Do you get the feeling that the stock-mutual-fund mania has been progressing uncorrected for so long that reasons are being invented to explain why it will go on forever? I do.... but before we buy into the demographic arguments for loading up on stocks, perhaps we should look ahead at what happens when the baby-boomers actually retire.
First and most important, the baby-boomers are being followed by the "baby-busters". (I see this now at the college where I work; it's been very hard to maintain class size without lowering academic standards. This year and next are the "low points"; enrollments should begin rising again in 1996.) The baby-busters will be supporting the retirement of the baby-boomers, and there will be fewer of them to do so.
For example, there will be only three workers paying into the Social Security system for each retiree, and if the benefits schedules are not changed, Social Security payroll taxes will have to be 20% or more of wages (employer's and employee's combined) to cover the cost.
Second, the Federal government, with its pernicious budget deficits, is competing with the stock market and other investment areas for the boomers' retirement funds. Currently Social Security taxes are providing a "surplus" of about $60 billion, to be set aside in the "trust funds" for future retirement benefits, and the system is supposed to be solvent for the next 40 years. Only problem: the "trust funds" are actually special government bonds.... that is, I.O.U.s.... which the Social Security system must "cash in" in the next century to meet its commitments. But the government has already borrowed the trillion-plus dollar Social Security surplus, plus another $5 trillion it doesn't have, and spent it.
Third, as the "baby-busters" enter their squirreling-away-for-retirement years, there will be fewer of them; and correspondingly, a reduced demand (relative to the baby-boomers) for investment products (like mutual funds).
OK, so let's look ahead to about the year 2010:
The baby-boomers are now starting to retire in goodly numbers....many of them taking early retirement because their investments have been kind to them. The Social Security "surplus" disappeared about five years ago.... now the system is running a $60 billion per year deficit.... and the government has to make good on its I.O.U.s. It can do this by either borrowing the money, or by printing it.
Borrowing would be the logical choice, except that the national debt is now about 95% of gross domestic product, thanks to past profligacy, and lenders.... a significant proportion of which are foreigners.... are unwilling to extend further credit except at exorbitant rates, because Uncle Sam is now a bad credit risk. (Yes, debt exceeded GDP to pay for the second world war, but this isn't World War II; in peacetime, once debt exceeds about 80% of GDP, a country is in trouble.) Real interest rates thus have climbed from the 5% that prevailed in the mid-1990s, to about 11%.
The baby-boomers are not just retiring on their interest and dividend income; they're also drawing on principal, as required by law for IRAs, 401(k) and 403(b) plans, and annuities. To the extent these vehicles are invested in stocks, stocks are being sold to fund the plans. And the question is, sold to whom? The baby-busters, fewer in number than the boomers?
The baby-busters themselves are not into stocks at the moment; they're "investing" in their children, just as the parents of the baby-boomers did in the 1970s; college educations, weddings, setting up houskeeping for the kids, etc.
In sum, the situation is:
Retirees are liquidators of assets and consumers, but are not producers in the economy.
The baby-busters are consumers and are producing, but labor is scarce.
This sounds to me like a recipe for inflation (due to high demand for consumer goods and a scarcity of producers), though in the context of a reasonably healthy economy, and depressed prices for securities, due to ongoing liquidation and lack of interest in them. Sort of like a rerun of the 1970s. (All of this presumes the government hasn't lost control and gone bankrupt around the turn of the millennium.... a real possibility, as I outlined in the Debt Overhang booklet.)
Much advice is given by many people about investing in stocks. The advice that has always made the most sense to me is: Don't overpay for the merchandise. When share prices trade at exorbitant levels, sometimes for years on end as they did in the late 1960s or as they have for the past three years, they can subsequently stagnate for a decade, or plummet in a "granddaddy" bear market like that of 1973-74. You can be sure they will return to their historical-value norms.... and will, from time to time, be real bargains, just as they were in 1933, 1974 and 1982.
