"The man who promises everything is sure to fulfil nothing, and everyone who promises too much is in danger of using evil means in order to carry out his promises, and is already on the road to perdition." -- Carl Gustav Jung (1875-1961)

Oh there will be no shame in the Cara household this weekend because in last week's report I made the following prophesy:

" I have been of the long-term view that the broad equity market in the U.S. is in a bull trend, which is easier to repeat during bullish phases in the market, as was the case this week. So nothing has changed my outlook there. But, I have also been of the opinion that the intermediate term cyclic phase, which started down on the first day of the year, would start to accelerate on the downside, as the short-term trend got in sync. That's where I may be wrong. Elaine Garzarelli pointed out on the Kudlow Show after Friday's close that previous equity market indexes have moved up strongly in the face of broadly negative market drivers. She and Kudlow seem to be saying (maybe they did?) that it's Dow 12,000 on the horizon.

(But,) isn't that like the Captain of the Titanic, being told he was in iceberg waters, ignoring prudence in order to heed the call of New York to make a timely and satisfying arrival?

I'm sure that another time, another ship might have been lucky enough to avoid a sinking, and met those smiling faces in New York. I, on the other hand, believe that prudence dictates going with the odds relative to the situation at hand. The cards are stacked up against this market going higher. Yes, I do think the broad market indexes might go higher for a couple weeks; but this happens to be the right time, in my books, to start thinking about writing calls against long stock positions that have RSI indicators in the 80s and 90s.

Here is the RSI for the broad market indexes in the U.S.: Dow 30--60.9; Nasdaq---68.8; S&P500---68.8; and Russell2000—70.4. A few stocks like IBM and WMT are holding down the Dow RSI. The other Major Market Indexes are all at about 70 for the 7-week RSI. That is the time to consider taking action to distribute stocks into the rally, and lock in profits."

You see; I was not wrong because not a single Dow stock was up this week!

Bill's Portfolio:

Have a look at the Daily data charts for XOM, INTC and GM, and note the peak in the RSI that occurred at the same time I exited these stocks earlier this month. The same story was developing in the shorter and longer time series charts. In every case for these stocks at the time, I noted, for your benefit, the extreme promotional activity by Talking Heads linked to CNBC. I also noted other factors, all of which added up to my selling.

Daily data charts for XOM:

Daily data charts for INTC:

Daily data charts for GM:

In every case, these stocks had been leading the broad market higher until I decided to sell. My selling and the topping out of these stocks, and the action of the Dow, are not random events. The equity market is not a random operator.

The teaching of the Random Walk Theory and Efficient Market Hypothesis is a crock.

Hedge funds that seek to manage beta, based on such concepts, are ill advised.

There is one meaningful objective in portfolio management, which is to seek alpha, and one way to do that, which is to use art and science that is based on the laws of nature. The equity market, after all, is us.

We are not random people.

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Sector ETF:

I warned two weeks ago, after eight of my closely monitored ten ETFs were up: "(Except for XLE, the rest (of these ETFs) are in trouble. Let me show you why I think that."

Then, a week ago, I admitted to making an early call on the ETFs, after tasting more of that fizzy soda (i.e., seven up). However, I did state: " I remain bearish for the broad market; the present rally in North American equities could have a couple weeks further to go before finally topping out", blaming the extended bullishness on foreigners.

By now you know that on Thursday and Friday the Bear reached down the market's throat and ripped it asunder. By the close Friday, just a single ETF was left standing, barely.

Here are the ETF charts for sectors 10 (energy: IYE), 15 (basic materials: IYM), 20 (industrial: IYJ), 25 (consumer discretionary: XLY), 30 (consumer staples: XLP), 35 (healthcare: IYH), 40 (financial: IYG), 45 (technology: IGM, IGV and IGW), 50 (telecom: IYZ) and 55 (utilities: IDU).

10 (energy: XLE, IYE, VDE, and IXC)

After enjoying a heady +20 pct six-weeks winning streak, XLE closed Week #25 down "1.96 pct to 44.27.

Yes, the XLE declined while the price of Crude Oil set new record highs of $60.

