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View Full Version : That '70s connection

bart
06-29-08, 09:47 AM
A veritable cornucopia of charts, all comparing the period from 1966-1980 to the period since late 1999.


<center>Gold

</center> <center> http://www.nowandfutures.com/images/gold1966-1980and_now.png </center>
<center>(top of chart limited to show more detail for current period - actual top about $5800)</center>

<hr align="center" width="75%">

<center>Silver

</center> <center> http://www.nowandfutures.com/images/silver1966-1980and_now.png </center>
<center>(top of chart limited to show more detail for current period - actual top about $190)</center>

<hr align="center" width="75%">

<center>Oil

</center> <center> http://www.nowandfutures.com/images/oil1966-1980and_now.png </center>

<hr align="center" width="75%">

<center>Barron's Gold Mining Index (BGMI) & S&P 500

</center> <center> http://www.nowandfutures.com/images/bgmi1966-1980and_now.png </center>

<hr align="center" width="75%">

<center>TBonds & CPI+lies

</center> <center> http://www.nowandfutures.com/images/cpi_bonds1966-1980and_now.png </center>

<hr align="center" width="75%">

<center>S&P 500

</center> <center> http://www.nowandfutures.com/images/sp500_1966-1980and_now.png </center>

<hr align="center" width="75%">

<center>Corn

</center> <center> http://www.nowandfutures.com/images/corn1966-1980and_now.png </center>

<hr align="center" width="75%">

<center>The US dollar

</center> <center> http://www.nowandfutures.com/images/usdx1966_1980and_now.png </center>

<hr align="center" width="75%">

<center>The hard vs. paper asset cycle since 1966

</center> <center> http://www.nowandfutures.com/images/dow_gold_oil_crb1966-current.png </center>

<hr align="center"> <hr align="center">

<center>An alternate picture of where we are in the cycle

</center> <center> http://www.nowandfutures.com/images/dow_gold1966_1980alt.png </center>

<hr align="center" width="75%">
from http://www.nowandfutures.com/last_hard_asset_bull_comparisons.html
jk
06-29-08, 10:16 AM
thanks bart. all very interesting. the most striking thing to me is that we haven't had nearly the volatility [yet] that was experienced in the '70s.
bart
06-29-08, 01:19 PM
thanks bart. all very interesting. the most striking thing to me is that we haven't had nearly the volatility [yet] that was experienced in the '70s.

It's probably not exactly a surprise, but I think this is a large part of the difference in precious metal behavior so far.



http://www.nowandfutures.com/images/gold_platinum.png
Lukester
06-29-08, 01:52 PM
Bart -

I recognise this is just for analogy, but I noted the gold overlay chart progression illustrates an imminent doubling in two years, while the silver overlay chart evidences a doubling in five years. Ya just cast a pall of gloom over my Sunday Mr. Futurist. :( ( ;) ).
bart
06-29-08, 04:39 PM
Bart -

I recognise this is just for analogy, but I noted the gold overlay chart progression illustrates an imminent doubling in two years, while the silver overlay chart evidences a doubling in five years. Ya just cast a pall of gloom over my Sunday Mr. Futurist. :( ( ;) ).

Well then, let me attempt a brighter shade of pale. ;)



In the mid '70s, silver stayed about even where gold lost almost 50%.
Just because history tends strongly to rhyme does not mean silver will stay about even. There are always differences.
There is the alternate scenario that we're in the 1977-78 period rather than the 1974-75 period.
Diversification and hedging do exist.
Just chant after me: "Begone ye foul and vile pall"... "Begone ye foul and vile pall"... :cool:
Lukester
06-29-08, 06:47 PM
Bart -

If you don't know of this guy's work I think you will find him to be right up yoru street. David Bensimon of Polar Perspectives (Aussie firm) - has a lot of institutional clients and has developed systems to map long cycles which I am willing to bet you'll find fascinating. I know you've posted on these themes from time to time, and Mr. Bensimon is right squarely on that topic. He apparently has a superb track record. Look him up if you are not familiar with his work, and let me know what you think.

He's predicting a long rise in global stock markets led by Asian bourses, and solid bull markets in gold and silver out to 2012-2014. Gold is rises ten fold from it's $250 origins to $2500, while silver will outperform it four to five times, rising to $25.00-$40.00 in 2009 and $160.00 2014.

There's a radio interview with him after the 2007 UK Silver Summit here:

http://podcast.streetiq.com/streetiq?GUID=3759874&Page=MediaViewer&ChannelID=5733

David Bensimon's POLAR PERSPECTIVES website is here:

http://www.polarpacific.com/Services/polarperspectives.htm


The reason why I say he's right up your street Bart is that he's *all about charts* - Check out this menu and let me know what you think. Sounds like your soul-brother. :)

_____________



<TABLE borderColor=#ccccff width=900 border=5><TBODY><TR><TD borderColor=#ffffff bgColor=#ffffff>
<?XML:NAMESPACE PREFIX = O /><O:P> TABLE OF CONTENTS</O:P>
<TABLE class=MsoTableGrid style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-border-alt: solid windowtext .5pt; mso-yfti-tbllook: 480; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext" cellSpacing=0 cellPadding=0 border=1><TBODY><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 0"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=113 bgColor=#000080><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 229.2pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" borderColor=#000080 width=306 bgColor=#000080 colSpan=3>INTRODUCTION<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=302 bgColor=#000080><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 1"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 4"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>PREFACE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Conception / Acknowledgements<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 5"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>OVERVIEW<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Synopsis / Structure<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 6"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>METHODOLOGY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Symmetry / Style<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 7"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 8"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=113 bgColor=#000080>Section I<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 229.2pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=306 bgColor=#000080 colSpan=3>EQUITIES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=302 bgColor=#000080><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 9"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 10"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Waves / Cycles / Statistics<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 11"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>DOW<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Waves / Cycles<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 12"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>NDX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Waves / Cross Rate<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 13"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>NIKKEI<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Waves / Correlations<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 14"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>N. AMERICA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>NYSE / RUT / TSX<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 15"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>EUROPE
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><?XML:NAMESPACE PREFIX = ST1 /><ST1:PLACE>FTSE / CAC / DAX<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 16"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>ASIA<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>STI / HSI / ASX<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 17"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 18"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=113 bgColor=#000080>Section II<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 229.2pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=306 bgColor=#000080 colSpan=3>CURRENCIES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=302 bgColor=#000080><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 19"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 20"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 8<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Cycles / Waves<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 21"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 9<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Correlations / Waves<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 22"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 10<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>USDJPY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Symmetry / Waves<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 23"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 11<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>CROSSES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>EURGBP / EURJPY<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 24"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 12<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>AUDUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>History / Waves<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 25"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 13<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>GLOBAL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>USDCAD / USDCHF / USDSGD<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 26"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 27"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=113 bgColor=#000080>Section III<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 229.2pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=306 bgColor=#000080 colSpan=3>COMMODITIES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=302 bgColor=#000080><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 28"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 29"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 14<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>History / Waves<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 30"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 15<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>History / Waves<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 31"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 16<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>History / Waves<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 32"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 17<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>CROSSES I<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>GOLD versus OIL<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 33"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 18<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>CROSSES II<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>OIL in GBP and JPY<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 34"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 35"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=113 bgColor=#000080>Section IV<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 229.2pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=306 bgColor=#000080 colSpan=3>INTEREST RATES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=302 bgColor=#000080><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 36"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 37"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 19<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>BONDS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Curve Evolution / Waves / Correlations<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 38"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 20<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>DEPOSITS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Correlations / Waves<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 39"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 44"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 45"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=113 bgColor=#000080>Section V<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 229.2pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=306 bgColor=#000080 colSpan=3>PERSPECTIVE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=302 bgColor=#000080><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 46"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 47"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 21<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>FRAMEWORK<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Metastructure / Schematic / Tables<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 48"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 22<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>PRINCIPLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Globality / Impulses / Corrections<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 49"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 23<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>CHRONOLOGY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Pre-Financial Era / Financial Era<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 50"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Chapter 24<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>CYCLICITY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Financial Degrees / Non-Financial Degrees<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 51"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 52"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=113 bgColor=#000080><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 229.2pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=306 bgColor=#000080 colSpan=3>CONCLUSION<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=302 bgColor=#000080><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 53"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 54"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Appendix A<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>SYNTHESIS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Summary / Outlook
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 55"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Appendix B<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>BACKGROUND<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Performance / Profile<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 56"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 3cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=113><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 87.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=117>Appendix C<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 1cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=38><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 4cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=151>REFERENCES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 8cm; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=302>Bibliography / Additional Reading
</TD></TR></TBODY></TABLE>
</TD></TR></TBODY></TABLE>




<CENTER><TABLE borderColor=#cacaff width=900 border=5><TBODY><TR><TD borderColor=#ffffff bgColor=#ffffff>
LIST OF CHARTS


</TD></TR><TR><TD borderColor=#ffffff bgColor=#ffffff><TABLE class=MsoTableGrid style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-border-alt: solid windowtext .5pt; mso-yfti-tbllook: 480; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext" cellSpacing=0 cellPadding=0 border=1><TBODY><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 0"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=84>Section I<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 214.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=285 colSpan=3>EQUITIES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 67.85pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=90 colSpan=2> <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 59.65pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=80><O:P> </O:P>
</TD><CENTER></CENTER><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 136.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=182 colSpan=2>Scale Range<O:P> </O:P>
</TD></TR><CENTER><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 1"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 263.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=352 colSpan=5><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 2"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle Five<O:P> (1949 Base)</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 3"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle Five (1932 Base)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 4"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle III (1949 Base)<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 5"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle V (1932 Base)<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 6"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle V (1949 Base)<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1995-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 7"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>OEX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Wave 1 of V<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2000-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 8"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-7 </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Wave 1 of V (OEX format) </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=109>2000-2010 </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 8"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-8 </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Years 5 and 7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=109>1796-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 9"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-9
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Raw Prices<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=109>1796-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 10"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-10
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Log Prices<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=109>1796-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 11"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-11
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cumulative Returns<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=109>1796-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 12"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-12
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Percentage Returns<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=109>1796-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 12"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-13
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Returns by SC Period<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1796-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 13"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 1-14
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Returns by Sub-Period
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Daily Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1950-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 14"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 210.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=281 colSpan=4><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 15"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 2-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>DOW<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 16"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 2-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>DOW
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Wave 5
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2000-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 18"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 2-3
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>DOW
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>4-Year Cycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 19"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 20"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 3-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>NDX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Complete History
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Daily Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1980-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 21"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 3-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>NDX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1990-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 21"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 3-3
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>NDX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Wave 1 of V
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2003-2007<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 22"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 3-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>NDX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Wave 1 of V<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2003-2007<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 22"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 3-5
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>NDX
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>NDX/SPX Cross<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Daily Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1985-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 23"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 24"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 4-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>NIKKEI<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 25"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 4-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>NIKKEI
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle Interior<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1960-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 25"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 4-3
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>NIKKEI
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle V
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1996-2014<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 26"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 27"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 5-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>AMERICA<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>NYSE<O:P> SuperCycle</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 28"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 5-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>AMERICA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>RUT Market Cap<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1975-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 29"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 5-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>AMERICA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>RUT Cycle V <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1996-2014<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 30"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 5-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>AMERICA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>TSX<O:P> Cycle V</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1980-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 31"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 32"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 6-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Raw Prices<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1985-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 33"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 6-2
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Indexed to DEC90<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1985-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 33"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 6-3
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Indexed to MAR03<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1985-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 33"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 6-4
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EUROPE
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>FTSE<O:P> Cycle V</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1996-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 34"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 6-5
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EUROPE
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>CAC<O:P> SuperCycle</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1990-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 35"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 6-6
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EUROPE
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>DAX/CAC <O:P>Cross</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1990-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 36"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 6-7
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EUROPE
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>DAX/FTSE<O:P> Cross</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1990-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 37"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 38"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 7-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>ASIA<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>STI<O:P> SuperCycles</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1960-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 39"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 7-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>ASIA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>HSI<O:P> SuperCycle Three</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1950-2030<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 40"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 7-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>ASIA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>ASX<O:P> Grand SuperCycle</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1760-2040<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 41"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 7-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>ASIA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>ASX<O:P> Cycle V</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2030<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 42"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 43"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=84>Section II<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 214.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=285 colSpan=3>CURRENCIES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 67.85pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=90 colSpan=2> <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 59.65pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=80><O:P> </O:P>
</TD></CENTER><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 136.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=182 colSpan=2>Scale Range<O:P>
</TD></TR><CENTER><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 44"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 45"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 8<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 8-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>100-Month cycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 46"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 8-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GBPUSD
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Grand SuperCycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1660-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 47"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 8-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle IV<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 48"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 8-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Part C
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2000-2016<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 49"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 50"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 9<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 9-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>EURGBP Correlation Periods<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Daily Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1975-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 51"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 9-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EURUSD
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SPXEUR Correlation Periods<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1980-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 52"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 9-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle IV<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1975-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 53"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 9-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Part C of IV
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2000-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 55"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 56"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 10<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 10-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>USDJPY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Grand SuperCycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1860-2050<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 57"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 10-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>USDJPY
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 60"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 10-3
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>USDJPY
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Alternative Labels<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1950-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 61"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 62"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 11<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 11-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>CROSSES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>EURGBP Cycles
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1940-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 63"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 11-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>CROSSES
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>EURJPY Cycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1975-2025<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 65"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 66"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 12<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 12-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>AUDUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1800-2040<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 67"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 12-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>AUDUSD
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle IV<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2030<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 68"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 12-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>AUDUSD
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Part (a) of IV<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2000-2014<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 69"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 70"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 13<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 13-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GLOBAL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>USDCAD SuperCycle<O:P></O:P>s
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 71"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 13-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GLOBAL
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>USDCHF Cycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2050<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 72"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 13-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GLOBAL
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>USDSGD SuperCycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 73"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 74"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 75"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=84>Section III<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 214.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=285 colSpan=3>COMMODITIES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 67.85pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=90 colSpan=2> <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 59.65pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=80><O:P> </O:P>
</TD></CENTER><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 136.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=182 colSpan=2>Scale Range<O:P>
</TD></TR><CENTER><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 76"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 77"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 14<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 14-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Grand SuperCycle (in GBP)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1450-2050<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 78"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 14-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle One (in GBP)<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Mint Rates<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1450-1950<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 79"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 14-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Grand SuperCycle (in USD)<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1780-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 80"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 14-4
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Fixed-Period Cycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>34-year Blocks<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1790-2030<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 80"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 14-5
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle V (Futures)<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1980-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 81"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 14-6 </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Wave 1 (Futures)<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1999-2011<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 82"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 83"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 15<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 15-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Demand, Supply, Deficits<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Flows<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1995-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 84"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 15-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SILVER
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Grand SuperCycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1780-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 85"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 15-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SILVER
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle Three<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1970-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 85"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 15-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SILVER
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Gold/Silver Cross<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Closes</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1780-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 87"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 88"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 16<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 16-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Grand SuperCycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1780-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 89"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 16-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>OIL
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1840-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 90"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 16-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>OIL
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Alternative SuperCycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1840-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 91"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 16-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>OIL
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Cycle III<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1900-2060<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 92"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 16-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>OIL
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Wave 5<O:P> (Futures)</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1985-2015<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 93"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 16-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>OIL
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Part (iii) (Futures)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1999-2011<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 94"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 95"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 17<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 17-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>GOLD-OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Indexed to 1892<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1880-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 96"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 17-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>GOLD-OIL
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Indexed to 1970<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1960-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 97"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 17-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>GOLD-OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Price Movements<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1840-2040
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 98"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 17-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>GOLD-OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Annotated Movements<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1840-2040<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 99"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 100"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 18<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 18-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>CROSSES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>OIL Indexed to 1900 <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1880-2040<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 101"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 18-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>CROSSES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>OIL Indexed to 1960<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1960-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 102"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 103"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 104"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=84>Section IV<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 214.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=285 colSpan=3>INTEREST RATES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 67.85pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=90 colSpan=2> <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 59.65pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=80><O:P> </O:P>
</TD></CENTER><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 136.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=182 colSpan=2>Scale Range<O:P>
</TD></TR><CENTER><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 105"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 263.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=352 colSpan=5><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 106"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 19<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>10-year US Treasury Yield<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1800-2080<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 107"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>US Treasury Yields<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1950-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 108"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>US Treasury Yield Curves<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1955-2005<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 110"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-4
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>10-year Yield vs Fed Funds <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1960-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 111"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-5
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>10-year - FF Curve Differential<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1960-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 112"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>30-year Yield vs Fed Funds<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1980-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 114"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-7
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>30-year US Treasury Yield<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1994-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 115"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-8
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Futures: Un-adjusted<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1975-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 116"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-9
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Futures: Back-adjusted<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1980-2020<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 117"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-10
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Part C of Two<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2000-2008<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 118"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 19-11 </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>BONDS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>10-year Yield vs SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Averages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1800-2040
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 119"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 120"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 20<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 20-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>DEPOSITS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>3-mo T-Bills vs Libor<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1986-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 121"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 20-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>DEPOSITS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>3-mo Curve Differentials<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1986-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 122"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 20-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>DEPOSITS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>ED Futures: Predictive Errors<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Quarterly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1986-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 123"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 20-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>DEPOSITS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>12-mo Errors: Gross + Net<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Quarterly Closes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1986-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 124"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 20-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>DEPOSITS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>ED Futures: Un-adjusted <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1980-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 125"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 20-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>DEPOSITS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>ED Futures: Back-adjusted<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Monthly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1990-2030<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 126"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 20-7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" vAlign=top width=88>DEPOSITS
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>SuperCycle Three<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Weekly Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>linear<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>2000-2010<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 127"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 22.7pt; mso-yfti-irow: 128"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=84>Section V<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 214.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=285 colSpan=3>PERSPECTIVE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 67.85pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=90 colSpan=2> <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 59.65pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=80><O:P> </O:P>
</TD></CENTER><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; BACKGROUND: navy; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 136.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 22.7pt" width=182 colSpan=2>Scale Range<O:P>
</TD></TR><CENTER><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 129"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 263.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=352 colSpan=5><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 130; mso-yfti-lastrow: yes"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 63.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=84>Chapter 23<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 64.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=87>Chart 23-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 66.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=88>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 127.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=169 colSpan=2>Grand SuperCycle [Five]<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 83.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=111 colSpan=2>Annual Bars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 54.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=73>log<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 82pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; HEIGHT: 15.6pt" width=109>1760-2040<O:P> </O:P>
</TD></TR></TBODY></TABLE>
</CENTER>
</TD></TR><TR><TD borderColor=#ffffff bgColor=#ffffff> </TD></TR></TBODY></TABLE>



</O:P>
<CENTER> </CENTER>

</CENTER></ST1:PLACE>
Lukester
06-29-08, 06:51 PM
AND A TABLE OF CONTENTS ... (p.s. He's just released a book - price? $800. Apparently it's getting snapped up by institutional fund managers). His most bullish asset of all for this entire next 15 year run is silver, and he's got some quite interesting comments on the cycles ruling silver in the radio interview linked above.



