July 01, 2003

Over the years we've advocated using the futures markets to make inferences about market expectations. We attempt to select industries that are likely to outperform in the near term. Looking forward to the third quarter of 2003, our Industry Selector favors: Auto Parts & Equipment, Broadcasting & Cable TV, Construction & Farm Machinery, Electric Utilities, Home Improvement Retail, Industrial Gases, Industrial Machinery, Integrated Oil & Gas, Integrated Telecommunication Services, Movies & Entertainment, Oil & Gas Drilling, Pharmaceuticals, Restaurants.

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