I wrote a week ago"Oil analysts continue to be surprised, because the fundamentals do not seem to be supporting the record high prices. I'm starting to think that possibly traders are becoming more than a little concerned about the impact Al Qaeda is having in recent weeks."

Maybe if the War on Terrorism did not consume so much oil, and the Iraqi oilfields were working at peak capacity, then crude oil speculators would not be so quick to step on the accelerator? Do you think?

Here's the XLE Hourly and Daily data charts:

XLE Hourly data:

XLE Daily data:

Let me tell you what I really think of the XLE: before closing the week at 44.27, XLE hit the cycle high of 46.15. Yes, that was the top; the cycle has peaked. XLE is now done like dinner.

15 (basic materials: IYM, XLB, and VAW)

Regarding the Basic Material ETF XLB, not only did I call it right on the nose, I even told you which piece of the meat was rotten.

Last week I wrote: " Well, the golds had another great week, as did the aluminum producers, and base metal miners of copper, pushing this Basic Materials sector up (as I called it). But the Sector RSI is falling, so traders had better watch this. This sector (other than gold) makes me a little nervous because so much of the demand has to do with China, and China could turn off the purchase orders very quickly."

This week XLB closed down sharply "5.17 pct to 27.31. It had also been down -0.45 pct on the prior Friday. But, the Toronto Gold Index (TSX: XGD) was up +0.65 pct W/W.

That, dear readers, is a craftsman's touch.

Here's the XLB Hourly and Daily data charts:

XLB Hourly data:

XLB Daily data:

20 (industrial: IYJ, XLI, VIS, and IYT)

The Industrials ETF (XLI) was down "3.52 pct W/W to 29.29, which is now below the 40-Week Moving average (M40=29.96). Like XLB, and probably XLP, there might be a ‘dead cat' bounce for a couple days next week, but the cycle is pointed down.

Two weeks ago I wrote: "Traders in this Industrials sector (and the Basic Materials) have to be closely watching the USD action in the next month. I believe that the over-bought USD will come off, which could help these two sectors for a couple weeks anyway." Well, the USD remained hot, which kept XLI under pressure this week.

The U.S. Senators of the manufacturing heartland " Illinois through Pennsylvania " want that USD down in the worse way, which they think will protect jobs in their states. They'll even play a little politics with Snow and Greenspan to get there.

All I can say is be careful what you wish for.

Last week in this section, I threw in the following barb: "Maybe Boeing supporters were commiserating the Paris International Air Show, where once again EADS/Airbus were productively eating the Boeing lunch."

This week BA was down "6.24 pct as some people are starting to awaken to what really is happening in the world today.

U.S. industrial giants like Boeing, Honeywell, United Technologies, and General Electric (all Dow 30 components) rely on leadership from strength in its engineering personnel and manufacturing processes.

Greenspan even told it straight to the surly Senate Finance Committee this week: young people in the U.S. are being outplayed in the important games.

Yes, 737s and 777s today, and F18 Hornets tomorrow. Scary isn't it?

Here's the XLI Hourly and Daily data charts:

XLI Hourly data:

XLI Daily data:

25 (consumer discretionary: XLY and VCR)

Consumer Discretionary Spending stocks (XLY) were down "2.52 pct to 32.84, which is now below the M40. Last week I said XLY was "holding just above the M40 (33.14), but getting pricey. A lot of very large flat-screen TVs being sold these days are not enough to convince me that the U.S. consumer is flush however."

It's becoming a case of the haves and the have-nots. As I see it, most Americans have "no tickee for laundry". Most cannot afford to pay down the principal on their increasing mortgage debt; they cannot even afford to put gasoline in their aging automobiles to drive to Wal-Marts to cash in on the sales that are being held before the Yuan is revalued higher, making goods from China even more expensive.

But then, government says inflation is not a problem. ;-)

I see XLY down from here.

Here's the XLY Hourly and Daily data charts:

XLY Hourly data:

XLY Daily data:

30 (consumer staples: XLP and VDC)

The most defensive sector on the board, Consumer Staples (XLP), was down "2.40 pct W/W to 22.74, including down "1.00 pct on Friday.