As I have mentioned previously, I think computer games are keeping blue-chip stocks afloat.... but just what those computer games are, I still haven't been able to figure out. At any rate, the market in interest-rate futures is currently projecting that short-term rates will hit 8% in 1996. Think stocks will survive that onslaught?.... I don't.
We are about to enter the "safe period" between Thanksgiving and the first of the new year, when stocks rarely tumble, and are likely to stage a year-end rally.... the so-called "Santa Claus" rally. Should you play it? In my opinion, not unless "Timer's Trend", which remains solidly bearish, gives a buy signal.... simply because market risk is still extraordinarily high, and because we are in a bear market for just about all stocks except the blue chips. And even if we get a playable rally, I wouldn't try to skim off more than a few percent from it.
In surveying advisory opinion, I find a preponderance of bearishness (especially among those writers who have good track records). According to "contrarian" theory, we should then expect a roaring bull-market surge in stocks. Sadly, it doesn't work that way.... most advisors are on the right side of the market trend, except at the turning points; so now that the majority of advisors appear to be bearish, it merely confirms what we already know: We're in a bear market, and have been so since January.
A. "Hedger's Delight" -real portfolio, includes commissions:
Current
Shrs Description Bought Sold On Sold At Cost Is Value
---- ------------------------------ ------- ------- ------- ------- -------
100 Amax Gold wt$21/8Jan96 21Feb92 {AUws/ase} 181.10 37.50
100 Amax Gold wt$21/8Jan96 5May93 84.85 37.50
100 Atlas wt$15.625/perpetual 15Jun89 {AZws/ase} 490.00 125.00
100 Atlas wt$15.625/perpetual 31Dec91 263.60 125.00
100 Atlas wt$15.625/perpetual 10Feb93 167.35 125.00
125 Aurora Electronics SHORT 30Nov92 1331.48 -609.38
25 Aurora Electronics 16Mar93 {AUR/ase} 312.50 121.88
200 Campbell Resources 15Sep88 {CCH/nyse} 220.00 112.50
300 Campbell Resources 14Dec88 206.25 168.75
125 Campbell Resources 26Dec90 47.50 70.31
1 Citicorp call$20/21Jan95 14Sep94 -2425.00 -2600.00
1 Citicorp put$35/21Jan95 22Sep94 {CCIMG/cboe} 37.50 12.50
14 Coherent Communications SHORT 3Aug94 70.00 -213.50
100 Glamis Gold .12 1Jun89 {GLG/nyse} 109.00 887.50
75 Hasbro .28 SHORT 30Nov92 2582.70 -2278.13
1 Homestake LEAPcall$25/20Jan96 19Sep94 {LHMAE/cboe} 263.05 150.00
100 Magma Copper B SHORT 4Jan93 1294.75 -1712.50
100 Magma Copper wt$8.50/30Nov95 4Jan93 {MCUws/nyse} 875.00 887.50
3 MajMktIdx LEAP put$35/15Dec95 29Jul93 {LTBXG/ase} 735.46 356.25
2 MajMktIdx LEAP put$40/21Dec96 14Oct94 {LTBXH/ase} 486.84 462.50
100 Pegasus Gold .10 25Apr91 {PGU/ase} 1122.33 1312.50
1 Placer Dome LEAPcall$30/20Ja96 26Oct94 {LPDAF/cboe} 235.05 112.50
2 S&P500 LEAP put$40/15Dec95 17Aug93 {LSXXH/cboe} 342.30 150.00
2 S&P500 LEAP put$45/21Dec96 17Oct94 {LSZXI/cboe} 436.10 375.00
40 Safeguard Scientifics SHORT 6Dec85 181.78 -680.00
100 Sunshine Mining 15Dec88 {SSC/nyse} 371.25 200.00
200 Union Carbide .75 SHORT 19Aug94 6391.30 -5850.00
CASH 3320.24 3320.24
------- ------- --------
11852.01 7882.27 -4793.57
SUMMARY - "Hedger's Delight":
Original cost: $10,455.77
Present value: $ 7,058.44
Increase: $-3,397.33 [-32.49%]
Yield: $ -81.00 [-0.77%]
The performance of this portfolio from January 1987 to the present (adjusted for the dilutive effect of added cash) is - 30.72%, for a compound annual rate of return of -4.55%.
