Strategist expects bear market in '98

From: owner-canslim-digest@lists.xmission.com (canslim-digest) To: canslim-digest@lists.xmission.com Subject: canslim-digest V2 #68 Reply-To: canslim Sender: owner-canslim-digest@lists.xmission.com Errors-To: owner-canslim-digest@lists.xmission.com Precedence: bulk canslim-digest Wednesday, December 24 1997 Volume 02 : Number 068 In this issue: [CANSLIM] Strategist expects bear market in '98 [CANSLIM] Retail sector [CANSLIM] Mkt Indexes [CANSLIM] Economic Calendar, week of December 22, 1997 [CANSLIM] Intro: Bill Daniels [CANSLIM] Retail sector [CANSLIM] WON on Yahoo Re: [CANSLIM] Intro: Bill Daniels [CANSLIM] Totally non-CANSLIM [CANSLIM] Asian woes and tech stocks [CANSLIM] Market Indicators Re: [CANSLIM] Durable goods (was Economic Calendar, week of December 22, 1997) [CANSLIM] Global Perspective [CANSLIM] Divergence. Re: [CANSLIM] AWIN, ZTEC Re: [CANSLIM] Market Indicators ---------------------------------------------------------------------- Date: Mon, 22 Dec 1997 06:32:31 -0700 From: Jeff Salisbury Subject: [CANSLIM] Strategist expects bear market in '98 This is a multi-part message in MIME format. - --------------E283F211498551294EECA880 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit http://www.desnews.com/newbiz/qo0jiq9a.htm - --------------E283F211498551294EECA880 Content-Type: text/html; charset=us-ascii; name="qo0jiq9a.htm" Content-Transfer-Encoding: 7bit Content-Disposition: inline; filename="qo0jiq9a.htm" Content-Base: "http://www.desnews.com/newbiz/qo0jiq9a .htm" Strategist expects bear market in '98

Strategist expects bear market in '98

Last updated 12/21/1997, 12:01 a.m. MT

Dow Jones News Service

NEW YORK — U.S. stocks are headed for a bear market in 1998, Barton Biggs, Morgan Stanley Dean Witter's global investment strategist, said in a new report this week.
"The brutal hug of a bear market will squeeze some, maybe a lot, of the ebullience out of American equities," Biggs wrote.
In making the forecasts, Biggs cited the problems stemming from weakness in Asian economies, and said investors here are "grossly underestimating" their impact.
"Asia is close to chaos and economic anarchy, and that's not good for anybody," Biggs stated, adding that he worried some Asian nations may default on their international debt obligations.
Focusing on the United States, Biggs said earnings for blue-chip companies could fall as much as 10 percent next year.
"Earnings disappointments undermine the S&P 500, which triggers a cyclical bear market — followed by a consumer-led recession in America, because of the wealth effect in an economy in which 50 million families own stock," Biggs said.

