The buying sentiment exhibited the prior Friday carried over last week, with prices
rising on 4 of 5 days, finally breaking an 8 week slide in stock prices.

Though economic problems remain many, it may have been more reports of inflation having peaked
that caused some forward-thinking institutions to decide now is the time to buy back in at deeply
discounted prices. The week was notable for steady daily incremental price gains as opposed to the
huge daily volatility swings seen of late.

While buying interest was widespread, raising prices of almost all stocks, not seeing many reversal
trades among our stocks just yet. Gains in our short positions did decline somewhat, while long
positions ended the week less-underwater.

More upward price follow-through next week is needed to confirm a valid change of trend. If so, expect
more buy signals soon. If not, these buyers of the past week may prove to have been too early again.


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