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To: Les H who wrote (2390)	7/28/2002 11:48:22 AM
From: Les H	Read Replies (1) \| Respond to of 29602

latest from Swenlin re. cycles, thought you may be interested: "CYCLES: Neutral. That the market has declined instead of rallying since the 9-Month Cycle trough [i.e. 6/26/02] is a very negative sign. Most cycle analysts refer to this as an inversion, but I prefer to think that normal cycle pressures have been overcome by other forces. In any case, cycle interpretation will be of little use until prices get back in phase with the cycle ideal. We must watch cycle projections for the 5-Week, 10-Week, and 20-Week Cycle troughs because any of these could produce a significant rally."