 10:46 AM
    Subject: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 = -0700

    tom-I am trading a few small caps right = now=20 also.  Do you go to the boards at clearstation.  Some pretty = good=20 advice sometime and a trader called dynodino(who was written up in IBD a = couple=20 of weeks ago,) trades small and has had good success. Please let me know = if you=20 start posting on their boards-will follow.
    ------=_NextPart_000_006E_01C21EE9.5410DE00-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 21:42:11 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0110_01C21EEC.A8B5D840 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable good point, Winston, and one I had not considered. Investing thru a = mutual fund, and accepting a long term, cost averaging approach, does = insulate the individual investor from much of the fear. I see this at = work, where many only invest thru their 401K. In the past several weeks, = a number have been asking me what they should do with their 401K. First = time in two years I have been seeing that. ----- Original Message -----=20 Sent: Friday, June 28, 2002 4:27 PM "The market always climbs a wall of worry" is an old familiar saying. In 1965 only 10% of the population invested in the market.(Just over 50% = of trading volume was by individuals) The participation grew to 60% of the population in April 2002 (either = directly or through retirement/mutual funds). The volume due to = individuals fell to under 20%.=20 Fund managers may not have the same fear as an individual (it is not = HIS/HER money, but YOURS!) The larger population of individuals will also contain a larger number = of people who know no fear. Thus I wonder if the exhibition of fear will be as large or severe as in = the past.=20 ----- Original Message -----=20 From: Sam Funchess=20 To: canslim@lists.xmission.com=20 Sent: Friday, June 28, 2002 3:36 PM Subject: Re: [CANSLIM] Now Xerox? Canslim Members,=20 Been a while since my last post.=20 With that being said, I think the "scandal's" are very good for the = long term benefit of CANSLIMers and the market. Its been a while since = I've read HTMMIS so I can't quote chapters or such, but I recall him = talking a lot about the fear factor. We have not had the "Fear" in the = market yet. I think that there is no sustainable upside to the market = until the fear has hit the market.=20 Just my thoughts.=20 Sam=20 Katherine Malm wrote:=20 Here's some background on earnings from Briefing.com for those less = familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go = back *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =20 The Earnings Confidence Problem - Part I=20 25-Jun-02 14:18 ET=20 =20 [BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous market problems, the earnings confidence problem is not = receiving the attention it should. Here is more on the topic. =20 The Market Problems The current market suffers from the following ailments: =20 a.. Distrust of management - from excessive comp to outright = fraud. Tyco is the best example. =20 b.. Distrust of accounting - Andersen =20 c.. Distrust of analysts - Blodgett=20 These three problems get all the press and attention. =20 But a deeper problem is afflicting the buy side - a growing = concern about the validity of earnings reporting. =20 The Earnings Problem Accounting rules have always been flexible enough to allow = most companies a far amount of flexibility both in revenue recognition = and expense recognition. Even when earnings reporting was somewhat = standardized, some companies were criticized for how they recognized = revenue and expense.=20 But in the last five years, the types of earnings that = companies have driven Wall Street to focus upon have become = questionable. =20 There are four different basic types of earnings today:=20 a.. GAAP earnings: Generally Accepted Accounting Principles = - A standards board that publishes rules on how expenses should be = booked. Generally, all types of expenses are deducted. =20 b.. As reported: Earnings excluding extraordinary items (as = defined by GAAP), changes in accounting charges, charges related to = discontinued operations (plant closings, etc.) =20 c.. Operating earnings: As reported earnings but excluding = "one-time" charges which do not fit the GAAP definition of = "extraordinary" =20 d.. Proforma earnings: Loosely defined "as if" analysis. = Originally designed to provide comparison data for mergers.=20 GAAP accounting principles are guidelines for accountants, not = investors. The GAAP standards are guidelines for how a company should = keep its books, not how the company should report earnings. =20 For example, a basic principle behind GAAP is that revenue = must be booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in cash, up = front, the entire $200,000 cannot be booked in the quarter in which the = contract is signed. However, the revenue does not have to be booked as = $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a contract = can be booked in each quarter. =20 GAAP covers expenses as well as revenues, of course. =20 As reported earnings are the historical standard for earnings. = Until the mid-eighties, in fact, there was little debate over how = earnings should be reported as everyone used "as reported" earnings as a = standard. For the most part, there was no difference between "as = reported" earnings and any other methodology because one-time charges = were not as common. Furthermore, companies did not actively seek, as = they do today, to have certain expenses classified as "one-time." =20 Operating earnings are designed to allow comparisons between = quarters and years for a company. One time charges in any quarter are = excluded because these would distort the comparison. Operating earnings = became important when it became clear that Wall Street would completely = ignore any "one-time" charges, and focus solely on earnings growth. This = provided a strong incentive for companies to classify large expenses as = one-time charges. =20 An example of one company's aggressive attempt to get charges = classified as one-time was Excite's 1997 $40 million marketing deal with = Netscape. Now long forgotten, Excite paid Netscape up-front for a = four-year deal to be the principal search engine at the Netscape web = site. Excite tried to classify the entire $40 million payment as a = one-time charge in a single quarter. By doing so, Excite was almost = profitable. At Briefing we highlighted this event as an indicator of the = times. The SEC later forced Excite to restate the payment as a four-year = expense. But many, many companies were successful in getting major = expense outlays classified as "one-time" which improved income = statements. =20 The focus on operating expenses led to the development of the = "EBITDA" concept, which is "Earnings Before Interest, Taxes, = Depreciation, and Amortization." The EBITDA concept, which has to be = calculated from the line items shown on an operating earnings report, = was designed to show the basic business model of the company, without = regard to cost-of-capital. If capital were free, then EBITDA would be = earnings. =20 The focus on EBITDA has fallen from favor in recent times for = one single reason: Interest. The interest payments on bonds, which are = excluded from EBITDA calculations, has ruined many debt-ridden. =20 Only through focusing on EBITDA projections could a company = like Exodus Communications raise so much debt that their interest = payments exceeded their gross margin. That won't happen again for = decades. =20 Pro-forma earnings are very hard to define today. The original = purpose of pro-forma earnings calculations was to show the effects of a = merger in a format that allowed a single income statement to combine = only the operating models of each company, and exclude the actual costs = of making the merger. =20 Under the pro-forma for merger guidelines, pro-forma = calculations could only be used for one year, after which the company = should start reporting as-reported earnings for the combined entities. =20 However, companies soon learned that as long as they made a = new merger each year, they could continue reporting pro-forma earnings = indefinitely. This "flexibility" in how earnings could be reported led = to "pro-forma" meanings that were never intended, including stock option = compensation expenses and R&D "in-progress" write-offs. =20 The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the = unsung hero of bringing pro-forma earnings to the popularity they = enjoyed. She did so by diverting attention away from standardized = earnings reports. =20 Ms. Covey invented the concept of "EBITMA" which was defined = "EBITDA plus marketing." She was successful in convincing Wall Street = that marketing costs were equivalent to capital investment, a concept = which looks ridiculous in retrospect. But in the early days of the = internet, marketing and brand development was equated with capturing = "territory" which, presumably, everyone thought could never be lost. = (Tell that to investors in Excite.) =20 Nevertheless, Joy Covey was successful in convincing = investors, particularly convertible bond investors, to focus on the = EBITMA concept. It was a crucial element in selling the $2 billion in = Amazon.com bonds that built the company. After all, if you ignore the = interest payments on the bond, and you consider spending the bond = principal on marketing as "not an expense," Amazon's income statement = would look great!. =20 The problem, of course, is that bond holders don't care about = earnings statements. They just care about the payments. The jury is = still out on whether Amazon.com will eventually be able to pay the = principal on their bonds. (See the Stock Brief of: 14-May-01 = Amazon.com's Bond Problem.=20 After Joy Covey established the principle of EBITMA, internet = companies began using all types of non-earnings related statistics to = show growth. Page views, registered users, unique monthly visitors are = just some of the meaningless examples that became popular. (Surely you = remember.)=20 When "non-revenue statistics" becoming drivers of stock = prices, (around 1998) pro-forma earnings increased in popularity. After = all, a pro-forma income statement that showed some kind of earnings = progress looked a lot more "real" than the phony statistics being = coughed up by internet companies. =20 But when the bubble collapsed, everyone began questioning = earnings quality. It didn't happen overnight, and it didn't happen all = at once. But as a long, slow evolutionary force, earnings confidence has = eroded, and is still present today. =20 The Aftermath The evolution of earnings focus over the past 10 years has led = us to today's situation: a basic lack of confidence in many companies = income statements. =20 Amazon.com still reports earnings on a pro-forma basis. In = their Q1 income statement, you can take your choice of earnings: =20 a.. Pro-forma: $25 million profit =20 b.. Operating: $2 million profit =20 c.. Net (as-reported): $(23) million loss=20 The earnings format you choose is not relevant, frankly. It is = far more important to the stock value what format the guy next to you = chooses.=20 After all, value to you is primarily determined by what = someone else will pay, not by what you pay. =20 Even GE Even solid companies like General Electric have come under = scrutiny because of the extremely complex financial situations. = Unraveling a GE earnings report has now become a major task. Where GE = only had to beat earnings estimates by $0.01 each quarter to count on an = ever increasing stock price, today that is not enough.=20 GE stock is down 50% in the last two years despite having only = missed one earnings estimate in the last four years and having continual = year-over-year growth in earnings averaging 15%. =20 This bears repeating: GE, as representative a stock as you can = get of the overall economy, is down 50% since September 2000. During = that time period, they have grown earnings at over 11% (year-to-year = basis) and beat or met earnings estimates every quarter except one. The = one shortfall was October 2001, the quarter of the Attack on America and = GE was only one penny short. =20 Why can't GE get any respect? The only definable long-term = culprit is a decline in confidence in GE's earnings numbers. During the = same eight quarter time-period, GE revenue growth rate has been = consistently falling. From a growth rate of 24% and 20% in 00Q1 and = 00Q2, growth has steadily fallen, and even was negative for most of = 2001. =20 Flat or declining revenue combined with continuing increasing = earnings leads to only one conclusion: you can't keep this up forever. = Eventually, GE will be unable to book the earnings number higher than = previous years. When (if), that happens, GE stock will be further = devastated. Until then, the slow erosion of confidence causes the stock = price to decline.=20 GE is just one good example of how confidence in earnings = numbers has been eroding over time since the bubble collapse. Until = greater confidence in earnings numbers is established, you can expect = further difficulties in the market overall. =20 Standard & Poors is now pushing for a standardized calculation = for earnings reporting, called Core Earnings. We will have more on this = concept in Part II of this story, to appear later this week.=20 Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com =20 ----- Original Message ----- From: Winston Little To: canslim@lists.xmission.com Sent: Friday, June 28, 2002 9:47 AM Subject: Re: [CANSLIM] Now Xerox? They all used EBITDA.. which Warren Buffett in May said is the = currency of a=20 crook ... they all have a smell about them.=20 ----- Original Message -----=20 From: "Kelly Short" =20 To: =20 Sent: Friday, June 28, 2002 9:46 AM=20 Subject: [CANSLIM] Now Xerox?=20 =20 Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in = boy!)=20 Kelly=20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the = email body, write "subscribe canslim" or -"unsubscribe canslim". Do not = use quotes in your email.=20 ------=_NextPart_000_0110_01C21EEC.A8B5D840 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    good point, Winston, and one I had not = considered.=20 Investing thru a mutual fund, and accepting a long term, cost averaging=20 approach, does insulate the individual investor from much of the = fear.  I=20 see this at work, where many only invest thru their 401K. In the past = several=20 weeks, a number have been asking me what they should do with their 401K. = First=20 time in two years I have been seeing that.
     
    ----- Original Message -----=20
    From: Winston=20 Little
    Sent: Friday, June 28, 2002 4:27 PM
    Subject: Re: [CANSLIM] Now Xerox?

    "The market always climbs a wall of worry" is an old = familiar=20 saying.
     
    In 1965 only 10% of the population invested in the=20 market.(Just over 50% of trading volume was by = individuals)
    The participation grew to 60% of the population = in April=20 2002 (either directly or through retirement/mutual funds). The volume = due to=20 individuals fell to under 20%. 
     
    Fund managers may not have the same fear as an = individual (it=20 is not HIS/HER money, but YOURS!)
    The larger population of individuals will also = contain a=20 larger number of people who know no fear.
    Thus I wonder if the exhibition of fear will be as = large or=20 severe as in the past. 
     
     
    ----- Original Message -----
    From:=20 Sam = Funchess
    Sent: Friday, June 28, 2002 = 3:36 PM
    Subject: Re: [CANSLIM] Now = Xerox?

    Canslim Members,=20

    Been a while since my last post.=20

    With that being said, I think the "scandal's" are very good for the = long=20 term benefit of CANSLIMers and the market.  Its been a while = since I've=20 read HTMMIS so I can't quote chapters or such, but I recall him = talking a lot=20 about the fear factor.  We have not had the "Fear" in the market=20 yet.  I think that there is no sustainable upside to the market = until the=20 fear has hit the market.=20

    Just my thoughts.

    Sam=20

    Katherine Malm wrote:=20

    Here's some background on earnings from Briefing.com for those less = familiar=20 with EBITDA, etc. --Katherine PS Xerox's accounting woes = go back=20 *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D  =20
    The Earnings Confidence Problem - Part = I
    25-Jun-02 14:18=20 ET
    [BRIEFING.COM - Robert V. Green] In the midst of the more=20 scandalous market problems, the earnings confidence problem is = not=20 receiving the attention it should. Here is more on the = topic. =20

    The Market Problems

    The current market suffers from = the=20 following ailments: =20
    • Distrust of management - from excessive comp to outright = fraud.=20 Tyco is the best example. =20
    • Distrust of accounting - Andersen =20
    • Distrust of analysts - Blodgett
    These three = problems get=20 all the press and attention. =20

    But a deeper problem is afflicting the buy side - a growing = concern=20 about the validity of earnings reporting. =20

    The Earnings Problem

    Accounting rules have always been = flexible enough to allow most companies a far amount of = flexibility=20 both in revenue recognition and expense recognition. Even when = earnings reporting was somewhat standardized, some companies = were=20 criticized for how they recognized revenue and expense.=20

    But in the last five years, the types of earnings = that=20 companies have driven Wall Street to focus upon have become=20 questionable. =20

    There are four different basic types of earnings today:=20

    • GAAP earnings: Generally Accepted Accounting Principles = - A=20 standards board that publishes rules on how expenses should = be=20 booked. Generally, all types of expenses are deducted.  =
    • As reported: Earnings excluding extraordinary items (as = defined=20 by GAAP), changes in accounting charges, charges related to=20 discontinued operations (plant closings, etc.) =20
    • Operating earnings: As reported earnings but excluding=20 "one-time" charges which do not fit the GAAP definition of=20 "extraordinary" =20
    • Proforma earnings: Loosely defined "as if" analysis. = Originally=20 designed to provide comparison data for mergers. =
    GAAP=20 accounting principles are guidelines for accountants, not = investors.=20 The GAAP standards are guidelines for how a company should = keep its=20 books, not how the company should report earnings. =20

    For example, a basic principle behind GAAP is that revenue = must be=20 booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in = cash, up=20 front, the entire $200,000 cannot be booked in the quarter in = which=20 the contract is signed. However, the revenue does not have to = be=20 booked as $25,000 per quarter for two years. A fair amount of=20 flexibility, sometimes negotiated by auditors, is possible for = how=20 much of a contract can be booked in each quarter. =20

    GAAP covers expenses as well as revenues, of course. =20

    As reported earnings are the historical standard for = earnings. Until the mid-eighties, in fact, there was little = debate=20 over how earnings should be reported as everyone used "as = reported"=20 earnings as a standard. For the most part, there was no = difference=20 between "as reported" earnings and any other methodology = because=20 one-time charges were not as common. Furthermore, companies = did not=20 actively seek, as they do today, to have certain expenses = classified=20 as "one-time." =20

    Operating earnings are designed to allow comparisons = between=20 quarters and years for a company. One time charges in any = quarter are=20 excluded because these would distort the comparison. Operating = earnings became important when it became clear that Wall = Street would=20 completely ignore any "one-time" charges, and focus solely on = earnings=20 growth. This provided a strong incentive for companies to = classify=20 large expenses as one-time charges. =20

    An example of one company's aggressive attempt to get = charges=20 classified as one-time was Excite's 1997 $40 million marketing = deal=20 with Netscape. Now long forgotten, Excite paid Netscape = up-front for a=20 four-year deal to be the principal search engine at the = Netscape web=20 site. Excite tried to classify the entire $40 million payment = as a=20 one-time charge in a single quarter. By doing so, Excite was = almost=20 profitable. At Briefing we highlighted this event as an = indicator of=20 the times. The SEC later forced Excite to restate the payment = as a=20 four-year expense. But many, many companies were successful in = getting=20 major expense outlays classified as "one-time" which improved = income=20 statements. =20

    The focus on operating expenses led to the development of = the=20 "EBITDA" concept, which is "Earnings Before Interest, Taxes,=20 Depreciation, and Amortization." The EBITDA concept, which has = to be=20 calculated from the line items shown on an operating earnings = report,=20 was designed to show the basic business model of the company, = without=20 regard to cost-of-capital. If capital were free, then EBITDA = would be=20 earnings. =20

    The focus on EBITDA has fallen from favor in recent times = for one=20 single reason: Interest. The interest payments on = bonds, which=20 are excluded from EBITDA calculations, has ruined many=20 debt-ridden. =20

    Only through focusing on EBITDA projections could a company = like=20 Exodus Communications raise so much debt that their interest = payments=20 exceeded their gross margin. That won't happen again for=20 decades. =20

    Pro-forma earnings are very hard to define today. = The=20 original purpose of pro-forma earnings calculations was to = show the=20 effects of a merger in a format that allowed a single income = statement=20 to combine only the operating models of each company, and = exclude the=20 actual costs of making the merger. =20

    Under the pro-forma for merger guidelines, pro-forma = calculations=20 could only be used for one year, after which the company = should start=20 reporting as-reported earnings for the combined = entities. =20

    However, companies soon learned that as long as they made a = new=20 merger each year, they could continue reporting pro-forma = earnings=20 indefinitely. This "flexibility" in how earnings could be = reported led=20 to "pro-forma" meanings that were never intended, including = stock=20 option compensation expenses and R&D "in-progress"=20 write-offs. =20

    The Erosion of Earnings Confidence

    The now = long-departed CFO=20 of Amazon.com, Joy Covey, was the unsung hero of bringing = pro-forma=20 earnings to the popularity they enjoyed. She did so by = diverting=20 attention away from standardized earnings reports. =20

    Ms. Covey invented the concept of "EBITMA" which was = defined=20 "EBITDA plus marketing." She was successful in convincing Wall = Street=20 that marketing costs were equivalent to capital = investment, a=20 concept which looks ridiculous in retrospect. But in the early = days of=20 the internet, marketing and brand development was equated with = capturing "territory" which, presumably, everyone thought = could never=20 be lost. (Tell that to investors in Excite.) =20

    Nevertheless, Joy Covey was successful in convincing = investors,=20 particularly convertible bond investors, to focus on the = EBITMA=20 concept. It was a crucial element in selling the $2 billion in = Amazon.com bonds that built the company. After all, if you = ignore the=20 interest payments on the bond, and you consider spending the = bond=20 principal on marketing as "not an expense," Amazon's income = statement=20 would look great!. =20

    The problem, of course, is that bond holders don't care = about=20 earnings statements. They just care about the payments. The = jury is=20 still out on whether Amazon.com will eventually be able to pay = the=20 principal on their bonds. (See the Stock Brief of: 14-May-01=20 Amazon.com's Bond Problem.=20

    After Joy Covey established the principle of EBITMA, = internet=20 companies began using all types of non-earnings related = statistics to=20 show growth. Page views, registered users, unique monthly = visitors are=20 just some of the meaningless examples that became popular. = (Surely you=20 remember.)=20

    When "non-revenue statistics" becoming drivers of stock = prices,=20 (around 1998) pro-forma earnings increased in popularity. = After all, a=20 pro-forma income statement that showed some kind of = earnings=20 progress looked a lot more "real" than the phony statistics = being=20 coughed up by internet companies. =20

    But when the bubble collapsed, everyone began = questioning=20 earnings quality. It didn't happen overnight, and it didn't = happen all=20 at once. But as a long, slow evolutionary force, earnings = confidence=20 has eroded, and is still present today. =20

    The Aftermath

    The evolution of earnings focus over the = past 10=20 years has led us to today's situation: a basic lack of = confidence in=20 many companies income statements. =20

    Amazon.com still reports earnings on a pro-forma basis. In = their Q1=20 income statement, you can take your choice of earnings: =20

    • Pro-forma: $25 million profit =20
    • Operating: $2 million profit =20
    • Net (as-reported): $(23) million loss
    The = earnings=20 format you choose is not relevant, frankly. It is far = more=20 important to the stock value what format the guy next to = you=20 chooses.=20

