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To: Chip McVickar who wrote (76648)	6/26/2003 9:53:45 AM
From: skinowski	Read Replies (1) \| Respond to of 209892

I never looked at the Agricultural index, so an expert I am not... but from an EW perspective the chart is intriguing: The rise from the last year's low was strong and impulsive, while the pullback is grindy, looks corrective and contains overlaps. I'd say that the chart looks bullish for Agri prices - and may indicate some inflation in the future. jmho.

To: Chip McVickar who wrote (76648)	6/26/2003 10:44:30 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 209892

Pulled out about a month ago - to early <GG> July is usually a down month. ..... and from a FA point of view , the market is pricing a doubling in profits even with negative interest rates, keep in mind that inflation is around 2% and interest rates if there were real growth and pricing power interest rates should be around 3.5% to 4.5% ......... as they say why rob a bank ...... take out a mortgage. I see the action of CB's around the world just printing more confety with the US leading the way........ making a bullish case for stocks until unexpected attention will go to inflation