<CENTER><TABLE borderColor=#cacaff width=900 border=5><TBODY><TR><TD borderColor=#ffffff bgColor=#ffffff>
LIST OF TABLES
</TD></TR><TR><TD borderColor=#ffffff bgColor=#ffffff>
</TD></TR><TR><TD borderColor=#ffffff bgColor=#ffffff><TABLE class=MsoTableGrid style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-border-alt: solid windowtext .5pt; mso-yfti-tbllook: 480; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext" cellSpacing=0 cellPadding=0 width=800 border=1><TBODY><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 2"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>INTRODUCTION</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100 bgColor=#000080 height=30> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 2"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 2"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 2"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><?XML:NAMESPACE PREFIX = O /><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 0-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Multiples and fractions of Phi<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 3"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 0-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Common retracement percentages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 4"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 0-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Fibonacci and Lucas series<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 5"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 0-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Phi in Fibonacci and Lucas ratios<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 6"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 0-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Text colour scheme<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 7"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 0-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Chart colour scheme<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 17"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 17"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>Section I</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>EQUITIES</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100 bgColor=#000080 height=30> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 17"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 17"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 17"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Grand SuperCycle [Five]
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 18"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycle Five Impulses (1949 base)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 19"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle III Impulses (1949 Base)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 20"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle III Interior Impulses<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 21"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Typical Recoveries<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 22"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Wave 1 of V Correction Symmetry<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 23"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Temporal Phi Series<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 24"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-8<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Typical Declines
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 25"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-9<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Recent Declines<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 26"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-10<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>War Cycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 27"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-11<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Nested Cycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 28"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 1-12<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SPX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Average Returns by Year of Decade<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 30"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 30"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 2-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DOW<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycle Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 31"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 2-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DOW<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle V<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 32"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 2-3 </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DOW </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Wave 5 </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 32"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 2-4
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DOW<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Time Symmetry<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 33"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 2-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DOW
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>4-Year Cycle: Summary <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 36"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 2-6
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DOW<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>4-Year Cycle: Variability<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 37"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 2-7
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DOW<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Films: Frequency of Year for Best of Genre<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 39"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 39"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 3-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>NDX<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>NDX/SPX Cross Movements
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 41"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 41"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 4-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>NIKKEI<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 42"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 4-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>NIKKEI<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle IV
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 43"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 4-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>NIKKEI<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Post-War Correlations<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 45"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 45"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 5-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>AMERICA<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>NYSE, RUT, TSX: Basic Characteristics<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 46"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 5-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>AMERICA<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>NYSE versus NASDAQ<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 47"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 5-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>AMERICA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>NYSE versus SPX <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 48"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 5-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>AMERICA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>RUT-2000 versus RUT-1000
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 48"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 5-5 </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>AMERICA </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>TSX Cycle V<O:P> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 48"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 5-6 </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>AMERICA </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>TSX Wave 5<O:P> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 50"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 50"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 6-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>FTSE, CAC, DAX: Basic Characteristics<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 51"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 6-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Performance in Previous Uptrend<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 52"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 6-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Performance in Current Uptrend <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 53"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 6-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Performance in Recent Downtrend <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 54"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 6-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Correlations: Intra-Europe and Trans-Atlantic<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 55"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 6-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EUROPE<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Relative Retracements<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 57"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 57"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 7-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>ASIA<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>STI, HSI, ASX: Basic Characteristics<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 58"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 7-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>ASIA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>STI Cycle V<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 59"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 7-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>ASIA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>HSI Cycle III<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 63"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 7-4
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>ASIA
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>HSI/STI Relative Growth Rates<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 63"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 63"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>Section I</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>CURRENCIES</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100 bgColor=#000080 height=30> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 63"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 63"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 63"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 8<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 8-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Part C<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 65"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 65"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 9<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 9-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Correlations with GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 66"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 9-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Variability versus GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 67"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 9-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Movements versus GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 68"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 9-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Correlations with SPX <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 70"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 9-5
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EURUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle IV <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 70"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 70"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 10<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 10-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDJPY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>32-year Cycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 71"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 10-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDJPY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Price Symmetry
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 72"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 10-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDJPY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Price Progression
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 74"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 10-4 </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDJPY<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Segment c of (c) of SC Four
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 74"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 74"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 11<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 11-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>EURGBP<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical Stages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 76"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 76"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 12<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 12-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>AUDUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical Stages<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 77"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 12-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>AUDUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Movements versus GBPUSD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 80"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 80"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 13<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 13-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDCAD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycle Uptrend<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 81"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 13-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDCAD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycle Downtrend (Time)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 82"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 13-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDCAD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycle Downtrend (Price)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 83"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 13-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDCAD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Part A
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 84"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 13-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>USDCHF<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle Downtrend<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 85"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 13-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GLOBAL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Relative Future Performance<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 91"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 91"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>Section III</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>COMMODITIES</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100 bgColor=#000080 height=30> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 91"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 91"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 91"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 14<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Applications and Properties<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 92"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Inventory<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 93"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Sovereign Coin Specifications and Price in Pounds<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 94"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Grand SuperCycle (in GBP)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 95"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycle Three (in GBP)
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 97"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-6 </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Legislated Coin Specifications and Price in Dollars<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 98"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-7
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Chronology of Key Events and Price Points
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 100"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-8
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle V<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 106"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-9
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Wave 1 of V
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 106"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 14-10
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Wave 2<O:P> of V</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 106"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 106"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 15<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 15-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical Production<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 107"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 15-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Reserves<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 108"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 15-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Applications and Properties<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 109"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 15-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Demand and Supply<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 110"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 15-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Sources of Supply<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 112"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 15-6
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle III
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 112"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 15-7
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>SILVER<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Wave 3 of III
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 112"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 112"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 16<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 16-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Grand SuperCycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 113"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 16-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>GSC Growth Rate Pattern<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 114"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 16-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycle Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 115"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 16-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycle III<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 116"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 16-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Wave 5 of III
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 117"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 16-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Part (iii) of 5
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 119"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 119"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 17<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 17-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD-OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical Movements Indexed to 1892
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 120"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 17-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD-OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical Movements Indexed to 1970
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 121"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 17-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD-OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Periods of Relative Gold Strength: Magnitudes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 122"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 17-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>GOLD-OIL<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Periods of Relative Gold Strength: Relationships<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 125"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 125"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 18<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 18-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>CROSSES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cumulative Gains by Period<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 126"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 18-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>CROSSES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Key Turning Points: Index Values and Changes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 127"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 18-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>CROSSES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Lead Currency by Half-Century<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 128"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 18-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>CROSSES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Key Turning Points: Index Values and Changes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 133"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 133"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>Section IV</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=200 bgColor=#000080 colSpan=2 height=30>INTEREST RATES</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100 bgColor=#000080 height=30> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 133"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 133"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 133"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 19<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 19-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>BONDS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>US Treasury Yields: Curve Shape by Decade
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 134"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 19-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>BONDS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>US Treasury Yields: Volatility
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 135"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 19-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>BONDS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>10-year Treasury Yield versus Fed Funds: Volatility<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 136"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 19-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>BONDS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>30-year Treasury Yield versus Fed Funds: Volatility<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 138"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 138"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 20<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 20-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DEPOSITS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>ED Futures: Predictive Errors by Lead Time<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 139"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 20-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DEPOSITS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Over/Under Estimation Extremes<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 140"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 20-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>DEPOSITS<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>FF versus SPX Relative Movements<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 141"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 152"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 152"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30>Section V</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=200 bgColor=#000080 colSpan=2 height=30>PERSPECTIVE</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100 bgColor=#000080 height=30> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 152"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 152"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 152"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 21<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Metastructure<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>6 Levels and 18 Degrees<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 153"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Schematic<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Theoretical Framework<O:P></O:P>: Levels One and Two
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 154"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Schematic<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical Context<O:P></O:P>: Levels Three and Four
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 155"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level One<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Universal: Cosmological Degree
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 156"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level One<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Universal: Geological Degree
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 157"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level One<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Universal: Biological<O:P> Degree</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 158"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Two<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Evolutionary: Epochs in Human Evolution <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 159"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-8<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Two<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=600 colSpan=2>Evolutionary: Ages in Human Development<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 160"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-9<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Two<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=600 colSpan=2>Evolutionary: Thrusts in Human Advancement<O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 161"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-10<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Three<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical: Eras in Human Activity<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 162"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-11<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Three<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical: Periods in Civilisation<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 163"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-12<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Three<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Historical: Phases in Prosperity<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 164"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-13<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=600 colSpan=2>Secular Tides in Ancient Empires Phase
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 165"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-14<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=600 colSpan=2>Secular Tides in Ruralisation Phase
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 166"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-15<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=600 colSpan=2>Secular Tides in Modern Empires Phase
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 167"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-16<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=600 colSpan=2>Grand SuperCycles in Egyptian Tide
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 168"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-17<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=600 colSpan=2>Grand SuperCycles in Greco-Roman Tide
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 169"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-18<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Grand SuperCycles in Western Tide<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 170"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-19<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycles in GSC [One]<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 171"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-20<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycles in GSC [Three]<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 172"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-21<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Four<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>SuperCycles in GSC [Five]<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 174"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 21-22
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Summary<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Current Position<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 174"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 174"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 22<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 22-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Globality<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Concurrent Trends<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 175"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 22-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Alternation<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Non-Financial Degrees<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 177"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 177"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 23<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 23-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Economic: SuperCycle Three<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 178"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 23-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Economic: Cycle V of Three<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 179"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 23-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Economic: SuperCycle Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 180"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 23-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Economic: Cycle I of Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 181"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 23-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Economic: Cycle III of Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 182"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 23-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Economic: Wave 3 of III<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 183"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 23-7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Level Five<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Economic: Wave 5 of III <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 185"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 185"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Chapter 24<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>War and Power Cycles <O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 186"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Culture and Civilisation (Geographic)<O:P> Cycles</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 187"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-3<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=600 colSpan=2>Civilisation (Temporal) and Grand Arc Cycles<O:P> <O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 188"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-4<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Collapse Cycle within Second Grand Arc<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 189"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Clash Cycle<O:P></O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 190"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Philosophy Cycles
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 191"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-7<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Invasion Cycle<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 192"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-8<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Ruler Cycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 193"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-9<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Conqueror Cycles</O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 194"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table 24-10<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" vAlign=top width=100>CYCLES<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Summary of Culminating Cycles<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 199"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 199"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=200 bgColor=#000080 colSpan=2 height=30>CONCLUSION</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500 bgColor=#000080 height=30> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100 bgColor=#000080 height=30> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 199"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 199"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 199"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Appendix A<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table A-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Summary<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Waves: Current Position
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 200"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table A-2<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Summary<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Cycles and Trends: Financial<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 209"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table A-3
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Outlook<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Forecast Matrix: Equities<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 210"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table A-4
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Outlook<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Forecast Matrix: Currencies<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 211"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table A-5<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Outlook<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Forecast Matrix: Commodities<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 212"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table A-6<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Outlook<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Forecast Matrix: Interest Rates<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 216"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 216"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Appendix B<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-1<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Performance
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Track Record: Annual Highlights<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 221"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-2
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Performance<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Track Record: Equities<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 222"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-3
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Performance
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Track Record: Currencies<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 223"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-4
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Performance<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Track Record: Commodities<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 224"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-5
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Performance<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Track Record: Interest Rates<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 225"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-6
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Performance<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Accolades: Public Posts
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 226"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-7
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Performance
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Accolades: Client Reports<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 227"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-8<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Profile<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Professional: Experience<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 228"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-9
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Profile
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Professional: Recognition
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 232"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-10
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Profile<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Corporate: Mission<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 233"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-11
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Profile
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Corporate: Milestones<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 234"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100><O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Table B-12
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100>Profile<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500>Corporate: Services<O:P> </O:P>
</TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100><O:P> </O:P>
</TD></TR><TR style="HEIGHT: 15.6pt; mso-yfti-irow: 236"><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 73.4pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 75.45pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 77.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=100> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 228.55pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" width=500> </TD><TD style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: medium none; WIDTH: 86.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none" align=middle width=100> </TD></TR></TBODY></TABLE>

</TD></TR></TBODY></TABLE></CENTER>
Lukester
06-29-08, 07:12 PM
POSTSCRIPT TO THE ABOVE

The interview at Street-IQ.com has an annoying glitch of refreshing the web page every two or three minutes, causing the podcast to reset to the start. Just right-click on the link below and download the entire MP3 to your PC. Listening to it live proved almost impossible.

DAVID BENSIMON INTERVIEW (http://commoditywatch.podbean.com/medias/feed/aHR0cDovL21lZGlhMS5wb2RiZWFuLmNvbS9wb2RjYXN0LWJsb2 ctYXVkaW8tdmlkZW8tbWVkaWEtZmlsZXMvYmxvZ3MvMjUxNi91 cGxvYWRzL21vcmdhbmJlbnNpbW9uYnViYi5tcDM/morganbensimonbubb.mp3) (right-click to download the MP3)

________________________

Here is a rough transcript of a "pertinent segment" of another broadcast:

Bensimon near term and 5 year outlook. (take heed: Silver is termed as "probable" to reach $40.00 within 2009).

In mid APRIL, Bensimon noted the following comments: "If we are at 1385 on the SP 500, that is the point when the market has to make it's final choice, as to whether we go down one more level, or whether we've seen the bottom". My slight bias is, that after two more weeks of sideways action, on the 2nd of May or at 1385m the market will reject upside potential and invoke a very sharp slide lasting 62 more days, from the 2nd of May, to the 1st of July, where there is a very strong confluence of elements which provides a final bottom. At that point (1st wk July) there is the strongest probability for a major low for stocks, a high for bonds, a high for commodities and a low for currencies.

We need to recognise how far the market has risen in the past 5 years, therefore the fall we've seen with significant bottoms in January and March are justified. [ however, he wrote, back in mid April, the anticipated low in the first week of May could fail ]. Failing that 1385 level at this juncture [ start of May ] there is a risk of a 400 point drop to 1185 arriving at the first week of July. The good news is that this will be the end of the road on the downside, and we can very confidently buy at that 1185 level [ looking forward to ] the beginning of a new advance. And that advance will not be just for the SP500, although the SP500 will essentially triple in value from 1200 to 3500 over the next five years. The DOW JONES will similarly rise from it's area around 11,000 up to 40,000 (implies over the next five years).

After this July 1st date we are looking at a very substantial recovery in the markets. We are looking at a 40% - 50% gain thereafter over the next 12 to 18 months following the important low at the start of July. That sounds like a lot, but actually it is par for the course, for recoveries off major lows going back the last 40 - 50 years.

Listen in on this BENSIMON interview here:

http://cknwam.corusradionetwork.com/dynamic/dynamic_audiovault_process.asp?dt=20080412_09

( Start BENSIMON at 6.50 mins - end at 14.44 mins for commercial break. )

( Start BENSIMON at 18.22 mins - and runs to end of brodacast )

[ Luke comment - I get the sense from listening in on these broadcasts is that he's calling for a top in oil's rise lasting a year to two years which is precisely what provides a 'sharp dividend' for the stock markets to break out so strongly upside. So if we see the oil markets power on up past 150 to 170 - 200, then "all bets are off" on the equities markets - but this will only provide a further tailwind for the PM's. So any way you slice it, stock bull market is "very likely" according to Bensimon - and gold / silver bull market is "overwhelmingly likely". Now if he's flat wrong we are all free to pelt rotten eggs at him, but the guy's pretty good at his craft. Hint: high inflation breeds unnaturally bullish stock markets. ]
bart
06-29-08, 07:43 PM
Bart -

If you don't know of this guy's work I think you will find him to be right up yoru street. David Bensimon of Polar Perspectives (Aussie firm) - has a lot of institutional clients and has developed systems to map long cycles which I am willing to bet you'll find fascinating. I know you've posted on these themes from time to time, and Mr. Bensimon is right squarely on that topic. He apparently has a superb track record. Look him up if you are not familiar with his work, and let me know what you think.

He's predicting a long rise in global stock markets led by Asian bourses, and solid bull markets in gold and silver out to 2012-2014. Gold is rises ten fold from it's $250 origins to $2500, while silver will outperform it four to five times, rising to $25.00-$40.00 in 2009 and $160.00 2014.

There's a radio interview with him after the 2007 UK Silver Summit here:

http://podcast.streetiq.com/streetiq...ChannelID=5733 (http://podcast.streetiq.com/streetiq?GUID=3759874&Page=MediaViewer&ChannelID=5733)

David Bensimon's POLAR PERSPECTIVES website is here:

http://www.polarpacific.com/Services...rspectives.htm (http://www.polarpacific.com/Services/polarperspectives.htm)



Wowie zowie, he really is a chart nut. :D
But I probably have more overall charts on my site - most of them aren't hooked to any actual page due to time and other issues. I just did a count and between mine and others work, there are over 4,000 charts in the various folders. :eek: ;)

I'm not nearly as much into cycles as he is, but from a quick review of his (probably incomplete) performance and calls he seems to have a decent track record.

Thanks, I've downloaded the mp3 and will listen to it hopefully this evening.
Lukester
07-26-08, 11:12 PM
Bart -

Here's an update on David Bensimon's long term forecast for the oil price. Wouldja buy $400 oil out in the mid part of the next decade? Curious thing is he mentions an oil "peak price" of $400 a barrel out there, without shedding much light on "what comes after that". Always interesting reading this guy. He's been pretty darn good on his calls in the past few years.

Oil Prices Will See Downturn in the Next 12 to 18 Months, Expert Says

<!-- Section Heading Ends --><!-- Article Intro Start -->By Jing Yang - 21 May 2008 at 10:18 AM GMT-04:00

David Bensimon is one of the few industry experts that dares to challenge the status quo.


<!-- Article Intro Ends --><HR style="COLOR: black; HEIGHT: 2px">SHANGHAI (Interfax-China) -- With global attention fixated on oil prices reaching between $150 to $200 per barrel within the year, David Bensimon is one of the few industry experts that dares to challenge the status quo.


"It's not that I disagree with their target of $200 per barrel. My point is that it's just not going to happen straight away," Bensimon, a former senior interbank trader with over 20 years of active trading experience who now advises institutional investors through his company Polar Pacific, told Interfax yesterday from Singapore. "Some are looking for it to continue immediately to that level, and my view is that for a variety of technical and fundamental reasons, oil should pull back to $85 before it resumes the larger uptrend."

He attributes this expected 30% drop to significant resistance around the $126 to $128 benchmark and forecasts that the main decline will begin in July.

In March 2005, with oil prices below $50 per barrel, Bensimon predicted that the cost of oil would reach $100 per barrel in 2007. Bensimon later highlighted a more significant target of $128, and when he spoke to Interfax in March this year, he emphasized further that once it reached that mark, there would be a buzz among the industry of prices hitting $200 per barrel.

"People will lift their horizons to much higher levels, simply projecting the most recent momentum and acceleration to continue into the future. That kind of maximal optimism always accompanies maximum price. That is just the nature of it," he explained.

"However, my view is that it will pull back," Bensimon said.

According to him, world oil prices are in the midst of a 16-year climb from December 1998 to December 2015, over which a unified five-wave sequence will play out.

"The first big rally from 1998 took a couple of years and saw oil prices rise from $11 to $27. A deep correction for the second wave then pulled prices back to $17 in late 2001. Everything from $17 up to $127 represents the third wave in the series, and we have now reached the top of this movement," he said.

"So in the next 12 to 18 months, we should see oil prices travel between the consolidating zone of roughly $127 to $85," he added.

On a smaller scale, he notes that during the next few weeks, the market could see a quick drop to about $115 per barrel, but only to rebound to highs in early July. He states that there is some room for short-term volatility near the $127 mark, which may lead to false price hikes. However, prices will stay below $133 per barrel.

"Only if prices quickly move and hold above $133 do we need to consider that something else is happening, but so far, everything is consistent with the long-held view that we are now completing exactly what needs to be done since 2001," he said. "And the natural expectation based on this nice rhythm that has unfolded so perfectly so far, is that prices need to move sideways in the next year or 18 months, including the dips to twice tag support at $85."

After reaching $85 in 2010, oil will enter another bullish run that may send final prices peaking at a stunning $400 per barrel around 2015, he predicts. "During that eventual five-year advance, oil prices will be driven not only by the global demand of oil, but also, to a large extent, by the monetary inflation of a weakening U.S. dollar," he said.

Bensimon also added that the expected pullback in oil prices during 2009 will drive down production costs for corporate companies and therefore will boost world stock prices.

NYMEX June West Texas Intermediate (WTI) crude oil hit a record high of $129.60 a barrel on Tuesday night after legendary Texas oil billionaire Boone Pickens publicly predicted that crude oil would reach $150 a barrel this year. His statement also came amid speculation in the market that world oil production will be unable to meet demands as early as next decade. This speculation is supported by the robust demand growth from China, which is partly a result of the country's artificially low, government-capped fuel prices.

Investment bank Goldman Sachs in its latest report raised its projection for average oil prices in the second half of this year from $107 per barrel to $141. They also said earlier in the year that international oil prices would spike to $200 per barrel in the next two years.

© Interfax-China 2008. For further information regarding Interfax China Commodities Daily Reports, contact David Harman at david.harman@interfax-news.com. Interfax also publishes a comprehensive China Grains & Soft Special Report, contact David Harman for details.
Lukester
07-26-08, 11:50 PM
Tuesday, 18 March 2008


The principle behind technical analyst David Bensimon's accurate forecasts lies in the symmetries in markets, reports GENEVIEVE CUA

MAKING forecasts is a tricky business, as many analysts and fund managers will tell you, but it does not faze technical analyst David Bensimon.

Some of his calls on the markets have been so precise that on one of his speaking engagements, it spurred an impromptu bidding war among some in the audience for an on-the-spot copy of his award winning tome on markets, Polar Perspectives.

Mr Bensimon: Asia is in for a prosperity-driven inflationary era

One of the bidders paid for his copy with a gold coin. Worth about US$700 then in November, it was about equal to the price of the book. But the coin has since appreciated, as Mr Bensimon notes with amusement.

The book last year won a gold medal as the 'best book in finance/ investment/economics' at New York's annual independent publishers awards.

Mr Bensimon's fundamental view is that most of the world - Asia in particular - is in for a 'prosperity-driven inflationary era' over the next
few years, notwithstanding the jitters over the credit crisis. His long-term view, for instance, is that the Straits Times Index (STI) will hit 9,000 and the Hang Seng Index 100,000 by 2012; and gold will climb to US$2,600 an ounce by 2014.

He has set up a fund to invest according to the themes of his book. One of his first investors is Stephen Riady of the Lippo Group.

His forecasts may sound quite incredible, until you learn of his near-term calls on markets which have turned out uncannily right. Last October, for instance, he told an audience in Singapore that the STI would fall 15 per cent from its level of 3,900 then to 3,300 shortly. The index fell from 3,906 to 3,306 within six weeks of his call. In The Business Times in August, Executive Money quoted him as saying that the STI would fall to 2,800; the index was then at 3,300. It fell to a low of 2,866 in January.

The principle behind Mr Bensimon's calls lies in the proportionalities and symmetries in markets, which he sees as functions of 'phi', also called the 'golden mean'. This is expressed in the number 1.618 and its inverse 0.618. As he sees it, these symmetries permeate markets, and this is evident in the scale of market rises and even in the pattern of retracements across time. His calls have gained a following among banks, traders, hedge funds and private individuals.

The outcome of a forecast, he says, is not cast in stone but is based on probabilities. 'The power comes not from saying that markets will do this or that. It comes from recognising that different alternatives can unfold,' he says. 'The benefit is not to say the market might go up or down, that's not of value to anyone. The value comes from being able to say that if the market chooses this northward path, it will go this far and no more. If it takes the southward path, it will go this far to a target.

'My speciality is to provide clients with a magnitude of duration and time, of price and specific levels and dates . . . March does provide a broad turning point that crosses different markets, not just the STI or equities but across a spectrum.'

He believes the STI, currently trading at the 3,077 level, could still face yet another downdraft. It needs to exceed 3,300, he says, to confirm that it is out of the woods. Until then, there is a 'distinct risk' that it could fall another 15 per cent to 2550, which will be a buying opportunity. 'In Singapore if we break the 2,850 level, the next level down is 2,550 which seems a little far and rather cheap. But these motions are driven by panic and over-extension on the downside. But I'd be happy to invest anywhere from 2,800 to 2,600 because at those levels, it's really very cheap.'

