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To: Les H who wrote (8785)	10/2/2003 8:11:53 AM
From: big guy	Read Replies (1) \| Respond to of 29609

<Three more ETFs on deck> I sure wish someone would come out with a CRB tracking stock. I've heard rumors of one for over a year now and still nothing. Anyone else here anything?

To: Les H who wrote (8785)	10/2/2003 9:18:22 AM
From: Les H	Read Replies (1) \| Respond to of 29609

Fibonacci Resistance Marks Stocks and Bonds US stocks surged on Wednesday despite lackluster data. Technically, the bounce from Tuesday's low of 991 in the S&P500 marked the 61.8% retracement of the August to September advance. Resistance is now seen at 1021, just above yesterday's closing high, which marks the 61.8% of the 1040-991 decline. Notably, the December 10 year Treasury note also advance to 115 on Tuesday, which marks the 61.8% retracement of the June high of 119 to August low of 108. Meanwhile, the falling dollar may make it harder to justify rising equity and bond prices. Consequently, it will be interesting to see if either stocks or bonds can manage new highs after meeting with their respective Fibonacci resistance. ECB Warns of Excess Global Liquidity Last week following the G7 communique urging countries to seek flexible exchange rates (or let the dollar depreciate), Germany's Bundesbank president Ernst Welteke said his chief concern is that the vast amount of liquidity in the system may lead to a temporary recovery, but may also be the factor that prevents a sustainable one. His comments were followed by ECB board member Otmar Issing who said on Tuesday that Eurozone deflation is still just a hypothetical danger, considering the high level of global liquidity (or inflation pumped into the global system via central banks), which has the potential to create future risks. Consequently, it will be interesting to see if the ECB makes an official statement in their press conference, and possibly in their monetary policy minutes, over the problem of excess liquidity. Certainly, this would put them further at odds with the Fed, which has sought the most aggressive expansionary policy in its history. forexnews.com