    After all, value to you is primarily determined by = what=20 someone else will pay, not by what you pay. =20

    Even GE

    Even solid companies like General Electric = have come=20 under scrutiny because of the extremely complex financial = situations.=20 Unraveling a GE earnings report has now become a major task. = Where GE=20 only had to beat earnings estimates by $0.01 each quarter to = count on=20 an ever increasing stock price, today that is not enough.=20

    GE stock is down 50% in the last two years despite = having only=20 missed one earnings estimate in the last four years and having = continual year-over-year growth in earnings averaging = 15%. =20

    This bears repeating: GE, as representative a stock as you = can get=20 of the overall economy, is down 50% since September 2000. = During that=20 time period, they have grown earnings at over 11% = (year-to-year basis)=20 and beat or met earnings estimates every quarter except one. = The one=20 shortfall was October 2001, the quarter of the Attack on = America and=20 GE was only one penny short. =20

    Why can't GE get any respect? The only definable long-term = culprit=20 is a decline in confidence in GE's earnings numbers. During = the same=20 eight quarter time-period, GE revenue growth rate has been=20 consistently falling. From a growth rate of 24% and 20% in = 00Q1 and=20 00Q2, growth has steadily fallen, and even was negative for = most of=20 2001. =20

    Flat or declining revenue combined with continuing = increasing=20 earnings leads to only one conclusion: you can't keep this = up=20 forever. Eventually, GE will be unable to book the = earnings number=20 higher than previous years. When (if), that happens, GE stock = will be=20 further devastated. Until then, the slow erosion of confidence = causes=20 the stock price to decline.=20

    GE is just one good example of how confidence in earnings = numbers=20 has been eroding over time since the bubble collapse. Until = greater=20 confidence in earnings numbers is established, you can expect = further=20 difficulties in the market overall. =20

    Standard & Poors is now pushing for a standardized = calculation=20 for earnings reporting, called Core Earnings. We will have = more on=20 this concept in Part II of this story, to appear later this = week.=20

    Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com=

    ----- Original Message -----
    From:=20 Winston=20 Little
    To: canslim@lists.xmission.com=
    Sent: Friday, June 28, 2002 = 9:47=20 AM
    Subject: Re: [CANSLIM] Now=20 Xerox?
     They all used EBITDA.. which Warren Buffett in = May said=20 is the currency of a
    crook ... they all have a smell about = them.=20

    ----- Original Message -----
    From: "Kelly Short" <kelly.short@neoris.com>=20
    To: <canslim@lists.xmission.com= >=20
    Sent: Friday, June 28, 2002 9:46 AM
    Subject: [CANSLIM] Now = Xerox?=20
     =20

    Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as = in=20 boy!)=20

    Kelly
     

    - -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com" -In the email body, write "subscribe = canslim"=20 or -"unsubscribe canslim". Do not use quotes in your email.=20 ------=_NextPart_000_0110_01C21EEC.A8B5D840-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Too much information in IBD Date: 28 Jun 2002 21:45:16 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0125_01C21EED.17743790 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable since I don't follow my own lists after I give them to the group, I = would be interested in any feedback as to how the green ones are doing = (hopefully the color selected is the correct one). ----- Original Message -----=20 Sent: Friday, June 28, 2002 4:38 PM Have been saving the spreadsheet every day past two months with the = intent of chaining them together then sorting to find multiple = appearances--recent IBD article noted multiple appearances on different = screens an important flag--however I believe it will only point to those = companies already well extended..when I save each file I alter it's = title to include date published.. I highlight every line in yellow where = A+194 exists & highlight Worley's watchlist in green(Usually sort by = symbol first to make spotting easy then resort back to original = format)..I think someone else has been saving these excel spreadsheets = for quite a while longer--would like to hear how they are being digested = by that person.. john heiman I recently started reviewing the "Screen of the Day" on the IBD = website everyday. It's a lot of information to digest and certainly = there are too many companies to perform a detailed analysis of each one = on each list. I welcome any comments on how you personally find this, = and other lists, useful and how you prioritize the myriad information = found on the IBD site/print edition. =20 Kelly --- Incoming mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002 ------- --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.372 / Virus Database: 207 - Release Date: 6/20/2002 ------=_NextPart_000_0125_01C21EED.17743790 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    since I don't follow my own lists after I give = them to the=20 group, I would be interested in any feedback as to how the green ones = are doing=20 (hopefully the color selected is the correct one).
     
    ----- Original Message -----=20
    From: jch
    Sent: Friday, June 28, 2002 4:38 PM
    Subject: Re: [CANSLIM] Too much information in = IBD

    Have been saving the spreadsheet every day past two = months with=20 the intent of chaining them together then sorting to find multiple=20 appearances--recent IBD article noted multiple appearances on different = screens=20 an important flag--however I believe it will only point to those = companies=20 already well extended..when I save each file I alter it's title to = include date=20 published.. I highlight every line in yellow where A+194 exists & = highlight=20 Worley's watchlist in green(Usually sort by symbol first to make = spotting easy=20 then resort back to original format)..I think  someone else has = been saving=20 these excel spreadsheets for quite a while longer--would like to hear = how they=20 are being digested by that person..
    john heiman

    I recently started reviewing the "Screen of the Day" on the = IBD website=20 everyday. It's a lot of information to digest and certainly there are = too many=20 companies to perform a detailed analysis of each one on each list. I = welcome=20 any comments on how you personally find this, and other lists, useful = and how=20 you prioritize the myriad information found on the IBD site/print=20 edition.
     
    Kelly

    ---
    Incoming mail is certified Virus=20 Free.
    Checked by AVG anti-virus system (http://www.grisoft.com).
    Version: 6.0.372 / = Virus=20 Database: 207 - Release Date: 6/20/2002



    ---
    Outgoing mail is certified Virus Free.
    Checked by = AVG=20 anti-virus system (http://www.grisoft.com).
    Version: 6.0.372 / Virus=20 Database: 207 - Release Date: 6/20/2002
    ------=_NextPart_000_0125_01C21EED.17743790-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Jason Chen Subject: Re: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700 Date: 28 Jun 2002 19:28:52 -0700 > This message is in MIME format. Since your mail reader does not understand this format, some or all of this message may not be legible. --B_3108137333_729171 Content-type: text/plain; charset="ISO-8859-1" Content-transfer-encoding: quoted-printable I=B9m wondering how much of the small cap growth performance was due to buyin= g by funds benchmarked against the Russell indexes? I=B9m suspicious of small cap growth starting a new trend just yet... Jason On 6/28/02 6:18 PM, "Tom Worley" wrote: > sorry, I don't even have enough time to post here, but I don't post norma= lly > in any case on my stocks, as I deviate personally too far from CANSLIM ru= les > for most. > =20 > two days doesn't make a trend, but my piece of the small cap growth marke= t has > had two nice days here. Real money accounts up over 10%, VR Fund up over = 5%. A > few more days like this and I may start believing small cap growth is bac= k in > favor.=20 > =20 > at least it's not such big news when a little guy plays with his accounti= ng > principles. > =20 > ----- Original Message ----- > From: zillagirl > To: canslim@lists.xmission.com > Sent: Friday, June 28, 2002 10:46 AM > Subject: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700 >=20 > tom-I am trading a few small caps right now also. Do you go to the board= s at > clearstation. Some pretty good advice sometime and a trader called > dynodino(who was written up in IBD a couple of weeks ago,) trades small a= nd > has had good success. Please let me know if you start posting on their > boards-will follow. >=20 --B_3108137333_729171 Content-type: text/html; charset="US-ASCII" Content-transfer-encoding: quoted-printable Re: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700 I’m wondering how much of the small cap growth p= erformance was due to buying by funds benchmarked against the Russell indexe= s? I’m suspicious of small cap growth starting a new trend just yet...=

    Jason


    On 6/28/02 6:18 PM, "Tom Worley" <stkguru@bellsouth.net> wr= ote:

    sorry, I don't even have enough time = to post here, but I don't post normally in any case on my stocks, as I devia= te personally too far from CANSLIM rules for most.

    two days doesn't make a trend, but my piece of th= e small cap growth market has had two nice days here. Real money accounts up= over 10%, VR Fund up over 5%. A few more days like this and I may start bel= ieving small cap growth is back in favor.

    at least it's not such big news when a little guy= plays with his accounting principles.

    ----- Original Message -----
    From: zillagirl <mailto:zillagirl@email.msn.com>  
    To: canslim@lists.xmission.com
    Sent: Friday, June 28, 2002 10:46 AM
    Subject: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700

    tom-I am trading a few small caps = right now also.  Do you go to the boards at clearstation.  Some pr= etty good advice sometime and a trader called dynodino(who was written up in= IBD a couple of weeks ago,) trades small and has had good success. Please l= et me know if you start posting on their boards-will follow.


    --B_3108137333_729171-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700 Date: 28 Jun 2002 22:40:26 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_01F2_01C21EF4.CC05C960 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Re: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700I am sure it was a = factor, Jason, that's why these last two days of window dressing often = mean nothing once the new quarter starts on Monday. With next week being = a holiday shortened week, and a lot of investors, money managers, and = brokers taking Friday off, it is likely to be a very light volume week, = so may be the following week before a trend could emerge, if there is = one there. ----- Original Message -----=20 Sent: Friday, June 28, 2002 10:28 PM I'm wondering how much of the small cap growth performance was due to = buying by funds benchmarked against the Russell indexes? I'm suspicious = of small cap growth starting a new trend just yet... Jason On 6/28/02 6:18 PM, "Tom Worley" wrote: sorry, I don't even have enough time to post here, but I don't post = normally in any case on my stocks, as I deviate personally too far from = CANSLIM rules for most. two days doesn't make a trend, but my piece of the small cap growth = market has had two nice days here. Real money accounts up over 10%, VR = Fund up over 5%. A few more days like this and I may start believing = small cap growth is back in favor.=20 at least it's not such big news when a little guy plays with his = accounting principles. ----- Original Message -----=20 From: zillagirl =20 To: canslim@lists.xmission.com=20 Sent: Friday, June 28, 2002 10:46 AM Subject: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 -0700 tom-I am trading a few small caps right now also. Do you go to the = boards at clearstation. Some pretty good advice sometime and a trader = called dynodino(who was written up in IBD a couple of weeks ago,) trades = small and has had good success. Please let me know if you start posting = on their boards-will follow. ------=_NextPart_000_01F2_01C21EF4.CC05C960 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Re: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05 = -0700
    I am sure it was a factor, Jason, that's why = these last=20 two days of window dressing often mean nothing once the new quarter = starts on=20 Monday. With next week being a holiday shortened week, and a lot of = investors,=20 money managers, and brokers taking Friday off, it is likely to be a very = light=20 volume week, so may be the following week before a trend could emerge, = if there=20 is one there.
     
    ----- Original Message -----=20
    From: Jason Chen =
    To: Canslim
    Sent: Friday, June 28, 2002 10:28 PM
    Subject: Re: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05=20 -0700

    I=92m wondering how much of the = small cap growth=20 performance was due to buying by funds benchmarked against the Russell = indexes?=20 I=92m suspicious of small cap growth starting a new trend just=20 yet...

    Jason


    On 6/28/02 6:18 PM, "Tom Worley" <stkguru@bellsouth.net>=20 wrote:

    sorry, I don't even have enough time to = post=20 here, but I don't post normally in any case on my stocks, as I deviate = personally too far from CANSLIM rules for most.

    two days doesn't make a = trend, but my=20 piece of the small cap growth market has had two nice days here. Real = money=20 accounts up over 10%, VR Fund up over 5%. A few more days like this = and I may=20 start believing small cap growth is back in favor.

    at least it's not such = big news when=20 a little guy plays with his accounting principles.

    ----- Original Message -----
    From: = zillagirl=20 <mailto:zillagirl@email.msn.com>  
    To:=20 canslim@lists.xmission.com
    Sent: Friday, June 28, 2002 = 10:46=20 AM
    Subject: [CANSLIM] Date: Fri, 28 Jun 2002 07:48:05=20 -0700

    tom-I am trading = a few small=20 caps right now also.  Do you go to the boards at clearstation. =  Some=20 pretty good advice sometime and a trader called dynodino(who was = written up in=20 IBD a couple of weeks ago,) trades small and has had good success. = Please let=20 me know if you start posting on their boards-will=20 follow.