He said: 'One of the benefits of looking at the very big picture history is that it provides a degree of comfort and confidence that when we are in a corrective mode, instead of being worried and panicking, we can be comfortable that we know what the rhythm is and can recognise the relationships. We know we'll get to the ultimate target of 8,800 or higher several years from now, and there are natural levels to re-enter the market.'

His view is that Asian markets - Australia, Shanghai, Singapore and in particular, Hong Kong - will move in synch upwards. 'Asia will benefit from the huge fundamental growth and prosperity sweeping across the region, that is not in any way harmed by the slowdown in the US. Asia now has enough internal demand and intra-Asian trade and infrastructure and consumer spending that it has a life of its own.'

He notes that historically, in past US recessions, the stock market has anticipated a recovery and rises well before the recession ends. 'There is no impediment to have markets bottom in March, and have them recover sharply even if a recession technically continues in the next few months.'

His views on oil and gold are positive but not equally so. He expects oil to reach US$125 a barrel this year and to move sideways for two years. 'We're still en route to US$125, but the big story is that once we reach US$125, everyone will scream that we're on the way to US$200 and that's not what's going to happen. '

The catch, too, is that consumer prices will not be adjusted downwards during the consolidation period. 'The margins for products will be fabulous and will power the stock market to much higher levels because the reduction of the oil price will translate directly into the bottom line for corporates in the industrial and financial sectors, telecom and blue chips.

They'll all be lifted by prosperity.'

He is bullish on gold in the long term but expects some consolidation this year before it moves to US$1,030 an ounce in 2009, and eventually US$1,220 in 2010. But the most rapid rise is expected between 2011 and 2014 when he expects the price to hit US$2,600.

Posted by Janny Cole at 22:39 (http://how-to-be-rich-and-happy.blogspot.com/2008/03/principle-behind-technical-analyst.html) 0 comments (http://www.blogger.com/comment.g?blogID=8901496247608860246&postID=3661897959888255767)

________________

Great interview here - lots of "eye opener calls" on the macro trends!

http://www.cnbc.com/id/15840232?video=648408040
bart
07-27-08, 10:03 AM
Bart -

Here's an update on David Bensimon's long term forecast for the oil price. Wouldja buy $400 oil out in the mid part of the next decade? Curious thing is he mentions an oil "peak price" of $400 a barrel out there, without shedding much light on "what comes after that". Always interesting reading this guy. He's been pretty darn good on his calls in the past few years.
...


If you look at the oil chart in the initial post, you'll see that it also shows about a $400 peak. Extending the chart shows quite a drop off after that. I'll refrain from any other energy opinions or comments, since I neither trade it nor have my calls been worth listening to.

He does indeed seem to have a decent track record, and also has a similar approach to mine, which deals with multiple inputs and probabilities including things like the golden mean (aka Fibonacci projections and retracements ) as well as maintaining a longer term perspective in order to not lose the forest for the trees.
I also think he's too conservative on his gold numbers for the year, and also wish he much more strongly highlighted after inflation returns.
Lukester
07-27-08, 12:08 PM
You are absolutely right Bart - he hardly mentions inflation, or inflation adjusting, which would appear to be the elephant in the room, in his analysis. That is one big shortcoming and surprising as he sseems so astute in every other direction.

I'm stumped about the dropoff in oil price after the late part of next decade. Subsiding inflation and abundant energy? It makes no sense as all oil depletion charts go into serious decline right in that time window. There seems one hugely tantalizing conclusion (gear heads and propeller heads will be delighted) and that is that a robust replacement energy technology gets rolled out then! Wow, that would be a real kick in the head.
jk
07-27-08, 12:39 PM
You are absolutely right Bart - he hardly mentions inflation, or inflation adjusting, which would appear to be the elephant in the room, in his analysis. That is one big shortcoming and surprising as he sseems so astute in every other direction.
i had the same thought when i read the material, but then shrugged and figured that the price rises he was predicting WERE inflation incarnate.

I'm stumped about the dropoff in oil price after the late part of next decade. Subsiding inflation and abundant energy? It makes no sense as all oil depletion charts go into serious decline right in that time window. There seems one hugely tantalizing conclusion (gear heads and propeller heads will be delighted) and that is that a robust replacement energy technology gets rolled out then! Wow, that would be a real kick in the head.
there's another interpretation: the dropoff in oil price represents a deep disinflationary/deflationary recession when this generation's "volcker" finally gets a consensus mandate to slay inflation. [this is after there's been enough inflation to accomplish its purpose of diminishing the burden of past debts and future entitlements.]
bart
07-27-08, 12:41 PM
You are absolutely right Bart - he hardly mentions inflation, or inflation adjusting, which would appear to be the elephant in the room, in his analysis. That is one big shortcoming and surprising as he seems so astute in every other direction.

Indeed... and my favorite Schopenhauer quote probably applies (just guessing)

All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.
-- Arthur Schopenhauer (1788-1860)




I'm stumped about the dropoff in oil price after the late part of next decade. Subsiding inflation and abundant energy? It makes no sense as all oil depletion charts go into serious decline right in that time window. There seems one hugely tantalizing conclusion (gear heads and propeller heads will be delighted) and that is that a robust replacement energy technology gets rolled out then! Wow, that would be a real kick in the head.

Forecasting specifics about how it happens is beyond me... but the very long term hard vs. paper asset cycle (which could also be called the inflation cycle) has been going on for hundreds of years. Nothing, not even inflation, goes up forever.

As late as 1983, it never occurred to me that the Berlin Wall would ever come down... and stretching that analogy outrageously, I can't exclude that things like cold fusion will never come to pass.

I forget the thread name but it was all about the various doomer issues since the '60s, and how none of them came to pass. It's not wise to bet against humanity solving long term problems... even though the solutions almost inevitably generate other problems.
Lukester
07-27-08, 12:45 PM
A good explanation JK except it seems way to America - centric. You have a world where half the emerging nations are going to be fully arrived at very robust levels of industrialisation. Your event may transpire, but the explanation has to be at a thoroughly commingled international level of responses. That mans your "New Volker" must be personified in a dozen central banks worldwide. Food for thought.

i had the same thought when i read the material, but then shrugged and figured that the price rises he was predicting WERE inflation incarnate.

there's another interpretation: the dropoff in oil price represents a deep disinflationary/deflationary recession when this generation's "volcker" finally gets a consensus mandate to slay inflation. [this is after there's been enough inflation to accomplish its purpose of diminishing the burden of past debts and future entitlements.]
Lukester
07-27-08, 12:49 PM
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.... It's not wise to bet against humanity solving long term problems... even though the solutions almost inevitably generate other problems.

Not to mention "antigravity", little green geeks who are more evolved than us (not hard to do either on the evolutionary scale), and "antimatter" and those much derided "string theory" physicists! :D
bart
07-27-08, 12:58 PM
Not to mention "antigravity", little green geeks who are more evolved than us (not hard to do either on the evolutionary scale), and "antimatter" and those much derided "string theory" physicists! :D

You forgot Mork! :eek: :rolleyes:
bart
07-27-08, 01:08 PM
A new chart in the '70s series, the CRB Index of commodities.

http://www.nowandfutures.com/images/crb1966-1980and_now.png
Lukester
07-27-08, 01:30 PM
Looks more "end-game-ish" in commodities to me than the fiat inflation driven 1970's event, but maybe that's just the doomer glasses I'm wearing. Resource depletion is an "axiom-changer", by definition, no? "Rationalism" faced with resource depletion / population explosion understands that "it's never different this time" and "all markets are always cyclical, everywhere" are axioms that have outlived their utility in terms of future economic growth. Meantime, we are patiently awaiting the arrival of the wondrous "new universal energy widget".

Very much appreciate your charting Bart. We hope you will be charitable (chari-chartable) and offer us a general hint of big changes when they appear on the horizon in the next couple of years, rather than keeping all the juicy actionable hints to yourself!
bart
07-27-08, 02:05 PM
Looks more "end-game-ish" in commodities to me than the fiat inflation driven 1970's event, but maybe that's just the doomer glasses I'm wearing. Resource depletion is an "axiom-changer", by definition, no? "Rationalism" faced with resource depletion / population explosion understands that "it's never different this time" and "all markets are always cyclical, everywhere" are axioms that have outlived their utility in terms of future economic growth. Meantime, we are patiently awaiting the arrival of the wondrous "new universal energy widget".

I don't have the answers.

You're entertaining about it being different this time though.



Very much appreciate your charting Bart. We hope you will be charitable (chari-chartable) and offer us a general hint of big changes when they appear on the horizon in the next couple of years, rather than keeping all the juicy actionable hints to yourself!

You're welcome Lukester.

If I'm not hunkered down in my bunker and see something, I'll very likely post it. Currently my biggest question and uncertainty is if this is a 1973-4 or 1978 "rhyme", and I'm still leaning slightly toward 1973-4.

My private charts are only short term trading charts, or ones on which I have NDAs.
jk
07-27-08, 02:50 PM
A good explanation JK except it seems way to America - centric. You have a world where half the emerging nations are going to be fully arrived at very robust levels of industrialisation. Your event may transpire, but the explanation has to be at a thoroughly commingled international level of responses. That mans your "New Volker" must be personified in a dozen central banks worldwide. Food for thought.

maybe, but then again he's quoting prices in u.s. dollars, and not saying what they'll be in other currencies.
Lukester
07-27-08, 02:55 PM
US monetary austerity probably will not be the determinant of the average real global price of commodities in 15 years? If anything the largest single determinant of real commodities prices expressed as a global average should be precisely the real oil price level. Both Bart and Bensimon suggest "peaks"(real or nominal, but mighty steep in real terms regardless) out at $400 a barrel. I have difficulty digesting that probability / scenario for a subsequent decline. Depends extremely heavily on either Mad-Max doomsday destruction or on gee-whiz techno wizardry replacing the global energy footprint, which I find equally fanciful. I figure it's ever more impossibly high energy prices and ever more reed thin emphasis on global heavy industry. That's the ticket. Lots of aging and increasingly rickety heavy industrial infrastructure, worldwide. No gee-whiz world saving widget with enough BTU's to replace what's dwindling. Cheerful enough for U? :)
bart
08-04-08, 08:45 PM
Just added two new charts, a spot of possible good news for a change:

CRB foodstuffs index



http://www.nowandfutures.com/images/crb_food1966_1980and_now.png







CRB livestock index

http://www.nowandfutures.com/images/crb_meat1966_1980and_now.png
ocelotl
08-15-08, 03:16 PM
Been pondering.

Venezuela and Bolivia are doing what Mexico and Argentina respectively were on 1973-4 (I mean, populistic governments, overspending, distortion of internal economics). Which country or countries were in the same macroeconomic state and doing the same macroeconomically as 2008 Mexico in 1973-4?
bart
08-15-08, 04:15 PM
I have little clue since I've barely started international research

But someone else might, and failing that there's always the Library of Alexandria, aka Google or similar.
ocelotl
08-28-08, 04:53 PM
Been pondering.

Venezuela and Bolivia are doing what Mexico and Argentina respectively were on 1973-4 (I mean, populistic governments, overspending, distortion of internal economics). Which country or countries were in the same macroeconomic state and doing the same macroeconomically as 2008 Mexico in 1973-4?

As far as I've been checking, Japan was replacing oil intensive with electronics, Germany was already fully industrialized... Which leaves me with either:

- Spain: Passing from autocracy to democratic practices in the second half of the '70s (We still are missing our Moncloa Pact, should have been taken on 2001)
- Southern Korea: In process of Industrialization since late '60s and fully industrialized by late '80s
- Greece: Was in the middle of a coup d'etat, a new democratic constitution was established in 1975
- Ireland: Protests, confrontations, IRA, lots of internal issues, joining EU after the 1958 economy opening.
friendly_jacek
10-15-08, 08:50 PM
Bart, looks like things play remarkable well according to the 1973 script. Maybe except for oil and bonds.
In retrospect, the resemblance is very scary but also optimistic if we are reaching the October 1974 levels now.
bart
10-15-08, 10:29 PM
Bart, looks like things play remarkable well according to the 1973 script. Maybe except for oil and bonds.
In retrospect, the resemblance is very scary but also optimistic if we are reaching the October 1974 levels now.

Agreed, and I sincerely hope that's the path and general "rhyme of history" that we're on. It'll give us all some breathing space and time in order to help avoid much of the very dark potential outcomes.
jimmygu3
10-15-08, 11:05 PM
Agreed, and I sincerely hope that's the path and general "rhyme of history" that we're on. It'll give us all some breathing space and time in order to help avoid much of the very dark potential outcomes.

I'd too would like to think the worst is behind us, but I believe stocks have a good bit further to go, bear rally notwithstanding. Note that the starting point of 1999 was an unprecedented stock valuation peak. Simply lining up the graphs of the two periods could be misleading. Finster's chart (http://www.itulip.com/forums/showthread.php?t=5786)shows that at the late '74 bottom, stocks were yielding about twice what they are now.

Jimmy
jtabeb
10-15-08, 11:30 PM
Agreed, and I sincerely hope that's the path and general "rhyme of history" that we're on. It'll give us all some breathing space and time in order to help avoid much of the very dark potential outcomes.

Cheer up everyone. Ask you self one question, was anything going to change while the old piece of shit system was still working? I think you all know the answer to that.

Change is coming, that is good. Fundamental reality is re-asserting itself into the fabric of intellectual discourse. Dogma is dying a slow but needed death. We can not move forward until we, as a country, are honest with ourselves about the state we are in. A lot of perceptions of reality still have a long way to go to reflect FUNDAMENTAL reality. As that happens (and it is happening as we speak) we will be able to build consensus about how to move forward.

Make no mistake it IS painful and more pain WILL come, but we would not be having the conversation had things gone merrily along their way. The bigger the realization, the bigger the change that will occur.

Solutions abound, even Hudson agrees on that, it is the will or the mandate to take action that is lacking. The more closely people's perceptions of reality match reality itself, the more hope I have that their choices will be good ones. Not the other way around.

Of Hope, Guns and Gold, even though I have all three, HOPE is the trump card and is more powerful than the other two combined. It is also the most necessary of the three, because without hope, we have no reason to move forward.

Importantly, the more I see, the more hopeful I am, precisely because people are waking up to the reality that surrounds them and are rejecting the dream scape that we have all been living in since the 1980's.

I would not trade our present circumstances for anything! What we are living through right now is the elixer that is causing people to arise from their slumber. I DO NOT WANT PEOPLE TO FALL ASLEEP AGAIN.

A world grounded in reality, in which intellect and reason can ferret out cause and effect is the world I want my children to live in. Not one that is based on some make-believe fairytale. That world is dead, and I hope it stays dead for all eternity. Because the possibilities of the world that I want to live in, are boundless and achievable.

I don't know how many of you are religious out there, but I think we ultimately choose to go to heaven or hell. But it is not the construct that so many of us have come to understand through our religious traditions. Heaven is what we make this world to be. Hell is also what we make this world to be. The question is how do we WANT the world to be? Do we want world to crumble and die in war, disease and economic and environmental collapse. Or do we choose a different path? That choice lays before all of us right now. And thank God we have that choice to make! God gave man free will, let us be thankful for that. In the end we are going to make the right choices. How do I know that?

Easy, I have Hope, I choose to have hope, and everything I see going on around me reinforces that hope.

Fear is good, Fear made us all prepare ourselves for this moment. But now that we are ready and the situation is upon us, it is time for hope to have it's due. Don't choose to wallow in fear for too much longer as you will be squandering your opportunity to make a choice about what will be. And that would be a tragic loss, compared with what could be.

So make a pledge if I have convinced you. Let us pledge to work toward making what could be, be and let us not fear what may come. Hope will be our salvation. But without hope, fear will be our damnation.
jtabeb
10-15-08, 11:31 PM
I'd too would like to think the worst is behind us, but I believe stocks have a good bit further to go, bear rally notwithstanding. Note that the starting point of 1999 was an unprecedented stock valuation peak. Simply lining up the graphs of the two periods could be misleading. Finster's chart (http://www.itulip.com/forums/showthread.php?t=5786)shows that at the late '74 bottom, stocks were yielding about twice what they are now.

Jimmy

Bottom not due till Jul 09ish. Hang on, still a bumpy ride till then. But, But, BUT, the end is in sight.
bart
10-15-08, 11:43 PM
I'd too would like to think the worst is behind us, but I believe stocks have a good bit further to go, bear rally notwithstanding. Note that the starting point of 1999 was an unprecedented stock valuation peak. Simply lining up the graphs of the two periods could be misleading. Finster's chart (http://www.itulip.com/forums/showthread.php?t=5786)shows that at the late '74 bottom, stocks were yielding about twice what they are now.

Jimmy

On my hard/tangible asset cycle chart (not shown), the relative bottom is quite a bit later than Oct. 1974.
The scenario shown in Finster's chart is not in conflict in my opinion - history does not repeat exactly.

I chose Oct 1999 since it seemed to fit the first few charts I did better than most, and just used it for all the rest in order to be consistent. Feel free to add or subtract months however you like. The charts are intended as tools and guidelines and food for thought, not as hard and fast rules.
*T*
10-16-08, 06:45 AM
Let us pledge to work toward making what could be, be and let us not fear what may come.

Always have, always will. Strength to your arm.

The only way I see out though, is a collapse of the dollar system.
jtabeb
10-16-08, 08:18 AM
Always have, always will. Strength to your arm.

The only way I see out though, is a collapse of the dollar system.

I hope that is the result! Otherwise, nothining changes. The powers that be will only remain in power as long as they can influence the world through force of dollars. Let us hope that that monopoly power ends soon.:)
Finster
10-16-08, 08:21 AM
Currently my biggest question and uncertainty is if this is a 1973-4 or 1978 "rhyme", and I'm still leaning slightly toward 1973-4.

I have been leaning towards 1937, but have begun to question that thesis. Maybe the closer analog will turn out to be 1720 ...
Lukester
10-16-08, 07:09 PM
Finster -

"Closer analog will turn out to be 1720" - A 1720 post bubble deflationary result today would still be left trying to account for our having aborted straight out of what would then prove the shortest commodity cycle in our history.

It may be different this time, but a 7 year long commodity bull cycle with this sort of event as a secular abortion of the trend would be very strange looking bird indeed in the context of commodities history.

Now if you wish to ignore my comments here out of pique because we have had a pointed exchange about the merits of your 100% inflation neutral oil price that's OK with me too.

I will overlook that you post here presumably to have your own ideas challenged in the process of their becoming validated by general consensus.

I have been leaning towards 1937, but have begun to question that thesis. Maybe the closer analog will turn out to be 1720 ...

677

678
Finster
10-17-08, 06:04 AM
Finster -

"Closer analog will turn out to be 1720" - A 1720 post bubble deflationary result today would still be left trying to account for our having aborted straight out of what would then prove the shortest commodity cycle in our history.

It may be different this time, but a 7 year long commodity bull cycle with this sort of event as a secular abortion of the trend would be very strange looking bird indeed in the context of commodities history...

It remains to be shown that we have even had a "commodity cycle". Of course, the ratio of commodity values to currency values has indeed fluctuated, but there is no clear evidence that it is the numerator rather than the denominator that is responsible.
Lukester
10-17-08, 02:34 PM
Oh come on Finster - You've got the industrialisation of 3 billion people occurring this decade. Yes, it "was occurring" also in the 1990's but you know as well as I that such trends only become globally meaningful after their curves approach a certain steepness and base size. The "event" there has been occurring squarely in THIS DECADE. And if we rummage around in the past ten decades we find nothing of it's scale anywhere else.

It would be disingenuous in this context to suggest that the "denominator" was the more plausible component worthy of scrutiny. I don't understand this elaborate skepticism. You had here a commodity bull cycle far more robust in it's potential fundamentals than the commodity cycle that occurred in the 1970's. I keep encountering these sort of "skirting actions" which you do to avoid acknowledging components of issues which may compromise your arguments. Be agnostic! Take in the whole picture! Coherent theories be damned - let us look at all of the paradox as well as the more streamlined thesis while we try to decode it.

This commodity cycle had more of the "whatfor" than any commodity cycle in the past two hundred years in terms of fiat money, demographics, geology, peak oil, you name it. It had it all, or rather, it "has it all". And here you are rearranging the entire new century's fundamentals to "conform" more coherently around this market crash.

I think you are approaching that with an a-priori thesis and incorrectly dispatching the corrolaries, which are awkward and make no sense to your thesis. The 7 year long aborted commodity cycle here is a very large anomaly. Is it maybe then your thesis that the Kondratieff winter is the primary notion? if so, it would be a singularly strange Kondratieff Winter, with China having become arrested in mid-stride in it's build-out. In recent years it has been building a new city the size of Chicago every month in terms of infrastructure.

Not "make work" infrastructure as we intend it over here. That would be "first time ever" infrastructure, as in primary roads merely to get from east to west inside the country. Vital infrastructure.

It remains to be shown that we have even had a "commodity cycle". Of course, the ratio of commodity values to currency values has indeed fluctuated, but there is no clear evidence that it is the numerator rather than the denominator that is responsible.
$#*
10-17-08, 08:03 PM
I have been leaning towards 1937, but have begun to question that thesis. Maybe the closer analog will turn out to be 1720 ...