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- --------------E283F211498551294EECA880-- - - ------------------------------ Date: Mon, 22 Dec 1997 20:32:30 -0500 From: "Tom Worley" Subject: [CANSLIM] Retail sector Got a fax tonight from another BD, they were on target with their concerns over tech stocks and oils. Tonight they feel the retail sector may be starting to roll over. After reading several reports today on the poor Xmas sales, and how many stores/chains are already discounting up to 50% to move inventory, and Santa's not even on his way from the North Pole, I would have to agree. As I had expected, this year's Q4 sales are not likely to save most retailers. And their year is made or not in Q4. On the other hand the Telecom group may be coming back to life, and the techs in general may have found a short term to intermediate bottom, and are trying to bounce. May be tradable, may just be a chance to exit, but by no means is necessarily the beginning of a strong rally for techs. Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - - ------------------------------ Date: Tue, 23 Dec 1997 08:09:21 -0500 From: "Tom Worley" Subject: [CANSLIM] Mkt Indexes If anyone is looking at the index charts, you should note that both the Dow30 and S&P500 show triple tops. In the case of the Dow30, they are at declining levels, while S&P seems to be inching up. Similiar patterns can be found on the Trans index, and NYSE composite, altho more like double tops there. The Russell 2000 looks to me like it is finally leveling out, with a minor uptrend starting to develop (probably just wishful thinking on my part). All in all, not a good looking mkt. Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - - ------------------------------ Date: Tue, 23 Dec 1997 08:22:09 -0500 From: "Tom Worley" Subject: [CANSLIM] Economic Calendar, week of December 22, 1997 TUESDAY Real GDP, Q3, final revision, last was 3.3% up, expected to stay the same GDP Deflator, Q3, final revision, last was up 1.5%, expected to stay the same Durable Goods Report, for November, probably the most sig report in a slow holiday week, last was down 0.1% (a bullish surprise), expected is up 0.5% (I expect a positve nr but not this much) WEDNESDAY Personal Income, for November, last was up 0.5%, expected is up 0.7% (inflationary). If so, this may become a more important report for the week, however I think the report will look more like last month's. Personal Spending, for November, last was up 0.5%, expected is the same, and I would not be surprised by a lower nr. Initial Jobless Claims, for week to Dec 20, last was 319,000, expected is 318,000, while I anticipate a mildly lower nr FRIDAY Money Supply (M2), week to Dec 15, last was down $3.9 bil, expected is up $7.0 bil Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - - ------------------------------ Date: Tue, 23 Dec 1997 10:56:38 -0600 From: "WILLIAM DANIELS" Subject: [CANSLIM] Intro: Bill Daniels After lurking on the digests for a while and converting to the CANSLIM list server where I have lurked even longer I would like to introduce myself to the group. I believe that I have learned enough of CANSLIM and the list's contributing members that I can ask effective questions now. I am a 37 year old systems programmer who has been investing in mutual funds 12 years or so for IRAs and regular investment purposes. I have also been a purchaser of common stocks for the same amount of time. However, due to an unfortunate bad trade my first time in the market I have been on an 11 year hiatus from individual stocks. I made all the classic mistakes of buying an unfamiliar company, watching it drop precipitously, panic selling when it approached break even again, then watching it take off for new highs. This soured me on my abilities to invest in individual stocks even though I knew that I would some day return. Lately, with some encouragement from a group of fellow newbie investors at work, I have waded back into the market. I have tried to become a CANSLIM oriented investor and have both versions of HTMMIS in my investment library. I have read investment literature instead of investing for years but realize that there is no teacher like putting your own money in the market. So far I have made a little money with my new E*Trade account mainly thanks to the great run of the non CANSLIM DELL that I bought back in June. Right now I have been stopped out of all my positions (all 3 of them :-) so I wait on the sidelines with cash ready to invest. I'm certainly not a big player. I hope to become a contributor to the CANSLIM list though for now I'm sure that I will continue to have more questions than answers. I look forward to sharing info and knowledge with the rest of you. Thanks, Bill Daniels - - ------------------------------ Date: Mon, 22 Dec 1997 20:32:30 -0500 From: "Tom Worley" Subject: [CANSLIM] Retail sector Got a fax tonight from another BD, they were on target with their concerns over tech stocks and oils. Tonight they feel the retail sector may be starting to roll over. After reading several reports today on the poor Xmas sales, and how many stores/chains are already discounting up to 50% to move inventory, and Santa's not even on his way from the North Pole, I would have to agree. As I had expected, this year's Q4 sales are not likely to save most retailers. And their year is made or not in Q4. On the other hand the Telecom group may be coming back to life, and the techs in general may have found a short term to intermediate bottom, and are trying to bounce. May be tradable, may just be a chance to exit, but by no means is necessarily the beginning of a strong rally for techs. Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - - ------------------------------ Date: Tue, 23 Dec 1997 12:28:48 -0700 From: "Joe J." Subject: [CANSLIM] WON on Yahoo Found this info on IBD's web site: a chat with William O'Neil Chairman and Founder, Investor's Business Daily Eager to learn where the stock market is going in 1998? Interested in improving your portfolio management? Chat with William J O'Neil as he shares his insights in investing. January 14, 1998 at 5:00 PM EST/ 2:00 PM PST Online at http://chat.yahoo.com Joe J. - - ------------------------------ Date: Tue, 23 Dec 1997 20:23:41 -0500 From: "Tom Worley" Subject: Re: [CANSLIM] Intro: Bill Daniels Welcome to the group, Bill. Glad you came forward after all that lurking. I'm afraid I would have a nervous breakdown if I couldn't respond or post (then again, maybe I already had it, this mkt's not a lot of fun lately). For everyone's education, it might help if you reviewed what you have learned you did wrong in the past, and what you plan to do differently in the future. Kinda a New Year's Resolution. In fact, probably wouldn't hurt any of us to review this same thing. For my part, I promise to stop setting "targets" based on earnings growth, trailing and projected PEs, etc. Rather, I need to go back to letting the stock tell me where it's going. Better to take a small profit and miss a big move, than to hang onto a profitable stock all the way back to break even or worse. Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - -----Original Message----- From: WILLIAM DANIELS To: canslim@lists.xmission.com Date: Tuesday, December 23, 1997 11:57 AM Subject: [CANSLIM] Intro: Bill Daniels >After lurking on the digests for a while and converting to the CANSLIM >list server where I have lurked even longer I would like to introduce >myself to the group. I believe that I have learned enough of CANSLIM >and the list's contributing members that I can ask effective questions >now. > >I am a 37 year old systems programmer who has been investing in mutual >funds 12 years or so for IRAs and regular investment purposes. I have >also been a purchaser of common stocks for the same amount of time. >However, due to an unfortunate bad trade my first time in the market I >have been on an 11 year hiatus from individual stocks. I made all the >classic mistakes of buying an unfamiliar company, watching it drop >precipitously, panic selling when it approached break even again, then >watching it take off for new highs. This soured me on my abilities to >invest in individual stocks even though I knew that I would some day >return. > >Lately, with some encouragement from a group of fellow newbie investors >at work, I have waded back into the market. I have tried to become a >CANSLIM oriented investor and have both versions of HTMMIS in my >investment library. I have read investment literature instead of >investing for years but realize that there is no teacher like putting >your own money in the market. So far I have made a little money with my >new E*Trade account mainly thanks to the great run of the non CANSLIM >DELL that I bought back in June. Right now I have been stopped out of >all my positions (all 3 of them :-) so I wait on the sidelines with cash >ready to invest. I'm certainly not a big player. > >I hope to become a contributor to the CANSLIM list though for now I'm >sure that I will continue to have more questions than answers. I look >forward to sharing info and knowledge with the rest of you. > >Thanks, > >Bill Daniels > >- > - - ------------------------------ Date: Tue, 23 Dec 1997 21:10:07 -0500 From: "Tom Worley" Subject: [CANSLIM] Totally non-CANSLIM Anyone in the group have any suggestions on a website with free software for helping me write a new job resume?? Been so long, I've forgotten how, and I'm sure styles have changed since my last one. Sorry Jeff, but this seemed a lot faster than spending the next week searching the internet (the trade off is I will have more time to look at charts!). Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - - ------------------------------ Date: Wed, 24 Dec 1997 02:44:36 -0500 (EST) From: OWENTIME@delphi.com Subject: [CANSLIM] Asian woes and tech stocks CNBC did extensive reporting yesterday on the Asian deflation dissertation. I was wondering if this is a base that will push the DOW upward to 10,000 as many analysts had hoped for, or will investors pile into Japanese software companies and Korean chipmakers in '98 before Intel releases its next generation of chips late in '98? Almost like an international deep cup in Asia and the handle will be much later back here, in tech stocks? BTW what are good sources for browsing Korean, Singapore, Japanese and Tai Wan stock charts? I understand that O'Neil is not only Irish, but focuses on American companies; but in light of the timely trends, I had to ask the question and buck bond trend thinking. - - ------------------------------ Date: Wed, 24 Dec 1997 08:02:14 -0500 From: "Tom Worley" Subject: [CANSLIM] Market Indicators Looking at the charts for NYSE and NASDAQ this AM, looks to me like we are either effectively bottoming, or ready for a MAJOR correction, esp in NASDAQ. The overbot/sold indicator (per DG Online) for NASDAQ is as bad as it was following the mid-Oct correction, as is the ten day moving avg of up/down vol. The big difference between now and then that I see is that the up vol is not picking up at these levels, as I have been mentioning. The new highs/lows moving avg is also uglier, which is to be expected since we never fully recovered like NYSE. The picture on NYSE is not much better either. I am starting to see some strength in