Jim Goodman's "The Right Side of the PSYCLE sm"
Stocks/Industry Groups Timing Newsletter, and Education service
issue # 57, dated: 11:00 am, P.S.T., Monday, Dec. 21, 1998


Yes, my next NL will be regularly published, Thu., regular time, pst....also next Mon., and also, Thu., Jan. 1st, etc. I want to also wish you the best of everything, prosperity, and psychological and physical health, in the coming year....I will do what I can to help, when/where I can....Have a great and safe holiday season, and you have my continuing, sincere thanks....

Newest Market Comments: gosh, I have rarely seen so many stocks with unclear formations, both bottoms and tops....making immediate price prediction extremely difficult--- temporarily--- as you have seen....But this is normal for this time of year, yes ? I have normally stayed relatively less agressive during such periods, but, given the likely tax-selling help our depressed stocks should have soon anyway, I am going to recommend buying my longs, with stops --- while Puts remain more iffy, but still exploitable, even as I found (and added) still more potential Puttables, with the only exceptions, that same small number of "newly broken-out-big-names", which frankly, I just will ignore, unless and until they show potential tops again....And, accepting too many Q, S losses lately, I seem to be again, among the first/only to re-add more depressed REIT's, and still like many Energy & Services, among others, long....And, perhaps, the first/only to see the developing tops in extended Drugs/Biotechs/Medicals, Banks/Insurance, etc. Sure, its sometimes frustrating, but, as I have said many times before, the mistake some people have made, historically, has been turning off a bit, and/or quitting the "PSYCLE sm" during such periods, then, on hindsight, looking back, and seeing how many tops and bottoms WERE given, at such times as now.... DO, what the patterns say to do....the majority of my iodeas DO indeed work as expected/predicted....try to look beyond the last few weeks, forward, more than a few weeks....VIEW the 1-year- charts, and you will gain more Confidence, and perspective, with the stocks I share herein....

Bottom line: my "PSYCLE sm" has historically done SO well from tax-selling- lows, this time of year, over the years, one must give my outputs the benefit of the doubt....L.T. historical patterns, will always overcome fear and lack of perspective....See, while many less successful traders tend to concentrate (and/or overtrade, and/or fail to stay in long enough in, and/or fail to properly use stops, and/or fail to see the bigger picture, and/or extrapolate very recent performance forward forever) on "what has most recently already been moving", WE prefer to step back, late each year, and see how, often, "the last shall be first", and vice-versa, in the next year....We're trying to find NEXT year's movers, not LAST year's....take active advantage of the SPLIT market here, Buy Low, and Put High, rather than doing nothing....

If you are a "NEWER" Subscriber, please take the time to read ALL of the "wordy" parts of the NL, once or twice, anyway... If you are an "OLDER" Subscriber, of course, feel free to SKIP, to those NL sections you wish to glean your info. from. (Save all my CUMULATIVE letters, for future reference/educational learning/help)

*** If you are pressed for time, read section (2) to develop a "feel" for our Sentiment patterns--- and Section (3) always, while viewing the CHARTS....each NL tends to run about 10-12 pages, printed out....So much valuable info. in one place. Also, Obviously, when "more, or fewer" longs, or puts, are given herein, that also tells us more about "the internals, and likely future direction of the market", yes ? And, please, neither expect ME to stay "super hot" nor "super cold" forever. (and a helpful, quick "PSYCLE sm" note: obviously, "S.T." herein, means "short-term", i.e., weeks, and "L.T." means "long-term", i.e., months)

If you are not "already long" in the long/puts stocks listed, especially in sections (4) and (5), you may feel like ignoring some of the sections below--- feel free to do so--- but it is much better if you take the time to check ALL stocks mentioned herein....you can (and are expected to) also refer back to "the Guide" and my Booklets, for more info./rules, so I don't have to keep mentioning "basics" herein, that you should already know about....The process will become second nature to you quickly: buying longs, and/or puts, with close stops, diversifying, etc. Most, from Section (3), first....Some people ARE spending 2-4-6 hours a week with my NL's, others just 30-45 min. a week....I provide differing types of stocks and ranges, for differing situations/needs, types of investors/traders, to provide the most pertinent info., thorough choices,and proper DIVERSIFICATION....so, Learn first--- then put into practice, the long-existing, highly-reliable, repeating "patterns" I teach to recognize.

I assume you have read the "Significant Disclaimers" paragraph, under my main webpage logo...I cannot infer my future performance will always match my past track record, as each person will, obviously, have differing experiences with my output, and/or do/not do various things, properly/improperly, etc. Thanks for understanding. It is also assumed that you actually "view" 1-and-2-year past Charts of stocks, with their 200 DMA's, BEFORE you "do" anything for real, and that you are aware of their recent highs/lows, stops, resistance/support.