Hmmm... Then I have a question. From were are the slaves going to be "harvested" an to whom are they going to be sold ...:)
phirang
10-17-08, 08:09 PM
Hmmm... Then I have a question. From were are the slaves going to be "harvested" an to whom are they going to be sold ...:)

I think there's a rusty bridge in the rust-belt with their name on it...:D
bart
10-17-08, 08:25 PM
Hmmm... Then I have a question. From were are the slaves going to be "harvested" an to whom are they going to be sold ...:)


http://www.nowandfutures.com/grins/_n/poltergeist_here.wav :eek: :rolleyes: ;)
Finster
10-19-08, 10:03 AM
Oh come on Finster - You've got the industrialisation of 3 billion people occurring this decade.

Which just appeared out of thin air and devalued our dollar?

You don’t suppose it could have anything to do with the fact that we printed up trillions of them and sent them over there?

On what basis do you justify omitting the deindustrialization of the West from your calculus?

It would be disingenuous in this context to suggest that the "denominator" was the more plausible component worthy of scrutiny.

A conclusion. With no actual evidence offered to support it.

You had here a commodity bull cycle far more robust in it's potential fundamentals than the commodity cycle that occurred in the 1970's.

More of the same.

This commodity cycle had more of the "whatfor" than any commodity cycle in the past two hundred years in terms of fiat money, demographics, geology, peak oil, you name it. It had it all, or rather, it "has it all". And here you are rearranging the entire new century's fundamentals to "conform" more coherently around this market crash.

What "commodity cycle"?

The only "commodity cycle" I see is wild fluctuations in the value of currency. Mostly in the downward direction. You, on the other hand, turn it on its head. You assume that real, physical stuff, which has the same human utility this year as the last, and of the year before, has done the wild gyrating, while mere paper units have just plodded along, serving as a stable reference against which that real stuff is properly calibrated. Giving primacy to politically managed paper units of zero intrinsic utility over real stuff of real utility. That is having the tail wagging the dog. No wonder you are so hopelessly confused.

I think you are approaching that with an a-priori thesis …

Pot. Kettle. Black.
phirang
10-19-08, 11:10 AM
Which just appeared out of thin air and devalued our dollar?

You don’t suppose it could have anything to do with the fact that we printed up trillions of them and sent them over there?

On what basis do you justify omitting the deindustrialization of the West from your calculus?



A conclusion. With no actual evidence offered to support it.



More of the same.



What "commodity cycle"?

The only "commodity cycle" I see is wild fluctuations in the value of currency. Mostly in the downward direction. You, on the other hand, turn it on its head. You assume that real, physical stuff, which has the same human utility this year as the last, and of the year before, has done the wild gyrating, while mere paper units have just plodded along, serving as a stable reference against which that real stuff is properly calibrated. Giving primacy to politically managed paper units of zero intrinsic utility over real stuff of real utility. That is having the tail wagging the dog. No wonder you are so hopelessly confused.



Pot. Kettle. Black.

To maintain a secular commodity cycle, we'll need EM's to create meaningful sovereign credit. China seems to have some hang on this, but it is tenuous (new property rights for peasants, more liquidyt in markets, etc).
Lukester
10-19-08, 03:25 PM
Meaningful sovereign credit. Hmm. In the past decade we have witnessed the most massive transfer of raw, brute purchasing power to a handful of developing and OPEC and commodity exporter nations as has been seen since, uhm, the last commodity supercycle. :confused: :rolleyes:

Commodity supercycles according to Finster are events when the biggest fiat abusers shovel the biggest amount of fiat towards *hapless recipients of all their fiat paper*. Now stop and take a gander at what happens to all those "hapless recipients of pure inflation", they get disgustingly rich in the process. The gaping illogic in Finster's thesis is that all that pile of regurgitating fiat money is supposed to have engendered the massive inflationary rise in the commodities being sold from the exporters to the fiat emitter, who is driving all of this artificial commodities consumption, yet very large amounts of real wealth are being transferred.

Quite evidently, the formula whereby all that emitted fiat money "inflates" the commodities does not encompass the peculiarity that the sellers of those commodities get rich enough to buy large chunks of the fiat emitter's assets right out from under it as a consequence. The "inflation math" does not explain how spongy fake money force-fed to hapless exporters of "artificially up-valued commodities" retain that massive raw new purchasing power even after the "bubble pops" and those commodity's pumped up valuations subside.

The "commodity bull markets are 100% inflationary by-products" thesis is ungainly and hermetic. It is chock full of "annoying corrolaries and inconvenient logical protruberances" so that it's constantly challenged to employ logical acrobatics to explain the transfer of real wealth away at all costs. And Finster, once and for all please stop claiming that I am "categorically denying a role for fiat money" in the commodity bull markets. I've already asked that you not caricature the assertion that way, and evidenced clearly that I make no such assertion.

Commodity bull markets are highly complex mechanisms which actually cause a paradigm change in global economies, away from mature economy finance based asset appreciation and they pump up the growth rate of commodities exporters, creating a feedback loop of increasing industrialisation of the entire developing nation sector.

I suggest a careful read of Andrew McKillop on the complex interrelations between raw materials constraints, fiat monetary abuse, the complex commodity exporter enhancement that derives from RISING oil prices (rising energy costs for a long period can increase, not decreas global growth rates). There is a complexity in the commodity boom mechanism which renders Finster's "It's all due to fiat money" thesis an extremely constrained approach to understanding the full topic. Finster's financially oriented theorem for commodity bull markets is hermetic, as opposed to porous.

To maintain a secular commodity cycle, we'll need EM's to create meaningful sovereign credit. China seems to have some hang on this, but it is tenuous (new property rights for peasants, more liquidyt in markets, etc).
Finster
10-20-08, 08:57 AM
Meaningful sovereign credit. Hmm. In the past decade we have witnessed the most massive transfer of raw, brute purchasing power to a handful of developing and OPEC and commodity exporter nations as has been seen since, uhm, the last commodity supercycle. :confused: :rolleyes:

Commodity supercycles according to Finster are events when the biggest fiat abusers shovel the biggest amount of fiat towards *hapless recipients of all their fiat paper*. Now stop and take a gander at what happens to all those "hapless recipients of pure inflation", they get disgustingly rich in the process. The gaping illogic in Finster's thesis is that all that pile of regurgitating fiat money is supposed to have engendered the massive inflationary rise in the commodities being sold from the exporters to the fiat emitter, who is driving all of this artificial commodities consumption, yet very large amounts of real wealth are being transferred.

Quite evidently, the formula whereby all that emitted fiat money "inflates" the commodities does not encompass the peculiarity that the sellers of those commodities get rich enough to buy large chunks of the fiat emitter's assets right out from under it as a consequence. The "inflation math" does not explain how spongy fake money force-fed to hapless exporters of "artificially up-valued commodities" retain that massive raw new purchasing power even after the "bubble pops" and those commodity's pumped up valuations subside.

The "commodity bull markets are 100% inflationary by-products" thesis is ungainly and hermetic. It is chock full of "annoying corrolaries and inconvenient logical protruberances" so that it's constantly challenged to employ logical acrobatics to explain the transfer of real wealth away at all costs. And Finster, once and for all please stop claiming that I am "categorically denying a role for fiat money" in the commodity bull markets. I've already asked that you not caricature the assertion that way, and evidenced clearly that I make no such assertion.

Commodity bull markets are highly complex mechanisms which actually cause a paradigm change in global economies, away from mature economy finance based asset appreciation and they pump up the growth rate of commodities exporters, creating a feedback loop of increasing industrialisation of the entire developing nation sector.

I suggest a careful read of Andrew McKillop on the complex interrelations between raw materials constraints, fiat monetary abuse, the complex commodity exporter enhancement that derives from RISING oil prices (rising energy costs for a long period can increase, not decreas global growth rates). There is a complexity in the commodity boom mechanism which renders Finster's "It's all due to fiat money" thesis an extremely constrained approach to understanding the full topic. Finster's financially oriented theorem for commodity bull markets is hermetic, as opposed to porous.

Copious heat, miniscule light. Once again, Lukester, you are profligate when it comes to opinion and conclusion, but parsimonious when it comes to hard reasoning. You retate your thesis as if something becomes true by virtue of sheer repetition.

Meanwhile, several key questions remain unanswered:

Oh come on Finster - You've got the industrialisation of 3 billion people occurring this decade.

Which just appeared out of thin air and devalued our dollar?

You don’t suppose it could have anything to do with the fact that we printed up trillions of them and sent them over there?

On what basis do you justify omitting the deindustrialization of the West from your calculus?

How interesting that someone who postures with a such deep understanding of the issues cannot answer such elementary questions. It's understandable, I suppose, why you would want to try and pretend they didn't exist. They expose the whole foundation of your thesis to be more full of holes than maggot-infested swiss cheese.

Another argument dodged like a flaming rock:

What "commodity cycle"?

The only "commodity cycle" I see is wild fluctuations in the value of currency. Mostly in the downward direction. You, on the other hand, turn it on its head. You assume that real, physical stuff, which has the same human utility this year as the last, and of the year before, has done the wild gyrating, while mere paper units have just plodded along, serving as a stable reference against which that real stuff is properly calibrated. Giving primacy to politically managed paper units of zero intrinsic utility over real stuff of real utility. That is having the tail wagging the dog. No wonder you are so hopelessly confused.

Am I wrong? You could prove it by directly engaging my points.

If only you could. Thanks, Lukester. Your failure to do so is your admission that my facts and logic are free from error.
Jim Nickerson
10-20-08, 10:15 AM
Copious heat, miniscule light. Once again, Lukester, you are profligate when it comes to opinion and conclusion, but parsimonious when it comes to hard reasoning. You retate your thesis as if something becomes true by virtue of sheer repetition.

Meanwhile, several key questions remain unanswered:



How interesting that someone who postures with a such deep understanding of the issues cannot answer such elementary questions. It's understandable, I suppose, why you would want to try and pretend they didn't exist. They expose the whole foundation of your thesis to be more full of holes than maggot-infested swiss cheese.

Another argument dodged like a flaming rock:



Am I wrong? You could prove it by directly engaging my points.

If only you could. Thanks, Lukester. Your failure to do so is your admission that my facts and logic are free from error.

Finster, understand totally that it is not my desire or intention to argue with you here.

Another post by Lukester last night from Gann Global, which is a subscription service, called to my attention the fact that since near the first of July the $CRB has lost 69% of its value. The US$ put in a double-bottom for the moment in March @70.70 and then July at 71.31 (stockcharts.com data from $CRB and $USD). I checked the 69% loss and it is correct, and my tracking of $USD as I write shows it to have gained about 17.5% measured from the March low.

Surely it seems to me that the massive decline in the $CRB is not explainable entirely on the relative increase in the US dollar index.

What is the correct explanation?
phirang
10-20-08, 10:21 AM
Finster, understand totally that it is not my desire or intention to argue with you here.

Another post by Lukester last night from Gann Global, which is a subscription service, called to my attention the fact that since near the first of July the $CRB has lost 69% of its value. The US$ put in a double-bottom for the moment in March @70.70 and then July at 71.31 (stockcharts.com data from $CRB and $USD). I checked the 69% loss and it is correct, and my tracking of $USD as I write shows it to have gained about 17.5% measured from the March low.

Surely it seems to me that the massive decline in the $CRB is not explainable entirely on the relative increase in the US dollar index.

What is the correct explanation?

AD for USD has several determinants, amongst them(not comprehensive):

1) vendor finacne demand
2) banking demand (which everyone here except finny and symbols completely overlooked): measured by libor.
3) GCC slavery
4) inflation tolerance

so...

1) a lot less, but chinese got more BX so they don't feel totally worthless when they buy reno mortgages from shittybank.
2) a black hole
3) they're bailing out their own crappy economy AND financing our free banking recap
4) suicides are highly deflationary, and suicides are most certainly on the rise.:D
Jim Nickerson
10-20-08, 10:36 AM
AD for USD has several determinants, amongst them(not comprehensive):

1) vendor finacne demand
2) banking demand (which everyone here except finny and symbols completely overlooked): measured by libor.
3) GCC slavery
4) inflation tolerance

so...

1) a lot less, but chinese got more BX so they don't feel totally worthless when they buy reno mortgages from shittybank.
2) a black hole
3) they're bailing out their own crappy economy AND financing our free banking recap
4) suicides are highly deflationary, and suicides are most certainly on the rise.:D

I'm glad your answer is not Finster's as it means absolutely nothing to me.
grapejelly
10-20-08, 11:59 AM
Finster, understand totally that it is not my desire or intention to argue with you here.

Another post by Lukester last night from Gann Global, which is a subscription service, called to my attention the fact that since near the first of July the $CRB has lost 69% of its value. The US$ put in a double-bottom for the moment in March @70.70 and then July at 71.31 (stockcharts.com data from $CRB and $USD). I checked the 69% loss and it is correct, and my tracking of $USD as I write shows it to have gained about 17.5% measured from the March low.

Surely it seems to me that the massive decline in the $CRB is not explainable entirely on the relative increase in the US dollar index.

What is the correct explanation?

I think it was Finster who taught me that this was/is due to a huge increase in the price of cash.

My speculation: we had a massive cash rally due to a margin call on collateral securing loans paid with cash.

Commodities are mostly bought with borrowed money.

EVERYTHING bought with borrowed money has plummeted in value due to margin calls resulting in forced liquidation of the underlying collateral.
bart
10-20-08, 12:10 PM
Surely it seems to me that the massive decline in the $CRB is not explainable entirely on the relative increase in the US dollar index.

What is the correct explanation?


It isn't. There are many ways to view the various causes and generate explanations.

One is the actual charts in this thread and Twain's observation "History doesn't repeat itself, but it does rhyme."... and I hope I'm not coming across as pedantic or didactic. The common feature across the decades and cycles is human emotion and reaction.


http://www.nowandfutures.com/images/crb1966-1980and_now.png
Finster
10-20-08, 12:10 PM
Finster, understand totally that it is not my desire or intention to argue with you here.

Another post by Lukester last night from Gann Global, which is a subscription service, called to my attention the fact that since near the first of July the $CRB has lost 69% of its value. The US$ put in a double-bottom for the moment in March @70.70 and then July at 71.31 (stockcharts.com data from $CRB and $USD). I checked the 69% loss and it is correct, and my tracking of $USD as I write shows it to have gained about 17.5% measured from the March low.

Surely it seems to me that the massive decline in the $CRB is not explainable entirely on the relative increase in the US dollar index.

What is the correct explanation?

There is a good explanation, Jim, but I decline to offer it for now. There is already a backlog of questions that I asked first that remain unanswered. There's more to it than protocol, too. An explanation was already hinted at in my questions. In the case of the specific one you raise, just ask yourself what the $USD is and why you assume it to be better than the $CRB as a measure of the real value of the dollar. I will be happy to entertain new questions once the old ones are forthrightly addressed.
Lukester
10-20-08, 12:17 PM
Grape -

What is happening to the "price of cash" when the commodities exporter nations collect it from the sale of their commodities? There's been a transfer abroad of trillions from the US (as well as other OECD nations who were not even inflating as was the USA!) over the better part of a decade in goods purchases - some from the sale of cheaply manufactured goods, but a big part of that humongous transfer of cash was from the straight sale of commodities. Was the cash "compacted / expensive" or "expanded / cheap" in value when they actually received it from the OECD nations, and did it then "compact" or "expand" after it wound up in the coffers of these commodities vendors? This occurred over a very long period of time (close to a decade) so the sum of that wealth transfer was certainly not in any "either / or" state for the decade's duration. In sum it would appear unlikely that the "expansion / contraction" price condition of that cash was the more significant component in the raw new purchasing power which accrued to the commodities vendors.

I think it was Finster who taught me that this was/is due to a huge increase in the price of cash.

My speculation: we had a massive cash rally due to a margin call on collateral securing loans paid with cash.

Commodities are mostly bought with borrowed money.

EVERYTHING bought with borrowed money has plummeted in value due to margin calls resulting in forced liquidation of the underlying collateral.
Finster
10-20-08, 12:57 PM
What is happening to the "price of cash" when the commodities exporter nations collect it from the sale of their commodities? There's been a transfer abroad of trillions from the US (as well as other OECD nations who were not even inflating as was the USA!) over the better part of a decade in goods purchases - some from the sale of cheaply manufactured goods, but a big part of that humongous transfer of cash was from the straight sale of commodities. Was the cash "compacted / expensive" or "expanded / cheap" in value when they actually received it from the OECD nations, and did it then "compact" or "expand" after it wound up in the coffers of these commodities vendors? This occurred over a very long period of time (close to a decade) so the sum of that wealth transfer was certainly not in any "either / or" state for the decade's duration. In sum it would appear unlikely that the "expansion / contraction" price condition of that cash was the more significant component in the raw new purchasing power which accrued to the commodities vendors.

That was about as clear as mud. Contrast that with GJ's clear and concise summary. The demand for dollars has been soaring because people are desparately seeking them to meet debt. This drives up their value. It then takes less of them to buy the same real estate, the same stocks, the same commodities ... no need to get tangled up in OECD obscura and other convolutions of excess granularity. Considering you are unable to answer simple questions, it's out of place.
bart
10-20-08, 01:09 PM
That was about as clear as mud. Contrast that with GJ's clear and concise summary. The demand for dollars has been soaring because people are desparately seeking them to meet debt. This drives up their value. It then takes less of them to buy the same real estate, the same stocks, the same commodities ... no need to get tangled up in OECD obscura and other convolutions of excess granularity.

*grunt* of agreement

http://www.nowandfutures.com/g2/occams_razor.gif
Finster
10-20-08, 01:22 PM
You tryin' to tell ol' finster he needs a shave?

:D
bart
10-20-08, 01:34 PM
You tryin' to tell ol' finster he needs a shave?

:D

I wouldn't dare comment on what kind of hairy guy you are... ;)
Tulpen
10-20-08, 01:43 PM
Sorry for being a pest here but what is the connection?

Just overlaying two charts from two different periods does not prove any connection, they do not even correlate very well.

It appears to me that this overlaying is simply an attempt to suggest that gold will spike as it did before. What am I missing?
bart
10-20-08, 01:56 PM
Sorry for being a pest here but what is the connection?

Just overlaying two charts from two different periods does not prove any connection, they do not even correlate very well.

It appears to me that this overlaying is simply an attempt to suggest that gold will spike as it did before. What am I missing?

You're not missing anything.

You just seem not to believe in history rhyming or perhaps in gold going much higher on the long term. Do note that they're also based on the Dow/gold cycle and on my own hard/tangible vs. soft assets cycle, which has been reasonably reliable at least since 1800.

Those charts have helped me quite a bit in my trading, in conjunction with others. C'est la vie...
Lukester
10-20-08, 02:10 PM
There is a good explanation, Jim, but I decline to offer it for now. ... I will be happy to entertain new questions once the old ones are forthrightly addressed.

He's taking appointments now. Half hour per slot. On the couch you go, where you can obtain deft advice as to how you have arrived at such a tangle of delusions regarding the baffling "commodities booms = very large wealth transfers" as to wind up in a hall of mirrors projecting a world which does not exist. Indeed, glittering newly built Dubai does not exist, other than in your dreams. It was built with helium balloons with dollar bills printed on the exterior.

Finster (and Bart), the universality of your rejection of any corollaries denoting further complexity to your own thesis, makes my case for me. It is a thing called "u n d u l y __ h e r m e t i c". :rolleyes:. You cited Occam's Razor (simplicity reveals the reality), but what you overlook is that if economic booms were as simple an event as being purely expressions of fiat money inflation, the world would not have economists spending decades decoding their workings. (hint: economic complexity is not adequately encompassed by citing "Occam's Razor").

It is your conclusions regarding the mechanism which triggers and sustains commodity booms which is simple. Rather, make that "simplistic". Another observation, this one more in the "human psychology" compartment, is that whenever the rejoinders in a debate fall into mere vitriol ("logic like maggoty swiss cheese") one gets the impression that one is getting closer to the core of the indefensible assertions in "the Occam's Razor-ish Finster theory".

The "Finster theory" of commodities booms is indeed, "exceedingly simple". Of a wondrous simplicity. Inflation is a pure expression of nations acquiring massive new wealth. :D

My reply might be a shade less tart, were your dismissals a shade less perfunctory.

Lukester
Finster
10-20-08, 02:36 PM
He's taking appointments now. Half hour per slot. On the couch you go, where you can obtain deft advice as to how you have arrived at such a tangle of delusions regarding the baffling "commodities booms = very large wealth transfers" as to wind up in a hall of mirrors projecting a world which does not exist. Indeed, glittering newly built Dubai does not exist, other than in your dreams. It was built with helium balloons with dollar bills printed on the exterior.

Finster (and Bart), the universality of your rejection of any corollaries denoting further complexity to your own thesis, makes my case for me. It is a thing called "u n d u l y __ h e r m e t i c". :rolleyes:. You cited Occam's Razor (simplicity reveals the reality), but what you overlook is that if economic booms were as simple an event as being purely expressions of fiat money inflation, the world would not have economists spending decades decoding their workings. (hint: economic complexity is not adequately encompassed by citing "Occam's Razor").

It is your conclusions regarding the mechanism which triggers and sustains commodity booms which is simple. Rather, make that "simplistic". Another observation, this one more in the "human psychology" compartment, is that whenever the rejoinders in a debate fall into mere vitriol ("logic like maggoty swiss cheese") one gets the impression that one is getting closer to the core of the indefensible assertions in "the Occam's Razor-ish Finster theory".

The "Finster theory" of commodities booms is indeed, "exceedingly simple". Of a wondrous simplicity. Inflation is a pure expression of nations acquiring massive new wealth. :D

My reply might be a shade less tart, were your dismissals a shade less perfunctory.

Yikes, Lukester. How much more "perfunctory" can one get than to simply avoid the issues entirely? To simply jump the rope and flee the ring, whilst making a lot of noise in the hope that no one notices. Wouldn't it have taken a lot less time and effort to answer a couple simple substantive questions than to compose this lot of theater? Much less difficult, one would think.