COMMENT on "Hedger's Delight": By good-till-cancelled order filled, on October 25 I bought one Placer Dome LEAP call at $30.... just after the company announced a writedown in reserves. (Surprise, surprise!)
B. "Present and Future Income" - real portfolio, includes commissions:
Current
Shrs Description Bought Sold On Sold At Cost Is Value
---- ------------------------------ ------- ------- ------- ------- -------
100 Bank of NY wt$62/14Nov98 2Oct90 {BKNYW/otc} 222.35 1000.00
128 Citizens Utilities 'A' .75 8Apr91 {CZNA/nyse} 957.21 1696.00
33 Continental Mortgage EqTr .60 23Dec93 {CMETS/otc} 412.50 462.00
3.2 Duke Realty Investments 1.80 14Dec87 {DRE/nyse} 66.00 79.20
3.3 Duke Realty Investments 1.80 15Dec87 68.75 81.68
7.5 Duke Realty Investments 1.80 14Nov88 193.60 185.63
300 Hanson wtB,300pence/30Sep97 15Jan92 {HANwsB/ase} 126.10 103.13
100 Manville wt$9.40/5Jun96 26Oct90 {MVLws/nyse} 71.10 187.50
100 Northeast Util wt$24/5Jun97 15Nov93 {NUWTW/otc} 222.35 106.25
8 Northeast Util wt$24/5Jun97 23Dec93 18.00 8.50
13 Southwestern Property Trst .88 31Dec93 {SWP/nyse} 164.13 146.25
CASH 8143.29 8143.29
------- ------- --------
10665.38 12199.42
SUMMARY - "Present and Future Income":
Original cost: $ 9,548.98
Present value: $12,199.42
Increase: $ 2,650.44 [27.76%]
Yield: $ 144.19 [1.51%]
The performance of this portfolio from January 1987 to the present (adjusted for the dilutive effect of added cash) is +42.96%, for a compound annual rate of return of 4.63%.
COMMENT on "Present and Future Income": The portfolio now shows the six-share September stock dividend (1.3%) on Citizens Utilities; and the cash balance reflects the fractional share sold, plus a dividend received from Southwestern Property Trust.
C. "Crapshooter's Folly" - real portfolio, includes commissions:
Current
Shrs Description Bought Sold On Sold At Cost Is Value
---- ------------------------------ ------- ------- ------- ------- -------
100 North Canadian Oils .20 17Jan92 7Nov94 1047.61 902.35 +145.26
****************************************************************************
100 Allou Health & Beauty SHORT 13Jan94 1047.61 -750.00
100 Allou Health & Beauty 18Mar93 {ALU/ase} 865.98 750.00
100 Baker-Hughes wt$36.75/31Mar95 2Mar92 {BHICW/otc} 222.35 3.13
100 Brock Exploration 25Feb92 {BKE/pse} 153.60 350.00
100 Chemex Pharmaceut wt$6/31Mar94 4Dec89 {CHMXL/otc} 82.50 6.25
2 Chyron 21Dec89 {CHY/nyse} 4.12 1.00
101 Chyron wt$.20/31Jan96 21Jan92 {CHYws/mse} 101.00 31.56
200 Gulf Canada Resources 1Dec92 {GOU/ase} 579.85 650.00
150 Medical Resource 17Jan92 {MRA/ase} 222.35 150.00
200 National Enterprises 27Nov89 {NEI/nyse} 110.00 43.75
100 Nabors Industries 30Jul93 {NBR/ase} 577.50 750.00
100 Pride Petroleum Services 30Jan92 {PRDE/otc} 469.85 523.44
39 Scios-Nova wt$26.75/30Jun98 19Dec89 {SCIOZ/otc} 165.00 97.50
100 Smith Intern'l wt$8.28/28Feb95 27Dec91 {SIICW/otc} 304.85 600.00
100 Tide West Oil wt$3/21Jun96 17Jan92 {TIDEW/otc} 71.10 3.13
100 Unit Corp. wt$4.375/31Aug96 13Nov89 {UNTEW/otc} 68.75 43.75
100 Vet Centers Am wt$7.20/10Oct96 10Mar92 {VCAIW/otc} 126.10 175.00
100 Wendt-Bristol Hlth wtA/1May95 18May92 {WMDws/ase} 139.85 68.75
CASH 12239.76 12239.76
------- ------- --------
1047.61 17406.86 15737.01
SUMMARY - "Crapshooter's Folly":
Original cost: $10,817.13
Present value: $16,784.62
Increase: $ 5,967.49 [55.17%]
Yield: $ .00 [0.00%]
The performance of this portfolio from January 1987 to the present (adjusted for the dilutive effect of added cash) is +70.97%, for a compound annual rate of return of 7.05%.