    ------=_NextPart_000_01F2_01C21EF4.CC05C960-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Lois Subject: Re: [CANSLIM] Too much information in IBD Date: 29 Jun 2002 06:37:38 -0500 This is a nice piece of software for beginners of CANSLIM. I'm still paper trading the picks at this point with good results, need to learn when to get in for best results. http://www.Investor-3000.com/strategy.html - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] WCOM restatement Date: 29 Jun 2002 15:03:45 -0400 I have run an audited company and sat on the board of directors of one. Several years prior to selling the former, we were advised of the necessity to have a Big 8 audit in place in the event of a sale. Especially (as ended up the case) if a publicly traded company should be the suitor. The reason you MUST have a Big 8 audit, we were advised? For the sole purpose of validation and authentication of the numbers. That validation came easy, because the Big 8 firm provided much needed "guidance"; all we gave them was our sales and expenditures. The guidance ensured that our CFO recorded the sales and expenses and arrived at profit statements that, beyond any doubt and without question, CONFORMED to GAAP. Andersen is GUILTY of cooking the books in collusion with WCOM's CFO. Will having a list of Andersen's clients for the past three years help us? I thought so earlier this week when I started this string before going out of town. However, Thursday, in the middle of an endless speech by God knows who during my son's college orientation, a frightening thought occurred to me: All those crooked little Andersenites, with all the stealth of a worm virus, have infiltrated hundreds of firms, KPMG among them. Now they're everywhere! Must proceed with reading more. You guys must have had a field day while I was gone: 118 messages to go!! It's so good to be back. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley Sent: Wednesday, June 26, 2002 9:30 PM I saw several reports that indicated they (WCOM) failed to follow GAAP. I also saw one report in which Andersen defended themselves by saying they didn't know what the CFO had done because they only looked at what the CFO gave them (funny, I thought that was the job of the auditor, to look at and investigate everything to be sure that all decisions taken throughout the year were done correctly and according to GAAP, isn't that why we call it an "audit" instead of a "rubber stamp party"??). ----- Original Message ----- Sent: Wednesday, June 26, 2002 9:28 AM Tom: I've heard on TV that it wasn't a "deviation" from GAAP. From what I understand, there are options that an accountant/bookkeeper can use, and Anderson chose capital expensing what normally would be a regular expense item. In my opinion, it was just a matter of time before such horrendous manipulation of any company's books was discovered (The question isn't why did it take so long to discover, but rather, what company will be the next to reveal that they falsified records. And I wouldn't be at all surprised that there are a lot of them out there.) Unfortunately, accountants have learned from lawyers how to obfuscate the truth and maneuver the justice system in order that lying can be put in the best possible light, and truth and accuracy can be avoided. That's why GAAP (I believe) covered up (instead of revealing) WorldCom's problems. As for CANSLIM: I wonder how WON believes we can now fundamentally analyze a company-especially after its been revealed that WorldCom's Cash-Flow is bogus. A few weeks ago, WON said: Look at the cash-flow to see that earnings are really funneling down-into the bottom line. Now what's he going to say? Probably, look at the managers of the companies to see if they have a history of dishonesty. Unfortunately, though, I don't believe that will cut it. Even if the manager is scrupulously honest, Enron and WorldCom teach us that that is not enough. The ACCOUNTANTS also must be honest. So now will WON's injunction be to: Look at the history of the accounting firm, and the history of the accountants employed by the accounting firm, who work on the company's books? jans In a message dated 6/26/2002 12:53:51 AM Eastern Daylight Time, stkguru@bellsouth.net writes: << once again, Andersen strikes again, this time by signing off on Worldcom hiding over $3 billion in expenses as capital expenditures, and thus inflating cash flow. Restatement expected to take away last five quarters of profits and turn them into losses. Who gave this sanction to a deviation from GAAP (Generally Accepted Accounting Principles)?? >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] WCOM restatement Date: 29 Jun 2002 16:01:21 -0400 Duke, I will be my usual optimistic self and hope you are wrong. While the potential is there for former Andersen auditors to perpetuate their past shady practices onto their new employers, I think the opposite is more likely. The new employer, assuming they are ethical and not hiring them simply to learn new Andersen style tricks, knows where the new auditor came from, and should make it clear that they abide by GAAP. From the continuing string of massive corporate failures and scandals, most of whom used Andersen, it is clear to me that this was a company wide problem, not one limited to a single office. I choose to believe that most of the Andersen employees were honest, decent, professionals that knew the rules, but were forced into shady practices either by pressure from top management, or by the persuasive influence of the senior managers and auditors saying what they were doing was ok. ----- Original Message ----- Sent: Saturday, June 29, 2002 3:03 PM I have run an audited company and sat on the board of directors of one. Several years prior to selling the former, we were advised of the necessity to have a Big 8 audit in place in the event of a sale. Especially (as ended up the case) if a publicly traded company should be the suitor. The reason you MUST have a Big 8 audit, we were advised? For the sole purpose of validation and authentication of the numbers. That validation came easy, because the Big 8 firm provided much needed "guidance"; all we gave them was our sales and expenditures. The guidance ensured that our CFO recorded the sales and expenses and arrived at profit statements that, beyond any doubt and without question, CONFORMED to GAAP. Andersen is GUILTY of cooking the books in collusion with WCOM's CFO. Will having a list of Andersen's clients for the past three years help us? I thought so earlier this week when I started this string before going out of town. However, Thursday, in the middle of an endless speech by God knows who during my son's college orientation, a frightening thought occurred to me: All those crooked little Andersenites, with all the stealth of a worm virus, have infiltrated hundreds of firms, KPMG among them. Now they're everywhere! Must proceed with reading more. You guys must have had a field day while I was gone: 118 messages to go!! It's so good to be back. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley Sent: Wednesday, June 26, 2002 9:30 PM I saw several reports that indicated they (WCOM) failed to follow GAAP. I also saw one report in which Andersen defended themselves by saying they didn't know what the CFO had done because they only looked at what the CFO gave them (funny, I thought that was the job of the auditor, to look at and investigate everything to be sure that all decisions taken throughout the year were done correctly and according to GAAP, isn't that why we call it an "audit" instead of a "rubber stamp party"??). ----- Original Message ----- Sent: Wednesday, June 26, 2002 9:28 AM Tom: I've heard on TV that it wasn't a "deviation" from GAAP. From what I understand, there are options that an accountant/bookkeeper can use, and Anderson chose capital expensing what normally would be a regular expense item. In my opinion, it was just a matter of time before such horrendous manipulation of any company's books was discovered (The question isn't why did it take so long to discover, but rather, what company will be the next to reveal that they falsified records. And I wouldn't be at all surprised that there are a lot of them out there.) Unfortunately, accountants have learned from lawyers how to obfuscate the truth and maneuver the justice system in order that lying can be put in the best possible light, and truth and accuracy can be avoided. That's why GAAP (I believe) covered up (instead of revealing) WorldCom's problems. As for CANSLIM: I wonder how WON believes we can now fundamentally analyze a company-especially after its been revealed that WorldCom's Cash-Flow is bogus. A few weeks ago, WON said: Look at the cash-flow to see that earnings are really funneling down-into the bottom line. Now what's he going to say? Probably, look at the managers of the companies to see if they have a history of dishonesty. Unfortunately, though, I don't believe that will cut it. Even if the manager is scrupulously honest, Enron and WorldCom teach us that that is not enough. The ACCOUNTANTS also must be honest. So now will WON's injunction be to: Look at the history of the accounting firm, and the history of the accountants employed by the accounting firm, who work on the company's books? jans In a message dated 6/26/2002 12:53:51 AM Eastern Daylight Time, stkguru@bellsouth.net writes: << once again, Andersen strikes again, this time by signing off on Worldcom hiding over $3 billion in expenses as capital expenditures, and thus inflating cash flow. Restatement expected to take away last five quarters of profits and turn them into losses. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: RE: [CANSLIM] WCOM restatement Date: 29 Jun 2002 13:31:49 -0700 (PDT) Duke Welcome back. You haven't missed much. A lot of the chatter is off topic (I am also guilty of this and repent...). It is probably time for someone to call the group back to the intended subjects. Regards Kent Norman --- Duke Miller wrote: > > Must proceed with reading more. You guys must have had a field day > while > I was gone: 118 messages to go!! > > It's so good to be back. > > Duke > > ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] WCOM restatement Date: 29 Jun 2002 17:40:44 -0400 Tom: You would hope that in a "profession," the first thing the professional subscribes to is the trait that nowadays, unfortunately, is more the exception than the norm. It's called integrity. Company-wide at Andersen? Yes. However, each and every one of them had the power (and freedom) to walk away. But they didn't, because they worked for the then almighty Andersen. Duke PS: My analogy to a worm virus is tongue in cheek. What I really think is if they did get jobs elsewhere, they're so between the lines it's silly. -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley Sent: Saturday, June 29, 2002 4:01 PM Duke, I will be my usual optimistic self and hope you are wrong. While the potential is there for former Andersen auditors to perpetuate their past shady practices onto their new employers, I think the opposite is more likely. The new employer, assuming they are ethical and not hiring them simply to learn new Andersen style tricks, knows where the new auditor came from, and should make it clear that they abide by GAAP. From the continuing string of massive corporate failures and scandals, most of whom used Andersen, it is clear to me that this was a company wide problem, not one limited to a single office. I choose to believe that most of the Andersen employees were honest, decent, professionals that knew the rules, but were forced into shady practices either by pressure from top management, or by the persuasive influence of the senior managers and auditors saying what they were doing was ok. ----- Original Message ----- Sent: Saturday, June 29, 2002 3:03 PM I have run an audited company and sat on the board of directors of one. Several years prior to selling the former, we were advised of the necessity to have a Big 8 audit in place in the event of a sale. Especially (as ended up the case) if a publicly traded company should be the suitor. The reason you MUST have a Big 8 audit, we were advised? For the sole purpose of validation and authentication of the numbers. That validation came easy, because the Big 8 firm provided much needed "guidance"; all we gave them was our sales and expenditures. The guidance ensured that our CFO recorded the sales and expenses and arrived at profit statements that, beyond any doubt and without question, CONFORMED to GAAP. Andersen is GUILTY of cooking the books in collusion with WCOM's CFO. Will having a list of Andersen's clients for the past three years help us? I thought so earlier this week when I started this string before going out of town. However, Thursday, in the middle of an endless speech by God knows who during my son's college orientation, a frightening thought occurred to me: All those crooked little Andersenites, with all the stealth of a worm virus, have infiltrated hundreds of firms, KPMG among them. Now they're everywhere! Must proceed with reading more. You guys must have had a field day while I was gone: 118 messages to go!! It's so good to be back. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley Sent: Wednesday, June 26, 2002 9:30 PM I saw several reports that indicated they (WCOM) failed to follow GAAP. I also saw one report in which Andersen defended themselves by saying they didn't know what the CFO had done because they only looked at what the CFO gave them (funny, I thought that was the job of the auditor, to look at and investigate everything to be sure that all decisions taken throughout the year were done correctly and according to GAAP, isn't that why we call it an "audit" instead of a "rubber stamp party"??). ----- Original Message ----- Sent: Wednesday, June 26, 2002 9:28 AM Tom: I've heard on TV that it wasn't a "deviation" from GAAP. From what I understand, there are options that an accountant/bookkeeper can use, and Anderson chose capital expensing what normally would be a regular expense item. In my opinion, it was just a matter of time before such horrendous manipulation of any company's books was discovered (The question isn't why did it take so long to discover, but rather, what company will be the next to reveal that they falsified records. And I wouldn't be at all surprised that there are a lot of them out there.) Unfortunately, accountants have learned from lawyers how to obfuscate the truth and maneuver the justice system in order that lying can be put in the best possible light, and truth and accuracy can be avoided. That's why GAAP (I believe) covered up (instead of revealing) WorldCom's problems. As for CANSLIM: I wonder how WON believes we can now fundamentally analyze a company-especially after its been revealed that WorldCom's Cash-Flow is bogus. A few weeks ago, WON said: Look at the cash-flow to see that earnings are really funneling down-into the bottom line. Now what's he going to say? Probably, look at the managers of the companies to see if they have a history of dishonesty. Unfortunately, though, I don't believe that will cut it. Even if the manager is scrupulously honest, Enron and WorldCom teach us that that is not enough. The ACCOUNTANTS also must be honest. So now will WON's injunction be to: Look at the history of the accounting firm, and the history of the accountants employed by the accounting firm, who work on the company's books? jans In a message dated 6/26/2002 12:53:51 AM Eastern Daylight Time, stkguru@bellsouth.net writes: << once again, Andersen strikes again, this time by signing off on Worldcom hiding over $3 billion in expenses as capital expenditures, and thus inflating cash flow. Restatement expected to take away last five quarters of profits and turn them into losses. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: RE: [CANSLIM] WCOM restatement Date: 29 Jun 2002 17:45:13 -0400 Kent: Good idea! I officially call this list back to CANSLIM. There! I just got the 3rd edition of HTMMIS. I can't remember the last time I nodded off so much in the first few chapters of a book. To those who haven't splurged the $12 or so, don't bother. Instead, pull up and study and read every one of the new Weblinks and continue to do so hereafter. They are the greatest learning tools for CANSLIM I've ever seen. IBD at its most candid, for sure. What I particularly like is how much you can learn from the loser scenarios. Much more informative than their 20-20 hindsight success stories. Have a great weekend. Duke -----Original Message----- [mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman Sent: Saturday, June 29, 2002 4:32 PM Duke Welcome back. You haven't missed much. A lot of the chatter is off topic (I am also guilty of this and repent...). It is probably time for someone to call the group back to the intended subjects. Regards Kent Norman --- Duke Miller wrote: > > Must proceed with reading more. You guys must have had a field day > while I was gone: 118 messages to go!! > > It's so good to be back. > > Duke > > ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: [CANSLIM] Worley's Weekend Weeview Date: 29 Jun 2002 18:28:03 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0309_01C21F9A.B4CFB110 Content-Type: multipart/alternative; boundary="----=_NextPart_001_030A_01C21F9A.B4CFB110" ------=_NextPart_001_030A_01C21F9A.B4CFB110 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable EARNINGS Confession season is essentially over, without significant or major = warnings. In another week we will start seeing actual results. First = Call is expecting a meager 0.2% improvement in Q2 earnings for the = S&P500 stocks, still better than the negative numbers seen for many = quarters now. And for Q3 First Call expects earnings growth of 17.6% and = 29.1% in the Fourth Quarter. Of course, that is assuming we can accept = and trust the accounting practices being used. ------- ECONOMICS Durable goods orders rose 0.6% in May, slightly better than expectations = of a 0.5% gain, and improving on April's 0.4% gain. This was the fifth = increase in six months, but was widely different by industry. New home sales jumped 8.1% in May, hitting a record high (1.03 million = annual units), and existing home sales close to a record high. The FOMC (Federal Open Market Committee) left interest rates unchanged, = and indicated the risk to the economy is equally matched between = economic weakness and inflation, thus leaving the bias at neutral. Growth in 1st quarter GDP was revised up from 5.6% annualized to 6.1%, = beating expectations for it to remain unchanged, and putting it even = further ahead of the 1.7% growth in the 4th quarter. Personal spending slipped 0.1% in May (expected to have been flat), = while personal income rose as expected 0.3%. ------- "M" Reasons to worry (not in order of priority or importance): Mid-East crises (Israel-Palestine) India-Pakistan nuclear war (likelihood diminishing) Lack of growth in earnings (but not declining) Accounting Practices (hard to overlook with CEOs quitting/being = fired/being arrested More terrorism attacks Wirehouse analysts hyping stocks while trashing them in internal memos Weak dollar / further loss of foreign investment money in US stocks Business spending still not picking up Unemployment still high Money flow to equity mutual funds negative Japanese exports being hurt by strong yen (vs. US $) Financial collapse of Japanese banks (less likely now that US economy is = dragging Japanese economy higher) Weak support for the Japanese Prime Minister continuing the pain = avoidance, inaction to clean up their economy Any major company that used Andersen as an auditor in the past several = years NASDAQ has undercut the September lows Reasons to keep watching, and be ready (not in order of priority or = importance): Lots of reasons to worry Corporate earnings likely to show strong growth by end of Q3 Lots of money on the sidelines Sentiment turning more bearish finally September lows being tested on indexes (or exceeded) Consumers still spending Unemployment improving, layoffs diminishing Inventories at record lows, and must be replenished Feds won't be raising rates until late in the year, or later Xerox only overstated revenues by $2 billion, not the $3 billion = estimated by SEC, or $6 billion reported by WSJ Housing markets strong NASDAQ has undercut the September lows Economy improving at a non-inflationary rate ------- WORLEY'S WATCHLIST WANNABES This list is in no way intended to recommend any stocks to the group. It = is a part of my regular assessment of the health of CANSLIM's "M" and, = as the name implies, only intended to identify some stocks with = constructive chart patterns that may be worth WATCHING (and of course = doing your own due diligence). I am employed in Operations by a US = Broker Dealer, however everything presented by me is strictly my own = ideas and in no way should be taken to reflect the views or opinions of = my employer. I typically list stocks with both RS and EPS ranking of 80 or better, = and try to exclude stocks undergoing any merger / acquisition / buyout = scenario. I also exclude those stocks I spot with earnings forecast for = this year and next that are not at least close to 20%. I do no other due = diligence, that is your responsibility. I will note any CANSLIM patterns = I see, such as c&h, double (or triple) bottoms, or flat bases (shown as = Bx where "x" is the # of weeks, IMO). I will also note LLUR (Lower Left = Upper Right) even though it is not exactly a CANSLIM pattern. The population of stocks I am reviewing this weekend reversed its = decline during the past week and grew measurably. Daily lists were not = even a page long at the start of the week, and nearly three pages by = Friday. The across the board slide in all indexes, including small cap = growth, has hurt a lot of otherwise good looking charts. Next week may = show whether we once again get a FTD, and attempt to reverse this long = slide in a bear market. ACMR - nice cup formed AMZ - LLUR APOL - completed the cup, watch for a handle to form, but if market = takes off may skip the handle, b/o failure then more likely APSG - c&h CECO - beginning of a LLUR? DLTR - 9 week consolidation EPIQ - RS only 55, good recovery on volume over the 50 and to the 200 = dma, at pivot, owned and VR Fund FNLY - B7 FSTW - confused chart, good growth, microcap, in my VR Fund HLYW - saucer HRH - B2 MMSI - nice b/o from the handle on Thursday on volume, held the b/o on = volume Friday MOVI - B3 MTH - double bottom, forecast under 20% but right industry OVRL - double bottom, base on base, don't care just making me money = (real and VR), at the pivot SYPR - possible handle forming on short cup, in my VR Fund WSH - B5, slight trend up Happy Hunting, Tom Worley stkguru@bellsouth.net AIM: TexWorley ------=_NextPart_001_030A_01C21F9A.B4CFB110 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    EARNINGS
    Confession season is essentially over, without = significant=20 or major warnings. In another week we will start seeing actual results. = First=20 Call is expecting a meager 0.2% improvement in Q2 earnings for the = S&P500=20 stocks, still better than the negative numbers seen for many quarters = now. And=20 for Q3 First Call expects earnings growth of 17.6% and 29.1% in the = Fourth=20 Quarter. Of course, that is assuming we can accept and trust the = accounting=20 practices being used.

    ECONOMICS
    Durable goods orders rose 0.6% in May, slightly = better=20 than expectations of a 0.5% gain, and improving on April's 0.4% gain. = This was=20 the fifth increase in six months, but was widely different by=20 industry.
     
    New home sales jumped 8.1% in May, hitting a = record high=20 (1.03 million annual units), and existing home sales close to a record=20 high.
     
    The FOMC (Federal Open Market Committee) left = interest=20 rates unchanged, and indicated the risk to the economy is equally = matched=20 between economic weakness and inflation, thus leaving the bias at=20 neutral.
     
    Growth in 1st quarter GDP was revised up from = 5.6%=20 annualized to 6.1%, beating expectations for it to remain unchanged, and = putting=20 it even further ahead of the 1.7% growth in the 4th = quarter.
     
    Personal spending slipped 0.1% in May (expected = to have=20 been flat), while personal income rose as expected = 0.3%.

    "M"
    Reasons to worry (not in order of priority or = importance):
    Mid-East crises (Israel-Palestine)
    India-Pakistan nuclear war (likelihood diminishing)
    Lack of growth in earnings (but not declining)
    Accounting Practices (hard to overlook with CEOs quitting/being = fired/being=20 arrested
    More terrorism attacks
    Wirehouse analysts hyping stocks while trashing them in internal=20 memos
    Weak dollar / further loss of foreign investment money in US = stocks
    Business spending still not picking up
    Unemployment still high
    Money flow to equity mutual funds negative
    Japanese exports being hurt by strong yen (vs. US $)
    Financial collapse of Japanese banks (less likely now that US = economy is=20 dragging Japanese economy higher)
    Weak support for the Japanese Prime Minister continuing the pain = avoidance,=20 inaction to clean up their economy
    Any major company that used Andersen as an auditor in the past = several=20 years
    NASDAQ has undercut the September lows
     
    Reasons to keep watching, and be ready (not in order of = priority or=20 importance):
    Lots of reasons to worry
    Corporate earnings likely to show strong growth by end of Q3
    Lots of money on the sidelines
    Sentiment turning more bearish finally
    September lows being tested on indexes (or exceeded)
    Consumers still spending
    Unemployment improving, layoffs diminishing
    Inventories at record lows, and must be replenished
    Feds won't be raising rates until late in the year, or later
    Xerox only overstated revenues by $2 billion, not the $3 billion = estimated=20 by SEC, or $6 billion reported by WSJ
    Housing markets strong
    NASDAQ has undercut the September lows
    Economy improving at a non-inflationary rate

    WORLEY'S WATCHLIST = WANNABES
    This list is in no way intended to recommend any = stocks to=20 the group. It is a part of my regular assessment of the health of = CANSLIM's "M"=20 and, as the name implies, only intended to identify some stocks with=20 constructive chart patterns that may be worth WATCHING (and of course = doing your=20 own due diligence). I am employed in Operations by a US Broker Dealer, = however=20 everything presented by me is strictly my own ideas and in no way should = be=20 taken to reflect the views or opinions of my employer.
     
    I typically list stocks with both RS and EPS = ranking of 80=20 or better, and try to exclude stocks undergoing any merger / acquisition = /=20 buyout scenario. I also exclude those stocks I spot with earnings = forecast for=20 this year and next that are not at least close to 20%. I do no other due = diligence, that is your responsibility. I will note any CANSLIM patterns = I see,=20 such as c&h, double (or triple) bottoms, or flat bases (shown as Bx = where=20 "x" is the # of weeks, IMO). I will also note LLUR (Lower Left Upper = Right) even=20 though it is not exactly a CANSLIM pattern.
     
    The population of stocks I am reviewing this = weekend=20 reversed its decline during the past week and grew measurably. Daily = lists were=20 not even a page long at the start of the week, and nearly three pages by = Friday.=20 The across the board slide in all indexes, including small cap growth, = has hurt=20 a lot of otherwise good looking charts. Next week may show whether we = once again=20 get a FTD, and attempt to reverse this long slide in a bear = market.
     
    ACMR - nice cup formed
    AMZ - LLUR
    APOL - completed the cup, watch for a handle to form, but if market = takes=20 off may skip the handle, b/o failure then more likely
    APSG - c&h
    CECO - beginning of a LLUR?
    DLTR - 9 week consolidation
    EPIQ - RS only 55, good recovery on volume over the 50 and to the = 200 dma,=20 at pivot, owned and VR Fund
    FNLY - B7
    FSTW - confused chart, good growth, microcap, in my VR Fund
    HLYW - saucer
    HRH - B2
    MMSI - nice b/o from the handle on Thursday on volume, held the b/o = on=20 volume Friday
    MOVI - B3
    MTH - double bottom, forecast under 20% but right industry
    OVRL - double bottom, base on base, don't care just making me money = (real=20 and VR), at the pivot
    SYPR - possible handle forming on short cup, in my VR Fund
    WSH - B5, slight trend up
     
    Happy Hunting,
     
    3D""
    Tom Worley
    stkguru@bellsouth.net
    AIM: = TexWorley
    ------=_NextPart_001_030A_01C21F9A.B4CFB110-- ------=_NextPart_000_0309_01C21F9A.B4CFB110 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <030801c21fbc$3bd7db30$6501a8c0@TOMSBOX> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_0309_01C21F9A.B4CFB110-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Too much information in IBD Date: 29 Jun 2002 19:45:00 -0400 Lois, would you be so kind as to explain what "capturing short term gains of 5-10%" has to do with CANSLIM?? Also, when did CANSLIM become a momentum and swing traders system? Funny, I thought it was about investing. By the way, do you represent this vendor? If so, commercial ads in this group are banned. I really would hate for a CANSLIM beginner to get the idea that this is a system for traders. Granted, some day traders have adapted it to help them. But that's not what it's all about, all you have to do is read HTMMIS to know that. ----- Original Message ----- Sent: Saturday, June 29, 2002 7:37 AM This is a nice piece of software for beginners of CANSLIM. I'm still paper trading the picks at this point with good results, need to learn when to get in for best results. http://www.Investor-3000.com/strategy.html - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Dave Cameron Subject: [CANSLIM] Andersen - what happens to new recruits Date: 29 Jun 2002 19:51:19 -0700 (PDT) This message relays second-hand information, which is also about 15 years old. I haven't bothered to pass it along because of these two facts. But... given the latest posts on Andersen employees, and what might happen when they move on to other companies, I thought I'd toss it out there. In 1987, I started my professional career in Chicago. I was 24 years old, new to Chicago. I wanted to learn my way around, make some new friends, etc.... much like young people new to an area will. My company was located close to Arthur Andersen's training center (which is really about 40 miles west of Chicago - but in the Chicago metro area). I had the chance to meet several Andersen recruits. These were young men and women who were (usually) fresh out of school, eager to make their mark, and new to the ways of business. Their story (told independently by several people over the next several months) told of a boot camp like environment, with 70+ hour weeks, continual indoctrination in "the Andersen way" and even lodging together during stretches. The company I worked for had no such thing. Only years later did I realize that Andersen's approach was to get these people out of college before they knew what other companies did, work them very hard, and get them well indoctrinated. Many left once they got some experience, but many stayed on - only knowing what Andersen taught as THE way business should be run. In retrospect, I suspect that some of the shady dealings by senior members of Andersen were just drummed in to young impressionable people as "that's the way things are done in business". Again, take this for what its worth. I didn't go through it. I have a friend who I still keep in touch with who worked for Arthur Andersen Co. in Chicago. This was also 15 years ago. But... maybe it sheds some light on how things got they way they are. ===== Dave Cameron dfcameron@yahoo.com __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Fanus Subject: Re: [CANSLIM] Andersen - what happens to new recruits Date: 29 Jun 2002 21:04:00 -0700 (PDT) Dave If you ever have worked for any of the big consulting/auditing firms you would know practices like that is not only common to Andersen. Can we maybe stop the Andersen bashing and start getting back to CANSLIM on the group? - Fanus --- Dave Cameron wrote: > This message relays second-hand information, which > is also about 15 > years old. I haven't bothered to pass it along > because of these two > facts. But... given the latest posts on Andersen > employees, and > what might happen when they move on to other > companies, I thought I'd > toss it out there. > > In 1987, I started my professional career in > Chicago. I was 24 > years old, new to Chicago. I wanted to learn my > way around, make > some new friends, etc.... much like young people new > to an area will. > My company was located close to Arthur Andersen's > training center > (which is really about 40 miles west of Chicago - > but in the Chicago > metro area). I had the chance to meet several > Andersen recruits. > These were young men and women who were (usually) > fresh out of > school, eager to make their mark, and new to the > ways of business. > Their story (told independently by several people > over the next > several months) told of a boot camp like > environment, with 70+ hour > weeks, continual indoctrination in "the Andersen > way" and even > lodging together during stretches. > > The company I worked for had no such thing. Only > years later did I > realize that Andersen's approach was to get these > people out of > college before they knew what other companies did, > work them very > hard, and get them well indoctrinated. Many left > once they got some > experience, but many stayed on - only knowing what > Andersen taught as > THE way business should be run. > > In retrospect, I suspect that some of the shady > dealings by senior > members of Andersen were just drummed in to young > impressionable > people as "that's the way things are done in > business". > > Again, take this for what its worth. I didn't go > through it. I > have a friend who I still keep in touch with who > worked for Arthur > Andersen Co. in Chicago. This was also 15 years > ago. But... maybe > it sheds some light on how things got they way they > are. > > > > ===== > Dave Cameron > dfcameron@yahoo.com > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: [CANSLIM] Andersen - what happens to new recruits Date: 30 Jun 2002 09:02:30 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_04D3_01C22014.DD83C3B0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Fanus, CANSLIM investing requires work. ----- Original Message -----=20 From: Fanus=20 To: canslim@lists.xmission.com=20 Sent: Saturday, June 29, 2002 11:04 PM Subject: Re: [CANSLIM] Andersen - what happens to new recruits Dave If you ever have worked for any of the big consulting/auditing firms you would know practices like that is not only common to Andersen. Can we maybe stop the Andersen bashing and start getting back to CANSLIM on the group? - Fanus --- Dave Cameron wrote: > This message relays second-hand information, which > is also about 15 > years old. I haven't bothered to pass it along > because of these two > facts. But... given the latest posts on Andersen > employees, and > what might happen when they move on to other > companies, I thought I'd > toss it out there. >=20 > In 1987, I started my professional career in > Chicago. I was 24 > years old, new to Chicago. I wanted to learn my > way around, make > some new friends, etc.... much like young people new > to an area will. > My company was located close to Arthur Andersen's > training center > (which is really about 40 miles west of Chicago - > but in the Chicago > metro area). I had the chance to meet several > Andersen recruits. =20 > These were young men and women who were (usually) > fresh out of > school, eager to make their mark, and new to the > ways of business. =20 > Their story (told independently by several people > over the next > several months) told of a boot camp like > environment, with 70+ hour > weeks, continual indoctrination in "the Andersen > way" and even > lodging together during stretches. =20 >=20 > The company I worked for had no such thing. Only > years later did I > realize that Andersen's approach was to get these > people out of > college before they knew what other companies did, > work them very > hard, and get them well indoctrinated. Many left > once they got some > experience, but many stayed on - only knowing what > Andersen taught as > THE way business should be run. =20 >=20 > In retrospect, I suspect that some of the shady > dealings by senior > members of Andersen were just drummed in to young > impressionable > people as "that's the way things are done in > business". >=20 > Again, take this for what its worth. I didn't go > through it. I > have a friend who I still keep in touch with who > worked for Arthur > Andersen Co. in Chicago. This was also 15 years > ago. But... maybe > it sheds some light on how things got they way they > are. >=20 >=20 >=20 > =3D=3D=3D=3D=3D > Dave Cameron > dfcameron@yahoo.com >=20 > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com >=20 > - > -To subscribe/unsubscribe, email > "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or > -"unsubscribe canslim". Do not use quotes in your email. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_04D3_01C22014.DD83C3B0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    Fanus, CANSLIM investing requires=20 work.
    ----- Original Message -----
    From:=20 Fanus
    Sent: Saturday, June 29, 2002 = 11:04=20 PM
    Subject: Re: [CANSLIM] Andersen = - what=20 happens to new recruits

    Dave

    If you ever have worked for any of the=20 big
    consulting/auditing firms you would know practices
    like that = is not=20 only common to Andersen.