... unless of course facing such questions would destroy your thesis ...
bart
10-20-08, 02:50 PM
(hint: economic complexity is not adequately encompassed by citing "Occam's Razor").


Au contraire... "inflation is more money than goods" and its corollaries do quite well (in my always ever so humble opinion of course ;)).
Finster
10-20-08, 03:55 PM
He's taking appointments now. Half hour per slot. On the couch you go ...

Hey, at least with me you can get your answer someday ... :rolleyes:

These evidently won't be answered appointment or not:

Oh come on Finster - You've got the industrialisation of 3 billion people occurring this decade.

Which just appeared out of thin air and devalued our dollar?

You don’t suppose it could have anything to do with the fact that we printed up trillions of them and sent them over there?

On what basis do you justify omitting the deindustrialization of the West from your calculus?
Finster
10-20-08, 04:02 PM
Can we schedule an appointment for addressing this?

What "commodity cycle"?

The only "commodity cycle" I see is wild fluctuations in the value of currency. Mostly in the downward direction. You, on the other hand, turn it on its head. You assume that real, physical stuff, which has the same human utility this year as the last, and of the year before, has done the wild gyrating, while mere paper units have just plodded along, serving as a stable reference against which that real stuff is properly calibrated. Giving primacy to politically managed paper units of zero intrinsic utility over real stuff of real utility. That is having the tail wagging the dog. No wonder you are so hopelessly confused.
Down Under
10-20-08, 06:26 PM
Agree that "inflation is more money than goods"... However, surely the price of something can increase without an increase in the supply of money, can it not?

In other words, surely an increase in demand can cause an increase in price without an increase in the money supply.

Or, are you saying that an increase in price can only ever occur with an increase in the money supply? That is, there are no other conditions for which an increase in price can occur?
Lukester
10-20-08, 08:29 PM
Agree that "inflation is more money than goods"... However, surely the price of something can increase without an increase in the supply of money, can it not? In other words, surely an increase in demand can cause an increase in price without an increase in the money supply. Or, are you saying that an increase in price can only ever occur with an increase in the money supply? That is, there are no other conditions for which an increase in price can occur?

QUOTE: "That is, there are no other conditions for which an increase in price can occur"

NO!

Admitting this is equivalent to sacrilege for Finster. This is what I observe is academic principle pushed to border on the absurd. Not because the debasement of money is not a very significant factor. But the academic insistence that it is ***all*** an inflationary illusion brought about by the shrinkage of the unit of measure is simplistic nonsense. Yet if he insists on it adamantly enough, for long enough, I believe he has the impression that it then "must be so".

Anyone insisting that petroleum has not gained any real purchasing power this decade is trapped, cornered, painted into a corner by their rhetoric. I see even Bart has climbed on board here, or he is reticent to speak out and clearly observe that this cannot be the full formula of what has occurred. They get befuddled by the fact that the entire CRB has risen in unison. This is a correlation which is then imputed to be a causality. If they all rose together the **only possible explanation** is that it is an illusion of rising, caused by monetary inflation.

But commodity cycles are complex. They cause growth patterns to shift around the world from mature economies to economies more centered around commodity intensive manufacturing, and commodity production and export. REad a guy called Andrew McKillop on this and he is infinitely more subtle, flexible and probing in his exploration of commodity booms and their inputs and results. Instead here, in this long standing circular discussion with Finster on this quesiton, all I understand is that by sounding absolutist about it Finster (and cohorts who uphold this "axiomatic principle") want to shower derision on any objections while their substantive answers remain curiously "complicated sounding".

What on earth is clarified here saying that "Occam's razor" - "proves" that it must be 100% inflation, because "that's the simplest explanation". Huh? What strange kind of deductive logic is that? Sounds like a mere specious assertion to me.

The central question, how does the world produce cities like Dubai, built entirely on the proceeds of newfound petroleum wealth, how does the world build multiple gargantuan sovereign wealth funds in the commodity intensive manufacturing nations and in the commodity export nations - all out of a rapidly shrinking unit of measure? These questions are greeted not with simple answers, but with the "asking of other questions" rigmarole, which promotes circular discussions.

I'm using round simplified numbers here just to make a point, but the insight is 100% equivalent: Finster's thesis insists the USD's shrinkage of perhaps 40% against a basket of other currencies, fully cancels out petroleum's mirage of a 1200% rise, because "all the currencies together have depreciated 1160% against petroleum in less than a decade, with the USD shrinking "an extra 40%" to produce the round 1200%. In short, all together these currencies have depreciated against oil to erase it's entire 1200% rise in any real terms.

Finster et. al. insist this must be so because all the commodities have risen in varying hundreds of percent together, relative to fiat money. If this thesis were literally true it would be IMPOSSIBLE, for the recipients of the proceeds of the sale of these commodities, to have any extra current day purchasing power at the end of this process. This is the question which Finster time and again MUST answer with prevarication - as all he does is answer this one question with "yet other questions". This simple question is NEVER answered. Don't buy into it!

I have had this discussion in great detail with Finster before, on numerous occasions, but he never, ever concedes that the reality must instead be a COMBINATION of his thesis with extraneous real factors in the rise of petroleum prices. The transactional method appears to input apples at one end and extrude oranges at the other. The "epistemological data" moreover, otherwise known as the "observable facts on the ground" are blaring out to the world the information that the vendors of these inflated commodities have caught a tidal wave of real wealth, of a scale unknown in previous history.

How is this possible? Finster, when sore pressed on this point, had this to say to substantiate his audacious position. The reason they got so rich is because "they sold lots more oil" than they did before. I have not read anywhere on these pages a single other direct reply to this question. Just watch, when or if he comments again here in reply, he will not answer this simple question directly. He will ask other questions - but not answer this one.

Finster's explanation: The unit of measure shrank 1200% against a barrel of oil since 1999. And the vendors of that oil (proxy for all commodities here) got stinking rich by selling vastly greater quantites of oil to the world, despite the enormous headwind their earning power faced from a dollar that was rapidly shrinking by 1200%. The reason the dollar shrank 1200% against a barrel of oil since 1999 according to him, is due to "latency", a principle which suggests that an enormous amount of latent inflation had built up prior to 1999 in the pricing of oil, and that it was "repriced in a gigantic whoosh" in the subsequent years.

I believe that there was indeed a large sudden repricing of oil in subsequent years, and it may indeed have been in great part due to latent inflation suddenly breaking through like water out of a dam, but the entire point here is, that from the pockets of the oil buyers, into the coffers of the oil sellers, a vast real purchasing power was transferred, and this has been the point of Finster's adamant objection for as long as I can remember.

Finster is boxed into a corner on this question. Inflation and shrinkage of the USD is real. The pent up latent inflation is also real. But what is patently false is that "no real increase in the petroleum price has occurred. This assertion runs into gigantic problems on the ground which it keeps struggling to rationalise away. This assertion is the antithesis of proper research. Proper research should be informed by the thesis and the theory at the origination point, but then should remain 100% flexible to modification at the destination, where the facts on the ground may contradict certain of it's parts. If the theory is held to be sacrosanct and unalterable as a purist notion all the way to the facts on the ground, and then those facts flatly disagree with the purist conclusion, it is a failure of method to refuse to alter the purist theory to fit the facts on the ground.

We have witnessed one of the largest transfers of wealth in modern industrial civilisation. It has occurred CONCOMITANTLY to a very large inflation, but it has by no means been irrevocably established by it's proponents here, to be 100% a PRODUCT of that very large inflation alone. Indeed no clear argument has been made to prove that the mechanism does not also have "leakage" in both directions. Example: Oil gains substantially in real constant cost units, and imposes inflation on the oil purchasing nations!! In Finster's world, the inflation is purely and solely produced by the oil consumer nation, and exported to the oil vendor nation. But we know, in a moment of lucid simplicity, that oil has been also CAUSING inflation in the nations which have to import it, no? "Finster's theorem" has absolute conniptions having to acknowledge this "contamination" of his thesis. He will not even countenance the idea.

What is my argument? Fairly plausible: The sale of commodities, whether due to pent-up latent inflation or not, if observed to transfer large constant purchasing power units from a purchaser to a vendor, must have included also a rise in the real cost of the material that was transacted, else the vendor could not have accrued very large new present purchasing power.

It's astonishing to watch people almost hanging off the chandeliers to avoid having to simply acknowledge this point.
jtabeb
10-20-08, 08:32 PM
Can we schedule an appointment for addressing this?

You'd better stop, LOL, I can't take anymore, LOL, this is too good, ROTF LOL!

Good show Finster.

Luke, I think if you want to continue you'd better PUT UP or SHUT UP, with all due respect.
phirang
10-20-08, 08:33 PM
Agree that "inflation is more money than goods"... However, surely the price of something can increase without an increase in the supply of money, can it not?

In other words, surely an increase in demand can cause an increase in price without an increase in the money supply.

Or, are you saying that an increase in price can only ever occur with an increase in the money supply? That is, there are no other conditions for which an increase in price can occur?

The only sustainable way to keep demand in aggregate growing is for new sovereign credit. Otherwise, yes, BRICOPEC are just glorified Fed terminals.
Lukester
10-20-08, 08:48 PM
This point is sophisticated, only it is so diaphanous an observation, as to be like a silky veil. You can stretch it or drape it in any direction you wish. To suggest that the world's largest exporters of oil and commodities have not previously been capable of "new sovereign credit" would be a-historical. To suggest that mature OECD nations are distinguished from these commodity exporters because their sovereign credit is "self-sustaining" is going to be rapidly disproved as we move forward into the 2020's and 2030's. (Hint: "resource constrained world").

This is because this textbook financially derived thesis seems oblivious to the environment in which it now occurs - an overcrowded planet, where resources are critically dwindling. We are already in a new global economy defined by resource constraints relative to net human consumption. The commodity exporters today are the very paradigm of nations with "sustainable sovereign credit" in our brave new century. Phirang's point is out of the textbooks, looking backwards. Also the thesis that petroleum is "defined by finance" is a textbook thesis which looks backwards. Not in this century it isn't. Commodity rich nations as "captive exporters who are merely glorified Fed terminals"?? - My foot they are. This notion will be revealed to be the largest conceit of the new century.

The only sustainable way to keep demand in aggregate growing is for new sovereign credit. Otherwise, yes, BRICOPEC are just glorified Fed terminals.
bart
10-20-08, 08:51 PM
Agree that "inflation is more money than goods"... However, surely the price of something can increase without an increase in the supply of money, can it not?


Yes, no question at all.

The basic point of my post though is that, at root, economics is not complex especially in the macro areas. The point is also that adding additional or unnecessary complexity on top of well understood basics is just that - additional or unnecessary, as per Occam's Razor.
Lukester
10-20-08, 08:59 PM
That was a pretty smooth change of horses there Bart, in that all I've been arguing is that precisely this real price in the commodities (e.g. oil?) has indeed occurred this decade. I did not say this was the sole reason, I asked you to acknowledge it was part of the reason, yet no acknowledgement was forthcoming.

Now you quietly insert that acknowledgement here to another questioner? I strain to see where in your responses to me in this week's discussion on this point you've consented to acknowledge any real rise in the price of oil in the past decade? Hello? :rolleyes: Uh, I think that's called "climbing unobtrusively out of a box".

Yes, no question at all. The basic point of my post though is that, at root, economics is not complex especially in the macro areas. The point is also that adding additional or unnecessary complexity on top of well understood basics is just that - additional or unnecessary, as per Occam's Razor.
bart
10-20-08, 09:15 PM
That was a pretty smooth change of horses there Bart, in that all I've been arguing is that precisely this real price in the commodities (e.g. oil?) has indeed occurred this decade. I did not say this was the sole reason, I asked you to acknowledge it was part of the reason, yet no acknowledgement was forthcoming.

Now you quietly insert that acknowledgement here to another questioner? I strain to see where in your responses to me in this week's discussion on this point you've consented to acknowledge any real rise in the price of oil in the past decade? Hello? :rolleyes: Uh, I think that's called "climbing unobtrusively out of a box".


I didn't agree or disagree intentionally. My point is that its my belief that good understanding of economics or investing or whatever is frequently harmed by excess complexity or over analysis or similar.

I will say though that monetary effects are not the only thing that affects prices, and I've stated it before too. But I also don't want to get between you & Finster, and won't be put there.
Lukester
10-20-08, 09:35 PM
Bart - Given that you now are acknowledging the point, (even if only with extreme non-specificity) it might be "appropriate" to offer Finster (not me!) a mild and deferential suggestion, that "monetary effects are not the only thing that affects petroleum prices" - as it is not I who is categorical on this, but rather your pal Finster with whom in this discussion you have expressed not the smallest disagreement.

Rather than be more concerned about being pals and not expressing anything less than 100% deference to his assertions, why not put in a discreet word for the bottom line truth here, as that is the primary purpose of these pages, eh? It has zilch to do with "getting between me and Finster". Unlike Finster, I do not react with personal feelings of animosity here at all towards him in person. It is only a false assertion that I will doggedly argue against.

To couch this as "getting between me and Finster" is a schoolyard exercise. What is substantive is the we speak the full truth about issues discussed on these pages. Not the "partial, diplomatic truth". The full truth is that it is untenable to claim that everything that has occurred to confer great wealth on OPEC nations for example, is a pure manifestation of inflation.

You apparently know this now as well as I do, and you don't have much compunction to offer me dismissals such as "overly complex arguments - go read about Occam's Razor to discover truth", yet you have an exquisitely delicate compunction to make the smallest murmur in qualification of Finster's audacious assertions.

This sort of buddy system method of discussion irks me. Here's the bottom line - in a discussion with two sides who disagree, look for the one who's making the most hermetic, purist assertions and then quietly suggest to them that they should climb down from those assertions before they wind up painted into a corner.

I'm a big fan of yours (and Finster too!) but this is my most earnest advice.

I will say though that monetary effects are not the only thing that affects prices, and I've stated it before too. But I also don't want to get between you & Finster, and won't be put there.
bart
10-20-08, 09:56 PM
As I said, I also don't want to get between you & Finster since its between you two and always has been.

I won't be put there.
phirang
10-20-08, 10:04 PM
This point is sophisticated, only it is so diaphanous an observation, as to be like a silky veil. You can stretch it or drape it in any direction you wish. To suggest that the world's largest exporters of oil and commodities have not previously been capable of "new sovereign credit" would be a-historical. To suggest that mature OECD nations are distinguished from these commodity exporters because their sovereign credit is "self-sustaining" is going to be rapidly disproved as we move forward into the 2020's and 2030's. (Hint: "resource constrained world").

This is because this textbook financially derived thesis seems oblivious to the environment in which it now occurs - an overcrowded planet, where resources are critically dwindling. We are already in a new global economy defined by resource constraints relative to net human consumption. The commodity exporters today are the very paradigm of nations with "sustainable sovereign credit" in our brave new century. Phirang's point is out of the textbooks, looking backwards. Also the thesis that petroleum is "defined by finance" is a textbook thesis which looks backwards. Not in this century it isn't. Commodity rich nations as "captive exporters who are merely glorified Fed terminals"?? - My foot they are. This notion will be revealed to be the largest conceit of the new century.

The military exists to preserve this conceit.
Jay
10-20-08, 10:54 PM
This point is sophisticated, only it is so diaphanous an observation, as to be like a silky veil. You can stretch it or drape it in any direction you wish. To suggest that the world's largest exporters of oil and commodities have not previously been capable of "new sovereign credit" would be a-historical. To suggest that mature OECD nations are distinguished from these commodity exporters because their sovereign credit is "self-sustaining" is going to be rapidly disproved as we move forward into the 2020's and 2030's. (Hint: "resource constrained world").

This is because this textbook financially derived thesis seems oblivious to the environment in which it now occurs - an overcrowded planet, where resources are critically dwindling. We are already in a new global economy defined by resource constraints relative to net human consumption. The commodity exporters today are the very paradigm of nations with "sustainable sovereign credit" in our brave new century. Phirang's point is out of the textbooks, looking backwards. Also the thesis that petroleum is "defined by finance" is a textbook thesis which looks backwards. Not in this century it isn't. Commodity rich nations as "captive exporters who are merely glorified Fed terminals"?? - My foot they are. This notion will be revealed to be the largest conceit of the new century.
Hudson thought this way in the 70's and wrote a book about it called Global Fracture. Needless to say, the American military and other subvertive American strategies made his and other's hopes for a New International Economic Order DOA.
Lukester
10-21-08, 12:13 AM
America and resource imperialism in the 21st Century. What an audacious concept for longevity. If you guys are under the impression this is a model for America that will have staying power much further into the 21st century I wonder what your slightly less conservative forecasts look like. This one is looking distinctly iffy going forward.

A bankrupt country, deprived of it's global blank check to issue sovereign debt without limits to fund ever more costly foreign engagements (works like a "fuzzy checkbook" where the real net cost of foreign wars for resources are never calculated) - and the notion that wars of occupation for resources are net cost effective in recent decades to begin with - this is looking more than a little wobbly itself.

This is another 20th century idea that's looking firmly in the rear view mirror. Jay, we might note the somewhat striking dissimilarities between the 1970's and the 2010's, no? If you are a vast commodities exporter like Brasil or Russia today, you can look forward to two, three, four decades where you have CLOUT. If the America's of the world get in your face, you can find multiple eager new clients. They have pricing power and will have truly massive pricing power in the next decades.

American badass military power is going to be discovering the massive hidden costs of trying a 20th century idea out in this new century. You can't intimidate countries who have bursting global pricing power in increasingly scarce resources. They have too many other large clients they can pick up with a flick of their finger. The concept is outmoded.

Hudson thought this way in the 70's and wrote a book about it called Global Fracture. Needless to say, the American military and other subvertive American strategies made his and other's hopes for a New International Economic Order DOA.
Finster
10-21-08, 07:07 AM
Finster, understand totally that it is not my desire or intention to argue with you here.

Another post by Lukester last night from Gann Global, which is a subscription service, called to my attention the fact that since near the first of July the $CRB has lost 69% of its value. The US$ put in a double-bottom for the moment in March @70.70 and then July at 71.31 (stockcharts.com data from $CRB and $USD). I checked the 69% loss and it is correct, and my tracking of $USD as I write shows it to have gained about 17.5% measured from the March low.

Surely it seems to me that the massive decline in the $CRB is not explainable entirely on the relative increase in the US dollar index.

What is the correct explanation?

There is a good explanation, Jim, but I decline to offer it for now. There is already a backlog of questions that I asked first that remain unanswered. There's more to it than protocol, too. An explanation was already hinted at in my questions. In the case of the specific one you raise, just ask yourself what the $USD is and why you assume it to be better than the $CRB as a measure of the real value of the dollar. I will be happy to entertain new questions once the old ones are forthrightly addressed.

The hint should have given it away, Jim, but explicitly, the the $USD is not a valid measure of the real value of the US dollar. Recall the discussion of the real utility of physical stuff versus the lack thereof of politically managed paper units. What does the $USD use to measure the dollar? None but other politically managed paper units!

The seeming paradox is thus resolved by relinquishing the premise that the $USD measures the real value of the dollar.
Finster
10-21-08, 07:16 AM
QUOTE: "That is, there are no other conditions for which an increase in price can occur"

NO!

Admitting this is equivalent to sacrilege for Finster...

Sounds like you better leave stating Finster's position to Finster. Especially if you're going to bollux it up this bad.

I haven't said anything like that. If you can find it, please identify it chapter and verse. Otherwise, stick to your own position. You've already trashed your credibility bad enough just on that by itself.

In fact, my position is that the value of money - and hence the prices expressed therein - is a function of both money supply and money demand. That leaves ample room for price fluctuations apart from changes in money supply alone.
Finster
10-21-08, 07:40 AM
Bart - Given that you now are acknowledging the point, (even if only with extreme non-specificity) it might be "appropriate" to offer Finster (not me!) a mild and deferential suggestion, that "monetary effects are not the only thing that affects petroleum prices" - as it is not I who is categorical on this, but rather your pal Finster with whom in this discussion you have expressed not the smallest disagreement.

There you go again. Inventing my position for me in this mockery of a debate. That wedge you have so desperately latched onto here is a mirage of your own creation.

Let's turn back to my first statement in this exchange so see what my position really is here:

It remains to be shown that we have even had a "commodity cycle".

It's so simple a child could understand it. You were running on about the causes and effects of a putative "commodity cycle" without first showing there even was a commodity cycle. I challenged you to do so.

And so far, you have come up utterly empty handed.
The Outback Oracle
10-21-08, 10:39 AM
"Importantly, the more I see, the more hopeful I am, precisely because people are waking up to the reality that surrounds them and are rejecting the dream scape that we have all been living in since the 1980's."

There is no reality here in Aus. I guess we haven't suffered yet....just a few bucks lost on the Stock Exchange.
JT, unless the USA is different, you have been hanging around in iTulip too long and you think what is said here is what is being discussed in the real world.
jtabeb
10-21-08, 10:15 PM
"Importantly, the more I see, the more hopeful I am, precisely because people are waking up to the reality that surrounds them and are rejecting the dream scape that we have all been living in since the 1980's."

There is no reality here in Aus. I guess we haven't suffered yet....just a few bucks lost on the Stock Exchange.
JT, unless the USA is different, you have been hanging around in iTulip too long and you think what is said here is what is being discussed in the real world.


I don't know. I saw Nassim Taleb,no relation ;) on news hour with Benoit Mandlebroit talking about a crisis that has no parallel since the birth of the united states. Read EJ et-al in Harpers and heard him on NPR, and Paul Volker talks daily to Barrak Obama.

I think you need to pay attention more, it is being discussed more and more.