Last week I wrote: "XLP, for all the TH hype about being the place to be in a nervous market, has been sideways tracking for over a month. The current price sits just above the M40 (22.86)."

Today M40 is 22.87, so XLP is now under that important watermark.

Did you know that of my ten ETFs, five (XLB, XLI, XLY, XLP, and IYZ) are below the M40, and just four are above it (i.e., XLE, IYH, SMH and XLU).

I could say XLF is also above it, but I don't think a penny to the good is a good thing.

Here's the XLP Hourly and Daily data charts:

XLP Hourly data:

XLP Daily data:

35 (healthcare: IYH, XLV, VHT, IXJ, and IBB)

A week ago I wrote: "IYH had a huge week, up +2.08 pct to 62.42. It could go higher, but I think this is a dead-cat bounce, aided by an acquisition by Pfizer. PFE, up +3.97 pct W/W, helped a lot. What's going to push IYH next week? It is extended on the upside, having grown from 52 in Oct-04. "

This week, PFE was down "0.90 pct and MRK was down "5.18 pct, so I'm not surprised IYH was down "1.95 pct W/W to 61.20.

Here's the IYH Hourly and Daily data charts:

IYH Hourly data:

IYH Daily data:

40 (financial: IYG, IYF, XLF, VFH, IXG, VNQ, RWR, IYR, and ICF)

The Financial XLF was down "1.08 pct W/W to 29.31. The M40 is sitting at 29.24. Next week I think XLF falls below the M40.

Here's the XLF Hourly and Daily data charts:

XLF Hourly data:

XLF Daily data:

45 (technology: IGM, IGV, IGW, XLK, VGT, IYW, IGN, IXN, and MTK)

The semiconductor index (SMH) was down "0.99 pct W/W after trying to pop up. But Friday saw SMH down "1.50 pct to close the week at 34.10.

Friday's precipitous decline for the semiconductor stocks could be just the start. BTW, if those Senators are serious about putting tariffs to Chinese goods, they ought to understand that business doesn't operate in a vacuum.

A mark-up of 27 pct on Chinese goods will likely mean a ~20 pct price increase in similar Japanese, Taiwanese and Korean products. Or do you think those business people are blind?

But that kind of thinking, i.e., the lack of it, is what kept John Kerry in the Senate, thank goodness. In the White House, the lack of understanding he displayed in dialog with John Snow on Thursday could have sunk America.

I mean, isn't it time to get real?

INTC and the chip stocks looked terrible. It's like a cascading of water.

Here's the SMH Hourly and Daily data charts:

SMH Hourly data:

SMH Daily data:

50 (telecom: IYZ, VOX and IXP)

The Telco Services sector (IYZ) was down "2.03 pct W/W to 23.18, which is now below the important M40 (23.35).

A week ago, I pointed out Fridays' end-of-the-day strong close in IYZ for a couple weeks, saying: "I'm suspicious with the end of the week trading. Sometimes these sharp end of the week moves are due to the Gnomes setting up to take markets up or down the next Monday morning. It's often hard to tell which."

You might not have understood what I was getting at, so bear with me. On Monday June 13th, the telecom stocks were taken up like a rocket at the open. Exactly a week later, on Monday morning, the same telecom stocks were taken down like a rocket in reverse.

For the remainder of this week, IYZ was down right from Monday morning. So what did that earlier tactic by the Gnomes accomplish?

Have a look at all the trading for the prior week. You'll see that almost every purchase of stock in the telecom services sector was trapped (except for a couple trades on Wednesday).

This week the bottom fell out of the IYZ -- after the Gnomes dumped their stock the week before -- and all the prior week's buyers ended up being chumps.

Have a look at the Daily data charts, and you'll see the RSI rolled over just before this move on the 13th.

When things like this occur, I think it is appropriate to review the CNBC tapes and re-read the financial papers to see who was doing the hyping at the time. There is often a link.

I learned about 'pump and dump' in the 1960s. Nothing's changed.