    Can we maybe stop the Andersen bashing = and=20 start
    getting back to CANSLIM on the group?

    - = Fanus

    --- Dave=20 Cameron <dfcameron@yahoo.com>=20 wrote:
    > This message relays second-hand information, = which
    > is=20 also about 15
    > years old.   I haven't bothered to = pass it=20 along
    > because of these two
    > facts.   But... = given the=20 latest posts on Andersen
    > employees, and
    > what might = happen when=20 they move on to other
    > companies, I thought I'd
    > toss it = out=20 there.
    >
    > In 1987, I started my professional career = in
    >=20 Chicago.   I was 24
    > years old, new to = Chicago.   I=20 wanted to learn my
    > way around, make
    > some new friends, = etc....=20 much like young people new
    > to an area = will.
    >   My=20 company was located close to Arthur Andersen's
    > training = center
    >=20 (which is really about 40 miles west of Chicago -
    > but in the=20 Chicago
    > metro area).   I had the chance to meet=20 several
    > Andersen recruits. 
    > These were young men = and=20 women who were (usually)
    > fresh out of
    > school, eager to = make=20 their mark, and new to the
    > ways of business. 
    > = Their=20 story (told independently by several people
    > over the = next
    >=20 several months) told of a boot camp like
    > environment, with 70+ = hour
    > weeks, continual indoctrination in "the Andersen
    > = way" and=20 even
    > lodging together during stretches.  
    > =
    >=20 The company I worked for had no such thing.   Only
    > = years=20 later did I
    > realize that Andersen's approach was to get = these
    >=20 people out of
    > college before they knew what other companies=20 did,
    > work them very
    > hard, and get them well=20 indoctrinated.   Many left
    > once they got = some
    >=20 experience, but many stayed on - only knowing what
    > Andersen = taught=20 as
    > THE way business should be run.   
    > =
    >=20 In retrospect, I suspect that some of the shady
    > dealings by=20 senior
    > members of Andersen were just drummed in to = young
    >=20 impressionable
    > people as "that's the way things are done = in
    >=20 business".
    >
    > Again, take this for what its = worth.   I=20 didn't go
    > through it.  I
    > have a friend who I = still keep=20 in touch with who
    > worked for Arthur
    > Andersen Co. in=20 Chicago.   This was also 15 years
    > ago.   = But...=20 maybe
    > it sheds some light on how things got they way = they
    >=20 are.
    >
    >
    >
    > =3D=3D=3D=3D=3D
    > Dave = Cameron
    > dfcameron@yahoo.com
    > =
    >=20 __________________________________________________
    > Do You=20 Yahoo!?
    > Yahoo! - Official partner of 2002 FIFA World = Cup
    > http://fifaworldcup.yahoo.com<= BR>>=20
    > -
    > -To subscribe/unsubscribe, email
    > "majordomo@xmission.com"
    >= ; -In=20 the email body, write "subscribe canslim" or
    > -"unsubscribe=20 canslim".  Do not use quotes in=20 = your
    email.


    _______________________________________________= ___
    Do=20 You Yahoo!?
    Yahoo! - Official partner of 2002 FIFA World Cup
    http://fifaworldcup.yahoo.com<= BR>
    -
    -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
    -In= the=20 email body, write "subscribe canslim" or
    -"unsubscribe = canslim".  Do=20 not use quotes in your email.
    ------=_NextPart_000_04D3_01C22014.DD83C3B0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Spencer48@aol.com Subject: Re: [CANSLIM] Andersen - what happens to new recruits Date: 30 Jun 2002 14:38:00 EDT David: Although this is not Canslim, since your remark was posted on the CANSLIM forum, I feel I should post my answer here: Those poor little boys and girls. My heart bleeds for them. It is not their fault that they do something unscrupulous (no more than it was the fault of those who taught them the "Anderson" way-after all the tutors were themselves taught to be unethical by their own unscrupulous Anderson teachers-and no doubt they were as impressionably callow as the 1987-year people. Of course, this could go on ad infinitum). So long as you allow people to be unethical and unlawful by excusing their unethical and illegal behavior, you are going to get more of it-especially if the crime costs less than the probability that the crime will be punished through condemnation and jail time. After all, a baby isn't born good; he/she has to be taught to do the right thing. However, apparently, all this learning falls by the wayside once Anderson-like training centers get their diabolical hands on the "kids". Those poor impressionable youngsters-as a result of the training they've received from the demon Anderson guys-cannot remember the difference between right and wrong. What Balderdash. These are NOT children. If one continues to treat adults like children by making excuses for their unethical behavior, then this population will become nothing but a nation of whining miscreants. Just, by the way, what we need now to fight terrorists and terrorism. jans In a message dated 6/29/2002 10:53:38 PM Eastern Daylight Time, dfcameron@yahoo.com writes: << In 1987, I started my professional career in Chicago. I was 24 years old, new to Chicago. I wanted to learn my way around, make some new friends, etc.... much like young people new to an area will. My company was located close to Arthur Andersen's training center (which is really about 40 miles west of Chicago - but in the Chicago metro area). I had the chance to meet several Andersen recruits. These were young men and women who were (usually) fresh out of school, eager to make their mark, and new to the ways of business. Their story (told independently by several people over the next several months) told of a boot camp like environment, with 70+ hour weeks, continual indoctrination in "the Andersen way" and even lodging together during stretches. The company I worked for had no such thing. Only years later did I realize that Andersen's approach was to get these people out of college before they knew what other companies did, work them very hard, and get them well indoctrinated. Many left once they got some experience, but many stayed on - only knowing what Andersen taught as THE way business should be run. In retrospect, I suspect that some of the shady dealings by senior members of Andersen were just drummed in to young impressionable people as "that's the way things are done in business". Again, take this for what its worth. I didn't go through it. I have a friend who I still keep in touch with who worked for Arthur Andersen Co. in Chicago. This was also 15 years ago. But... maybe it sheds some light on how things got they way they are. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Andersen - what happens to new recruits Date: 30 Jun 2002 15:08:20 -0400 jans, I didn't get the impression that Dave was trying to excuse or allow unethical or illegal conduct by Andersen employees. Rather, I took his post to provide more background on how these "fresh from the classroom training environment" people could be convinced to do things differently, and against what they had been taught. I clearly remember studying celestial navigation at sea, and having to produce a position accurate to within 2 nautical miles. When I asked why such accuracy in deep open waters, I was told simply that they (the instructors) realized that in the real world I would get sloppy, so if they started me at 2 miles, even with slop I still could put the ship within 5 miles of where it really was, and that would still be acceptable. The guidance given by Andersen auditors to major corps, or the false or misleading bookkeeping that they signed off on, goes to corporate practice and policy of Andersen, starting right at the partners level. Probably for some distance down in the organization, people clearly knew (or at least were questioning if) they were doing wrong. But further down in the organization, people may have been confused, but accepted that it was ok because it was directed by people they trusted, and who had been auditing many more years than they had. Accountability must start at the very top, they can't be allowed to escape the damage done, not just with the Worldcoms and Enrons and Sunbeams and Waste Managements and Global Crossings, but to the entire financial institution and its accounting system. The pattern is clear, and has been clear for some years. It would be false, tragic even, if the partners escape by claiming lack of knowledge of what was going on, it is obvious to me that what was happening was normal corporate policy, directed right from the top of the organization. ----- Original Message ----- Sent: Sunday, June 30, 2002 2:38 PM David: Although this is not Canslim, since your remark was posted on the CANSLIM forum, I feel I should post my answer here: Those poor little boys and girls. My heart bleeds for them. It is not their fault that they do something unscrupulous (no more than it was the fault of those who taught them the "Anderson" way-after all the tutors were themselves taught to be unethical by their own unscrupulous Anderson teachers-and no doubt they were as impressionably callow as the 1987-year people. Of course, this could go on ad infinitum). So long as you allow people to be unethical and unlawful by excusing their unethical and illegal behavior, you are going to get more of it-especially if the crime costs less than the probability that the crime will be punished through condemnation and jail time. After all, a baby isn't born good; he/she has to be taught to do the right thing. However, apparently, all this learning falls by the wayside once Anderson-like training centers get their diabolical hands on the "kids". Those poor impressionable youngsters-as a result of the training they've received from the demon Anderson guys-cannot remember the difference between right and wrong. What Balderdash. These are NOT children. If one continues to treat adults like children by making excuses for their unethical behavior, then this population will become nothing but a nation of whining miscreants. Just, by the way, what we need now to fight terrorists and terrorism. jans In a message dated 6/29/2002 10:53:38 PM Eastern Daylight Time, dfcameron@yahoo.com writes: << In 1987, I started my professional career in Chicago. I was 24 years old, new to Chicago. I wanted to learn my way around, make some new friends, etc.... much like young people new to an area will. My company was located close to Arthur Andersen's training center (which is really about 40 miles west of Chicago - but in the Chicago metro area). I had the chance to meet several Andersen recruits. These were young men and women who were (usually) fresh out of school, eager to make their mark, and new to the ways of business. Their story (told independently by several people over the next several months) told of a boot camp like environment, with 70+ hour weeks, continual indoctrination in "the Andersen way" and even lodging together during stretches. The company I worked for had no such thing. Only years later did I realize that Andersen's approach was to get these people out of college before they knew what other companies did, work them very hard, and get them well indoctrinated. Many left once they got some experience, but many stayed on - only knowing what Andersen taught as THE way business should be run. In retrospect, I suspect that some of the shady dealings by senior members of Andersen were just drummed in to young impressionable people as "that's the way things are done in business". Again, take this for what its worth. I didn't go through it. I have a friend who I still keep in touch with who worked for Arthur Andersen Co. in Chicago. This was also 15 years ago. But... maybe it sheds some light on how things got they way they are. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Duke Miller" Subject: [CANSLIM] Had to share this Date: 30 Jun 2002 15:11:03 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0011_01C22048.59B20BD0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_0012_01C22048.59B20BD0" ------=_NextPart_001_0012_01C22048.59B20BD0 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit Folks, up front, I apologize deeply for going off topic here. So if "off-topic" offends you, hit the delete key now. It's a great way to end the Andersen bashing, once and for all. Below is an item by a columnist in this morning's St. Petersburg Times. After you read it, I may have stopped laughing enough to help you up off the floor. Duke ***** In the spirit of comic relief (and with apologies to Abbott and Costello's famous "Who's on first?" baseball routine), imagine this top-level exchange between two reluctant regulators on U.S. business practices: President Bush and SEC Commissioner Pitt. BUSH: Now look, Harvey, I'm the head of the free world. The only way we're going to clean up this business mess and get on with our war on terrorism is to find out who's doing what in corporate America. So go ahead and tell me some of their names. PITT: Yes sir, Mr. President. We have Who's at WorldCom, What's at Enron, I Don't Know's at Global Crossing. BUSH: That's what I wanna find out. PITT: I say Who's at WorldCom, What's at Enron, I Don't Know's at Global Crossing. BUSH: You know the fellows' names? PITT: Certainly! BUSH: Well, then who's at WorldCom? PITT: Yes! BUSH: I mean the fellow's name! PITT: Who! BUSH: The guy at WorldCom! PITT: Who is at WorldCom! BUSH: Now whaddya askin' me for? PITT: I'm telling you, Who is at WorldCom. BUSH: Hmmm. Is the SEC investigating WorldCom? PITT: Absolutely. BUSH: Who is a target of that investigation? PITT: Well, naturally! BUSH: When you complete that investigation, who will be named? PITT: For sure. Why not? He's in charge. BUSH: Who is? PITT: Yes. BUSH: All I'm tryin' to find out is, what's the guy's name at WorldCom. PITT: Oh, no -- wait a minute, don't switch 'em around. What is at Enron. BUSH: I'm not askin' you who's at Enron. PITT: Who is at WorldCom. BUSH: I don't know. PITT: He's at Global Crossing -- now we're not talkin' 'bout him. BUSH: Now, how did I get to Global Crossing? PITT: You mentioned his name! BUSH: If I mentioned his name, who did I say is at Global Crossing? PITT: No -- Who's at WorldCom. BUSH: Never mind WorldCom. I want to know what's the guy's name at Global Crossing. PITT: No -- What's at Enron. BUSH: I'm not askin' you who's at Enron. PITT: Who's at WorldCom. BUSH: I don't know. PITT: He's at Global Crossing. BUSH: Yikes! You got other names? PITT: Oh yes! BUSH: The CEO at Tyco? PITT: Why. BUSH: I don't know, I just thought I'd ask you. PITT: Well, I just thought I'd tell you. BUSH: All right, then tell me who's the guy at Tyco. PITT: Who is at WorldCom -- BUSH: Stay away from WorldCom! I wanna know what's the Tyco guy's name. PITT: What's at Enron. BUSH: I'm not askin' you who's at Enron. PITT: Who's at WorldCom. BUSH: I don't know. PITT and Bush: Global Crossing! BUSH: This is ridiculous. All I really wanted to know is who's at WorldCom. Why? I don't know. He's at Global Crossing and I don't give a darn! PITT: What was that? BUSH: I said I don't give a darn! PITT: Oh, he's at Xerox. BUSH: Clear as crystal, Harvey. Keep up the good work at the SEC. PITT: Any time, Mr. President. I went to a bookstore and asked the saleswoman: Where's the self-help section? She said if she told me, it would defeat the purpose. Henny Youngman. ------=_NextPart_001_0012_01C22048.59B20BD0 Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable Message
    Folks, up = front, I=20 apologize deeply for going off topic here.  So if "off-topic" = offends you,=20 hit the delete key now.  It's a great way to end the Andersen = bashing, once=20 and for all.  Below is an item by a columnist in this = morning's St.=20 Petersburg Times.  After you read it, I may have stopped laughing = enough to=20 help you up off the floor. 
     
    Duke
     
    *****

    In the spirit of comic relief (and with apologies to Abbott and = Costello's=20 famous "Who's on first?" baseball routine), imagine this top-level = exchange=20 between two reluctant regulators on U.S. business practices: President = Bush and=20 SEC Commissioner Pitt.=20

    BUSH: Now look, Harvey, I'm the head of the free world. The only way = we're=20 going to clean up this business mess and get on with our war on = terrorism is to=20 find out who's doing what in corporate America. So go ahead and tell me = some of=20 their names.=20

    PITT: Yes sir, Mr. President. We have Who's at WorldCom, What's at = Enron, I=20 Don't Know's at Global Crossing.=20

    BUSH: That's what I wanna find out.=20

    PITT: I say Who's at WorldCom, What's at Enron, I Don't Know's at = Global=20 Crossing.=20

    BUSH: You know the fellows' names?=20

    PITT: Certainly!=20

    BUSH: Well, then who's at WorldCom?=20

    PITT: Yes!=20

    BUSH: I mean the fellow's name!=20

    PITT: Who!=20

    BUSH: The guy at WorldCom!=20

    PITT: Who is at WorldCom!=20

    BUSH: Now whaddya askin' me for?=20

    PITT: I'm telling you, Who is at WorldCom.=20

    BUSH: Hmmm. Is the SEC investigating WorldCom?=20

    PITT: Absolutely.=20

    BUSH: Who is a target of that investigation?=20

    PITT: Well, naturally!=20

    BUSH: When you complete that investigation, who will be named?=20

    PITT: For sure. Why not? He's in charge.=20

    BUSH: Who is?=20

    PITT: Yes.=20

    BUSH: All I'm tryin' to find out is, what's the guy's name at = WorldCom.=20

    PITT: Oh, no -- wait a minute, don't switch 'em around. What is at = Enron.=20

    BUSH: I'm not askin' you who's at Enron.=20

    PITT: Who is at WorldCom.=20

    BUSH: I don't know.=20

    PITT: He's at Global Crossing -- now we're not talkin' 'bout him.=20

    BUSH: Now, how did I get to Global Crossing?=20

    PITT: You mentioned his name!=20

    BUSH: If I mentioned his name, who did I say is at Global Crossing?=20

    PITT: No -- Who's at WorldCom.=20

    BUSH: Never mind WorldCom. I want to know what's the guy's name at = Global=20 Crossing.=20

    PITT: No -- What's at Enron.=20

    BUSH: I'm not askin' you who's at Enron.=20

    PITT: Who's at WorldCom.=20

    BUSH: I don't know.=20

    PITT: He's at Global Crossing.=20

    BUSH: Yikes! You got other names?=20

    PITT: Oh yes!=20

    BUSH: The CEO at Tyco?=20

    PITT: Why.=20

    BUSH: I don't know, I just thought I'd ask you.=20

    PITT: Well, I just thought I'd tell you.=20

    BUSH: All right, then tell me who's the guy at Tyco.=20

    PITT: Who is at WorldCom --=20

    BUSH: Stay away from WorldCom! I wanna know what's the Tyco guy's = name.=20

    PITT: What's at Enron.=20

    BUSH: I'm not askin' you who's at Enron.=20

    PITT: Who's at WorldCom.=20

    BUSH: I don't know.=20

    PITT and Bush: Global Crossing!=20

    BUSH: This is ridiculous. All I really wanted to know is who's at = WorldCom.=20 Why? I don't know. He's at Global Crossing and I don't give a darn!=20

    PITT: What was that?=20

    BUSH: I said I don't give a darn!=20

    PITT: Oh, he's at Xerox.=20

    BUSH: Clear as crystal, Harvey. Keep up the good work at the SEC.=20

    PITT: Any time, Mr. President.

     

    I went to a bookstore and asked the saleswoman: Where's = the=20 self-help section? She said if she told me, it would defeat the = purpose. =20 Henny Youngman.