(and I'm getting more hopeful as we speak):)
$#*
10-22-08, 02:36 AM
Lukester from now on I will refuse to read any message of yours which has less than 2000 words and is not on a completely parallel course to the subject in debate.... well .. what can I do? I got addicted to long and unsubstantiated divagations after after reading your replies to Finster :)
GRG55
10-23-08, 05:23 AM
It isn't. There are many ways to view the various causes and generate explanations.

One is the actual charts in this thread and Twain's observation "History doesn't repeat itself, but it does rhyme."... and I hope I'm not coming across as pedantic or didactic. The common feature across the decades and cycles is human emotion and reaction.


http://www.nowandfutures.com/images/crb1966-1980and_now.png

bart: Could you help me out and put an arrow on the chart showing the recently departed commodity bubble. At my advanced age my eyesight ain't what it used to be, and I am having trouble picking it out.
Many thanks in advance...
Jay
10-23-08, 05:39 AM
America and resource imperialism in the 21st Century. What an audacious concept for longevity. If you guys are under the impression this is a model for America that will have staying power much further into the 21st century I wonder what your slightly less conservative forecasts look like. This one is looking distinctly iffy going forward.

A bankrupt country, deprived of it's global blank check to issue sovereign debt without limits to fund ever more costly foreign engagements (works like a "fuzzy checkbook" where the real net cost of foreign wars for resources are never calculated) - and the notion that wars of occupation for resources are net cost effective in recent decades to begin with - this is looking more than a little wobbly itself.

This is another 20th century idea that's looking firmly in the rear view mirror. Jay, we might note the somewhat striking dissimilarities between the 1970's and the 2010's, no? If you are a vast commodities exporter like Brasil or Russia today, you can look forward to two, three, four decades where you have CLOUT. If the America's of the world get in your face, you can find multiple eager new clients. They have pricing power and will have truly massive pricing power in the next decades.

American badass military power is going to be discovering the massive hidden costs of trying a 20th century idea out in this new century. You can't intimidate countries who have bursting global pricing power in increasingly scarce resources. They have too many other large clients they can pick up with a flick of their finger. The concept is outmoded.
Yup, exactly the same argument.
phirang
10-23-08, 09:16 AM
Yup, exactly the same argument.

Yea, they have so much clout they're:

cutting production
begging China to keep the game up (australia)
experiencing massive capital flight

WOW, what a bunch of badasses they were!
bart
10-23-08, 10:51 AM
bart: Could you help me out and put an arrow on the chart showing the recently departed commodity bubble. At my advanced age my eyesight ain't what it used to be, and I am having trouble picking it out.
Many thanks in advance...

http://www.nowandfutures.com/d2/t_crb1966-1980and_now.gif


One other item about this particular chart - it's monthly only. The actual value as of the close yesterday is about 370, not the 460 or so that the chart itself shows.
Lukester
10-23-08, 11:46 AM
Bart -

It is indeed scary, secular-scale stuff going on there, and looks highly deflationary. I have a genuine quandary - is this a "new paradigm" or is there any precedent in history of a persistent deflation occurring as denominated in rapidly inflating fiat currencies? It would seem this is the simple question to ask, no? What is this collapse denominated in, that is anything more than the most ephemeral value?

The "value" of the denominator here, the USD, is almost literally today a psychological contrivance.

It is underpinned by a "general agreement" among nations, as to it's worth. It is really not underpinned by much more than that. So how do you contrive an entire world where the value of every good, commodity and critical service (even fuel, food and scarce water, in a world bursting at the seams with people!) deflates against this psychologically agreed upon unit of value?

You and Finster have long argued during the prior commodities inflation that the USD was so "spongy" that it was the primary component to look at as the "variable" in changing nominal prices, and your whole point was that those actual goods were changing in value very little.

Yet it would appear that in arguing for a runaway global deflation you are pinning the measure or confirmation of that entire event on that same spongy unit. How do we confirm a thing called "global deflation" in the same unit of purchasing power, which you guys argued recently was chronically prone to create mirages of price increases everywhere?

Answer me this question, please.

http://www.nowandfutures.com/d2/t_crb1966-1980and_now.gif


One other item about this particular chart - it's monthly only. The actual value as of the close yesterday is about 370, not the 460 or so that the chart itself shows.
Finster
10-23-08, 12:03 PM
Answer me this question, please.

Indeed, Luke, answer us this. This is from our already outstanding backlog of unanswered questions:

Oh come on Finster - You've got the industrialisation of 3 billion people occurring this decade.

Which just appeared out of thin air and devalued our dollar?

You don’t suppose it could have anything to do with the fact that we printed up trillions of them and sent them over there?

On what basis do you justify omitting the deindustrialization of the West from your calculus?
bart
10-23-08, 12:22 PM
Bart -

It is indeed scary, secular-scale stuff going on there, and looks highly deflationary. I have a genuine quandary - is this a "new paradigm" or is there any precedent in history of a persistent deflation occurring as denominated in rapidly inflating fiat currencies? It would seem this is the simple question to ask, no? What is this collapse denominated in, that is anything more than the most ephemeral value?

The "value" of the denominator here, the USD, is almost literally today a psychological contrivance.


One answer is to use Finster's FDI, which is the only attempt in the world of which I'm aware to actually have a more reliable denominator than a fiat currency.
Lukester
10-23-08, 12:37 PM
Bart - that was not my question - and I really do want to understand this point. Has an extended generalized deflation, in the strict sense of the term, ever occurred in an economic sphere denominated purely in fiat currency? What is the historical precedent? One might add that this global fiat currency unit in which the global "deflation" is occurring, is multiplyiing at an annualized rate of what? 70%?

The question is agnostic. Does a historical precedent exist?

One answer is to use Finster's FDI, which is the only attempt in the world of which I'm aware to actually have a more reliable denominator than a fiat currency.
Lukester
10-23-08, 12:40 PM
Finster - I am genuinely interested in getting to the bottom of it, but can't reply on this right now. Will address it this evening. Can you also reply to my own questions directly rather than rejoining them every time with your own questions? I've left these questions dozens of times on these pages - quite specific questions - and you always seem to elide answering by posing other questions instead. This cannot be a constructive method of argument.


Indeed, Luke, answer us this. This is from our already outstanding backlog of unanswered questions:
bart
10-23-08, 01:04 PM
Bart - that was not my question - and I really do want to understand this point. Has an extended generalized deflation, in the strict sense of the term, ever occurred in an economic sphere denominated purely in fiat currency? What is the historical precedent? One might add that this global fiat currency unit in which the global "deflation" is occurring, is multiplyiing at an annualized rate of what? 70%?

The question is agnostic. Does a historical precedent exist?

Sounds like a question for a Google search.

And the FDI answer still applies.
Lukester
10-23-08, 01:33 PM
Bart - with utmost respect, this answer has "evasive" written all over it. I expect to get the same "evasive" answer from Finster. Why can't we be truly agnostic, and investigate points without preferring any agenda? We've all been reading EJ here for years. I may misconstrue it, but I thought that one of his core premises has long been, that it's bordering on ingenuous to claim real deflations can occur in zones where commerce and valuations are denominated in a fiat unit, especially when the central bank has institutionalized the notion of targeting monetary aggregates as a formal tool in it's arsenal. At least that is what I've understood after reading here. So why would you and Finster not have very clear and specific ideas on the nature of that anomaly in the present context? Why the singular theoretical confusion and doubt here on this point, now that we see a blistering breakout in the USD?

You are suggesting I go and do a Google search meanwhile? :rolleyes:

Sounds like a question for a Google search. And the FDI answer still applies.
bart
10-23-08, 01:47 PM
Bart - with utmost respect, this answer has "evasive" written all over it. I expect to get the same "evasive" answer from Finster. Why can't we be truly agnostic, and investigate points without preferring any agenda? We've all been reading EJ here for years. I may misconstrue it, but I thought that one of his core premises has long been, that it's bordering on ingenuous to claim real deflations can occur in zones where commerce and valuations are denominated in a fiat unit, especially when the central bank has institutionalized the notion of targeting monetary aggregates as a formal tool in it's arsenal. At least that is what I've understood after reading here. So why would you and Finster not have very clear and specific ideas on the nature of that anomaly in the present context? Why the singular theoretical confusion and doubt here on this point, now that we see a blistering breakout in the USD?

You are suggesting I go and do a Google search meanwhile? :rolleyes:


As you wish.
You asked a question, I gave an answer. I don't know everything.

I've told you multiple times that I will not be pulled into the thing that you & Finster have going.
Lukester
10-23-08, 01:49 PM
Bart - this has nothing whatsoever to do with you, me, Finster, EJ or any other damn person. It is called an "inquiry", and you just copped out. You do have ideas about a lot of things, right? How singular that you have "no idea" on this one - as it is likely the single largest event of our lives. :rolleyes:

As you wish.
You asked a question, I gave an answer. I don't know everything.

I've told you multiple times that I will not be pulled into the thing that you & Finster have going.
bart
10-23-08, 02:06 PM
Bart - this has nothing whatsoever to do with you, me, Finster, EJ or any other damn person. It is called an "inquiry", and you just copped out. You do have ideas about a lot of things, right? How singular that you have "no idea" on this one - as it is likely the single largest event of our lives. :rolleyes:


Ok, I'm a cop out and eeeevil and worthless and don't know everything.

Anything else?
Lukester
10-23-08, 02:14 PM
Bart - you are a great guy and one of iTulip's most accomplished. You are also modest to a fault, and you know I greatly admire your contributions here. I am just disappointed that you feel you inhabit a parlor games environment on this question. I'd really like to have the answer to that question, and as I know you are a student of the markets more than most people here, your reply merely struck me as being notably disingenuous.

It is what is called a "tough question" - it puts other theories to the wall and asks them to offer robust justifications. That sort of frank, unbiased and inquiring approach would have no compunction about saying - "No, and that's a very good question Lukester. We have no prior instance in history of a prolonged deflation occurring in an all fiat monetary zone. If this event were to develop it would be without historical precedent".

That would be an inspiringly frank answer. The lack of such agnosticism and frankness, conversely, works to cheapen or weaken an argument, because it suggests that proponents of deflation who wish merely to sidestep the question have left an important issue dangling. I don't think I could phrase the issue here any more clearly for you. Your comment: "OK, I'm a cop out and eeeevil and worthless" is merely an appeal for sympathy while dodging a quite important question about this deflation we are witnessing.

Why dodge questions? The only reason is because you view heated disagreements or exchanges of views here as being something more at home in an adolescent schoolyard, when in fact the argument, and the attempts to get to the bottom of it could be quite valuable to all of us to better understand where we are and what we can do to protect ourselves. "I'm eeeevil and worthless" is a comment that advances nothing. It's just smoke.

I am disappointed. I am really agnostic on inflation / deflation. I would really like to know how deflation works in a 100% fiat money zone.


Ok, I'm a cop out and eeeevil and worthless and don't know everything. Anything else?
friendly_jacek
10-23-08, 02:22 PM
Lukester,
you seem very confused for a bright dude.

Credit destruction, check (run on dollars)
Deleveraging, check (run on dollars)
Margin calls selling, check (run on dollars)
Carry trade in reverse, check (run on dollars)
Risky emerging markets investments liquidated, check (run on dollars)
Nonperforming Euro denominated investments liquidated, check (run on dollars)
Nonperforming commodity investments liquidated, check (run on dollars)
Nonperforming PM investments liquidated, check (run on dollars)
Nonperforming stock investments liquidated, check (run on dollars)
Baby boomers worried about retirements liquidating 401k, check (run on dollars)
Dollar bears covering shorts in a panic, check (run on dollars)
Inflation/stagflation hedgers (this and above should cover itulip) panic selling, check (run on dollars)
People shorting anything in sight, check (run on dollars)
Did I forget anything?

Note, these are happening at the same time and provide a very strong positive feedback. Fiat or not fiat money, this is happening, right here and right now, so no need to google. It doesn't matter what started the avalanche, now it's impossible to stop it and I guess it has to run its course (killing all in it's path).
bart
10-23-08, 02:26 PM
Bart
...


I gave you all the answers I have.

Either research it yourself, or don't.

Fini on this sub thread.
Finster
10-23-08, 02:36 PM
Finster - I am genuinely interested in getting to the bottom of it, but can't reply on this right now. Will address it this evening. Can you also reply to my own questions directly rather than rejoining them every time with your own questions? I've left these questions dozens of times on these pages - quite specific questions - and you always seem to elide answering by posing other questions instead. This cannot be a constructive method of argument.

I asked my questions first. You ignored them. This is protocol if you are sincerely interested in "constructive argument". And substance, because those questions were carefully formulated to help you get to the bottom of what's standing between you and understanding.

To refresh your memory, here is where we got stuck. This is what you have been dodging for umpteen posts. And why there has been zero progress on the constructive argument front.

Oh come on Finster - You've got the industrialisation of 3 billion people occurring this decade.

Which just appeared out of thin air and devalued our dollar?

You don’t suppose it could have anything to do with the fact that we printed up trillions of them and sent them over there?

On what basis do you justify omitting the deindustrialization of the West from your calculus?

What "commodity cycle"?

The only "commodity cycle" I see is wild fluctuations in the value of currency. Mostly in the downward direction. You, on the other hand, turn it on its head. You assume that real, physical stuff, which has the same human utility this year as the last, and of the year before, has done the wild gyrating, while mere paper units have just plodded along, serving as a stable reference against which that real stuff is properly calibrated. Giving primacy to politically managed paper units of zero intrinsic utility over real stuff of real utility. That is having the tail wagging the dog. No wonder you are so hopelessly confused.
Rajiv
10-23-08, 04:05 PM
Has an extended generalized deflation, in the strict sense of the term, ever occurred in an economic sphere denominated purely in fiat currency? What is the historical precedent? One might add that this global fiat currency unit in which the global "deflation" is occurring, is multiplyiing at an annualized rate of what? 70%?

The question is agnostic. Does a historical precedent exist?

Lukester, I think you may have answered your own question -- I do not think that there is any precedent to this -- just as there is no precedent to there being over 6 billion human beings on this planet -- I do not wish to speak for Bart, but I do not think he would object to that statement.

All parallels to the 1922-1942 time span cannot be accurate for the simple reason that there was a gold standard in place at that time (for some of that period domestically -- but for all of that period internationally, and there was a limit to the leveraging that could be done -- because of the physical constraints of having to produce at least some amount of gold when so forced.

The repeal of the Glass-Stegal Act, allowed for unregulated leveraging taking place -- any reasonable limit to the amount that could be leveraged was taken away -- hence you see the drastic increases in money supply over the last decade.

Hedging models have been based on a false statistical model -- as has been postulated by people like Taleb, Statyajit Das et al. These statistical models do not reflect the actuality of the financial markets -- one of the primary assumptions of which is that any single player will not materially effect the market -- perhaps that is true when dealing with entities like shares, or any other tangible physical asset -- however that definitely is not the case when dealing with even simple leveraged assets (e.g stock futures, or commodity futures.) All leveraged assets depend upon the creation of new money -- and hence the vast increase in the money supply that is apparent to any observer.

So like Phirang, do I believe that the Financiers/Academics are demi gods and know everything , and are orchestrating this whole debacle to put BRICSOPEC nations in their place? No!

Having known enough of these people and the way modelling is done, I would say it is the one eyed person with a cataract leading the blind -- and I have little confidence in the ability of our leaders.

As for the gold/oil/US$ issue, I ask you to think as to what you think would happen, if the availability of two of these items was fixed, and the third item was potentially unlimited in availability - how do you think you could trade among them? What you are seeing in the gold/oil/$ market is just that. Money expansion has drastically slowed down -- in fact money is being actively destroyed. Once that process goes through to completion, then the game could potentially resume -- However should it?

It is clear from Bart's charts, that the prices of gold and oil are fluctuating because of money seeking a safe haven and not because of "Cheap Peak Oil" -- The price of oil and gold in US$ terms is down because the time to pay the piper has come -- and that payment can only be in US$

"Peak Cheap Oil" is a real phenomenon but the price rises were not due to oil supply and demand, but rather because of an increase in the $ supply created by the Hedge Funds/Investment Banks. (Thank the repal of the Glass-Stegal Act for that.

I hope that this ramble will shed some light on the issues that you are struggling with.
Lukester
10-23-08, 05:19 PM
I hope that this ramble will shed some light on the issues that you are struggling with.

Rajiv -

The assertion "the only input to the oil, gold and commodity prices in the past decade has been the USD is false. It relegates all inputs from the decade's industrial development to ephemeral corrolaries of the USD, which if you reflect on this for a little while agnostically, is an absurd assertion. 2.5 billion people industrialising across one decade, in Finster's universe, have "no footprint". To put forward such a claim in categorical terms is not advisable.

Making such assertions in "absolute" or "axiomatic" terms leads to dogmatism which is an analytical hazard. If you don't percieve it, I cannot make you percieve it. When I read people making such absolutist claims I immediately see a wonderful target for "reductio ad absurdum". That is what I see here, but maybe you don't see this as red flag in the methodology. Proceeding on the strength of Finster's axiomatic conclusions is not to me advisable.

_________

And here is the "dark underbelly" of your "global deflation" for you: Remember, there can be no such thing as a rising gold price and "scrambles to secure gold" in a true deflation, because gold has been demonetized. Hence if you start seeing some very large buyers jockeying furtively to tie up large chunks of the gold market off the COMEX, you will have a "puzzling conundrum" on your hands concerning the "global deflation" thesis. The USD is a "roman candle", now burning brightly.

Unlike 1929 - 1932, when the strong unit of measure against which deflation was being defined was the US dollar expression of a nation with phenomenal industrial output, today's "deflation" is being defined against the B0nar straddling a yawning cavern of debt. And you have all these strange scurryings going on among increasingly large players for gold bullion. Frankly, between this and the "financialized theory of the universe" expressed above, I think you guys who are all infatuated with the new global deflation thingy are trailing some tin cans behind your thesis. "you pays your money, and you takes your choice".

The report below may or may not have a thing to do with "partially gold backed currencies", but some parties out there are evidently willing to pony up north of $1000 an ounce on very large private buys in the midst of your awe inspiring "deflationary collapse". They must be seeing something else out there beyond the reign of the "King Dollar" you people are now so awed by. I wonder at how completely you've all apparently jettisoned EJ's precepts about the plausibility of deflation in the debt ridden fiat currency zone. Some of you have been reading here far longer than I have, and these admonitions for you seem to be "out the window". )

GOLD MARKET CLOSE TO BREAKING

The gap between the physical gold market and paper gold market is widening. An example bears this out. In Toronto this week, a major off-market gold transaction took place. The price paid was $1075 per ounce on the physical transaction. Its volume was in the multi-million$. There was no US involvement in the transaction, and the settlement was in euros. Enormous repositioning is ongoing by the groups that will participate in the new, partially gold-backed currency.

My take is this movement is from a large financial entity with global activity, and ties to central banks. It might be tied to the upcoming split in the euro, into a Nordic Euro and trashed Latin Euro. The Nordic version might contain a gold component. This and other transactions are taking place with European settlement. They are being satisfied in the alternative market, far from the distortions of COMEX. This was a physical transaction with the real metal being moved. Big shifts occur behind the scenes. A couple of months ago, 400 metric tonnes were moved into storage with the Royal Canadian Mint by a sovereign entity.

The more massive the paper manipulation, the more violent the coming correction. The asylum managers are losing control of their paper-physical arbitrage. Watch the gold lease rates, and silver lease rates, which have each more than tripled in the last two months. Lease rates precede price movement. Bullion bankers, including central banks, are reluctant to lease their physical supply. This time is no different, an event to come after the COMEX criminality is swept aside, or simply overwhelmed in return. One well-informed source, with over two decades of gold market experience, actually expects arrests to take place among COMEX officials before long.

US dollar death dance. (http://www.financialsense.com/fsu/editorials/willie/2008/1023.html)
Rajiv
10-23-08, 06:21 PM
Lukester, as the spot price of oil has declined over the last two months, has the supply gone up? has the demand come down? Oil supply, and consumption are fairly inelastic -- that is they do not respond much to price signals. Yes over a period of time, as supply and demand become increasingly tight because of peak oil, the price of oil will rise -- probably in direct proportion to the increased cost of producing the oil to meet the demand -- the energy demand will reduce somewhat or be met by means other than oil.

In my opinion, most of the increase in the price of oil occurred because of trading in "oil futures" -- I base this on the fact that as the spot price of oil went up, the demand did not reduce much, and as the spot price went down, the demand did not increase much -- and anyway, the spot price of oil is charged for a very small amount of oil that is produced. It plays a relatively minor role in determining the price of long term contracts through which most oil is bought and sold.

See also- Crude oil spot and futures markets (http://www.iimahd.ernet.in/~jrvarma/blog/index.cgi/Y2008/crude-oil-markets.html)
Lukester
10-23-08, 07:07 PM
Rajiv -

"as the spot price of oil has declined over the last two months, has the supply gone up"

Of course not. But are you going to pick up this thesis-ball and run out an entire decade claiming the monetary unit has been the sole input on price? That's taking the thesis and "stretching" it into rhetorical absolutes which I personally find dogmatic and suspect. My surprise is the suspension of disbelief among all those who endorse this in it's entirety.

Try to understand the objection here: This thesis claims there are no price signals on the ground. The "Finster thesis" wants to render all signals on the ground neutral - with a 100% quota of applicability, *** e v e r y w h e r e ? *** Heh. You find that plausible stretched across an entire decade, well of course, that is your prerogative I suppose. I'll tell you though, when I see this kind of overweening "thesis-stretch", the term "dogmatic" comes to mind, and I'm put on my guard.