COMMENT on "Crapshooter's Folly": I tendered the 100 shares of North Canadian Oils for $14 Canadian. Too bad the Canadian dollar is in even worse shape than the U.S. dollar... the profit was minimal considering the length of time I owned the stock.
D. "Discards" - stocks even I have given up on for one reason or another (bankrupt company, too much paperwork, held too long with no profit, corrupt management, or change in personal objectives). This model portfolio includes commissions when I have actually sold my holdings, but does not include commissions when I still own the stock that was transferred to here from one of the other portfolios. (In the latter situation, I would probably have to PAY the broker to take the stuff off my hands.) I make no claims for the performance of this portfolio; I'm as curious as you are to see how it turns out.
Current
Shrs Description Bought Sold On Sold At Cost Is Value
---- ------------------------------ ------- ------- ------- ------- -------
1000 Altex Industries 23Dec93 {otc} 93.75 93.75
200 Avitar 23Dec93 12.00 12.00
500 Breakwater Resources 26Jun91 {BWRLF/otc} 250.00 62.50
125 Horizon Resources 1Dec93 {otc} 7.81 7.81
CASH 172.36 172.36
------- ------- --------
535.92 348.42
SUMMARY - "Discards":
Original cost: $ 1,266.28
Present value: $ 348.42
Increase: $ -917.98 [-72.48%]
COMMENT on "Discards": There is no change from the last issue. The Professors' Investment Group is now meeting and, at my suggestion, has
adopted the acronym PIG, but meaning "Peoples' Investment Group". But progress is slow.... no stocks may actually be bought until next May.
E. Commerce/INVEST/Bull&Bear IRAs - real portfolio, includes commissions:
Current
Shares Description Bought Sold On Sold At Cost Is Value
-------- ------------------------- ------- ------- ------- ------- -------
32 Berkshire Gas 1.08 11Apr88 {BGAS/otc} 560.00 464.00
35.87 Bull&Bear Gold Investors 30Oct89 {BBGIX/otc} 577.64 594.01
5 CIGNA 10Jul2010cvbd 82.00 12Oct90 {CI.CC/nyse} 3915.00 5225.00
203 New Germany Fund .50 20Dec91 {GF/nyse} 1977.50 2410.63
40 New Germany Fund .50 8Jun94 476.00 475.00
200 People's Bank of CT .24 15Nov89 {PBCT/otc} 1690.21 2400.00
100 Tuscon Electric Pwr 1.60j 4Oct89 {TEP/nyse} 2437.21 325.00
100 Unicom Corporation 1.60 11Apr88 {CWE/nyse} 2728.83 2262.50
Money market & accrued interest 3323.14 3323.14
--------- --------
$ 17685.53 17479.27
SUMMARY - IRA:
Original (1983-86) cost: $ 8,326.19
Present value: $17,479.27
Increase: $ 9,153.08 [109.93%]
Current yield: $ 929.73 [5.27%]
The performance of this portfolio (including its predecessors) from January 1, 1987 to the present is +59.38%, for a compound annual rate of return of 6.10%.