Here's the IYZ Hourly and Daily data charts:

IYZ Hourly data:

IYZ Daily data:

55 (utilities: IDU, XLU, and VPU)

The Utilities (XLU) hit the peak price of this cycle at 31.50 on Thursday. The 7-Month RSI at 93.6 (see chart below) is mind blowing.

From this point forward, XLU is going to tumble downhill. Get set for the ride.

XLU ended this week up +0.81 pct W/W to 31.12, but Friday was down "0.70 pct on the day.

The M40 is 28.35, which I feel will be reached this summer. The one caveat is that some traders like the relatively high dividend yield of the Utility stocks. Should interest yields not move up from here, many traders will stay in the dividend yield.

They'll stay until they see the share price weaken, and then the prospect of capital loss will push them into selling.

Here's the XLU Hourly and Daily data charts:

XLU Hourly data:

XLU Daily data:

XLU Monthly data:

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Bonds:

The bond market did yet another surprising move this week as the yield spread dropped sharply.

From the U.S. Fixed Income (Bonds) Yield Table at Yahoo Finance, the 30-year T-Bond (actually 26 years) is now yielding 4.21 pct, down from 4.35 pct a week ago, which is a significant drop. At the same time, the 3-month T-Bill yield moved up strongly from +2.82 to +2.93 pct.

Combine these two actions, and you see the spread between 30-year T-Bonds and 3-month T-Bills (which had dropped from 194 basis points to 143 bp in just six weeks three weeks ago and then up to +153 bp last week) has collapsed to +128 bp.

As the yield curve flattens, traders are starting only now to recognize it's not the economy, stupid, but international money flows that are needed to keep the U.S. real estate game afloat.

A yield spread of 300 basis points reflects a healthy economy. Right now the U.S. economy is not as bad off as these yield spreads indicate. But should the real estate market start to stumble here, it could dramatically affect the economy in a negative way.

The equity markets are quite nervous, and starting to sell off. Equity traders do not at this point believe the strength of the bond market is or real, and they do not believe that real estate markets are particularly safe either.

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Commodities:

Commodity prices rebounded as I called it.

A week ago I wrote: "This week the $CRB was up +2.81 pct W/W to 310.98, and looks like it's going higher next week."

This week, $CRB was up +1.26 pct to 312.24. On Friday, it was up +0.25 pct. Still, the index is far off the intermediate cycle high of 323.33, which might hold, as it is 3.6 pct away.

Here too is the $WTIC, which set a closing day high on Monday of 60.02, and closed the week at 59.84, up +0.66 pct W/W (continuous contract basis).

Can oil go higher from here? I'd say the speculation is ripe to see crude oil contracts trade well up into the mid-60's in the next couple weeks. There may be little to no fundamental reason for oil to be trading in the 40's, or even the 50s, nevertheless the 60s, but there is also no technical resistance on the charts. And, boy, do those oil traders like to trade on their charts.

T. Boone Pickens apparently likes his charts " or maybe his tea leaves " because this famous Texas oilman was throwing off a prediction of $120 contracts in the foreseeable future. Maybe he needs $120 oil to pay for his lifestyle?

I will continue to print the following list of oil stocks in sub-industry groups until another market driver, like interest rates, takes the lead. I have been suggesting that oil is getting tired, and will decline, and that interest rates will start to rise, and take the place of oil as the major worry of traders. How wrong, I've been.

To the contrary; money is chasing bonds higher (and yields lower), which is clearly a growing problem for equity and commodity traders who think prices can rise there too at the same time.

Eventually, something has to break. I think it will be the USD and the bond market, because I understand the growing deficits, and the inflationary impact of rising commodity prices, real estate prices, and wage rates.

Funny, but so too did Bill Clinton.

In the near-term, however, I think $CRB will hold at a short-term cycle peak below 323. Part of my reasoning is that the USD remains strong (and stronger than I'd like to see), and oil prices will have difficulty staying in the 60s. The China syndrome has metals prices on the decline. Mad Cow will keep meat prices down. Who's got any money for a $5 double chocko latte? The OJ groves are not iced in. And, while I love gold, let's be practical!