Reality is never that tidy. That should tell you all you need to know about "100% attributable to". Any time someone tells you "the cause of this event is 100% attributable to my thesis", if this does not put you even moderately on your guard, in my view your radar is down. Here's a thought-twister for you Rajiv. What effect do major oil price moves have on monetary aggregates? There is no "cross contamination" at all there for you, eh? Just say "no" to absolutist claims. Not a bad rule of thumb.

Lukester, as the spot price of oil has declined over the last two months, has the supply gone up? has the demand come down?
Finster
10-24-08, 10:11 AM
Lukester, as the spot price of oil has declined over the last two months, has the supply gone up?

Precisely the point of my Gift From ET chart (http://www.itulip.com/forums/showthread.php?p=54816#post54816). If the Peak Oil Theory of Prices were correct, then oil prices were rising due to falling oil supply. Then the converse would would also be correct: oil prices were falling due to rising oil supply.

There is no way for PeakOilPricesters to hack their way out of this box.
xela
10-24-08, 11:04 AM
Precisely the point of my Gift From ET chart (http://www.itulip.com/forums/showthread.php?p=54816#post54816). If the Peak Oil Theory of Prices were correct, then oil prices were rising due to falling oil supply. Then the converse would would also be correct: oil prices were falling due to rising oil supply.

There is no way for PeakOilPricesters to hack their way out of this box.
Can I ask, in order to better understand your and Lukesters points, why you ignore demand (now falling, but last year constantly rising)?
Finster
10-24-08, 11:10 AM
Can I ask, in order to better understand your and Lukesters points, why you ignore demand (now falling, but last year constantly rising)?

That's a "Have you stopped beating your wife?" kind of question. My entire position is not set forth in any one post, so if you are dropping in mid-discussion without reviewing the context, you're apt to jump to conclusions. But here are a couple that cover the essentials:

http://www.itulip.com/forums/showthread.php?p=55385#post55385

http://www.itulip.com/forums/showthread.php?p=56430#post56430
Rajiv
10-24-08, 11:20 AM
I think it would be well to say alongside this -- that we are in no way denying the existence of a Peak Oil phenomenon -- Peak Oil will/has happened, and will have a profound impact on our society -- We are just saying that the price increases and drops over the last two years had little to do with Peak Oil -- To determine the impact of Peak Oil on prices, we have to look at the marginal cost of production of energy and various substitutes.
WDCRob
10-24-08, 11:26 AM
It ought to be apparent from this little thought experiment that the long run price of oil in dollars is 100% within the control of the managers of the value of the dollar. If the ratio of the value of dollars falls with respect to oil (i.e. the dollar price of oil rises), then it is because those managers insist on growing the supply of dollars faster than the supply of oil.

Double the money supply, with oil supply remaining constant and you'd have 100% inflation in the price of oil measured in dollars.

But double the money supply, with oil supply falling by one third and you'd have 200% inflation. Yes?

If so, the same change in the money supply results in two different prices of oil measured in dollars. And in one case 100% of the inflation is due to changes in the money supply, but in the second it seems to account for only 50%.

Where have I gone wrong? Or am I missing your meaning?
Finster
10-24-08, 12:29 PM
Double the money supply, with oil supply remaining constant and you'd have 100% inflation in the price of oil measured in dollars.

But double the money supply, with oil supply falling by one third and you'd have 200% inflation. Yes?

If so, the same change in the money supply results in two different prices of oil measured in dollars. And in one case 100% of the inflation is due to changes in the money supply, but in the second it seems to account for only 50%.

Where have I gone wrong? Or am I missing your meaning?

The phrases "long run" and "thought experiment" are key here, meant to emphasize that control of money alone would be sufficient to maintain stable long run oil prices if that were chosen to be the objective. To avoid repetition, and short of penning an entire treatise on the subject, note the remarks in the Peak Oil thread pertaining to the four variables that determine oil prices: http://www.itulip.com/forums/showthread.php?p=56430#post56430

Consider that oil production itself varies far less than prices do, and moreover that oil production in the past couple years or so has been higher than ever. Yet the price also reached higher than ever! But even more to the point, look at the algebra: (a/b)*(c/d) is fully dependent on any single chosen variable, a, b, c, or d. Hold c and d constant, for example, and change a and b in direct proportion to each other, and the overall value remains constant.

Also consider the dramatically different behavior of oil prices as expressed in different currencies. While for example they have fallen by more than half in USD, they have risen greatly in Icelandic krona. In gold, they have gone net nowhere this entire decade. This begs the question of whether there even exists some objective thing called "the oil price". The conclusion is inescapable: the long run oil price has been purely a function of varying currency units.
xela
10-24-08, 12:42 PM
That's a "Have you stopped beating your wife?" kind of question. My entire position is not set forth in any one post, so if you are dropping in mid-discussion without reviewing the context, you're apt to jump to conclusions. But here are a couple that cover the essentials:

http://www.itulip.com/forums/showthread.php?p=55385#post55385

http://www.itulip.com/forums/showthread.php?p=56430#post56430
Sorry if my question came across that way - long thread, confess I didnt read it all;
Supply and demand for oil are easily measured and public data is available.
Supply and demand for the currency not so, the first maybe but how do really measure the latter?
It sounds as "it's all relative", today demand for the currency overrides the other factors, tomorrow supply for the currency will set the price; being outbid means demand for oil is high but ultimately supply of oil is arbitrative.

For me it seems rather that due to the financial crisis price-mechanism are breaking down; not just for oil. Thats why the (fiat!)currency factors are dominating, sans the crisis the oil factors would be dominating, as I think they did all those years now.
Lukester
10-24-08, 01:24 PM
Well said Xela. Sober, realistic comment.

Sorry if my question came across that way - long thread, confess I didnt read it all;
Supply and demand for oil are easily measured and public data is available.
Supply and demand for the currency not so, the first maybe but how do really measure the latter?
It sounds as "it's all relative", today demand for the currency overrides the other factors, tomorrow supply for the currency will set the price; being outbid means demand for oil is high but ultimately supply of oil is arbitrative.

For me it seems rather that due to the financial crisis price-mechanism are breaking down; not just for oil. Thats why the (fiat!)currency factors are dominating, sans the crisis the oil factors would be dominating, as I think they did all those years now.
friendly_jacek
10-24-08, 01:43 PM
That's a "Have you stopped beating your wife?" kind of question. My entire position is not set forth in any one post, so if you are dropping in mid-discussion without reviewing the context, you're apt to jump to conclusions. But here are a couple that cover the essentials:

http://www.itulip.com/forums/showthread.php?p=55385#post55385

http://www.itulip.com/forums/showthread.php?p=56430#post56430

Ha, ha, ha!

This is a great reply, truly a finsterism.
Please forgive xela for his ignorance of your rigid stance on the oil price.

You know, xela is new and may not realize that you cornered yourself into the dogma of oil = 100% inflation always and all the time. Meaning that there is 0% input from speculative mania (or depression), cost of pumping oil, supply disruption, or god forbid war in Iran.

I showed you the WTIC:CRB charts showing recent increases in oil price over the rest of commodities not once but several times and you chose to ignore them. Let me just show couple of more charts.

http://www.mikeonads.com/wp-content/uploads/2007/05/supply_demand_11.JPG

The above shows that price depends on supply AND demand. Even schoolchildren can understand this one. Now, I know what you are going to say, that in according to your definition (that is very non-standard, BTW) the demand is (by your own definition) the measure of inflation.

But not so fast, lets look at the chart below that shows gasoline demand destruction. Now, before you say that the demand destruction was deflation (by your own definition), I can assure you it was not. I personally modified my summer vacation plans this past summer to spend my money on local resorts rather than gasoline driving. Many of my friends did the same. That was not deflation. Please start using standard definitions.

http://www.dallasfed.org/research/energy/images/en0803c4.gif
$#*
10-24-08, 01:46 PM
Sorry if my question came across that way - long thread, confess I didnt read it all;
Supply and demand for oil are easily measured and public data is available.
Supply and demand for the currency not so, the first maybe but how do really measure the latter?
It sounds as "it's all relative", today demand for the currency overrides the other factors, tomorrow supply for the currency will set the price; being outbid means demand for oil is high but ultimately supply of oil is arbitrative.

For me it seems rather that due to the financial crisis price-mechanism are breaking down; not just for oil. Thats why the (fiat!)currency factors are dominating, sans the crisis the oil factors would be dominating, as I think they did all those years now.
Xela if you have time you may even want to read this thread with a lot of pro and con arguments that were eventually settled by reality:
http://www.itulip.com/forums/showthread.php?p=39921#post39921
Lukester
10-24-08, 02:38 PM
Friendly_Jacek -

You have courage (and stamina!) to be arguing with Finster on his dogmatic and absolutist assumptions about the INFLATION = 100% OF OIL PRICE religion. It is an experience somewhat akin to arguing with a priest about his faith. When put into a corner he will come charging out brandishing the crucifix and remonstrating in ever more absolutist terms.

The notion that 100% of the price of a globally vital commodity like Petroleum, is a pure product of fiat inflation is utter rubbish. It is an indictment of the highly intelligent people here who are endorsing Finster's assertion that they are letting intellectualized and self referential "elegant theorems" get in the way of their objective judgement.

This notion creates a "virtual world" where all the toil of mice and men are subjugated to the fluctuations of a fiat unit of measure. Nothing else exists. It is, really and truly, REDUCTIO AD ABSURDUM. The challenge for the very smart people here who have signed up for this "elegant theorem" crusade is to recognize how far their assertions are stepping into the absurd.

The real world, with it's industrial fluctations, and the entire violent historical action of the world's markets, are reduced to mere passive corrolaries to the fiat US Federal Reserve Note. Can't you people spot the absurdity? Then the heavily patronizing tone with which challenges are greeted ... well, it just takes one's breath away.

Ha, ha, ha! Please forgive xela for his ignorance of your rigid stance on the oil price. You know, xela is new and may not realize that you cornered yourself into the dogma of oil = 100% inflation always and all the time. Meaning that there is 0% input from speculative mania (or depression), cost of pumping oil, supply disruption, or god forbid war in Iran.
Finster
10-24-08, 04:32 PM
The above shows that price depends on supply AND demand. Even schoolchildren can understand this one.

But when one buys or sells oil, there are not one, but two commodities being exchanged. The oil and some currency. Perhaps your school children think one party gets the oil for nothing, but we are not so naive.
friendly_jacek
10-24-08, 04:44 PM
But when one buys or sells oil, there are not one, but two commodities being exchanged. The oil and some currency. Perhaps your school children think one party gets the oil for nothing, but we are not so naive.

Is this your best answer?

Hint: rhetoric question, over and out, have a nice weekend!
Finster
10-24-08, 04:55 PM
Is this your best answer?

Hint: rhetoric question, over and out, have a nice weekend!

You have a nice weekend, too FJ!

:)
Lukester
10-24-08, 05:12 PM
For goodness sake Finster. Hang it up with the diehard rhetorical stance. Nobody is asking you to give up 9/10ths of your assertion. You are correct, the inflation has provided a vast input into the oil price, and the deflationary effect of the credit destruction ongoing evidences the point.

But you don't need to constantly, constantly caricature what people who disagree are saying. You are constantly representing dissenters as claiming that "it's all about Peak Oil" or "the nonsense of claiming that this price action was all due to supply issue" and so forth.

This is merely disingenuous game playing in the service of rhetoric. Nobody is claiming any such thing. All you are being asked to recognize is that it is imprudent on your part to assert that "100%" of ANYTHING consitutes the entirety of what goes into nominal oil prices.

There is a REAL WORLD out there, with sharply fluctuating components all feeding into the complexity of oil prices. What you've been asked to do - the ONLY THING you've been asked to do, is climb down from your absolute assertions that nothing else is permitted into your oil price formula.

The real world as you must know is NOT tidy. There are feedbacks, and contaminating factors that run from the commodity environment on the ground BACK INTO the monetary aggregates. They all dance together in complexity. It is NOT just fiat money that dances alone.

These things are so self evident that some of us just assume that a rational person would decline to push their assertions to such a synthetic extreme that all real world signals are crowded out of the equation, into a strange disembodied state of neutrality, and the only thing making any difference in historic prices is monetary aggregates.

The simple insight to grasp is that you've devised a theory that is HERMETIC. It is airless. It doesn't allow human decisions, global market fluctuations to have any impact on prices whatsoever. It is an astonishing artifact, that apparently has some people here in a marked state of suspended disbelief.

And Finster it is absolutely unproductive of you to couch each and every reply in these caricaturing terms, whereby the people who are suggesting you merely tone your absolute assertions down some small amount, are then caricatured by you as these clownish dumbasses who are claiming that vast shortages of petroleum are the sole cause of oil's prices.

It is disingenuous. It broadcasts to discerning readers that you have this brittleness in your positions which regards all disagreements as a form of personal affront. Hang it up with this brittle posturing and stop caricaturing the quite modest objections which people are submitting to your attention!

You have a nice weekend, too FJ! :)
Finster
10-24-08, 05:19 PM
... You are constantly representing dissenters as claiming that "it's all about Peak Oil" or "the nonsense of claiming that this price action was all due to supply issue" and so forth...

You describe the occupants of my crosshairs to a T:

My remarks rebut the notion that "oil prices were rising due to falling oil supply".

Lukester, if the charge is lampooning, then I plead guilty. I fully intended to hold up that which I criticize for ridicule. Because it is ridiculous.

Take care, however, to understand exactly what that is. It is the tendency for oil depletion to become an object of mass hysteria when oil prices are rapidly rising. As you know, I have always acknowledged that oil supplies are depleting. Ever since Drake's Well was drilled, not far from here, the oil supply has been dwindling. It was dwindling in the 1960s when oil prices were $3 a barrel. It was still dwindling in the early eighties when the papers were writing about an "oil glut". It was still dwindling in the late 1990s when oil prices were $10 a barrel. But only when prices have been soaring do we hear much about it.

Was it really any less real in 1998? Is it any less real in the second half of 2008 than it was in the first half? Was it more real at $147 a barrel than it was at $10, or at $70? I don't think so. But the excitement about it sure was.

This fickleness about oil reserves betrays a widespread and dangerous misapprehension of the issue. It connotes that the oil supply issue is the cause of these surges in price. By distracting attention from the causes of inflation, it exculpates those responsible and provides a cover for their malevolent endeavor. It therefore is a facilitator and enabler of the very same high oil prices that most vex the public that believes it.

You are correct, the inflation has provided a vast input into the oil price, and the deflationary effect of the credit destruction ongoing evidences the point...

Good enough for me.
xela
10-25-08, 02:13 AM
Xela if you have time you may even want to read this thread with a lot of pro and con arguments that were eventually settled by reality:
http://www.itulip.com/forums/showthread.php?p=39921#post39921
You think it's a bubble, everybody with his legs firmly on the ground of reality saw it as a taste of what is to come in the near future, sure bubble-like in appearance, but far from the view that the bubble is now deflating.. since no one spoke about it, no swing producer left flooding the world with oil, you ever wondered about the implications?
All the relevant threads are quite amusing and comical wouldn't it be sad; as for peak oil or generally everything energy related I will stick to TOD (acknowledging that itulip doesn't deny/ridicule it).

As for Finsters thesis, it's so reduced it of course explains everything - impossible to deny. Only missing a single footnote, rationing is outside the valid framework, otherwise brilliant - and utterly useless. Lukester is right: reductio ad absurdum.
I just wondered what the dispute really is, maybe I missed something. Unfortunately not.. you see, when the front-month contract for october exploded in the last trading-hour for about 20mins that was a blip of demand-that in relation to supply-this.
I'm still not sure why the effort, its a futile venture, surely you guys must see this. A gedankenexperiment I hope, which got carried away? In case of academic ambition, those tools you employ to understand the world we call blinkers, the place outside the ivory tower real-world, the financial system a casino, the exchanges the betting offices... ;)
bart
10-25-08, 08:24 AM
Quality semantic content there - too bad it adds up to a null.
Finster
10-25-08, 08:31 AM
You think it's a bubble, everybody with his legs firmly on the ground of reality saw it as a taste of what is to come in the near future, sure bubble-like in appearance, but far from the view that the bubble is now deflating.. since no one spoke about it, no swing producer left flooding the world with oil, you ever wondered about the implications?
All the relevant threads are quite amusing and comical wouldn't it be sad; as for peak oil or generally everything energy related I will stick to TOD (acknowledging that itulip doesn't deny/ridicule it).

As for Finsters thesis, it's so reduced it of course explains everything - impossible to deny. Only missing a single footnote, rationing is outside the valid framework, otherwise brilliant - and utterly useless. Lukester is right: reductio ad absurdum.
I just wondered what the dispute really is, maybe I missed something. Unfortunately not.. you see, when the front-month contract for october exploded in the last trading-hour for about 20mins that was a blip of demand-that in relation to supply-this.
I'm still not sure why the effort, its a futile venture, surely you guys must see this. A gedankenexperiment I hope, which got carried away? In case of academic ambition, those tools you employ to understand the world we call blinkers, the place outside the ivory tower real-world, the financial system a casino, the exchanges the betting offices... ;)

Lukester, you once again engage in the highly questionable practice of stating my position for me, grossly modifying it in the process, and proceeding to thrash this straw man of your own invention. Let us remind you of what my position actually is:

Lukester, if the charge is lampooning, then I plead guilty. I fully intended to hold up that which I criticize for ridicule. Because it is ridiculous.

Take care, however, to understand exactly what that is. It is the tendency for oil depletion to become an object of mass hysteria when oil prices are rapidly rising. As you know, I have always acknowledged that oil supplies are depleting. Ever since Drake's Well was drilled, not far from here, the oil supply has been dwindling. It was dwindling in the 1960s when oil prices were $3 a barrel. It was still dwindling in the early eighties when the papers were writing about an "oil glut". It was still dwindling in the late 1990s when oil prices were $10 a barrel. But only when prices have been soaring do we hear much about it.

Was it really any less real in 1998? Is it any less real in the second half of 2008 than it was in the first half? Was it more real at $147 a barrel than it was at $10, or at $70? I don't think so. But the excitement about it sure was.

This fickleness about oil reserves betrays a widespread and dangerous misapprehension of the issue. It connotes that the oil supply issue is the cause of these surges in price. By distracting attention from the causes of inflation, it exculpates those responsible and provides a cover for their malevolent endeavor. It therefore is a facilitator and enabler of the very same high oil prices that most vex the public that believes it.

Also curious that you charge the lack of a "single footnote", for there have been many. Just one example of actual, hard data I have cited is this history of oil prices, expressed not in dollars, but in a form of money that is not subject to inflation:

http://users.zoominternet.net/~fwuthering/Posts/OilAsPricedInGold.png

ln[10*(barrel/dollar)/(ounce/dollar)]
xela
10-25-08, 02:06 PM
snip

Also curious that you charge the lack of a "single footnote", for there have been many. Just one example of actual, hard data I have cited is this history of oil prices, expressed not in dollars, but in a form of money that is not subject to inflation:

IMO, faulty logic. I wish Gold was money, not subject to the machinations of the same inivisible hand (the parasite of our nifty monetary system), as are all currencies. Different tools for $, oil and gold, but there is no escaping from the framework. Neither can scientific economics give meaningful answers until the very framework is rewritten, something that hopefully may happen now or the very last soon after c+c oil peaks.
That is my point when I said "I'm still not sure why the effort, its a futile venture,..." - and my point that in financial crisis you see the currency playing the dominant role, which it shouldn't as that defeats the very purpose of money.
Finster
10-25-08, 02:44 PM
... I wish Gold was money...

It's been money for 7000 years.


Slightly longer than the US dollar ...
xela
10-25-08, 03:00 PM
It's been money for 7000 years.

Slightly longer than the US dollar ...

It ceased to be money roughly 40 years ago.
Lukester
10-25-08, 03:16 PM
Finster -

Couple of questions.

With regard to your chart above, how do you know that plotting the progress of any commodity or goods against the gold price, your gold is a fixed reference point? How do you know, in shorter time windows, e.g. 5 years, or even 10 years, that the "gold price" provides you with a fixed benchmark against which to gauge what has risen or fallen, or what has remained static? The gold price is highly variable, it's not appropriate as a fixed benchmark.

How do you know that price signals between monetary aggregates and commodities don't contaminate each other and render the method quite imprecise?

How do you use one floating "benchmark" price to triangulate or get a fix on other floating price points? Remember, I don't claim to have a fix on what has risen or declined in real price, all I claim, is that you cannot claim this. You most particularly cannot claim to have identified a single price input as "100%" for any asset, because you are using the floating "gold price" to "100% measure" other floating prices.

Another question: I can't find it anywhere right now, but you remember the chart EJ posted recently (I think it was on his "Still no deflation"page, which evidenced 200 odd years, and showed that after the USD went off the direct gold standard (Roosevelt, not Nixon) real deflations simply disappeared off the timeline? I'm not saying we don't witness severe disinflationary effects, or even deflation. But that's 80 years of history out of a 200 year sample where the formerly regularly recurring deflations disappeared?

Have you addressed this before formally embracing the deflation thesis, as in an all-fiat global economy it would be historically without precedent? Do you take into consideration that this new "deflation" is operating entirely around a core premise that would appear false - namely that in a real deflation values must fall against "real" money, but that to all real purposes, the USD is not "real" money any longer - or that if it were claimed to be "real" money today it would be the world's most grotesque parody of real money as it presides over a yawning crevasse of notional debt?

These questions may seem minor, or merely semantic to you, as the B0nar is indeed used everywhere as the senior money, but it is the first time in history apparently where accelerating "apparent deflation" is being measured against a "money" that is vastly more comprised of debt than it is of any remaining assets? Even the income stream of the US taxpayer is approaching a thresh-hold of dubious future vibiability, no? It would seem to me therefore that there is a problematic core, around which your thesis of emerging deflation revolves, because it has a theoretical problem - the deflation unfolding is denominated against something which is arguably less "money like" than any senior currency in history.