COMMENT on IRAs: I have received notification that all of my IRA assets have been transferred to Fidelity; but I've been too busy to hook up my office PC to a modem (Fidelity does not provide entry via the Internet to customers). If I procrastinate long enough, the Macintosh version of the Fox software may make its appearance, and I won't need to use the PC at all.
F. CREF Pension plan; I switch between indexed stock/bond/money funds:
Date Sold Bought 27Jan92 stock @ 57.82 MM @ 13.34 10Mar92 MM @ 13.40 stock @ 56.95 13Mar92 stock @ 56.65 MM @ 13.41 29Apr92 MM @ 13.48 bond @ 31.19 19Jun92 bond @ 32.14 MM @ 13.55 29Jun92 MM @ 13.57 stock @ 56.74 24Jul92 stock @ 56.76 MM @ 13.61 29Oct92 MM @ 13.72 stock @ 58.61 23Dec92 stock @ 61.48 MM @ 13.78Values on 18Nov94: stock, 70.50; MM, 14.72
G. Current unfilled portfolio good-til-cancelled orders:
GTC sell - 500 Breakwater Resources @ 1/4, 100 Medical Resource @ 2-1/2. I am contemplating selling my CIGNA bonds and People's Bank shares at current market prices.
GTC BUY - 100 Amax Gold @ 5-1/2, 100 Horsham @ 9-1/8, 200 Manville 1996 warrants ($9.40 to 5Jun96) @ 1/2.
COMMENT on "Timer's Trend": We're still on a solid sell signal, with no relief in sight. Stay in cash (whose yield is now pushing 5%).
______________________________ TIMER'S TREND _________________________________
Mon 2 May 94 . I# . | 3701.02 |-. *
Tue 3 May 94 . #I . | 3714.41 |-.~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Wed 4 May 94 .# I . | 3697.75 |-. *
Thu 5 May 94 .# I . | 3695.97 |-. *
Fri 6 May 94 # . I . | 3669.50 | - *
Mon 9 May 94 # . I . | 3629.04 | . - *
Tue 10 May 94 .# I . | 3656.41 | . - *
Wed 11 May 94 # . I . | 3629.04 | . -*
Thu 12 May 94 .# I . | 3652.84 | . - *
Fri 13 May 94 # I . | 3659.68 | . - *
Mon 16 May 94 #. I . | 3671.50 | . - *
Tue 17 May 94 . #I . | 3720.61 | . - *
Wed 18 May 94 . I #. | 3732.89 | - *
Thu 19 May 94 . | #. | 3758.98 |-.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Fri 20 May 94 . #| . | 3766.35 |-. *
Mon 23 May 94 .# I . | 3742.41 + . *
Tue 24 May 94 . |# . | 3745.17 + . *
Wed 25 May 94 . #| . | 3755.30 |-. *
Thu 26 May 94 . |# . | 3753.46 |-. *
Fri 27 May 94 . |# . | 3757.14 + . *
Tue 31 May 94 . #| . | 3758.37 + . *
Wed 1 Jun 94 . |# . | 3760.83 + . *
Thu 2 Jun 94 . |# . | 3758.99 + . *
Fri 3 Jun 94 . |# . | 3772.22 + . *
Mon 6 Jun 94 . |# . }| 3768.52 + . *
Tue 7 Jun 94 . #| . | 3755.91 + . *
Wed 8 Jun 94 . #| . [| 3749.45 + . *
Thu 9 Jun 94 .# | . | 3753.14 |-. *