small caps as shown by the Russell 2000 (down only 0.2% yesterday compared to about 1.5% on most major indexes). WARNING: because of the holidays, a lot of mainstream investors are out of the mkt, including many institutionals. Some will return next week briefly, so could be very active. And, of course, once the tax year ends, there could be further selling of profitable positions that was deferred to book the profits in 1998 rather than 1997. I am seeing increasing confidence in Asia that their economys will survive and make the necessary changes, while still seeing excessive overselling of US corps with Asian exposure (example: Lattice Semi - LSCC - down 8.375 for a 15.4% drop, putting it at a trailing PE of 20.3 and trailing earnings of $2.26, all because several houses cut their earnings forecasts - Cowen & Co for example lowered their 1998 estimate from $2.48 to $2.38, which still represents a small growth over the past year, unlike a year and a half ago when we saw excess capacity and inventory creating major price cuts and huge drops in earnings). I'm not suggesting anyone forget CANSLIM and become a value shopper, but I am seeing an excess of illogic behavior in the mkt (not that it was ever all that logical). But I suspect a lot of the selling frenzy could be coming to an end, and buying start picking up after the holidays or even sooner, so time to sharpen your reviews and pay attention more closely to your favorites. Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - - ------------------------------ Date: Wed, 24 Dec 1997 08:07:12 -0500 From: "Tom Worley" Subject: Re: [CANSLIM] Durable goods (was Economic Calendar, week of December 22, 1997) Well, at least I had a lot of company in being wrong on this report. In actuality, however, where everyone "missed the boat" was in anticipating the huge increase in the Transportation sector, always a volatile component. In actual dollars, the durable goods report showed an increase of $8.93 billion, while the Transportation sector was up $9.16 billion. With the Trans component representing about a qtr of the total, this was a major shift, but not one considered a reliable indicator for the next month, or the month after either. Without the Trans factor, the report was actually down 0.2%, showing a continued drift to slower growth, and suggesting some bullish tendencies. Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - -----Original Message----- From: Tom Worley To: CANSLIM Date: Tuesday, December 23, 1997 8:22 AM Subject: [CANSLIM] Economic Calendar, week of December 22, 1997 >Durable Goods Report, for November, probably the most sig report in a slow >holiday week, last was down 0.1% (a bullish surprise), expected is up 0.5% >(I expect a positve nr but not this much) > - - ------------------------------ Date: Wed, 24 Dec 1997 08:18:07 -0500 From: "Tom Worley" Subject: [CANSLIM] Global Perspective Well, at least it appears that our last minute selloff on Tuesday didn't start a global ripple. Asia looks quiet, Japan up, S. Korea getting hit again, and the rest mostly flat. Europe overall looks flat to up, Germany up nearly 2% and UK down 0.7%. I expect a flat to slightly up opening, with some value shopping helping to recover some of yesterday's losses. May all have a joyous Christmas and a safe holiday season. Any statements or opinions are strictly my own and not that of my employer. My comments should not be interpreted as a recommendation of any kind. I am a licensed (inactive) broker and an active investor. All investors should do their own research prior to any investment, especially one learned about on the Internet. Hopefully my comments will better inform and educate all investors. tom w - - ------------------------------ Date: Wed, 24 Dec 1997 09:30:16 -0500 From: Connie Mack Rea Subject: [CANSLIM] Divergence. - --------------A726B397EE30880506908387 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Members-- A few have asked me about an observation they have seen: Why [and how] does stock volume and money flow diverge from price. This is one of the most obscure and enigmatical of all seemingly non-logical market actions. I have noted privately some very general comments. I do not have time to do more than speak generally. One does not need to know the minutiae of reasons. The fact of such a divergence is most important for the trader and investor. If you would, look at these two stocks: AWIN and ZTEC. Notice in AWIN, on a year chart, that OBV and money flow correlate positively. The price rises as OBV and money flow rises. Nothing surprising here. Pull up a year chart on ZTEC. Notice how in the last 2-3 months that price has significantly retreated while OBV and money flow have risen and remained strong. This is a bullish divergence that implies that there is internal pressure for the stock to increase in price. I have been buying this stock for a week. I have been buying AWIN for two days. I consider both stocks to be buys for the intermediate term. [Most members know that I am a trader.] If you wish to be anticipatory, look at MU. It is short-basing; the OBV and money flow is not yet indicative of a seasoned buy. You might nibble with a 100 shares here and there. I own this stock but will not buy any today unless my 3|7|10 and stochastic indicators get back in sync, with the exception noted below. Presently, they give different indications. I will watch both on an intraday chart. If OBV and money flow should increase, I will ignore the stochastics and buy two or three small lots. Connie Mack - --------------A726B397EE30880506908387 Content-Type: text/html; charset=us-ascii Content-Transfer-Encoding: 7bit Members--