Your thesis of commodities prices being a "pure" expression of fiat money has some similar "theoretical" problems on the ground as it posits a world of 100% neutral price signals other than the denominator, which would describe a "phantom world".

I am remaining insistently agnostic. You may be right, but you may be wrong. It appears to my own read at least, that these two theories of yours have conflicts of theoretical plausibility at their core. 1) commodities are claimed to have absolutely no price inputs other than the denominator. 2) You claim to reliably identify as deflation a thing which is defined against a "money" which is instead not only a unit of pure debt, but a unit of pure debt approaching bankruptcy. These theses are ones which you claim to identify as truths with some finality, but they appear to have some unresolved largish issues at the core.

Lukester, you once again engage in the highly questionable practice of stating my position for me, grossly modifying it in the process, and proceeding to thrash this straw man of your own invention. Let us remind you of what my position actually is:

Also curious that you charge the lack of a "single footnote", for there have been many. Just one example of actual, hard data I have cited is this history of oil prices, expressed not in dollars, but in a form of money that is not subject to inflation:
Rajiv
10-25-08, 03:17 PM
Whether gold is still money or not is at the present time an article of faith --

Arguments

On your side -- Central Banks still have gold repositaries
On the other side -- you cannot make any direct purchases with gold -- you almost always have to exchange it in some form with a fiat currency.
Lukester
10-25-08, 03:25 PM
No Rajiv. You are flat wrong on this one and Xela is correct. The gold may have the world's most credible claim to be money, but for the purposes of employing a precise unit of measure of other prices in today's world it is totally inapplicable, because it has been demonetized sufficiently that it does not float with anything remotely resembling a "currency band" as do fiat currencies, hence it is totally unusable as a medium for the settlment of obligations.

Gold can jink around by close to $100 dollars per day, which is such massive volatility that it is totally unlike "money".

More to the point, Finster is employing it as some sort of wondrous "precise unit of measure" and the suspension of your disbelief is so absolute that you cannot recognise that a metal which can jink $80 per ounce up or down relative to the USD is an absurd unit to employ for the derivation of "precise" ANYTHING. It is less precise for triangulating other goods prices in the short terms (5-10 years) than would be a shotgun fired at a barn door.

SCATTERSHOT - and Finster is employing it to construct grand and breathtakingly absolute theories about everything from "deflation" to "commodities have been 100% price neutral for a decade". The methodology is breathtakingly biased in favor of obtaining "grand unifying theories". All skepticism must be thrown under the bus in pursuit of the elegant whole.

Whether gold is still money or not is at the present time an article of faith --

Arguments

On your side -- Central Banks still have gold repositaries
On the other side -- you cannot make any direct purchases with gold -- you almost always have to exchange it in some form with a fiat currency.
Finster
10-25-08, 03:31 PM
It ceased to be money roughly 40 years ago.

Wrong. .....
Lukester
10-25-08, 03:33 PM
No. For the purposes of ALL OF YOUR OWN arguments, he is 100% correct. Gold fluctuates wildly, hence it cannot be used to "100% triangulate" ANY real prices. It can give you hints and clues, but it is going to fail miserably to substantiate your claims of 100% accuracy. Climb down.

Wrong. .....
Finster
10-25-08, 03:33 PM
No Rajiv. You are flat wrong on this one and Xela is correct.

Not even close, Lukester. In fact, there are gold pieces issued direct from the US Treasury that are legal tender in the United States. Not that that alone is dispositive; gold is recognized around the world.
Finster
10-25-08, 03:34 PM
No. For the purposes of ALL OF YOUR OWN arguments, he is 100% correct.

No he isn't.

Gold fluctuates wildly, hence it cannot be used to "100% triangulate" ANY real prices. It can give you hints and clues, but it is going to fail miserably to substantiate your claims of 100% accuracy.

And this is somehow unique to gold? On what basis do you assume that dollars do not "fluctuate wildly"?

What other form of money passes the test you allege gold to fail?
Rajiv
10-25-08, 03:49 PM
The only reason to buy gold and other PMs other than for limited uses or for use as baubles is because of PM's money like characterisics -- that is the only reason that gold can ever be a hedge against inflation.

From "The Commodity Cycle (http://www.jsmineset.com/cwsimages/miscfiles/trial530369_TheCommodityCycleBS0809.pdf)"

Investment properties.

Ironically, a critical investment property of commodities is as an inflation hedge. As we argued in Gold: hedge against deflation and inflation? (12 June 2003) gold has money-like characteristics: it is universally recognised, it is homogeneous within easily identifiable categories, it is easily transferable and (relatively) portable. These inherent characteristics of precious metals explain their historic role as mediums of exchange. But in contrast to paper, or fiat money, supply of commodities is constrained and production is costly. The risk of holding equities and bonds rises when inflation or deflation risk premia are rising sharply. Commodities are a hedge against this. So the inflationary policies of the late 1960s, 1970s and early 1980s compounded the problem of rising real prices. This remains a significant factor behind gold price behaviour, even in the current environment of modest inflation (see figure 3).
Finster
10-25-08, 03:57 PM
The only reason to buy gold and other PMs other than for limited uses or for use as baubles is because of PM's money like characterisics ...

Better to say that paper currency has "money like characteristics". Recall paper money was introduced as substitute for gold, not the other way around.
Lukester
10-25-08, 04:38 PM
This is a prevarication instead of a sincere answer. You are being asked to recognise that just because other assets are "as imprecise as gold" the sum of these observations has not yet provided you with ANY precise tool, hence you cannot claim that anything is 100% the price signal of anything else. All you are replying with here is an acknowlegement that gold does not provide a steady price signal, and nothing else does either. I'm discouraged by this sort of response. Sorry, no more time for this hide and seek. Rajiv is backing a disingenuous proponent on this question.

No he isn't. And this is somehow unique to gold? On what basis do you assume that dollars do not "fluctuate wildly"? What other form of money passes the test you allege gold to fail?
xela
10-25-08, 04:39 PM
Wrong. .....
Which part? ;) Otherwise entertain the idea that it was then not money (in the US) after FDR confiscated it until Nixon dumped it.

Of course it is not money per definition, you can't have it both ways. Your graph, afterall, is "ln[10*(barrel/dollar)/(ounce/dollar)]".
Finster
10-25-08, 04:45 PM
Of course it is not money per definition, you can't have it both ways. Your graph, afterall, is "ln[10*(barrel/dollar)/(ounce/dollar)]".

Check the algebra. The dollars cancel out, leaving you with the price of oil in terms of gold. It's a standard unit conversion technique.
xela
10-25-08, 04:51 PM
Check the algebra. The dollars cancel out, leaving you with the price of oil in terms of gold. It's a standard unit conversion technique.
Which you wouldn't need to use if gold is money in the first place. No escaping from the asylum..
Finster
10-25-08, 04:54 PM
This is a prevarication instead of a sincere answer. You are being asked to recognise that just because other assets are "as imprecise as gold" the sum of these observations has not yet provided you with ANY precise tool, hence you cannot claim that anything is 100% the price signal of anything else. All you are replying with here is an acknowlegement that gold does not provide a steady price signal, and nothing else does either. I'm discouraged by this sort of response. Sorry, no more time for this hide and seek. Rajiv is backing a disingenuous proponent on this question.

Where are your answers Lukester?

You allege that gold is somehow an inferior form of money due to its alleged volatility, yet you cannot point to any other form of money that does not share that characteristic. You cannot even tell us how you arrived at the conclusion that gold fluctuates "too wildly" ... how did you measure it?

If you cannot answer such simple questions relating to your position, then your position is not very well thought through. Unfortunately, this has become a repeating theme with you. You toss out some assertion, but when challenged to support it, you can't. Over and again. Where's the beef?
phirang
10-25-08, 05:07 PM
Where are your answers Lukester?

You allege that gold is somehow an inferior form of money due to its alleged volatility, yet you cannot point to any other form of money that does not share that characteristic. You cannot even tell us how you arrived at the conclusion that gold fluctuates "too wildly" ... how did you measure it?

If you cannot answer such simple questions relating to your position, then your position is not very well thought through. Unfortunately, this has become a repeating theme with you. You toss out some assertion, but when challenged to support it, you can't. Over and again. Where's the beef?

The beef is that Roubini has basically said there won't be a 'poom'.

And that's something for gold-owners to worry about.
bart
10-25-08, 05:10 PM
It's been money for 7000 years.


Slightly longer than the US dollar ...

Indeed... and those who worship semantic nulls and non fact and logic based assertions are nothing other than occassionally amusing...
bart
10-25-08, 05:15 PM
Which part? ;) Otherwise entertain the idea that it was then not money (in the US) after FDR confiscated it until Nixon dumped it.

Of course it is not money per definition, you can't have it both ways. Your graph, afterall, is "ln[10*(barrel/dollar)/(ounce/dollar)]".


Horse puckey.

Money is an idea backed by confidence and a medium of exchange.

Checkmate.
Finster
10-25-08, 05:16 PM
The beef is that Roubini has basically said there won't be a 'poom'.

And that's something for gold-owners to worry about.

I'm afraid the context wasn't clear, Phirang. The instant issue was not about the merits of gold as an investment ... rather Lukester was trying to dismiss the implications of this chart:

http://users.zoominternet.net/~fwuthering/Posts/OilAsPricedInGold.png
bart
10-25-08, 05:16 PM
Which you wouldn't need to use if gold is money in the first place. No escaping from the asylum..

More tortured semantic nulls.
Finster
10-25-08, 05:37 PM
Indeed... and those who worship semantic nulls and non fact and logic based assertions are nothing other than occassionally amusing...

Maybe you know of a good beginners level reference for the history of gold as money? It's been so long since I've encountered such a lack of basic economic knowledge, I'm not sure where to start.
bart
10-25-08, 05:50 PM
Maybe you know of a good beginners level reference for the history of gold as money? It's been so long since I've encountered such a lack of basic economic knowledge, I'm not sure where to start.

Strangely enough, I just happen to have a few from my Links page... and it may be quite interesting to see which logical fallacy or logical fallacies are attempted, or whether they will be ignored, avoided or perhaps the subject changed. ;)


Monetary Episodes from History, partially a story of gold & silver (http://www.galmarley.com/FAQs_pages/monetary_history_faqs.htm)

Monetary History from Ancient Times to the Present Day, another story of gold & silver (http://www.ex.ac.uk/%7ERDavies/arian/amser/chrono.html)

Fiat Money Systems (http://www.gold-eagle.com/editorials_04/greene032104.html) (great long term currency chart)
Finster
10-25-08, 06:06 PM
Strangely enough, I just happen to have a few from my Links page... and it may be quite interesting to see which logical fallacy or logical fallacies are attempted, or whether they will be ignored, avoided or perhaps the subject changed. ;)


Monetary Episodes from History, partially a story of gold & silver (http://www.galmarley.com/FAQs_pages/monetary_history_faqs.htm)

Monetary History from Ancient Times to the Present Day, another story of gold & silver (http://www.ex.ac.uk/%7ERDavies/arian/amser/chrono.html)

Fiat Money Systems (http://www.gold-eagle.com/editorials_04/greene032104.html) (great long term currency chart)

Excellent references. Thanks, Bart!

A quickie Reader's Digest summary: Paper money evolved generally as notes (debt obligations) redeemable in some tangible commodity, usually gold or silver. Then often taken to the next level, notes redeemable in notes for gold or silver, etceteras. For example, Lincoln's greenbacks. Our modern US dollar is not money per se, but a debt obligation of the Federal Reserve. One can see this for himself by pulling one out of his wallet and reading the inscription: Federal Reserve Note. At present, the note is backed by other debt issued by the US Treasury. Which in turn is backed by Federal Reserve Notes, which are backed by US Treasury debt ... round and round we go...
Lukester
10-25-08, 08:30 PM
Check-mate? More like "check-semantic-doodley-squat" Bart. The substantive point was deftly sidestepped in pursuit of semantics. Does not even matter whether the gold is "some form of money" or not.

What matters is that it trades freely within no demonstrable band or range relative to the fiat currencies in circulation. Finster is in this context, quite ambitiously referring to it as a "precise set of measuring calipers" to measure the progress of other goods prices, which is manifestly bullshit because it can dance around $80 in a day. So please don't go calling this disagreement a checkmate of anything you guys are arguing about in carefully neutralized semantic terms.

Address the point squarely, for credibility. What that means is you don't talk around it. Is gold, or is gold not, within any sort of coherent trading band relative to currencies,and if not and it fluctuates by $80 dollars a day, how does that make it any more precise for extracting comparative valuations than a sawed off shotgun?

Horse puckey. Money is an idea backed by confidence and a medium of exchange. Checkmate.
Lukester
10-25-08, 08:47 PM
Wow you guys are mounting some impressive arguments here.

Finster's just proved that gold is indeed money by demonstrating that you can buy a 20 USD gold eagle that is legally redeemable for $20 USD (while it's market value is $1000 :rolleyes: ), and Bart has furnished scholarly references evidencing how gold has indeed as much claim to be money as our fiat money paper, an idea with which I emphatically agree, but which does not seem to address the substantive point asked multiple times here already.

Apart from the scholarly forays guys, what was the substantive question? ... :confused: ... Oh yes I remember! It was whether Finster could use gold as a stable unit of measure! Well it does tend to jink about hard in price on a daily, weekly monthly and yearly basis, so this might present a "wee little problem" for employing it's price to derive any consistent comparative pricing of other goods! Well meantime we've learned a bit about the history of gold as money. Thanks Bart!!

(translation - how to mount an interminable filibuster against acknowledgement of a simple point. :rolleyes: )

Excellent references. Thanks, Bart!

A quickie Reader's Digest summary: Paper money evolved generally as notes (debt obligations) redeemable in some tangible commodity, usually gold or silver. Then often taken to the next level, notes redeemable in notes for gold or silver, etceteras. For example, Lincoln's greenbacks. Our modern US dollar is not money per se, but a debt obligation of the Federal Reserve. One can see this for himself by pulling one out of his wallet and reading the inscription: Federal Reserve Note. At present, the note is backed by other debt issued by the US Treasury. Which in turn is backed by Federal Reserve Notes, which are backed by US Treasury debt ... round and round we go...
bart
10-25-08, 08:52 PM
Check-mate? More like "check-semantic-doodley-squat" Bart. The substantive point was deftly sidestepped in pursuit of semantics. Does not even matter whether the gold is "some form of money" or not.

What matters is that it trades freely within no demonstrable band or range relative to the fiat currencies in circulation. Finster is in this context, quite ambitiously referring to it as a "precise set of measuring calipers" to measure the progress of other goods prices, which is manifestly bullshit because it can dance around $80 in a day. So please don't go calling this disagreement a checkmate of anything you guys are arguing about in carefully neutralized semantic terms.

Address the point squarely, for credibility. What that means is you don't talk around it. Is gold, or is gold not, within any sort of coherent trading band relative to currencies,and if not and it fluctuates by $80 dollars a day, how does that make it any more precise for extracting comparative valuations than a sawed off shotgun?


Thanks for making all my & Finster's point for us so very well, but dodging and weaving is more suitable on an amusement park ride than here.


http://www.nowandfutures.com/g2/foot_bullet.png



Now be sure and tell me that I'm avoiding again, while ignoring for post after post after post Finster's questions as well as changing the subject above, etc. etc.
Lukester
10-25-08, 09:34 PM
I am so stupid Bart. Please make a short list of the questions I have not answered. I am honor bound to answer them for you! Can I get a doggy bone afterwards? My question for you is: how is the price of gold bullion a precise measure of any other prices. You are getting ever more sphinx like in your replies, but I might construe that as evasive as well if a simple answer to this gold price query is never forthcoming.

Put your best foot forward!

Thanks for making all my & Finster's point for us so very well, but dodging and weaving is more suitable on an amusement park ride than here.


http://www.nowandfutures.com/g2/foot_bullet.png



Now be sure and tell me that I'm avoiding again, while ignoring for post after post after post Finster's questions as well as changing the subject above, etc. etc.
bart
10-25-08, 09:58 PM
"Any sufficiently advanced technology is indistinguishable from magic."
-- Arthur C. Clarke
Lukester
10-25-08, 10:50 PM
I am getting stupider by the hour here Bart. I just have not got a clue what you are referring to. It seems to me that you are speaking in runes, right when I was pleading that you provide a short list of questions that I would be glad to forthightly answer for you to the best and most sincere of my ability, all for the privilege of having my own single question answered.

Can we do do a deal here? :)

I dont understand what you and Finster are really saying about this one question, because these replies are "circuitous". What does Arthur C. Clarke or magic or technology have to do with using plain old gold bullion as a yardstick for measuring other prices? :confused:

"Any sufficiently advanced technology is indistinguishable from magic." -- Arthur C. Clarke
bart
10-25-08, 10:58 PM
You've been beating on these issues for month after month after month. Repeating for perhaps the dozenth time, I have no answers other than what I've given. You don't like them or anything that Finster has stated either.

Is there any possible chance that you can just agree to disagree and just drop it?
Lukester
10-25-08, 11:25 PM
I thought you guys were avidly in pursuit of evidence confirming my delusions regarding the CRB price rise myth. I was offering to answer all your questions - which you thought I have been determinedly avoiding! Actually not having answered them all, was due to "generalized fatigue" from climbing through all the rhetorical hoops.

In fact, this would be a wonderful opportunity for you guys to put me on a plate, and chop my feeble replies up like sushi, yet suddenly the interest in this "gold as a yardstick" topic is flagging?

Here's what I conclude: The ability to measure what has or has not happened price wise in the CRB in the past decade hinges on using gold as a benchmark. All I've tried to do is evidence that while it can give some very good ideas about broad trend, it cannot give "100%" confirmations about anything because of it's lags, fits and starts, and innate volatility, which is large. It's lags and jumps can extend out for years, coiling it up like a spring with latency, therefore it is NOT a measuring tool.

Please note also Bart, that gold is subject to VERY LARGE influence from HUMAN PSYCHOLOGY.

Any claim by Finster to have an airtight measuring system to ascertain what the CRB has done in terms of real price leans heavily on GOLD, no? My attempt to get through to you guys, through the hauteur and lack of plain responses, was to call to your attention that GOLD is a compromised unit of measure - it is NOT A PRECISE SET OF CALIPERS for any damn thing. For the rest, I am frankly irritated by your own, and by Finster's inability to concede even this one small point, when it's blatantly obvious. You decline even the opportunity to explain why (substantively!) you assert this assessment is false.

Therefore tomorrow morning in memoriam of this inquiry, I will try talking to myself through a mouthful of oatmeal. See how I sound.

You've been beating on these issues for month after month after month. Repeating for perhaps the dozenth time, I have no answers other than what I've given. You don't like them or anything that Finster has stated either. Is there any possible chance that you can just agree to disagree and just drop it?

Thanks for making all my & Finster's point for us so very well, but dodging and weaving is more suitable on an amusement park ride than here.


http://www.nowandfutures.com/g2/foot_bullet.png



Now be sure and tell me that I'm avoiding again, while ignoring for post after post after post Finster's questions as well as changing the subject above, etc. etc.
xela
10-26-08, 04:37 AM
Horse puckey.

Money is an idea backed by confidence and a medium of exchange.

Checkmate.
Yes, and the rule change is hard to swallow.. you are, for the time being, a prisoner of history.
We'll see, it seems soon enough, how this plays out.
bart
10-26-08, 02:38 PM
Yes, and the rule change is hard to swallow.. you are, for the time being, a prisoner of history.


*yawn*

"When you recall that one of the first moves by Lenin, Mussolini, and Hitler was to outlaw individual ownership in gold, you begin to sense that there may be some connection between money, redeemable in gold, and the rare prize known as human liberty."
-- Congressman Howard Buffett (Father of Warren Buffett) from a 1948 issue of the Commercial and Financial Chronicle
friendly_jacek
10-26-08, 07:36 PM
Also curious that you charge the lack of a "single footnote", for there have been many. Just one example of actual, hard data I have cited is this history of oil prices, expressed not in dollars, but in a form of money that is not subject to inflation:

Do you mean that you don't see higher highs and higher lows on your chart? Nobody said that markets go in straight lines.
xela
10-27-08, 08:13 AM
*yawn*

"When you recall that one of the first moves by Lenin, Mussolini, and Hitler was to outlaw individual ownership in gold, you begin to sense that there may be some connection between money, redeemable in gold, and the rare prize known as human liberty."
-- Congressman Howard Buffett (Father of Warren Buffett) from a 1948 issue of the Commercial and Financial Chronicle

You couldn't make my point better.
As for the oil thingy.. being an obnoxious gold bug apparently clouds your view as to why black gold, as long as we need it for transportation, is inherently more valuable then yellow gold. ;)
"Peak-Oilsters", the irony is amusing .. I will leave it at that.
bart
10-27-08, 08:42 AM
I will leave it at that.

I doubt it.

All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.
-- Arthur Schopenhauer (1788-1860)
Finster
10-27-08, 04:11 PM
Check-mate? ...

Finster is in this context, quite ambitiously referring to it as a "precise set of measuring calipers" to measure the progress of other goods prices, which is manifestly bullshit because it can dance around $80 in a day.

Actually, Lukester, better than check mate. You lost by default. You jumped the ropes and fled the ring.

You are locked in some kind of loop like a broken record. Here again you examine a rate of exchange between gold and dollars and assume it was the gold that did the dancing. Where is your evidence?

I've called you on such nonsense before, and not once have you anted up. Repeatedly you are unable to back up your assortment of assumptions, premises, and bald assertions with one iota of fact. Yet you just keep 'em coming, as if a thing could become true by sufficient repetition.

This isn't a debate, it's a farce. See you later. I will be back when I have a surplus of time to waste.