Fri 10 Jun 94 . |# . ]| 3773.45 |-. *
Mon 13 Jun 94 . |# . | 3783.12 |-. *
Tue 14 Jun 93 . | # | 3814.83 +~.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Wed 15 Jun 94 . # . | 3790.41 + . *
Thu 16 Jun 94 . |# . | 3811.34 |+. *
Fri 17 Jun 94 .# | . [| 3776.78 + . *
Mon 20 Jun 94 # . I . {| 3741.90 |-. *
Tue 21 Jun 94 # . I . | 3707.97 |~*-~~~~~~~~~~~~~~~~~~~~~~~~~
Wed 22 Jun 94 . #I . | 3724.77 | .- *
Thu 23 Jun 94 # . I . | 3699.09 | . - *
Fri 24 Jun 94 # . I . | 3636.94 @|~.~~~-~~~~~~~~~~~~~~~~~~~~~~
Mon 27 Jun 94 # I . | 3685.50 | . - *
Tue 28 Jun 94 # . I . | 3669.64 | . - *
Wed 29 Jun 94 # I . | 3667.05 | . - *
Thu 30 Jun 94 # . I . | 3624.96 | . -*
Fri 1 Jul 94 .# I . | 3646.65 | . - *
Tue 5 Jul 94 .# I . | 3652.48 | . - *
Wed 6 Jul 94 .# I . | 3674.50 | .- *
Thu 7 Jul 94 . & . | 3688.42 | .- *
Fri 8 Jul 94 . #I . | 3709.14 | - *
Mon 11 Jul 94 # I . | 3702.99 | - *
Tue 12 Jul 94 .# I . | 3702.66 | - *
Wed 13 Jul 94 . & . | 3704.28 | - *
Thu 14 Jul 94 . | # | 3739.25 |-. *
Fri 15 Jul 94 . |# . | 3753.81 |-.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Mon 18 Jul 94 . | #. | 3755.43 + . *
Tue 19 Jul 94 . # . | 3748.31 |+. *
Wed 20 Jul 94 # I . | 3727.27 + . *
Thu 21 Jul 94 . #I . | 3732.45 |-. *
Fri 22 Jul 94 . #I . | 3735.04 |-. *
Mon 25 Jul 94 . & . | 3741.84 |-. *
Tue 26 Jul 94 .# I . | 3735.68 | - *
Wed 27 Jul 94 # I . | 3720.47 | - *
Thu 28 Jul 94 . #I . | 3730.83 | - *
Fri 29 Jul 94 . | # | 3764.50 |-. *
Mon 1 Aug 94 . | .# }| 3798.17 +~.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Tue 2 Aug 94 . | # | 3796.22 |+. *
Wed 3 Aug 94 . | # | 3792.66 | + *
Thu 4 Aug 94 . # . | 3765.79 | + *
Fri 5 Aug 94 .# | . [| 3747.02 |+. *
Mon 8 Aug 94 . # . ]| 3753.81 + . *
Tue 9 Aug 94 . #| . [| 3755.76 + . *
Wed 10 Aug 94 . |# . ]| 3766.76 |-. *
Thu 11 Aug 94 # I . {| 3750.90 |-. *
Fri 12 Aug 94 . |# . | 3768.71 |-. *
Mon 15 Aug 94 . # . | 3760.29 |-. *
Tue 16 Aug 94 . | # }| 3784.57 + . *
Wed 17 Aug 94 . | # | 3776.48 + . *
Thu 18 Aug 94 . # . | 3755.43 |+. *
Fri 19 Aug 94 . |# . | 3755.11 |+. *
Mon 22 Aug 94 . # . [| 3751.22 |+. *
Tue 23 Aug 94 . | # ]| 3775.83 |+. *
Wed 24 Aug 94 . | # | 3846.73 |+.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Thu 25 Aug 94 . | #. | 3829.89 |+. *
Fri 26 Aug 94 . | . # | 3881.05 | + *
Mon 29 Aug 94 . | .# | 3898.85 |~.+~~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Tue 30 Aug 94 . | . # | 3917.30 | .+ *
Wed 31 Aug 94 . | .# | 3913.42 | . + *
Thu 1 Sep 94 . #| . | 3901.44 | .+ *