A few have asked me about an observation they have seen: Why [and how] does stock volume and money flow diverge from price. This is one of the most obscure and enigmatical of all seemingly non-logical market actions.

I have noted privately some very general comments. I do not have time to do more than speak generally. One does not need to know the minutiae of reasons. The fact of such a divergence is most important for the trader and investor.

If you would, look at these two stocks: AWIN and ZTEC. Notice in AWIN, on a year chart, that OBV and money flow correlate positively. The price rises as OBV and money flow rises. Nothing surprising here.

Pull up a year chart on ZTEC. Notice how in the last 2-3 months that price has significantly retreated while OBV and money flow have risen and remained strong. This is a bullish divergence that implies that there is internal pressure for the stock to increase in price.

I have been buying this stock for a week. I have been buying AWIN for two days. I consider both stocks to be buys for the intermediate term. [Most members know that I am a trader.]

If you wish to be anticipatory, look at MU. It is short-basing; the OBV and money flow is not yet indicative of a seasoned buy. You might nibble with a 100 shares here and there.

I own this stock but will not buy any today unless my 3|7|10 and stochastic indicators get back in sync, with the exception noted below. Presently, they give different indications.

I will watch both on an intraday chart. If OBV and money flow should increase, I will ignore the stochastics and buy two or three small lots.