So let's still keep our eye on the oil ball.

10101010 Oil & Gas Drilling

10101020 Oil & Gas Equipment & Services

10102010 Integrated Oil & Gas

10102010 additional list.

10102020 Oil & Gas Exploration & Production

10102020 additional list.

10102030 Oil & Gas Refining & Marketing

10102040 Oil & Gas Storage & Transport Companies in storage and/or transportation of oil, gas and/or refined products.

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Gold:

$GOLD was up +0.55 pct W/W to $440.08. The current price is well over the M40 (429.97).

Yes, I've been more bullish on gold since mid-May, saying that I see gold bullion up to $450 this summer (and it's now summer), but really there is a seasonal strength after the summer that moves into the winter. And the USD remains strong here, and China is not likely to revalue the Yuan until the 3Q05 (which I started saying in 1Q05).

So traders ought to be nimble here.

As to the immediate direction for the gold market, the recent cycle highs are 447.05 (short-term) and 456.87 (intermediate-term), which are targets. There may be a pull-back in the gold markets (both the metal and the miners) before the next major advance.

If next week, bullion ($GOLD, the EOD continuous contract) does not close above 447.05, I'd be nervous, because the pull-back could be at hand.

If equity prices come off hard next week, for example, unless the USD also comes down hard (which is unexpected), traders will tend to throw away their PDG, NEM, GG and the like. It's human nature.

If that happens, it would set up another buying opportunity for the goldminers.

This interactive chart shows the week for the Gold Bullion index.

The Philly Gold & Silver stock index (XAU) had a six-session move of +8.65 pct before this week. Unfortunately, this week $XAU was down "0.33 pct to 92.60. It failed to exceed the highs of a week ago, and the M40 is a ways off at 95.76.

So you gold bulls ought to be careful.

The Toronto Exchange-listed goldminer iUnits S&P/TSX Capped Gold Index ETF, which trades under the ticker symbol TSE:XGD was up +0.65 pct W/W to 49.75.

Two week ago I gave you four charts of different time series of the XGD on the TSX. I wrote that a move was at hand. Did you catch it?

The M40 for XGD is now 50.53, so the current price is right up to the technical resistance line. I have been thinking XGD would take out the M40 in a day or so, but the strong USD remains a deterrent.

Here are the interactive charts of the leading goldminers on the board.

List #1

List #2

List #3

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Forex:

The U.S. Dollar strengthened again this week. The USD closed at 88.71, up +1.13 pct on the week, although on Friday it was down "0.36 pct. The week earlier the USD was down "1.12 pct on Friday too.

So maybe traders are unwilling now to hold the USD over the weekend? Also, I see forex traders are now talking of buying the Cdn Dollar rather than USD, as they sell Euros.

A little worried over the USD are they?

The $XEU closed down this week "1.50 pct W/W to 120.89. That means my clock is broken again. Are things really that bad in Europe? I thought that the Paris Airshow would have helped out a lot.

I look at charts for the $XEU and wonder why the promise of strength always fizzles out. I do understand that the European economy is in relatively bad shape, the EU Constitution in doubt, the central banks not wanting to tighten, and so forth, all of which hurts their currency, but really, other than some dubious evidence of a strengthening U.S. economy, and a central bank committed to tightening (apparently), the U.S. economy seems to me to be on the brink. How much debt can one country load on the backs of its workers before reality sets in?

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International Equities:

Two weeks ago I wrote: "Oil and Gold helped the Canadian equity market move higher this week, and maybe next as well. But the Japan and U.K. equity markets do not look as strong."

Japanese equity market ETF: EWJ

Japan (EWJ) was down "1.26 pct W/W to 10.22.

In the big picture, the Japanese equity market has declined modestly for over a year. The operative words are ‘declined' and ‘year'.

If China and the U.S. are not such hot trading partners, and the nation imports 100 pct of its oil, what's this country to do? I remain mildly negative.

Hourly Data for EWJ:

Monthly Data for EWJ:

U.K. equity market ETF: EWU

The U.K. market was also down this week. EWU was down "1.04 pct W/W to 18.07, including a decline of "0.39 pct on Friday. Monday morning coming should be another bad one in London.