Fri 2 Sep 94 . |# . | 3885.58 | + *
Tue 6 Sep 94 . |# . | 3898.70 | + *
Wed 7 Sep 94 . |# . | 3886.25 |+. *
Thu 8 Sep 94 . | .# | 3908.46 |+. *
Fri 9 Sep 94 #. I . | 3874.81 + . *
Mon 12 Sep 94 # I . | 3860.34 |-. *
Tue 13 Sep 94 . #I . | 3879.86 |-. *
Wed 14 Sep 94 .# I . | 3895.33 | - *
Thu 15 Sep 94 . | .# | 3953.88 |~-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Fri 16 Sep 94 # I . | 3933.35 |-. *
Mon 19 Sep 94 . & . | 3936.72 |-. *
Tue 20 Sep 94 # . I . {| 3869.09 | - *
Wed 21 Sep 94 # . I . | 3851.60 |~*-~~~~~~~~~~~~~~~~~~~~~~~~~
Thu 22 Sep 94 #. I . | 3837.13 |~.~-*~~~~~~~~~~~~~~~~~~~~~~~
Fri 23 Sep 94 #. I . | 3831.75 | . - *
Mon 26 Sep 94 #. I . | 3849.24 | . - *
Tue 27 Sep 94 .# I . | 3863.04 | . - *
Wed 28 Sep 94 . & . | 3878.18 | .- *
Thu 29 Sep 94 # I . | 3854.63 | .- *
Fri 30 Sep 94 . & . | 3843.19 | - *
Mon 3 Oct 94 .# I . | 3846.89 | - *
Tue 4 Oct 94 # . I . | 3801.13 |*.-~~~~~~~~~~~~~~~~~~~~~~~~~
Wed 5 Oct 94 # . I . | 3787.34 |~.~-*~~~~~~~~~~~~~~~~~~~~~~~
Thu 6 Oct 94 #. I . | 3775.56 | . - *
Fri 7 Oct 94 .# I . | 3797.43 | . - *
Mon 10 Oct 94 . & . | 3821.32 | . - *
Tue 11 Oct 94 . I #. | 3876.83 | .- *
Wed 12 Oct 94 . #I . | 3875.15 |-. *
Thu 13 Oct 94 . I #. | 3889.95 + . *
Fri 14 Oct 94 . & . | 3910.47 +~.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~*
Mon 17 Oct 94 . & . | 3923.93 + . *
Tue 18 Oct 94 # I . | 3917.54 |-. *
Wed 19 Oct 94 . I# . | 3936.04 + . *
Thu 20 Oct 94 #. I . | 3911.15 | - *
Fri 21 Oct 94 # . I . | 3891.30 | .- *
Mon 24 Oct 94 # . I . | 3855.30 | . - *
Tue 25 Oct 94 # . I . | 3850.59 | . - *
Wed 26 Oct 94 #. I . | 3848.23 | . - *
Thu 27 Oct 94 . #I . | 3875.15 | . - *
Fri 28 Oct 94 . I # | 3930.66 | .- *
Mon 31 Oct 94 . #I . | 3908.12 | - *
Tue 1 Nov 94 # . I . | 3863.37 | - *
Wed 2 Nov 94 # I . | 3837.13 | - *
Thu 3 Nov 94 .# I . | 3845.88 | - *
Fri 4 Nov 94 # . I . | 3807.52 |~*~-~~~~~~~~~~~~~~~~~~~~~~~~
Mon 7 Nov 94 # . I . | 3808.87 | . - *
Tue 8 Nov 94 # I . | 3830.74 | . - *
Wed 9 Nov 94 #. I . | 3831.75 | . - *
Thu 10 Nov 94 # . I . | 3821.99 | . - *
Fri 11 Nov 94 # . I . | 3801.47 | . - *
Mon 14 Nov 94 .# I . | 3829.73 | . - *
Tue 15 Nov 94 # I . | 3826.36 | . - *
Wed 16 Nov 94 #. I . | 3845.20 | . - *
Thu 17 Nov 94 # . I . | 3828.05 | . - *
Fri 18 Nov 94 # . I . | 3815.26 | . - *
================================================================================
{, } = "Timer's Trend" (4% and 10% exponential) SELL ({) or BUY (}) signalNEXT ISSUE - will appear about December 26. /Nick Chase