    3D""
     
    ------=_NextPart_001_0012_01C22048.59B20BD0-- ------=_NextPart_000_0011_01C22048.59B20BD0 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <453390619@30062002-0052> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_0011_01C22048.59B20BD0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Had to share this Date: 30 Jun 2002 15:19:58 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_010A_01C22049.9891F940 Content-Type: multipart/alternative; boundary="----=_NextPart_001_010B_01C22049.98946A40" ------=_NextPart_001_010B_01C22049.98946A40 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable MessageHelp me up, Duke, I can't see for the tears of laughter in my = eyes!! I just hope all this humor lately doesn't end up cutting into the fear = factor, we need the fear if we are ever to bottom out. ----- Original Message -----=20 Sent: Sunday, June 30, 2002 3:11 PM Folks, up front, I apologize deeply for going off topic here. So if = "off-topic" offends you, hit the delete key now. It's a great way to = end the Andersen bashing, once and for all. Below is an item by a = columnist in this morning's St. Petersburg Times. After you read it, I = may have stopped laughing enough to help you up off the floor. =20 Duke ***** In the spirit of comic relief (and with apologies to Abbott and = Costello's famous "Who's on first?" baseball routine), imagine this = top-level exchange between two reluctant regulators on U.S. business = practices: President Bush and SEC Commissioner Pitt.=20 BUSH: Now look, Harvey, I'm the head of the free world. The only way = we're going to clean up this business mess and get on with our war on = terrorism is to find out who's doing what in corporate America. So go = ahead and tell me some of their names.=20 PITT: Yes sir, Mr. President. We have Who's at WorldCom, What's at = Enron, I Don't Know's at Global Crossing.=20 BUSH: That's what I wanna find out.=20 PITT: I say Who's at WorldCom, What's at Enron, I Don't Know's at Global = Crossing.=20 BUSH: You know the fellows' names?=20 PITT: Certainly!=20 BUSH: Well, then who's at WorldCom?=20 PITT: Yes!=20 BUSH: I mean the fellow's name!=20 PITT: Who!=20 BUSH: The guy at WorldCom!=20 PITT: Who is at WorldCom!=20 BUSH: Now whaddya askin' me for?=20 PITT: I'm telling you, Who is at WorldCom.=20 BUSH: Hmmm. Is the SEC investigating WorldCom?=20 PITT: Absolutely.=20 BUSH: Who is a target of that investigation?=20 PITT: Well, naturally!=20 BUSH: When you complete that investigation, who will be named?=20 PITT: For sure. Why not? He's in charge.=20 BUSH: Who is?=20 PITT: Yes.=20 BUSH: All I'm tryin' to find out is, what's the guy's name at WorldCom.=20 PITT: Oh, no -- wait a minute, don't switch 'em around. What is at = Enron.=20 BUSH: I'm not askin' you who's at Enron.=20 PITT: Who is at WorldCom.=20 BUSH: I don't know.=20 PITT: He's at Global Crossing -- now we're not talkin' 'bout him.=20 BUSH: Now, how did I get to Global Crossing?=20 PITT: You mentioned his name!=20 BUSH: If I mentioned his name, who did I say is at Global Crossing?=20 PITT: No -- Who's at WorldCom.=20 BUSH: Never mind WorldCom. I want to know what's the guy's name at = Global Crossing.=20 PITT: No -- What's at Enron.=20 BUSH: I'm not askin' you who's at Enron.=20 PITT: Who's at WorldCom.=20 BUSH: I don't know.=20 PITT: He's at Global Crossing.=20 BUSH: Yikes! You got other names?=20 PITT: Oh yes!=20 BUSH: The CEO at Tyco?=20 PITT: Why.=20 BUSH: I don't know, I just thought I'd ask you.=20 PITT: Well, I just thought I'd tell you.=20 BUSH: All right, then tell me who's the guy at Tyco.=20 PITT: Who is at WorldCom --=20 BUSH: Stay away from WorldCom! I wanna know what's the Tyco guy's name.=20 PITT: What's at Enron.=20 BUSH: I'm not askin' you who's at Enron.=20 PITT: Who's at WorldCom.=20 BUSH: I don't know.=20 PITT and Bush: Global Crossing!=20 BUSH: This is ridiculous. All I really wanted to know is who's at = WorldCom. Why? I don't know. He's at Global Crossing and I don't give a = darn!=20 PITT: What was that?=20 BUSH: I said I don't give a darn!=20 PITT: Oh, he's at Xerox.=20 BUSH: Clear as crystal, Harvey. Keep up the good work at the SEC.=20 PITT: Any time, Mr. President.=20 I went to a bookstore and asked the saleswoman: Where's the self-help = section? She said if she told me, it would defeat the purpose. Henny = Youngman. ------=_NextPart_001_010B_01C22049.98946A40 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Message
    Help me up, Duke, I can't see for the tears of = laughter in=20 my eyes!!
     
    I just hope all this humor lately doesn't end up = cutting=20 into the fear factor, we need the fear if we are ever to bottom=20 out.
     
    ----- Original Message -----=20
    From: Duke=20 Miller
    To: CANSLIM
    Sent: Sunday, June 30, 2002 3:11 PM
    Subject: [CANSLIM] Had to share this

    Folks, up = front, I=20 apologize deeply for going off topic here.  So if "off-topic" = offends you,=20 hit the delete key now.  It's a great way to end the Andersen = bashing, once=20 and for all.  Below is an item by a columnist in this = morning's St.=20 Petersburg Times.  After you read it, I may have stopped laughing = enough to=20 help you up off the floor. 
     
    Duke
     
    *****

    In the spirit of comic relief (and with apologies to Abbott and = Costello's=20 famous "Who's on first?" baseball routine), imagine this top-level = exchange=20 between two reluctant regulators on U.S. business practices: President = Bush and=20 SEC Commissioner Pitt.=20

    BUSH: Now look, Harvey, I'm the head of the free world. The only way = we're=20 going to clean up this business mess and get on with our war on = terrorism is to=20 find out who's doing what in corporate America. So go ahead and tell me = some of=20 their names.=20

    PITT: Yes sir, Mr. President. We have Who's at WorldCom, What's at = Enron, I=20 Don't Know's at Global Crossing.=20

    BUSH: That's what I wanna find out.=20

    PITT: I say Who's at WorldCom, What's at Enron, I Don't Know's at = Global=20 Crossing.=20

    BUSH: You know the fellows' names?=20

    PITT: Certainly!=20

    BUSH: Well, then who's at WorldCom?=20

    PITT: Yes!=20

    BUSH: I mean the fellow's name!=20

    PITT: Who!=20

    BUSH: The guy at WorldCom!=20

    PITT: Who is at WorldCom!=20

    BUSH: Now whaddya askin' me for?=20

    PITT: I'm telling you, Who is at WorldCom.=20

    BUSH: Hmmm. Is the SEC investigating WorldCom?=20

    PITT: Absolutely.=20

    BUSH: Who is a target of that investigation?=20

    PITT: Well, naturally!=20

    BUSH: When you complete that investigation, who will be named?=20

    PITT: For sure. Why not? He's in charge.=20

    BUSH: Who is?=20

    PITT: Yes.=20

    BUSH: All I'm tryin' to find out is, what's the guy's name at = WorldCom.=20

    PITT: Oh, no -- wait a minute, don't switch 'em around. What is at = Enron.=20

    BUSH: I'm not askin' you who's at Enron.=20

    PITT: Who is at WorldCom.=20

    BUSH: I don't know.=20

    PITT: He's at Global Crossing -- now we're not talkin' 'bout him.=20

    BUSH: Now, how did I get to Global Crossing?=20

    PITT: You mentioned his name!=20

    BUSH: If I mentioned his name, who did I say is at Global Crossing?=20

    PITT: No -- Who's at WorldCom.=20

    BUSH: Never mind WorldCom. I want to know what's the guy's name at = Global=20 Crossing.=20

    PITT: No -- What's at Enron.=20

    BUSH: I'm not askin' you who's at Enron.=20

    PITT: Who's at WorldCom.=20

    BUSH: I don't know.=20

    PITT: He's at Global Crossing.=20

    BUSH: Yikes! You got other names?=20

    PITT: Oh yes!=20

    BUSH: The CEO at Tyco?=20

    PITT: Why.=20

    BUSH: I don't know, I just thought I'd ask you.=20

    PITT: Well, I just thought I'd tell you.=20

    BUSH: All right, then tell me who's the guy at Tyco.=20

    PITT: Who is at WorldCom --=20

    BUSH: Stay away from WorldCom! I wanna know what's the Tyco guy's = name.=20

    PITT: What's at Enron.=20

    BUSH: I'm not askin' you who's at Enron.=20

    PITT: Who's at WorldCom.=20

    BUSH: I don't know.=20

    PITT and Bush: Global Crossing!=20

    BUSH: This is ridiculous. All I really wanted to know is who's at = WorldCom.=20 Why? I don't know. He's at Global Crossing and I don't give a darn!=20

    PITT: What was that?=20

    BUSH: I said I don't give a darn!=20

    PITT: Oh, he's at Xerox.=20

    BUSH: Clear as crystal, Harvey. Keep up the good work at the SEC.=20

    PITT: Any time, Mr. President.

     

    I went to a bookstore and asked the saleswoman: Where's = the=20 self-help section? She said if she told me, it would defeat the = purpose. =20 Henny Youngman.

    3D""
     
    ------=_NextPart_001_010B_01C22049.98946A40-- ------=_NextPart_000_010A_01C22049.9891F940 Content-Type: image/gif; name="USflag.gif" Content-Transfer-Encoding: base64 Content-ID: <010901c2206b$1f9ede50$6501a8c0@TOMSBOX> R0lGODdhSwBLAPcAAP//////zP/M///MzP/Mmf+ZzP+Zmf+ZZv9mmf9mZsz//8z/zMzM/8zMzMzM mcyZzMyZmcyZZsxmmcxmZsxmM8xmAMwzmcwzZswzM8wzAMwAZswAM8wAAJnM/5nMzJnMmZmZzJmZ mZmZZplmmZlmZplmM5lmAJkzZpkzM5kzAJkAZpkAM5kAAGaZzGaZmWaZZmZmzGZmmWZmZmZmM2Zm AGYzZmYzM2YzAGYAM2YAADOZzDOZmTNmzDNmmTNmZjNmMzMzmTMzZjMzMzMzADMAZjMAMzMAAABm mQBmZgAzmQAzZgAzMwAAZgAAM7sAAKoAAIgAAHcAAFUAAEQAACIAABEAAAAiAAARAP///wAAVQAA RAAAIgAAEe7u7t3d3bu7u6qqqoiIiHd3d1VVVURERCIiIhEREQAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAAAAAAALAAAAABLAEsA QAj/ALEIHEiwoMGDCBMqXMhwyA0TJlIwnEixokUsD00MYbhkiZKPF0OKzDgkxsceH5Wg7JGkBcog HYN8TOLBC8skSXp0aXBkBZQoOXLgWIHigtELE5KSqEFmTIgGAKJK7ULVSwMZB0n2QKnEBc6tSmQG 8aGyJYicOEG0+BhkLJgGXaTKlepFjBkSEAroLfDgwYC/gL9gRUhyxQoWP3NEiQKFheHHjzdIZhFl CpUpUCCveML5SeQNLKZMYSFZMuTSPqdUyaGQpBgxIcB8mf3lAe0GuL1Q7fJlTBUpjjU/RoECg3EU Un47Lo3apxQjRqQ0NswiYUYjixcHzQ6lOwsWnKGo/xZJfuL18ujTF7yRwoQR9fDjy59fsYrDGzfo 62eoVWVKsjL1AIILRxzx0RJCeOTBTUokAUIDMSSxwgaHRSGFaDk0xhlklF04hRSKZZddDlJkBdEQ PpDlg0llscSiR0qE0MMRaTWQBI009eBDGLHpNldUO4VRBhlgxPWjXF2EQdiJWzGohA8yncQSjUe0 0AJOOQXRxBJBCDGhaaeh9tyXzJVpGhWtnbgCDttNJ9xnFEpBBXaafffdhhP6RAVwZqL2RGVV0LmC dSc+5YVVDdCm6BcN/NVACGQIIQYEBkBgKQR9MdroAA2AIYMZVORgGHObQfFcdNOV9sR7S7q336uE tf/HKqy01mrrrbgSVAV7EJmQX676kQTsfiThlFJYXKWUkwdKLLHFFlsSdKwSi3Vn4azBnnhSW1Km RCNKS2wZQoM5eXEWlknA1WkYYoQBxqFecJqopSTYgMNQZJK6AmsG9TcWWSqBsNURXCX4kU1Y9gDA uUkosZQNNhBn3MQYGGbqnFGQ1qdpUFRhokZckcWVC2E1e5ISNLog8I0trdWsYlB41udmUVBBRRRP 6JvvYR5/PERXKoEF5Vgl99DCty3TmGJHS6BwQlJJHSX1BShQYcOlWGcNgQQkpKnRblaBEcLYb+nW hQAC7FbVF2GMQYYMEGwqL26bxjtACGaM8AVgfPf/DQEZC5HUwAMhhMFj2WqrPZVgQsjwhZFgm20k AF3gHQLf8Ka99hhm2NA1oRoFJRRxpJceJgo2FFFGGF5Q3sWhdNMN2N9lFHkk5V6EMIYQTmkK+hBS MGZnd8R7Bx51yU2BAtRGlY6CZjhUIcS7P+7k6dtPTT6Yz28OR9wJSFGtGp8UPuaZZ9RdfFmIIqp3 3rD0vQ+/fPLPDx+v2NqfHnsp5K///wAMoAAHaJD7EFAku+qVrw54EYdAJAUbYaBFhCXBCZ6oghbU yLQ2qKyGKWELBySJy1LiAjCQTFkt8IISmlCGJpDLWOT6yJcOk4MpGOFD/KKftnrwBTAALCU8PMtH /3zQkY+sbGQtiNADrAKBetlLQ3WCQg1BlJnmbIYyPhvXsXwgG5RgKQQ+aEKCgoCWnNxkRkkIAQTY 1a63JO51nZLBGMRAvSO9Tkn90pYSYiC2aekEBM0SgsEi1KSWfAUlKwAKzIIDmSdIETpSWAHFzGQY /2HkRF9I1kdc0IArDXEMHnHBjAqklhnNyCU+GFsIvtC66nkBDGQogw2eBjUJ2FICWPtcHjX4kVWe sGElNFkYZtICD+CoSkJUQhGGUpypSQ11ZhjDEgUwALv1rQB/a9UQeqjJFHIlCGKYiQeuhJMjjNOD RGQmxdaJARREDzNk0gxqovA7IJrLgzEiIU+w5P8BYzYsBkRcghjgcjupNMBtXyioXLwAOG26oAvk /AgYWKSEL5AzJ11gWAxc0BEiZqZ7qMlBFaIQzzBJ5gkl+p3ZrNJDVTJKcm+MY1PC0ICVwutQavsC GQaaOJyqzQt4/B2YErkYk1JyBacSVfc+sy8qQEFnO4vCb7w2hMfgYDH4elOZ1mSEIthgAreEmljF eoK77K1vgNFLE8tQhhBQ9ZWF4xGmFjUbuQ3gCyQQQufA50ykjHUCNjBCvmaWAyr8BgpUVeQi7cTY 4+VJPFWYwgyXmieR1gCXWrtlvdgqg7L97jWxqSm8YufTqAC1DGN4lwBuetOfhoCtRelr83AAnQyt oe93bMrY8IgnTwpFwQihyhN17ISnChlWVOw8Dg6K4FW8YA23ziMOZBrjWPGYQQytdN3r4LWbR8Wy s3a9axNtUAavSmxilhQISWQzmweAgb11rSlVANAAu9CpfIZBn2Z+G9mM7YwFOQBudEJEPMv8brfF I96daGizKbBPsSICioFhRUGFgCgoFawfBgMHkfRueJce/jBBNCzirMiqxIE7MYqto+IVm7h/LiZI QAAAOw== ------=_NextPart_000_010A_01C22049.9891F940-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Gene Ricci Subject: Re: [CANSLIM] Andersen - what happens to new recruits Date: 30 Jun 2002 14:34:55 -0500 This is a multi-part message in MIME format. ------=_NextPart_000_00E4_01C22043.4D85FEC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable I've tried but I can't help but ask.... Is it the 'one' that shows you the 'loop hole' or the one that uses it = the guilty one? Does anyone believe that Enron didn't know what Anderson = was doing? It's more than likely Enron asked for the different scenarios = and then proceeded to 'cook the books'.... and got Anderson to 'bless' = them. I don't, in any way, condone the actions of the = companies/management/staff of those involved. But I do say that cheating = is bad.... what's the difference in cheating on one's own income tax = versus a company doing it.....=20 I have a dear friend (retired tax accountant) and love to sit over a = beer and listen to his tales of his former clients who gave him the = bottom line and told him to fill in the details... see, they didn't want = to pay the taxes that they owed but what they thought was enough.... I = also have 2 friends that lost their jobs at Anderson and they're both = God fearing men, great fathers, good husbands and dear friends.... I see = none of the sleaze that Anderson folks are reported to have... Have a good summer, Gene ----- Original Message -----=20 From: Tom Worley=20 To: canslim@lists.xmission.com=20 Sent: Sunday, June 30, 2002 2:08 PM Subject: Re: [CANSLIM] Andersen - what happens to new recruits jans, I didn't get the impression that Dave was trying to excuse or allow unethical or illegal conduct by Andersen employees. Rather, I took his = post to provide more background on how these "fresh from the classroom = training environment" people could be convinced to do things differently, and = against what they had been taught. I clearly remember studying celestial = navigation at sea, and having to produce a position accurate to within 2 nautical miles. When I asked why such accuracy in deep open waters, I was told = simply that they (the instructors) realized that in the real world I would = get sloppy, so if they started me at 2 miles, even with slop I still could = put the ship within 5 miles of where it really was, and that would still = be acceptable. The guidance given by Andersen auditors to major corps, or the false = or misleading bookkeeping that they signed off on, goes to corporate = practice and policy of Andersen, starting right at the partners level. Probably = for some distance down in the organization, people clearly knew (or at = least were questioning if) they were doing wrong. But further down in the organization, people may have been confused, but accepted that it was = ok because it was directed by people they trusted, and who had been = auditing many more years than they had. Accountability must start at the very top, they can't be allowed to = escape the damage done, not just with the Worldcoms and Enrons and Sunbeams = and Waste Managements and Global Crossings, but to the entire financial institution and its accounting system. The pattern is clear, and has = been clear for some years. It would be false, tragic even, if the partners = escape by claiming lack of knowledge of what was going on, it is obvious to = me that what was happening was normal corporate policy, directed right from = the top of the organization. ----- Original Message ----- From: To: Sent: Sunday, June 30, 2002 2:38 PM Subject: Re: [CANSLIM] Andersen - what happens to new recruits David: Although this is not Canslim, since your remark was posted on the CANSLIM forum, I feel I should post my answer here: Those poor little boys and girls. My heart bleeds for them. It = is not their fault that they do something unscrupulous (no more than it was = the fault of those who taught them the "Anderson" way-after all the tutors = were themselves taught to be unethical by their own unscrupulous Anderson teachers-and no doubt they were as impressionably callow as the = 1987-year people. Of course, this could go on ad infinitum). So long as you allow people to be unethical and unlawful by = excusing their unethical and illegal behavior, you are going to get more of it-especially if the crime costs less than the probability that the = crime will be punished through condemnation and jail time. After all, a baby isn't born good; he/she has to be taught to do = the right thing. However, apparently, all this learning falls by the = wayside once Anderson-like training centers get their diabolical hands on the "kids". Those poor impressionable youngsters-as a result of the training = they've received from the demon Anderson guys-cannot remember the difference = between right and wrong. What Balderdash. These are NOT children. If one continues to treat adults like = children by making excuses for their unethical behavior, then this population = will become nothing but a nation of whining miscreants. Just, by the way, = what we need now to fight terrorists and terrorism. jans In a message dated 6/29/2002 10:53:38 PM Eastern Daylight Time, dfcameron@yahoo.com writes: << In 1987, I started my professional career in Chicago. I was 24 years old, new to Chicago. I wanted to learn my way around, make some new friends, etc.... much like young people new to an area will. My company was located close to Arthur Andersen's training center (which is really about 40 miles west of Chicago - but in the Chicago metro area). I had the chance to meet several Andersen recruits. These were young men and women who were (usually) fresh out of school, eager to make their mark, and new to the ways of business. Their story (told independently by several people over the next several months) told of a boot camp like environment, with 70+ hour weeks, continual indoctrination in "the Andersen way" and even lodging together during stretches. The company I worked for had no such thing. Only years later did I realize that Andersen's approach was to get these people out of college before they knew what other companies did, work them very hard, and get them well indoctrinated. Many left once they got some experience, but many stayed on - only knowing what Andersen taught as THE way business should be run. In retrospect, I suspect that some of the shady dealings by senior members of Andersen were just drummed in to young impressionable people as "that's the way things are done in business". Again, take this for what its worth. I didn't go through it. I have a friend who I still keep in touch with who worked for Arthur Andersen Co. in Chicago. This was also 15 years ago. But... maybe it sheds some light on how things got they way they are. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_00E4_01C22043.4D85FEC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    I've tried but I can't help but=20 ask....
     
    Is it the 'one' that shows you the = 'loop hole'=20 or the one that uses it the guilty one? Does anyone believe that Enron = didn't=20 know what Anderson was doing? It's more than likely Enron asked for = the=20 different scenarios and then proceeded to 'cook the books'.... and got = Anderson=20 to 'bless' them.  I don't, in any way, condone the = actions of the=20 companies/management/staff of those involved. But I do say = that cheating is=20 bad.... what's the difference in cheating on one's own income tax versus = a=20 company doing it..... 
     
    I have a dear friend (retired tax = accountant)=20 and love to sit over a beer and listen to his tales of his former = clients who=20 gave him the bottom line and told him to fill in the details... see, = they didn't=20 want to pay the taxes that they owed but what they thought was = enough.... I also=20 have 2 friends that lost their jobs at Anderson and they're both God = fearing=20 men, great fathers, good husbands and dear friends.... I see none of the = sleaze=20 that Anderson folks are reported to have...
     