Hourly Data for EWU:

Monthly Data for EWU:

Canadian equity market ETF: EWC

The EWC had another week I called for. Yes, the Canadian EWC was up +0.38 pct W/W, which followed last week's gain of +4.00 pct, to 18.39.

Last week I wrote: "Now that's where the beef is!" I should have written, "where the good beef is" because, horror of horrors, the U.S. has admitted its first case (or two?) of Mad Cow Disease.

So now Canadians want to lock their borders to American vacationers trying to sneak in with U.S.-made Big Macs. And, please, no U.S. cattle or meat products. But you can have ours! They're safe!

Isn't that the irony of all ironies?

So, Canada, Australia and New Zealand have all been enjoying a strong currency and equity market on the back of strength in oil, metals, jobs, and so forth.

Hourly Data for EWC:

Monthly Data for EWC:

For an interactive look, here are the hourly data charts of the various international equity markets as represented by the U.S.-listed and dollar-denominated ETFs:

(Japan, Taiwan, Hong Kong, Singapore)
(U.K., Germany, France, Italy)
(Canada, Mexico, Brazil, Australia).

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U.S. Equities:

Here is the 30-minute data chart of the Dow, S&P 500, Nasdaq Composite, and Russell 2000 (small cap) indexes.

The 30-minute data charts of the Dow 30 and Nasdaq Composite this week show the plain ugliness of the reaction that started after several U.S. Senators on the Finance Committee played their political games with Fed Chairman Greenspan and Treasury Secretary Snow. Greenspan, in particular, did not appear amused.

The equity market has been nervous for legitimate reasons, but when these Senators started in on their protectionist trade war rhetoric with respect to China, traders reacted by taking a lot of money off the table.

For the week, the $DJX (Dow 30) was down "3.06 pct to 10298, the Nasdaq Composite down "1.76 pct to 2053, and the $SPX and $RUT down "2.09 pct and "2.14 pct respectively, all W/W.

As THs like to say; it was ugly.

But, it's not their money.

When capitalists start to spout protectionism, the American spine bends a little. Unfortunately, I think this tariff talk has legs, and could pass into legislation.

The closer it gets to that point, however, the more convinced I am that a flat-out bear market for equities will ensue. In this regard, I think an openly hostile Larry Kudlow has it right.

Who knows, maybe one started this week? The table illustration below shows that not a single Dow 30 component was up on the week. That is remarkable.

Traders are either over-reacting or they've thrown in the towel.

Here is the monthly chart for the Dow 30 and the Nasdaq Composite. Technical analysts would be alert to the fact the RSI for the Monthly data series of the Dow has turned bearish now, which is also remarkable.

The Monthly Nasdaq RSI, however, is still positive, although barely so. If the Nasdaq Composite Monthly RSI also goes negative here, you can bring in the obese singer because the market, like dinner, is cooked.

The following table shows the price performance of the Dow 30 stocks, which I sorted by 1-week price change.

As you can see, not a single Dow component had a winning week. Only MSFT was not negative, thanks in part to the ‘here today, gone tomorrow' hype of JJ Cramer. It ended flat.

The next four "winners" were actually whiners: HPQ down "0.46 pct; PFE down "0.90 pct; C down "1.07 pct; and JPM down "1.41 pct.

Yes, that was the best of the Dow 30 this week. All losers you might say.

Which brings us to the "real" losers: AA (with China worries) down "6.34 pct W/W, BA (having EADS/Airbus eat its lunch in Paris) down "6.24 pct; MRK (found trying to reformulate Vioxx a couple years before admitting to that) down "5.18 pct; HD down "4.88 pct; and DD down "4.81 pct.

That Vioxx is quite the story: let's see, is it going to be a little arthritic pain or a cardiovascular problem? Hmmm.

And just how many lobbyists in Washington have been putting USD into the pockets of politicians to urge their constituents to refuse to put up with their arthritis, when a little pill is all it takes? Hmmm.