Connie Mack - --------------A726B397EE30880506908387-- - - ------------------------------ Date: Wed, 24 Dec 1997 08:22:18 -0800 (PST) From: Tim Fisher Subject: Re: [CANSLIM] AWIN, ZTEC At 09:30 AM 12/24/97 -0500, you wrote: >Members-- > >A few have asked me about an observation they have seen: Why [and how] >does stock volume and money flow diverge from price. This is one of the >most obscure and enigmatical of all seemingly non-logical market >actions. > >I have noted privately some very general comments. I do not have time >to do more than speak generally. One does not need to know the minutiae >of reasons. The fact of such a divergence is most important for the >trader and investor. > >If you would, look at these two stocks: AWIN and ZTEC. Notice in AWIN, >on a year chart, that OBV and money flow correlate positively. The >price rises as OBV and money flow rises. Nothing surprising here. > Also note that AWIN is an almost perfect CANSLIM/LLUR stock, even to the N (new landfills/expansion). The landfill bus. is heating up and becoming fiercely competitive. Some losers are dropping by the wayside (i.e. Laidlaw) and the winners are buying everything in sight. ZTEC has great CANNSLIM numbers; it has passed my most strict scan but I'm scared of the trend. Interesting to see what it does in the near future. AWIN is basing and has been doing so for a long time; hopefully it's due for another breakout shortly. I don't count Monday's gap up to 23 as a breakout and think it will fall back to 21-ish as it was on negligible volume. P.S. Got stopped out of MSFT this morning - something I would have bet my IRA would not ever happen when I bot it last year. Tim Fisher tfish@spiritone.com 1995 President - Pacific Fishery Biologists Keeper of the ORE-ROCK-ON Rockhounding in Oregon Home Page http://www.spiritone.com/~tfish - - ------------------------------ Date: Wed, 24 Dec 1997 14:24:54 -0600 From: Dave Cameron Subject: Re: [CANSLIM] Market Indicators Tom Worley wrote: > > Looking at the charts for NYSE and NASDAQ this AM, looks to me like we are > either effectively bottoming, or ready for a MAJOR correction, esp in > NASDAQ. The overbot/sold indicator (per DG Online) for NASDAQ is as bad as > it was following the mid-Oct correction, as is the ten day moving avg of > up/down vol. The big difference between now and then that I see is that the > up vol is not picking up at these levels, as I have been mentioning. The new > highs/lows moving avg is also uglier, which is to be expected since we never > fully recovered like NYSE. The picture on NYSE is not much better either. I > am starting to see some strength in small caps as shown by the Russell 2000 > (down only 0.2% yesterday compared to about 1.5% on most major indexes). > Ho, Ho, Ho... Merry Christmas :^) > WARNING: because of the holidays, a lot of mainstream investors are out of > the mkt, including many institutionals. Some will return next week briefly, > so could be very active. And, of course, once the tax year ends, there could > be further selling of profitable positions that was deferred to book the > profits in 1998 rather than 1997. I am seeing increasing confidence in Asia > that their economys will survive and make the necessary changes, while still > seeing excessive overselling of US corps with Asian exposure (example: > Lattice Semi - LSCC - down 8.375 for a 15.4% drop, putting it at a trailing > PE of 20.3 and trailing earnings of $2.26, all because several houses cut > their earnings forecasts - Cowen & Co for example lowered their 1998 > estimate from $2.48 to $2.38, which still represents a small growth over the > past year, unlike a year and a half ago when we saw excess capacity and > inventory creating major price cuts and huge drops in earnings). > I'm glad you put in this disclaimer. I think there is another factor at work here: end-of-year window dressing. I've noticed in my 10 years of investing that end-of-year trends tend to be meaningless unless there is a VERY strong move with a lot of volume. This usually doesn't happen (between the holiday effect, and end-of-year). Now if we just eliminated personal taxes on gains, life would be some much easier here... > I'm not suggesting anyone forget CANSLIM and become a value shopper, but I > am seeing an excess of illogic behavior in the mkt (not that it was ever all > that logical). But I suspect a lot of the selling frenzy could be coming to > an end, and buying start picking up after the holidays or even sooner, so > time to sharpen your reviews and pay attention more closely to your > favorites. > Tom, I'm not convinced about the "even sooner" part. I think more likely after 1/2/98 mainly for reasons stated above. > Any statements or opinions are strictly my own and not that of my employer. > My comments should not be interpreted as a recommendation of any kind. I am > a licensed (inactive) broker and an active investor. All investors should do > their own research prior to any investment, especially one learned about on > the Internet. Hopefully my comments will better inform and educate all > investors. Hmmm.... I don't have a disclaimer like this. Of course I work for the phone company (regulated pseudo-monopoly). They're kinda new to the free enterprise game, much less investing . Happy Holidays, Dave Cameron dfcameron@ameritech.net > tom w > > - - - ------------------------------ End of canslim-digest V2 #68 **************************** To unsubscribe to canslim-digest, send an email to "majordomo@xmission.com" with "unsubscribe canslim-digest" in the body of the message. For information on digests or retrieving files and old messages send "help" to the same address. Do not use quotes in your message.