    Have a good summer,
    Gene
     
     
    ----- Original Message -----
    From:=20 Tom=20 Worley
    Sent: Sunday, June 30, 2002 = 2:08 PM
    Subject: Re: [CANSLIM] Andersen = - what=20 happens to new recruits

    jans,

    I didn't get the impression that Dave was = trying=20 to excuse or allow
    unethical or illegal conduct by Andersen = employees.=20 Rather, I took his post
    to provide more background on how these = "fresh from=20 the classroom training
    environment" people could be convinced to do = things=20 differently, and against
    what they had been taught. I clearly = remember=20 studying celestial navigation
    at sea, and having to produce a = position=20 accurate to within 2 nautical
    miles. When I asked why such accuracy = in deep=20 open waters, I was told simply
    that they (the instructors) realized = that in=20 the real world I would get
    sloppy, so if they started me at 2 = miles, even=20 with slop I still could put
    the ship within 5 miles of where it = really was,=20 and that would still be
    acceptable.

    The guidance given by = Andersen=20 auditors to major corps, or the false or
    misleading bookkeeping = that they=20 signed off on, goes to corporate practice
    and policy of Andersen, = starting=20 right at the partners level. Probably for
    some distance down in the = organization, people clearly knew (or at least
    were questioning if) = they=20 were doing wrong. But further down in the
    organization, people may = have=20 been confused, but accepted that it was ok
    because it was directed = by=20 people they trusted, and who had been auditing
    many more years than = they=20 had.

    Accountability must start at the very top, they can't be = allowed=20 to escape
    the damage done, not just with the Worldcoms and Enrons = and=20 Sunbeams and
    Waste Managements and Global Crossings, but to the = entire=20 financial
    institution and its accounting system. The pattern is = clear, and=20 has been
    clear for some years. It would be false, tragic even, if = the=20 partners escape
    by claiming lack of knowledge of what was going on, = it is=20 obvious to me that
    what was happening was normal corporate policy, = directed=20 right from the top
    of the organization.

    ----- Original = Message=20 -----
    From: <Spencer48@aol.com>
    To: = <canslim@lists.xmission.com= >
    Sent:=20 Sunday, June 30, 2002 2:38 PM
    Subject: Re: [CANSLIM] Andersen - = what=20 happens to new = recruits


    David:

        =20 Although this is not Canslim, since your remark was posted on = the
    CANSLIM=20 forum, I feel I should post my answer = here:

        =20 Those poor little boys and girls.  My heart bleeds for = them.  It is=20 not
    their fault that they do something unscrupulous (no more than = it was=20 the
    fault of those who taught them the "Anderson" way-after all the = tutors=20 were
    themselves taught to be unethical by their own unscrupulous=20 Anderson
    teachers-and no doubt they were as impressionably callow = as the=20 1987-year
    people.  Of course, this could go on ad=20 infinitum).

         So long as you allow = people to be=20 unethical and unlawful by excusing
    their unethical and illegal = behavior,=20 you are going to get more of
    it-especially if the crime costs less = than the=20 probability that the crime
    will be punished through condemnation = and jail=20 time.

         After all, a baby isn't born = good;=20 he/she has to be taught to do the
    right thing.  However, = apparently,=20 all this learning falls by the wayside
    once Anderson-like training = centers=20 get their diabolical hands on the
    "kids".
     Those poor=20 impressionable youngsters-as a result of the training = they've
    received from=20 the demon Anderson guys-cannot remember the difference = between
    right and=20 wrong.  What Balderdash.

         These = are NOT=20 children.  If one continues to treat adults like children
    by = making=20 excuses for their unethical behavior, then this population = will
    become=20 nothing but a nation of whining miscreants.  Just, by the way,=20 what
    we
    need now to fight terrorists and=20 terrorism.

    jans

    In a message dated 6/29/2002 10:53:38 PM = Eastern=20 Daylight Time,
    dfcameron@yahoo.com=20 writes:

    << In 1987, I started my professional career in=20 Chicago.   I was 24
     years old, new to = Chicago.  =20 I wanted to learn my way around, make
     some new friends, = etc.... much=20 like young people new to an area will.
       My company was = located=20 close to Arthur Andersen's training center
     (which is really = about 40=20 miles west of Chicago - but in the Chicago
     metro = area).   I=20 had the chance to meet several Andersen recruits.
     These were = young=20 men and women who were (usually) fresh out of
     school, eager = to make=20 their mark, and new to the ways of business.
     Their story = (told=20 independently by several people over the next
     several months) = told of=20 a boot camp like environment, with 70+ hour
     weeks, continual=20 indoctrination in "the Andersen way" and even
     lodging = together during=20 stretches.

     The company I worked for had no such=20 thing.   Only years later did I
     realize that = Andersen's=20 approach was to get these people out of
     college before they = knew what=20 other companies did, work them very
     hard, and get them well=20 indoctrinated.   Many left once they got = some
     experience,=20 but many stayed on - only knowing what Andersen taught as
     THE = way=20 business should be run.

     In retrospect, I suspect that = some of the=20 shady dealings by senior
     members of Andersen were just = drummed in to=20 young impressionable
     people as "that's the way things are = done in=20 business".

     Again, take this for what its = worth.   I=20 didn't go through it.  I
     have a friend who I still keep = in touch=20 with who worked for Arthur
     Andersen Co. in = Chicago.   This=20 was also 15 years ago.   But... maybe
     it sheds some = light=20 on how things got they way they are.
      = >>

    -
    -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
    -In= the=20 email body, write "subscribe canslim" or
    -"unsubscribe = canslim".  Do=20 not use quotes in your email.



    -
    -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
    -In= the=20 email body, write "subscribe canslim" or
    -"unsubscribe = canslim".  Do=20 not use quotes in your email.
    ------=_NextPart_000_00E4_01C22043.4D85FEC0-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] lighter side of corp deception Date: 28 Jun 2002 09:15:12 -0400 I love it, Ernie, best laugh in days, thanks ----- Original Message ----- Sent: Thursday, June 27, 2002 7:17 PM REMAINING U.S. CEOs MAKE A BREAK FOR IT-- Band of Roving Chief Executives Spotted Miles from Mexican Border San Antonio, Texas(Reuters) - Unwilling to wait for their eventual indictments, the 10,000 remaining CEOs of public U.S. companies made a break for it yesterday, heading for the Mexican border, plundering towns and villages along the way, and writing the entire rampage off as a marketing expense. "They came into my home, made me pay for my own TV, then double-booked the revenues," said Rachel Sanchez of Las Cruces, just north of El Paso. "Right in front of my daughters." Calling themselves the CEOnistas, the chief executives were first spotted last night along the Rio Grande River near Quemado, where they bought each of the town's 320 residents by borrowing against pension fund gains. By late this morning, the CEOnistas had arbitrarily inflated Quemado's population to 960, and declared a 200 percent profit for the fiscal second quarter. This morning, the outlaws bought the city of Waco, transferred its under performing areas to a private partnership, and sent a bill to California for $4.5 billion. Law enforcement officials and disgruntled shareholders riding posse were noticeably frustrated. "First of all, they're very hard to find because they always stand behind their numbers, and the numbers keep shifting," said posse spokesman Dean Levitt. "And every time we yell 'Stop in the name of the shareholders!', they refer us to investor relations. I've been on the phone all damn morning." "YOU'LL NEVER AUDIT ME ALIVE!" The pursuers said they have had some success, however, by preying on a common executive weakness. "Last night we caught about 24 of them by disguising one of our female officers as a CNBC anchor," said U.S. Border Patrol spokesperson Janet Lewis. "It was like moths to a flame." Also, teams of agents have been using high-powered listening devices to scan the plains for telltale sounds of the CEOnistas. "Most of the time we just hear leaves rustling or cattle flicking their tails," said Lewis, "but occasionally we'll pick up someone saying, 'I was totally out of the loop on that.'" Among former and current CEOs apprehended with this method were Computer Associates' Sanjay Kumar, Adelphia's John Rigas, Enron's Ken Lay, Joseph Nacchio of Qwest, Joseph Berardino of Arthur Andersen, and every Global Crossing CEO since 1997. ImClone Systems' Sam Waksal and Dennis Kozlowski of Tyco were not allowed to join the CEOnistas as they have already been indicted. So far, about 50 chief executives have been captured, including Martha Stewart, who was detained south of El Paso where she had cut through a barbed-wire fence at the Zaragosa border crossing off Highway 375. "She would have gotten away, but she was stopping motorists to ask for marzipan and food coloring so she could make edible snowman place settings, using the cut pieces of wire for the arms," said Border Patrol officer Jennette Cushing. "We put her in cell No. 7, because the morning sun really adds texture to the stucco walls." While some stragglers are believed to have successfully crossed into Mexico, Cushing said the bulk of the CEOnistas have holed themselves up at the Alamo. "No, not the fort, the car rental place at the airport," she said. "They're rotating all the tires on the minivans and accounting for each change as a sale." ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "David Taggart" Subject: RE: [CANSLIM] Too much information in IBD Date: 28 Jun 2002 13:46:55 -0600 This is a multi-part message in MIME format. ------=_NextPart_000_0046_01C21EAA.44448510 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit I personally like all the features but only use a few of them. I mostly just read the paper. I like the weekend review every friday and if it a good investors corner I save it. I have dailygraphs and other computer stuff so I dont use all the features like I used to. I like the newspaper part where they cover companies and industries because they usually focus on the smaller cap names instead of another damn article on MSFT. David Taggart -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly Short Sent: Friday, June 28, 2002 1:42 PM To: canslim@lists.xmission.com Subject: [CANSLIM] Too much information in IBD I recently started reviewing the "Screen of the Day" on the IBD website everyday. It's a lot of information to digest and certainly there are too many companies to perform a detailed analysis of each one on each list. I welcome any comments on how you personally find this, and other lists, useful and how you prioritize the myriad information found on the IBD site/print edition. Kelly ------=_NextPart_000_0046_01C21EAA.44448510 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    I=20 personally like all the features but only use a few of them.  I = mostly just=20 read the paper.  I like the weekend review every friday and if it a = good=20 investors corner I save it.  I have dailygraphs and other computer = stuff so=20 I dont use all the features like I used to.  I like the = newspaper part=20 where they cover companies and industries because they usually focus on = the=20 smaller cap names instead of another damn article on = MSFT.
     
    David=20 Taggart
    -----Original Message-----
    From:=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]On Behalf Of Kelly=20 Short
    Sent: Friday, June 28, 2002 1:42 PM
    To:=20 canslim@lists.xmission.com
    Subject: [CANSLIM] Too much = information=20 in IBD

    I=20 recently started reviewing the "Screen of the Day" on the IBD website=20 everyday. It's a lot of information to digest and certainly there are = too many=20 companies to perform a detailed analysis of each one on each list. I = welcome=20 any comments on how you personally find this, and other lists, useful = and how=20 you prioritize the myriad information found on the IBD site/print=20 edition.
     
    Kelly
    ------=_NextPart_000_0046_01C21EAA.44448510-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Andersen - what happens to new recruits Date: 30 Jun 2002 16:11:31 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_0123_01C22050.CC5B1930 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable In the case of both Enron and Worldcom, it appears that the intent was = to hide debt and losses from both shareholders and analysts. In the case = of Enron, also looks to me like they were hiding profits that should = have gone to shareholders, and instead were quietly shunted off to the = limited partners. So the "intent" to me in these two cases appears = deceitful, and thus wrong, on the part of both (Andersen organized the = tactic, so they knew the intent as well).=20 On the other hand, if a CFO relied on the advice of an outside auditor, = without ill intent or knowledge of it being wrong, then the auditor = bears the burden of ignorance at a minimum, and possible illegality as = well. ----- Original Message -----=20 Sent: Sunday, June 30, 2002 3:34 PM I've tried but I can't help but ask.... Is it the 'one' that shows you the 'loop hole' or the one that uses it = the guilty one? Does anyone believe that Enron didn't know what Anderson = was doing? It's more than likely Enron asked for the different scenarios = and then proceeded to 'cook the books'.... and got Anderson to 'bless' = them. I don't, in any way, condone the actions of the = companies/management/staff of those involved. But I do say that cheating = is bad.... what's the difference in cheating on one's own income tax = versus a company doing it.....=20 I have a dear friend (retired tax accountant) and love to sit over a = beer and listen to his tales of his former clients who gave him the = bottom line and told him to fill in the details... see, they didn't want = to pay the taxes that they owed but what they thought was enough.... I = also have 2 friends that lost their jobs at Anderson and they're both = God fearing men, great fathers, good husbands and dear friends.... I see = none of the sleaze that Anderson folks are reported to have... Have a good summer, Gene ----- Original Message -----=20 From: Tom Worley=20 To: canslim@lists.xmission.com=20 Sent: Sunday, June 30, 2002 2:08 PM Subject: Re: [CANSLIM] Andersen - what happens to new recruits jans, I didn't get the impression that Dave was trying to excuse or allow unethical or illegal conduct by Andersen employees. Rather, I took his = post to provide more background on how these "fresh from the classroom = training environment" people could be convinced to do things differently, and = against what they had been taught. I clearly remember studying celestial = navigation at sea, and having to produce a position accurate to within 2 nautical miles. When I asked why such accuracy in deep open waters, I was told = simply that they (the instructors) realized that in the real world I would = get sloppy, so if they started me at 2 miles, even with slop I still could = put the ship within 5 miles of where it really was, and that would still = be acceptable. The guidance given by Andersen auditors to major corps, or the false = or misleading bookkeeping that they signed off on, goes to corporate = practice and policy of Andersen, starting right at the partners level. Probably = for some distance down in the organization, people clearly knew (or at = least were questioning if) they were doing wrong. But further down in the organization, people may have been confused, but accepted that it was = ok because it was directed by people they trusted, and who had been = auditing many more years than they had. Accountability must start at the very top, they can't be allowed to = escape the damage done, not just with the Worldcoms and Enrons and Sunbeams = and Waste Managements and Global Crossings, but to the entire financial institution and its accounting system. The pattern is clear, and has = been clear for some years. It would be false, tragic even, if the partners = escape by claiming lack of knowledge of what was going on, it is obvious to = me that what was happening was normal corporate policy, directed right from = the top of the organization. ----- Original Message ----- From: To: Sent: Sunday, June 30, 2002 2:38 PM Subject: Re: [CANSLIM] Andersen - what happens to new recruits David: Although this is not Canslim, since your remark was posted on the CANSLIM forum, I feel I should post my answer here: Those poor little boys and girls. My heart bleeds for them. It = is not their fault that they do something unscrupulous (no more than it was = the fault of those who taught them the "Anderson" way-after all the tutors = were themselves taught to be unethical by their own unscrupulous Anderson teachers-and no doubt they were as impressionably callow as the = 1987-year people. Of course, this could go on ad infinitum). So long as you allow people to be unethical and unlawful by = excusing their unethical and illegal behavior, you are going to get more of it-especially if the crime costs less than the probability that the = crime will be punished through condemnation and jail time. After all, a baby isn't born good; he/she has to be taught to do = the right thing. However, apparently, all this learning falls by the = wayside once Anderson-like training centers get their diabolical hands on the "kids". Those poor impressionable youngsters-as a result of the training = they've received from the demon Anderson guys-cannot remember the difference = between right and wrong. What Balderdash. These are NOT children. If one continues to treat adults like = children by making excuses for their unethical behavior, then this population = will become nothing but a nation of whining miscreants. Just, by the way, = what we need now to fight terrorists and terrorism. jans In a message dated 6/29/2002 10:53:38 PM Eastern Daylight Time, dfcameron@yahoo.com writes: << In 1987, I started my professional career in Chicago. I was 24 years old, new to Chicago. I wanted to learn my way around, make some new friends, etc.... much like young people new to an area will. My company was located close to Arthur Andersen's training center (which is really about 40 miles west of Chicago - but in the Chicago metro area). I had the chance to meet several Andersen recruits. These were young men and women who were (usually) fresh out of school, eager to make their mark, and new to the ways of business. Their story (told independently by several people over the next several months) told of a boot camp like environment, with 70+ hour weeks, continual indoctrination in "the Andersen way" and even lodging together during stretches. The company I worked for had no such thing. Only years later did I realize that Andersen's approach was to get these people out of college before they knew what other companies did, work them very hard, and get them well indoctrinated. Many left once they got some experience, but many stayed on - only knowing what Andersen taught as THE way business should be run. In retrospect, I suspect that some of the shady dealings by senior members of Andersen were just drummed in to young impressionable people as "that's the way things are done in business". Again, take this for what its worth. I didn't go through it. I have a friend who I still keep in touch with who worked for Arthur Andersen Co. in Chicago. This was also 15 years ago. But... maybe it sheds some light on how things got they way they are. >> - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------=_NextPart_000_0123_01C22050.CC5B1930 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    In the case of both Enron and Worldcom, it = appears that=20 the intent was to hide debt and losses from both shareholders and = analysts. In=20 the case of Enron, also looks to me like they were hiding profits that = should=20 have gone to shareholders, and instead were quietly shunted off to the = limited=20 partners. So the "intent" to me in these two cases appears deceitful, = and thus=20 wrong, on the part of both (Andersen organized the tactic, so they knew = the=20 intent as well).
     
    On the other hand, if a CFO relied on the advice = of an=20 outside auditor, without ill intent or knowledge of it being wrong, then = the=20 auditor bears the burden of ignorance at a minimum, and possible = illegality as=20 well.
     
    ----- Original Message -----=20
    From: Gene Ricci =
    Sent: Sunday, June 30, 2002 3:34 PM
    Subject: Re: [CANSLIM] Andersen - what happens to new=20 recruits

    I've tried but I can't help but=20 ask....
     
    Is it the 'one' that shows you the = 'loop hole'=20 or the one that uses it the guilty one? Does anyone believe that Enron = didn't=20 know what Anderson was doing? It's more than likely Enron asked for = the=20 different scenarios and then proceeded to 'cook the books'.... and got = Anderson=20 to 'bless' them.  I don't, in any way, condone the = actions of the=20 companies/management/staff of those involved. But I do say = that cheating is=20 bad.... what's the difference in cheating on one's own income tax versus = a=20 company doing it..... 
     
    I have a dear friend (retired tax = accountant)=20 and love to sit over a beer and listen to his tales of his former = clients who=20 gave him the bottom line and told him to fill in the details... see, = they didn't=20 want to pay the taxes that they owed but what they thought was = enough.... I also=20 have 2 friends that lost their jobs at Anderson and they're both God = fearing=20 men, great fathers, good husbands and dear friends.... I see none of the = sleaze=20 that Anderson folks are reported to have...
     
    Have a good summer,
    Gene
     
     
    ----- Original Message -----
    From:=20 Tom=20 Worley
    Sent: Sunday, June 30, 2002 = 2:08 PM
    Subject: Re: [CANSLIM] Andersen = - what=20 happens to new recruits

    jans,

    I didn't get the impression that Dave was = trying=20 to excuse or allow
    unethical or illegal conduct by Andersen = employees.=20 Rather, I took his post
    to provide more background on how these = "fresh from=20 the classroom training
    environment" people could be convinced to do = things=20 differently, and against
    what they had been taught. I clearly = remember=20 studying celestial navigation
    at sea, and having to produce a = position=20 accurate to within 2 nautical
    miles. When I asked why such accuracy = in deep=20 open waters, I was told simply
    that they (the instructors) realized = that in=20 the real world I would get
    sloppy, so if they started me at 2 = miles, even=20 with slop I still could put
    the ship within 5 miles of where it = really was,=20 and that would still be
    acceptable.

    The guidance given by = Andersen=20 auditors to major corps, or the false or
    misleading bookkeeping = that they=20 signed off on, goes to corporate practice
    and policy of Andersen, = starting=20 right at the partners level. Probably for
    some distance down in the = organization, people clearly knew (or at least
    were questioning if) = they=20 were doing wrong. But further down in the
    organization, people may = have=20 been confused, but accepted that it was ok
    because it was directed = by=20 people they trusted, and who had been auditing
    many more years than = they=20 had.

    Accountability must start at the very top, they can't be = allowed=20 to escape
    the damage done, not just with the Worldcoms and Enrons = and=20 Sunbeams and
    Waste Managements and Global Crossings, but to the = entire=20 financial
    institution and its accounting system. The pattern is = clear, and=20 has been
    clear for some years. It would be false, tragic even, if = the=20 partners escape
    by claiming lack of knowledge of what was going on, = it is=20 obvious to me that
    what was happening was normal corporate policy, = directed=20 right from the top
    of the organization.