That was quite a bad week, so I'll give you two more losers: the biggest two players on the board, in fact.

GE was down "4.71 pct and XOM was down "4.50 pct. Yes that XOM " the one I unloaded a couple of weeks ago at $56.40 before it moved up to 61. But now back at 58.15, I'm not giving that one a single thought.

Besides, that happened to be a very profitable trade, and you can't put yourself into the ‘woulda, coulda, shoulda' camp.

As for GE, the swell corporation that owns and directs the CNBC Carnival, wasn't this supposed to be a record setting year, where double-digit growth was foreseeable into the distant future? Why the need to re-organize if the big beast is running on all cylinders?

As to CNBC, why not re-organize that, and give the audience a break?

Oh, speaking of CNBC, I'll give you another big loser on the week: GM. Yes, that GM "Sold to you at 35 on June 10!", now closing on June 24 at 34.08.

You can do this table yourself by copying the following list of the Dow 30 stocks and entering them in the window for "Summaries" at Investertech.com.

AA AIG AXP BA C CAT DD DIS GE GM HD HON HPQ IBM INTC JNJ JPM KO MCD MMM MO MRK MSFT PFE PG SBC UTX VZ WMT XOM

After you bring up the list, click on the Performance tab. To sort for the relative price performance for any recent period, you just need to click on the column header of the period that interests you.

Here are the Dow charts from Investertech.com that I broke into groups of ten, which you can add technical indicators for as well. (list one) (list two) (list three)

(AA) (AA) (Here is the Apr. 22 Value Line report on AA: next one is due Jul. 22)

(AIG) (AIG) (Here is the May 27 Value Line report on AIG: next one is due Aug. 26)

(AXP) (AXP) (Here is the May 27 Value Line report on AXP: next one is due Aug. 26)

(BA) (BA) (Here is the Jun. 24 Value Line report on BA: next one is due Sep. 23)

(C) (C) (Here is the May 27 Value Line report on C: next one is due Aug. 26)

(CAT) (CAT) (Here is the Apr. 29 Value Line report on CAT: next one is due Jul. 29)

(DD) (DD) ( Here is the Apr. 22 Value Line report on DD: next one is due Jul. 22)

(DIS) (DIS) (Here is the May 20 Value Line report on DIS: next one is due Aug. 19)

(GE) (GE) (Here is the April 15 Value Line report on GE: next one is due July 15)

(GM) (GM) Here is the Jun. 3 Value Line report on GM: next one is due Sep. 3)

(HD) (HD) (Here is the Apr. 7 Value Line report on HD: next one is due Jul. 8)

(HON) (HON) (Here is the Apr. 29 Value Line report on HON: next one is due Jul. 29)

(HPQ) (HPQ) ( Here is the April 15 Value Line report on HPQ: next one is due July 15)

(IBM) (IBM) ( Here is the April 15 Value Line report on IBM: next one is due July 15)

(INTC) (INTC) ( Here is the April 15 Value Line report on INTC: next one is due July 15)

(JNJ) (JNJ) Here is the Jun. 3 Value Line report on JNJ: next one is due Sep. 3)

(JPM) (JPM) (Here is the May 27 Value Line report on JPM: next one is due Aug. 26)

(KO) (KO) (Here is the May 6 Value Line report on KO: next one is due Aug 5)

(MCD) (MCD) (Here is the Jun 10 Value Line report on MCD: next one is due Sep. 10)

(MMM) (MMM) (Here is the May 20 Value Line report on MMM: next one is due Aug 19)

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I will leave you with this final thought for the weekend: the late Canadian Prime Minister the Rt. Hon. Pierre Elliot Trudeau once made an impassioned plea to the world regarding its most serious problem. Long before the collapse of the Soviet Empire, he stated that, in his considered opinion, the most pressing issues of the world were not east to west, but north to south.

The horrendous poverty of the peoples of Africa remains an utterly cruel human condition that must be put right. The Live 8 concerts of the next week or two is an opportunity for all of us to make a statement that we care for those in the world who cannot cope for themselves.

Thank you.

BCara@BillCara.com