    ----- Original = Message=20 -----
    From: <Spencer48@aol.com>
    To: = <canslim@lists.xmission.com= >
    Sent:=20 Sunday, June 30, 2002 2:38 PM
    Subject: Re: [CANSLIM] Andersen - = what=20 happens to new = recruits


    David:

        =20 Although this is not Canslim, since your remark was posted on = the
    CANSLIM=20 forum, I feel I should post my answer = here:

        =20 Those poor little boys and girls.  My heart bleeds for = them.  It is=20 not
    their fault that they do something unscrupulous (no more than = it was=20 the
    fault of those who taught them the "Anderson" way-after all the = tutors=20 were
    themselves taught to be unethical by their own unscrupulous=20 Anderson
    teachers-and no doubt they were as impressionably callow = as the=20 1987-year
    people.  Of course, this could go on ad=20 infinitum).

         So long as you allow = people to be=20 unethical and unlawful by excusing
    their unethical and illegal = behavior,=20 you are going to get more of
    it-especially if the crime costs less = than the=20 probability that the crime
    will be punished through condemnation = and jail=20 time.

         After all, a baby isn't born = good;=20 he/she has to be taught to do the
    right thing.  However, = apparently,=20 all this learning falls by the wayside
    once Anderson-like training = centers=20 get their diabolical hands on the
    "kids".
     Those poor=20 impressionable youngsters-as a result of the training = they've
    received from=20 the demon Anderson guys-cannot remember the difference = between
    right and=20 wrong.  What Balderdash.

         These = are NOT=20 children.  If one continues to treat adults like children
    by = making=20 excuses for their unethical behavior, then this population = will
    become=20 nothing but a nation of whining miscreants.  Just, by the way,=20 what
    we
    need now to fight terrorists and=20 terrorism.

    jans

    In a message dated 6/29/2002 10:53:38 PM = Eastern=20 Daylight Time,
    dfcameron@yahoo.com=20 writes:

    << In 1987, I started my professional career in=20 Chicago.   I was 24
     years old, new to = Chicago.  =20 I wanted to learn my way around, make
     some new friends, = etc.... much=20 like young people new to an area will.
       My company was = located=20 close to Arthur Andersen's training center
     (which is really = about 40=20 miles west of Chicago - but in the Chicago
     metro = area).   I=20 had the chance to meet several Andersen recruits.
     These were = young=20 men and women who were (usually) fresh out of
     school, eager = to make=20 their mark, and new to the ways of business.
     Their story = (told=20 independently by several people over the next
     several months) = told of=20 a boot camp like environment, with 70+ hour
     weeks, continual=20 indoctrination in "the Andersen way" and even
     lodging = together during=20 stretches.

     The company I worked for had no such=20 thing.   Only years later did I
     realize that = Andersen's=20 approach was to get these people out of
     college before they = knew what=20 other companies did, work them very
     hard, and get them well=20 indoctrinated.   Many left once they got = some
     experience,=20 but many stayed on - only knowing what Andersen taught as
     THE = way=20 business should be run.

     In retrospect, I suspect that = some of the=20 shady dealings by senior
     members of Andersen were just = drummed in to=20 young impressionable
     people as "that's the way things are = done in=20 business".

     Again, take this for what its = worth.   I=20 didn't go through it.  I
     have a friend who I still keep = in touch=20 with who worked for Arthur
     Andersen Co. in = Chicago.   This=20 was also 15 years ago.   But... maybe
     it sheds some = light=20 on how things got they way they are.
      = >>

    -
    -To=20 subscribe/unsubscribe, email "majordomo@xmission.com"
    -In= the=20 email body, write "subscribe canslim" or
    -"unsubscribe = canslim".  Do=20 not use quotes in your email.



    -
    -To = subscribe/unsubscribe,=20 email "majordomo@xmission.com"
    -In= the=20 email body, write "subscribe canslim" or
    -"unsubscribe = canslim".  Do=20 not use quotes in your email.
    ------=_NextPart_000_0123_01C22050.CC5B1930-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: "Tom Worley" Subject: Re: [CANSLIM] Now Xerox? Date: 28 Jun 2002 22:09:19 -0400 This is a multi-part message in MIME format. ------=_NextPart_000_017A_01C21EF0.731C6420 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Ernie, I agree in part, history does tend to repeat itself, so claims of = somehow "this time it is different" has to be taken with a large grain = of salt. On the other hand, times are indeed changing, just as they have = for several hundred years. During my years as an active stock broker, I = had clients in about 20 states, so got a lot of feedback on a very human = level from all parts of the country. My assessment of sentiment, and = "M", was influenced by that very subjective feedback. I regularly talked = with all my clients, and often not about their holdings as much as their = investment goals, risk tolerance, etc. I taught them to focus more on = the overall performance of their portfolio than on individual stock = performance. I also observed a steady erosion of the percentage of = clients willing to invest in individual stocks while seeing a greater = willingness to buy funds. Many people simply don't have the time to do = the work that individual stocks take, preferring instead to leave = management, and research, and decision making, up to the = "professionals".=20 Even today I still have a lot of people asking me for advice on which = funds they should buy, or whether they should hold the ones they already = own. My answer is simple, and consistent, they need to determine their = own investment goals, and risk tolerance, then select a class of funds = that meet that criteria. I also remind them to always review fund = performance over a 3 to 5 year period, nothing shorter. I know many = people with substantial money in funds that have not looked at a chart = of the DOW, or the S&P500, in over a year. They just keep adding to = their funds regularly and don't worry about what the market is doing day = to day, or weekly, or even monthly. I also think investors that wish to be are better informed these days. = Part of that is the internet, part is simply being more sophisticated in = understanding investing. All of this contributes, in my opinion, to a = higher percentage of "active" investors paying far less attention to the = market's overall performance, and thus less affected by "fear". ----- Original Message -----=20 Sent: Friday, June 28, 2002 6:47 PM Sam =20 You, IMHO are of course right. =20 The mantra of "this time it is different" to me is a little humorous. I = can't help but smile as I write this (guess I am a little sadistic). = History repeats itself because of human nature, and part of human nature = is the arrogant idea that we some how have it all figure out better than = those who preceded us. The psychology of freely traded markets will = never change, and while I have no historical reference I am sure that in = past investment bubbles there were plenty of people who believed "this = time it is different". =20 My reference to arrogance was not directed at any individual in this = group, rather I was speaking of the mass psychology of the investment = community that propelled our recently busted bubble. =20 E=20 =20 -----Original Message----- Sent: Friday, June 28, 2002 4:26 PM =20 Winston,=20 The way I read your statement is that, This time is different. We can = not look to history to provide an accurate view of our current economic = times. I ask, were you thinking the same thoughts in 1999 as the market = was going ever higher? Was the speculation bubble any different then = than any other time? I think the past 2 years has told us that this = bubble was no different. It is always nice to think that this time is = different but haw many times has it been? Sure our society has been = trained to believe in the long term fund and that over time it will = average out. I ask you, the fund managers are just as scared if not = more so in today's current economic time. Who pay's the fund managers = their large salary. It is you and whoever invests in their fund. If = you have poor performance over several years, you have a large = likelihood that your customers will leave. So you are fearful that you = will not come close to the averages and lose your customers and = therefore your job. The thirty something's like myself are in for the = long haul. How about those investors that are in their 50's (what = percentage of the population is 50 or older? A Large Percentage!) They = have watched their portfolio shrink dramatically over the past couple of = years and they will become scared enough to remove their cash from = funds. When will that be? When fear has hit the market. Everybody, = young and old, are still waiting for the market to continue its "normal = upward movement" and at some point people will begin to question if the = market is a good place to keep their investment or is it better to plow = all their money into a larger house. Unless of course, the market = begins its upward trend. Ask anybody you know that is older than 50 who = has large mutual fund holdings if they have moved any of their money or = if they intend to in the near future. Please let the group know your = answer.=20 Your comment to the "The larger population of individuals will also = contain a larger number of people who know no fear." This seems = irrational at first sight as averages stay relatively the same. As the = population grows, wouldn't it be reasonable to expect that the same = percentage of risk takers will be born? Why would the larger population = mean that there is a larger population of risk takers?=20 This being said, I think that anybody who believes "this time is = different" is fooling themselves and being wishful. If you are a value = investor for the long haul, you should be buying everything that you = have researched and like at a maddening pace. Are you? Are you = selling?=20 What is the general market tell you? I read and have read for the past = 2 years to be in cash. That is where I have been and am enjoying using = my cash for other non-stock market investments. I have kept two = investments in small portfolios only because I have been too lazy to = remove them. i kick myself for being so lazy as I have lost a decent = amount of money. Oh well. The market told me to get out and stay out = for the time being.=20 Sam=20 Winston Little wrote:=20 "The market always climbs a wall of worry" is an old familiar saying. = In 1965 only 10% of the population invested in the market.(Just over 50% = of trading volume was by individuals)The participation grew to 60% of = the population in April 2002 (either directly or through = retirement/mutual funds). The volume due to individuals fell to under = 20%. Fund managers may not have the same fear as an individual (it is = not HIS/HER money, but YOURS!)The larger population of individuals will = also contain a larger number of people who know no fear.Thus I wonder if = the exhibition of fear will be as large or severe as in the past. =20 ----- Original Message ----- Sent: Friday, June 28, 2002 3:36 PM Canslim Members,=20 Been a while since my last post.=20 With that being said, I think the "scandal's" are very good for the long = term benefit of CANSLIMers and the market. Its been a while since I've = read HTMMIS so I can't quote chapters or such, but I recall him talking = a lot about the fear factor. We have not had the "Fear" in the market = yet. I think that there is no sustainable upside to the market until = the fear has hit the market.=20 Just my thoughts.=20 Sam=20 Katherine Malm wrote:=20 Here's some background on earnings from Briefing.com for those less = familiar with EBITDA, etc. --Katherine PS Xerox's accounting woes go = back *years*.... P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=20 =20 The Earnings Confidence Problem - Part I =20 25-Jun-02 14:18 ET =20 =20 =20 [BRIEFING.COM - Robert V. Green] In the midst of the more = scandalous market problems, the earnings confidence problem is not = receiving the attention it should. Here is more on the topic. =20 The Market Problems The current market suffers from the following ailments: =20 a.. Distrust of management - from excessive comp to outright = fraud. Tyco is the best example. =20 b.. Distrust of accounting - Andersen =20 c.. Distrust of analysts - Blodgett =20 These three problems get all the press and attention. =20 But a deeper problem is afflicting the buy side - a growing = concern about the validity of earnings reporting. =20 The Earnings Problem Accounting rules have always been flexible enough to allow most = companies a far amount of flexibility both in revenue recognition and = expense recognition. Even when earnings reporting was somewhat = standardized, some companies were criticized for how they recognized = revenue and expense. =20 But in the last five years, the types of earnings that companies = have driven Wall Street to focus upon have become questionable. =20 There are four different basic types of earnings today: =20 a.. GAAP earnings: Generally Accepted Accounting Principles - A = standards board that publishes rules on how expenses should be booked. = Generally, all types of expenses are deducted. =20 b.. As reported: Earnings excluding extraordinary items (as = defined by GAAP), changes in accounting charges, charges related to = discontinued operations (plant closings, etc.) =20 c.. Operating earnings: As reported earnings but excluding = "one-time" charges which do not fit the GAAP definition of = "extraordinary" =20 d.. Proforma earnings: Loosely defined "as if" analysis. = Originally designed to provide comparison data for mergers. =20 GAAP accounting principles are guidelines for accountants, not = investors. The GAAP standards are guidelines for how a company should = keep its books, not how the company should report earnings. =20 For example, a basic principle behind GAAP is that revenue must be = booked over the time period for which services and product are = delivered. If a two year $200,000 contract is pre-paid in cash, up = front, the entire $200,000 cannot be booked in the quarter in which the = contract is signed. However, the revenue does not have to be booked as = $25,000 per quarter for two years. A fair amount of flexibility, = sometimes negotiated by auditors, is possible for how much of a contract = can be booked in each quarter. =20 GAAP covers expenses as well as revenues, of course. =20 As reported earnings are the historical standard for earnings. = Until the mid-eighties, in fact, there was little debate over how = earnings should be reported as everyone used "as reported" earnings as a = standard. For the most part, there was no difference between "as = reported" earnings and any other methodology because one-time charges = were not as common. Furthermore, companies did not actively seek, as = they do today, to have certain expenses classified as "one-time." =20 Operating earnings are designed to allow comparisons between = quarters and years for a company. One time charges in any quarter are = excluded because these would distort the comparison. Operating earnings = became important when it became clear that Wall Street would completely = ignore any "one-time" charges, and focus solely on earnings growth. This = provided a strong incentive for companies to classify large expenses as = one-time charges. =20 An example of one company's aggressive attempt to get charges = classified as one-time was Excite's 1997 $40 million marketing deal with = Netscape. Now long forgotten, Excite paid Netscape up-front for a = four-year deal to be the principal search engine at the Netscape web = site. Excite tried to classify the entire $40 million payment as a = one-time charge in a single quarter. By doing so, Excite was almost = profitable. At Briefing we highlighted this event as an indicator of the = times. The SEC later forced Excite to restate the payment as a four-year = expense. But many, many companies were successful in getting major = expense outlays classified as "one-time" which improved income = statements. =20 The focus on operating expenses led to the development of the = "EBITDA" concept, which is "Earnings Before Interest, Taxes, = Depreciation, and Amortization." The EBITDA concept, which has to be = calculated from the line items shown on an operating earnings report, = was designed to show the basic business model of the company, without = regard to cost-of-capital. If capital were free, then EBITDA would be = earnings. =20 The focus on EBITDA has fallen from favor in recent times for one = single reason: Interest. The interest payments on bonds, which are = excluded from EBITDA calculations, has ruined many debt-ridden. =20 Only through focusing on EBITDA projections could a company like = Exodus Communications raise so much debt that their interest payments = exceeded their gross margin. That won't happen again for decades. =20 Pro-forma earnings are very hard to define today. The original = purpose of pro-forma earnings calculations was to show the effects of a = merger in a format that allowed a single income statement to combine = only the operating models of each company, and exclude the actual costs = of making the merger. =20 Under the pro-forma for merger guidelines, pro-forma calculations = could only be used for one year, after which the company should start = reporting as-reported earnings for the combined entities. =20 However, companies soon learned that as long as they made a new = merger each year, they could continue reporting pro-forma earnings = indefinitely. This "flexibility" in how earnings could be reported led = to "pro-forma" meanings that were never intended, including stock option = compensation expenses and R&D "in-progress" write-offs. =20 The Erosion of Earnings Confidence The now long-departed CFO of Amazon.com, Joy Covey, was the unsung = hero of bringing pro-forma earnings to the popularity they enjoyed. She = did so by diverting attention away from standardized earnings reports. =20 Ms. Covey invented the concept of "EBITMA" which was defined = "EBITDA plus marketing." She was successful in convincing Wall Street = that marketing costs were equivalent to capital investment, a concept = which looks ridiculous in retrospect. But in the early days of the = internet, marketing and brand development was equated with capturing = "territory" which, presumably, everyone thought could never be lost. = (Tell that to investors in Excite.) =20 Nevertheless, Joy Covey was successful in convincing investors, = particularly convertible bond investors, to focus on the EBITMA concept. = It was a crucial element in selling the $2 billion in Amazon.com bonds = that built the company. After all, if you ignore the interest payments = on the bond, and you consider spending the bond principal on marketing = as "not an expense," Amazon's income statement would look great!. =20 The problem, of course, is that bond holders don't care about = earnings statements. They just care about the payments. The jury is = still out on whether Amazon.com will eventually be able to pay the = principal on their bonds. (See the Stock Brief of: 14-May-01 = Amazon.com's Bond Problem.=20 After Joy Covey established the principle of EBITMA, internet = companies began using all types of non-earnings related statistics to = show growth. Page views, registered users, unique monthly visitors are = just some of the meaningless examples that became popular. (Surely you = remember.) =20 When "non-revenue statistics" becoming drivers of stock prices, = (around 1998) pro-forma earnings increased in popularity. After all, a = pro-forma income statement that showed some kind of earnings progress = looked a lot more "real" than the phony statistics being coughed up by = internet companies. =20 But when the bubble collapsed, everyone began questioning earnings = quality. It didn't happen overnight, and it didn't happen all at once. = But as a long, slow evolutionary force, earnings confidence has eroded, = and is still present today. =20 The Aftermath The evolution of earnings focus over the past 10 years has led us = to today's situation: a basic lack of confidence in many companies = income statements. =20 Amazon.com still reports earnings on a pro-forma basis. In their = Q1 income statement, you can take your choice of earnings: =20 a.. Pro-forma: $25 million profit =20 b.. Operating: $2 million profit =20 c.. Net (as-reported): $(23) million loss =20 The earnings format you choose is not relevant, frankly. It is far = more important to the stock value what format the guy next to you = chooses.=20 After all, value to you is primarily determined by what someone = else will pay, not by what you pay. =20 Even GE Even solid companies like General Electric have come under = scrutiny because of the extremely complex financial situations. = Unraveling a GE earnings report has now become a major task. Where GE = only had to beat earnings estimates by $0.01 each quarter to count on an = ever increasing stock price, today that is not enough. =20 GE stock is down 50% in the last two years despite having only = missed one earnings estimate in the last four years and having continual = year-over-year growth in earnings averaging 15%. =20 This bears repeating: GE, as representative a stock as you can get = of the overall economy, is down 50% since September 2000. During that = time period, they have grown earnings at over 11% (year-to-year basis) = and beat or met earnings estimates every quarter except one. The one = shortfall was October 2001, the quarter of the Attack on America and GE = was only one penny short. =20 Why can't GE get any respect? The only definable long-term culprit = is a decline in confidence in GE's earnings numbers. During the same = eight quarter time-period, GE revenue growth rate has been consistently = falling. From a growth rate of 24% and 20% in 00Q1 and 00Q2, growth has = steadily fallen, and even was negative for most of 2001. =20 Flat or declining revenue combined with continuing increasing = earnings leads to only one conclusion: you can't keep this up forever. = Eventually, GE will be unable to book the earnings number higher than = previous years. When (if), that happens, GE stock will be further = devastated. Until then, the slow erosion of confidence causes the stock = price to decline. =20 GE is just one good example of how confidence in earnings numbers = has been eroding over time since the bubble collapse. Until greater = confidence in earnings numbers is established, you can expect further = difficulties in the market overall. =20 Standard & Poors is now pushing for a standardized calculation for = earnings reporting, called Core Earnings. We will have more on this = concept in Part II of this story, to appear later this week. =20 Comments may be emailed to the author, Robert V. Green, at = rvgreen@briefing.com =20 ----- Original Message ----- Sent: Friday, June 28, 2002 9:47 AM They all used EBITDA.. which Warren Buffett in May said is the currency = of a=20 crook ... they all have a smell about them.=20 ----- Original Message -----=20 Sent: Friday, June 28, 2002 9:46 AM=20 =20 Enron, WorldCom- nothing. Xerox off by $6B. (Yes- that's "B" as in boy!) = Kelly=20 =20 - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the = email body, write "subscribe canslim" or -"unsubscribe canslim". Do not = use quotes in your email. ****************************************************************** This email and any files transmitted with it from the ElPaso=20 Corporation are confidential and intended solely for the=20 use of the individual or entity to whom they are addressed.=20 If you have received this email in error please notify the=20 sender. ****************************************************************** - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the = email body, write "subscribe canslim" or -"unsubscribe canslim". Do not = use quotes in your email. ------=_NextPart_000_017A_01C21EF0.731C6420 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
    Ernie, I agree in part, history does tend to = repeat=20 itself, so claims of somehow "this time it is different" has to be taken = with a=20 large grain of salt. On the other hand, times are indeed changing, just = as they=20 have for several hundred years. During my years as an active stock = broker, I had=20 clients in about 20 states, so got a lot of feedback on a very human = level from=20 all parts of the country. My assessment of sentiment, and "M", was = influenced by=20 that very subjective feedback. I regularly talked with all my clients, = and often=20 not about their holdings as much as their investment goals, risk = tolerance, etc.=20 I taught them to focus more on the overall performance of their = portfolio than=20 on individual stock performance. I also observed a steady erosion of the = percentage of clients willing to invest in individual stocks while = seeing a=20 greater willingness to buy funds. Many people simply don't have the time = to do=20 the work that individual stocks take, preferring instead to leave = management,=20 and research, and decision making, up to the "professionals". =
     
    Even today I still have a lot of people asking = me for=20 advice on which funds they should buy, or whether they should hold the = ones they=20 already own. My answer is simple, and consistent, they need to determine = their=20 own investment goals, and risk tolerance, then select a class of funds = that meet=20 that criteria. I also remind them to always review fund performance over = a 3 to=20 5 year period, nothing shorter. I know many people with substantial = money in=20 funds that have not looked at a chart of the DOW, or the S&P500, in = over a=20 year. They just keep adding to their funds regularly and don't worry = about what=20 the market is doing day to day, or weekly, or even monthly.
     
    I also think investors that wish to be are = better informed=20 these days. Part of that is the internet, part is simply being more=20 sophisticated in understanding investing. All of this contributes, in my = opinion, to a higher percentage of "active" investors paying far less = attention=20 to the market's overall performance, and thus less affected by=20 "fear".
     
    ----- Original Message -----=20
    From: Hill, Ernie=20
    Sent: Friday, June 28, 2002 6:47 PM
    Subject: RE: [CANSLIM] Now Xerox?

    Sam

     

    You,=20 IMHO are of course right.

     

    The=20 mantra of =93this time it is different=94 to me is a little humorous. I = can=92t help=20 but smile as I write this (guess I am a little sadistic). History = repeats itself=20 because of human nature, and part of human nature is the arrogant idea = that we=20 some how have it all figure out better than those who preceded us. The=20 psychology of freely traded markets will never change, and while I have = no=20 historical reference I am sure that in past investment bubbles there = were plenty=20 of people who believed =93this time it is=20 different=94.

     

    My=20 reference to arrogance was not directed at any individual in this group, = rather=20 I was speaking of the mass psychology of the investment community that = propelled=20 our recently busted bubble.

     

    E=20

     

    -----Original=20 Message-----
    From: = Sam Funchess=20 [mailto:sam5@mindspring.com]
    Sent: Friday, June 28, 2002 4:26=20 PM
    To:=20 canslim@lists.xmission.com
    Subject: Re: [CANSLIM] Now=20 Xerox?

     

    Winston,=20

    The way I read = your statement=20 is that, This time is different.  We can not look to history to = provide an=20 accurate view of our current economic times.  I ask, were you = thinking the=20 same thoughts in 1999 as the market was going ever higher?  Was the = speculation bubble any different then than any other time?  I think = the=20 past 2 years has told us that this bubble was no different.  It is = always=20 nice to think that this time is different but haw many times has it = been? =20 Sure our society has been trained to believe in the long term fund and = that over=20 time it will average out.  I ask you, the fund managers are just as = scared=20 if not more so in today's current economic time.  Who pay's the = fund=20 managers their large salary.  It is you and whoever invests in = their=20 fund.  If you have poor performance over several years, you have a = large=20 likelihood that your customers will leave.  So you are fearful that = you=20 will not come close to the averages and lose your customers and = therefore your=20 job.  The thirty something's like myself are in for the long = haul. =20 How about those investors that are in their 50's (what percentage of the = population is 50 or older?  A Large Percentage!)  They have = watched=20 their portfolio shrink dramatically over the past couple of years and = they will=20 become scared enough to remove their cash from funds.  When will = that=20 be?  When fear has hit the market.  Everybody, young and old, = are=20 still waiting for the market to continue its "normal upward movement" = and at=20 some point people will begin to question if the market is a good place = to keep=20 their investment or is it better to plow all their money into a larger=20 house.  Unless of course, the market begins its upward trend.  = Ask=20 anybody you know that is older than 50 who has large mutual fund = holdings if=20 they have moved any of their money or if they intend to in the near=20 future.  Please let the group know your answer.

    Your = comment to the=20 "
    The larger population of = individuals will=20 also contain a larger number of people who know no fear." This seems = irrational=20 at first sight as averages stay relatively the same.  As the = population=20 grows, wouldn't it be reasonable to expect that the same percentage of = risk=20 takers will be born?  Why would the larger population mean that = there is a=20 larger population of risk takers?

    This being said, = I think that=20 anybody who believes "this time is different" is fooling themselves and = being=20 wishful.  If you are a value investor for the long haul, you should = be=20 buying everything that you have researched and like at a maddening = pace. =20 Are you?  Are you selling?

    What is the = general market=20 tell you?  I read and have read for the past 2 years to be in = cash. =20 That is where I have been and am enjoying using my cash for other = non-stock=20 market investments.  I have kept two investments in small = portfolios only=20 because I have been too lazy to remove them.  i kick myself for = being so=20 lazy as I have lost a decent amount of money.  Oh well.  The = market=20 told me to get out and stay out for the time being.

    Sam
    Winston = Little wrote:=20

     "The market = always climbs a=20 wall of worry" is an old familiar saying. In 1965 only 10% of the = population=20 invested in the market.(Just over 50% of trading volume was by = individuals)The=20 participation grew to 60% of the population in April 2002 (either = directly or=20 through retirement/mutual funds). The volume due to individuals fell to = under=20 20%. Fund managers may not have the = same fear=20 as an individual (it is not HIS/HER money, but YOURS!)The larger = population of=20 individuals will also contain a larger number of people who know no = fear.Thus I=20 wonder if the exhibition of fear will be as large or severe as in the=20 past.  =20

    ----- = Original Message=20 -----

    From: Sam=20 Funchess

    To: canslim@lists.xmission.com=

    Sent: Friday, = June 28, 2002=20 3:36 PM

    Subject: Re: = [CANSLIM] Now=20 Xerox?

     Canslim Members, =

    Been a while since my last post. =

    With that being said, I think = the=20 "scandal's" are very good for the long term benefit of CANSLIMers and = the=20 market.  Its been a while since I've read HTMMIS so I can't quote = chapters=20 or such, but I recall him talking a lot about the fear factor.  We = have not=20 had the "Fear" in the market yet.  I think that there is no = sustainable=20 upside to the market until the fear has hit the market. =

    Just my thoughts. =

    Sam

    Katherine Malm wrote: =

    Here's some background on = earnings from=20 Briefing.com for those less familiar with EBITDA, etc. --Katherine PS = Xerox's=20 accounting woes go back *years*.... = P-U....=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D

    The Earnings Confidence = Problem -=20 Part I

    25-Jun-02=20 14:18 ET

     

    [BRIEFING.COM - Robert V. = Green] In=20 the midst of the more scandalous market problems, the earnings = confidence=20 problem is not receiving the attention it should. Here is more on = the=20 topic. 

    The Market=20 Problems

    The current market suffers = from the=20 following ailments: 

    • Distrust of management - = from=20 excessive comp to outright fraud. Tyco is the best=20 example. =20
    • Distrust of accounting - = Andersen =20
    • Distrust of analysts -=20 Blodgett =20

    These three problems get = all the=20 press and attention. 

    But a deeper problem is = afflicting=20 the buy side - a growing concern about the validity of earnings=20 reporting. 

    The Earnings=20 Problem

    Accounting rules have = always been=20 flexible enough to allow most companies a far amount of = flexibility both=20 in revenue recognition and expense recognition. Even when earnings = reporting was somewhat standardized, some companies were = criticized for=20 how they recognized revenue and expense. 

    But in the last five = years, the=20 types of earnings = that=20 companies have driven Wall Street to focus upon have become=20 questionable. 

    There are four different = basic types=20 of earnings today: 

    • GAAP earnings: Generally = Accepted=20 Accounting Principles - A standards board that publishes rules = on how=20 expenses should be booked. Generally, all types of expenses are=20 deducted. =20
    • As reported: Earnings = excluding=20 extraordinary items (as defined by GAAP), changes in accounting = charges,=20 charges related to discontinued operations (plant closings,=20 etc.) =20
    • Operating earnings: As = reported=20 earnings but excluding "one-time" charges which do not fit the = GAAP=20 definition of "extraordinary" =20
    • Proforma earnings: = Loosely defined=20 "as if" analysis. Originally designed to provide comparison data = for=20 mergers. =20

    GAAP accounting principles = are=20 guidelines for accountants, not investors. The GAAP standards are=20 guidelines for how a company should keep its books, not how the = company=20 should report earnings. 

    For example, a basic = principle=20 behind GAAP is that revenue must be booked over the time period = for which=20 services and product are delivered. If a two year $200,000 = contract is=20 pre-paid in cash, up front, the entire $200,000 cannot be booked = in the=20 quarter in which the contract is signed. However, the revenue does = not=20 have to be booked as $25,000 per quarter for two years. A fair = amount of=20 flexibility, sometimes negotiated by auditors, is possible for how = much of=20 a contract can be booked in each quarter.  =

    GAAP covers expenses as = well as=20 revenues, of course. 

    As=20 reported=20 earnings are the historical standard for earnings. Until the = mid-eighties,=20 in fact, there was little debate over how earnings should be = reported as=20 everyone used "as reported" earnings as a standard. For the most = part,=20 there was no difference between "as reported" earnings and any = other=20 methodology because one-time charges were not as common. = Furthermore,=20 companies did not actively seek, as they do today, to have certain = expenses classified as "one-time." 

    Operating=20 earnings=20 are designed to allow comparisons between quarters and years for a = company. One time charges in any quarter are excluded because = these would=20 distort the comparison. Operating earnings became important when = it became=20 clear that Wall Street would completely ignore any "one-time" = charges, and=20 focus solely on earnings growth. This provided a strong incentive = for=20 companies to classify large expenses as one-time charges. =20

    An example of one = company's=20 aggressive attempt to get charges classified as one-time was = Excite's 1997=20 $40 million marketing deal with Netscape. Now long forgotten, = Excite paid=20 Netscape up-front for a four-year deal to be the principal search = engine=20 at the Netscape web site. Excite tried to classify the entire $40 = million=20 payment as a one-time charge in a single quarter. By doing so, = Excite was=20 almost profitable. At Briefing we highlighted this event as an = indicator=20 of the times. The SEC later forced Excite to restate the payment = as a=20 four-year expense. But many, many companies were successful in = getting=20 major expense outlays classified as "one-time" which improved = income=20 statements. 

    The focus on operating = expenses led=20 to the development of the "EBITDA" concept, which is "Earnings = Before=20 Interest, Taxes, Depreciation, and Amortization." The EBITDA = concept,=20 which has to be calculated from the line items shown on an = operating=20 earnings report, was designed to show the basic business model of = the=20 company, without regard to cost-of-capital. If capital were free, = then=20 EBITDA would be earnings. 

    The focus on EBITDA has = fallen from=20 favor in recent times for one single reason: Interest. The interest = payments on=20 bonds, which are excluded from EBITDA calculations, has ruined = many=20 debt-ridden. 

    Only through focusing on = EBITDA=20 projections could a company like Exodus Communications raise so = much debt=20 that their interest payments exceeded their gross margin. That = won't=20 happen again for decades. 

    Pro-forma=20 earnings=20 are very hard to define today. The original purpose of pro-forma = earnings=20 calculations was to show the effects of a merger in a format that = allowed=20 a single income statement to combine only the operating models of = each=20 company, and exclude the actual costs of making the merger. =20

    Under the pro-forma for = merger=20 guidelines, pro-forma calculations could only be used for one = year, after=20 which the company should start reporting as-reported earnings for = the=20 combined entities. 

    However, companies soon = learned that=20 as long as they made a new merger each year, they could continue = reporting=20 pro-forma earnings indefinitely. This "flexibility" in how = earnings could=20 be reported led to "pro-forma" meanings that were never intended,=20 including stock option compensation expenses and R&D = "in-progress"=20 write-offs. 

    The Erosion of Earnings=20 Confidence

    The now long-departed CFO = of=20 Amazon.com, Joy Covey, was the unsung hero of bringing pro-forma = earnings=20 to the popularity they enjoyed. She did so by diverting attention = away=20 from standardized earnings reports. 

    Ms. Covey invented the = concept of=20 "EBITMA" which was defined "EBITDA plus marketing." She was = successful in=20 convincing Wall Street that marketing=20 costs were equivalent to capital investment, a concept = which=20 looks ridiculous in retrospect. But in the early days of the = internet,=20 marketing and brand development was equated with capturing = "territory"=20 which, presumably, everyone thought could never be lost. (Tell = that to=20 investors in Excite.) 

    Nevertheless, Joy Covey = was=20 successful in convincing investors, particularly convertible bond=20 investors, to focus on the EBITMA concept. It was a crucial = element in=20 selling the $2 billion in Amazon.com bonds that built the company. = After=20 all, if you ignore the interest payments on the bond, and you = consider=20 spending the bond principal on marketing as "not an expense," = Amazon's=20 income statement would look great!. 

    The problem, of course, is = that bond=20 holders don't care about earnings statements. They just care about = the=20 payments. The jury is still out on whether Amazon.com will = eventually be=20 able to pay the principal on their bonds. (See the Stock Brief of: = 14-May-01=20 Amazon.com's Bond Problem.

    After Joy Covey = established the=20 principle of EBITMA, internet companies began using all types of=20 non-earnings related statistics to show growth. Page views, = registered=20 users, unique monthly visitors are just some of the meaningless = examples=20 that became popular. (Surely you remember.)  =

    When "non-revenue = statistics"=20 becoming drivers of stock prices, (around 1998) pro-forma earnings = increased in popularity. After all, a pro-forma income statement = that=20 showed some kind of=20 earnings progress looked a lot more "real" than the = phony=20 statistics being coughed up by internet companies. =20

    But when the bubble = collapsed,=20 everyone began = questioning=20 earnings quality. It didn't happen overnight, and it didn't happen = all at=20 once. But as a long, slow evolutionary force, earnings confidence = has=20 eroded, and is still present today. 

    The = Aftermath

    The evolution of earnings = focus over=20 the past 10 years has led us to today's situation: a basic lack of = confidence in many companies income statements.  =

    Amazon.com still reports = earnings on=20 a pro-forma basis. In their Q1 income statement, you can take your = choice=20 of earnings: 

    • Pro-forma: $25 million=20 profit =20
    • Operating: $2 million=20 profit =20
    • Net (as-reported): $(23) = million=20 loss =20

    The earnings format = you choose is not = relevant, frankly.=20 It is far more important to the stock value what format the guy next to you = chooses.=20

    After all, value to you is primarily = determined by=20 what someone else will pay, not by what you pay.  =

    Even = GE

    Even solid companies like = General=20 Electric have come under scrutiny because of the extremely complex = financial situations. Unraveling a GE earnings report has now = become a=20 major task. Where GE only had to beat earnings estimates by $0.01 = each=20 quarter to count on an ever increasing stock price, today that is = not=20 enough. 

    GE = stock is down=20 50% in the last two years despite having only missed one earnings = estimate=20 in the last four years and having continual year-over-year growth = in=20 earnings averaging 15%. 

    This bears repeating: GE, = as=20 representative a stock as you can get of the overall economy, is = down 50%=20 since September 2000. During that time period, they have grown = earnings at=20 over 11% (year-to-year basis) and beat or met earnings estimates = every=20 quarter except one. The one shortfall was October 2001, the = quarter of the=20 Attack on America and GE was only one penny short. =20

    Why can't GE get any = respect? The=20 only definable long-term culprit is a decline in confidence in = GE's=20 earnings numbers. During the same eight quarter time-period, GE = revenue=20 growth rate has been consistently falling. From a growth rate of = 24% and=20 20% in 00Q1 and 00Q2, growth has steadily fallen, and even was = negative=20 for most of 2001. 

    Flat or declining revenue = combined=20 with continuing increasing earnings leads to only one conclusion: = you can't keep this up forever.=20 Eventually, GE will be unable to book the earnings = number=20 higher than previous years. When (if), that happens, GE stock will = be=20 further devastated. Until then, the slow erosion of confidence = causes the=20 stock price to decline. 

    GE is just one good = example of how=20 confidence in earnings numbers has been eroding over time since = the bubble=20 collapse. Until greater confidence in earnings numbers is = established, you=20 can expect further difficulties in the market overall. =20

    Standard & Poors is = now pushing=20 for a standardized calculation for earnings reporting, called Core = Earnings. We will have more on this concept in Part II of this = story, to=20 appear later this week. 

    Comments may be emailed to = the=20 author, Robert V. Green, at rvgreen@briefing.com

    ----- = Original Message=20 -----

    From: Winston=20 Little

    To: canslim@lists.xmission.com=

    Sent: Friday, = June 28, 2002=20 9:47 AM

    Subject: Re: = [CANSLIM] Now=20 Xerox?

     They all used EBITDA.. = which Warren=20 Buffett in May said is the currency of a
    crook ... they all have a = smell=20 about them.

    ----- Original Message ----- =
    From:=20 "Kelly Short" <kelly.short@neoris.com> =
    To:=20 <canslim@lists.xmission.com= >=20
    Sent: Friday, June 28, 2002 9:46 AM
    Subject: [CANSLIM] Now = Xerox?=20
     

    Enron, WorldCom- nothing. Xerox = off by=20 $6B. (Yes- that's "B" as in boy!)

    Kelly =
     

    - -To subscribe/unsubscribe, = email=20 "majordomo@xmission.com" -In the email body, write "subscribe canslim" = or=20 -"unsubscribe canslim". Do not use quotes in your = email.



    ********************************************************= **********
    This=20 email and any files transmitted with it from the ElPaso
    Corporation = are=20 confidential and intended solely for the
    use of the individual or = entity to=20 whom they are addressed.
    If you have received this email in error = please=20 notify the=20
    sender.
    **********************************************************= ********
    -=20 -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email = body,=20 write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes = in your=20 email. ------=_NextPart_000_017A_01C21EF0.731C6420-- - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Dave Cameron Subject: [CANSLIM] Andersen/CANSLIM/an informal poll/etc. Date: 30 Jun 2002 18:47:20 -0700 (PDT) Hmmm... First, on Andersen. I was neither trying to assess blame on management, the trainers, nor the employees at Andersen - merely to pass along information, which I caveated. I would say that Andersen's antics have delayed resumption to a CANSLIM friendly market (my opinion). Second, on the suggestion we get back to CANSLIM. I think the reason we are straying (and I haven't posted much lately) is that we're just not in a CANSLIM environment. I cashed out in November - out of everything. I haven't found "M" telling me I can get back in. Any attempts have been quickly aborted. Had I the nerve to short, I could have turned the CANSLIM characteristics upside down and possibly made some money. In the meantime, I'm getting 2%ish on my money market fund (which isn't fun, but better than losing money). So.... we could talk CANSLIM philosophy - but its hard to apply. But, what the heck... a few other thoughts: - I love the S&P 600 index in IBD. - I'm about ready to refinance my mortgage. - My international fund is doing decently in my IRA. - I've been on the list for years (active years ago, not so active now) and noticed we've got some great, quality posters lately. This remains an excellent list. - The humor is great. Ernie's CEO posting is getting forwarded on to friends. The Abbott and Costello takeoff was good too. Now, let's see, what could be useful. I was reading an article lately that talked about the dangers of "soda". I was puzzled for a while. Then I realized that they meant carbonated beverages. Where I grew up, soda is a carbonated beverage with ice cream in it. "Pop" is the term in everyday usage for a plain carbonated beverage. It got me thinking about the confusion that could arise from making assumptions on terminology. We, when posting, might use a term that means something else to someone else. The reader may not realize it. Anyway.... I'd like to take an informal poll (for those still reading). Drop me a line (to dfcameron@yahoo.com directly). Let me know what the common term is for carbonated beverages where you live, and tell me where you live. It seems that "soda" is used on the east coast, and California. "Pop" is in the central part of the U.S. In parts of the South, it is "coke" regardless of brand. But, I may be overgeneralizing. Also, I have no idea what Elisabeth Archambault would call it. Dave ===== Dave Cameron dfcameron@yahoo.com __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: Kent Norman Subject: Re: [CANSLIM] Had to share this Date: 30 Jun 2002 19:02:52 -0700 (PDT) I fear that our little contribution has no impact. So what if we get scared (or don't). The way breakouts keep getting smashed indicates that we are a minority and swimming up stream. Kent Norman --- Tom Worley wrote: > MessageHelp me up, Duke, I can't see for the tears of laughter in my > eyes!! > > I just hope all this humor lately doesn't end up cutting into the > fear factor, we need the fear if we are ever to bottom out. > > ----- Original Message ----- > From: Duke Miller > To: CANSLIM > Sent: Sunday, June 30, 2002 3:11 PM > Subject: [CANSLIM] Had to share this > > > Folks, up front, I apologize deeply for going off topic here. So if > "off-topic" offends you, hit the delete key now. It's a great way to > end the Andersen bashing, once and for all. Below is an item by a > columnist in this morning's St. Petersburg Times. After you read it, > I may have stopped laughing enough to help you up off the floor. > ===== Opportunities always look bigger going than coming. __________________________________________________ Do You Yahoo!? Yahoo! - Official partner of 2002 FIFA World Cup http://fifaworldcup.yahoo.com - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] Andersen/CANSLIM/an informal poll/etc. Date: 30 Jun 2002 23:21:30 EDT Dave: We are definitely in the CANSLIM environment. M is lousy. CANSLIM says make wish lists and stay in cash till M invites you to come in The MARKET! Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. ------------------------------------------------------------------------------- From: KLall1112@aol.com Subject: Re: [CANSLIM] Now Xerox? Date: 30 Jun 2002 23:52:47 EDT Hi Ernie: The market always climbs a wall of worry in a Bull Market. We are in a Bear Market where those who are in the market keep sliding down the slippery hill of hope. Let us sit tight and wait patiently outside the door of the market. THOU SHALL CERTAINLY BE REWARDED WHO HAVE THE CASH WHEN THE MARKET IS IN PANIC TO INVEST AND BE A GOOD CITIZEN (Carneigi). Sincerely, Kris - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email.