Assuming you are already knowledgeable about all "PSYCLE sm" tenets, and/or just want the most current "actionable" stocks, view stocks from Section (3) first --- then also, from within sections (6) and (7)....you are expected to know/see when those set up properly, also "Industry Group Rotation", always cutting losses when they break their patterns. Then, read Section (2) for "How (Not) to Use Media/Finl. Commentary, from a Psycle p.o.v."....After reading a few NL's, you will already be aware of most stocks from the/our recent past....This simple process should be labor of enjoyable fulfillment and learning, and not a chore, dig ? I give you a lot; whether you use it or not is up to you....Last, "follow-ups" of assumed Hypothetically already Long and Put ideas, are in sections (4) and (5)....of course, if you want to get the most, for the least, read everything....Reading my output can make you a lot more money than the time spent reading most papers, magazines, novels, other NL's, watching TV, etc.

1) "PSYCLE SENSE sm":
New Commentary: Although you know we NEVER try to "predict Indexes/averages/the market", here are my most Current "Market" Comments:

**** As predicted, still more stocks have been hitting resistance levels, double-tops, extended EVT areas, etc., but am wrong on some, even as others breakout....Also, too many already-depressed stocks are still pulling back, and/or must strengthen anew....Yet, I am finding more depressed future-buyables, among some "land-based" Industry Groups....The "PSYCLE sm" message, is that I recall similar cross-currents, this time of year, in the last 3 Decembers....We did real well after each of those periods. Note how many NASDAQ and NYSE stocks in our Puttable I.G.'s are forming left-sides-of-potential-upside-down-hook-saucers....So there has gotta be more tops coming soon, and, while most people have never seen anything like this rising action in some I.G.'s, this is NOT the beginning of further huge rises, in the already-super-extended stocks ! Again, we never fight the tape, we take our few Q, S losses at such times, UN-emotionally, raise money, and redeploy into normal, stage 1 stocks....Overall, remember that, often, a couple of super-strong, newsworthy "hook" industries/groups "overshooting" toppy targets, will, by nature, have the attention of "the 95 %"--- while many other currently depressed/negative stocks are going to bottom--- without "the 95 %" buying those ones ! But, yes, it is uncomfortable watching late stage 3//early stage 4 stocks from the sideline....re-read my comments of stage 4 and 5 in sec. 8, below, today, and last NL....and my "Mastering Psychology" booklet....

* KNOW THIS: I am pretty Comprehensive/Thorough, herein: There are 3 (three) kinds of stocks listed herein: a) Stocks that can be ACTED on, here/now, if still right near given prices in recent section (3)'s ....b) Stocks which, if they get back to the price where/when they were originally suggested, remain/become tradeable again, and/or, which "seem to be setting up as potential trades, possibly soon", and then might also illustrate "Industry Groups" potentially shaping up, and/or as Educational ideas, for YOUR benefit, in sections (6) and (7)....and, c) already assumed Long stocks, and/or puts, which are rising/falling, and are not buys/puts any more, but just "holds" or "underperformers", in sections (4) and (5)....All previous ideas are followed up, till "sold" or "removed from lists". Call me if you need some places to get charts on the web....Learn the staged Chart patterns, then add my "Media/Sentiment/Psychological" patterns, and voila....

Please appreciate, how much time/effort I put in, to put ALL applicable, staged, stocks, longs and puts, which fit learnable, and actionable, "PSYCLE sm" patterns, into each NL....Sometimes fewer, sometimes more....Whatever I find that best fits "PSYCLE sm" stages, which YOU can learn/take advantage of, for YOUR trading/educational benefit, I will put into each NL....again, the "Most Actionables, Now/Here", are in Section (3). And note, the "learning/feeling/sentiment" items, are in section (2).

2) "What's Been Said, and What I've Read":

a) Important Industry Group (Rotation) Notes: today, please read sec. (6) and (7) below, and note the I.G.'s mentioned therein....note, more specifically, the "split" nature of our market, exploitable in both directions at once....No other words of wisdom here....This is one time of the year, when it will pay you to take tmore time to actually VIEW charts of our stocks....also note, how the DJ Trans. Avg. held right at its 200 DMA, and bounced, as it should have....many of our Telecom, Internets, Utilities, etc., had slight upside breakouts, so I punted on some of them....We do NOT "guess" potential tops, on extended stocks, on new highs--- we just stand aside on those...

b) 1) L.A. Times, 12/21: article, "Reliable Blue Chips Still Seen as Best Bet": In the ongoing, small-cap vs. large-cap. argument and potentials, an A.G. Edwards analyst eschews the depresseds, in favor of buying the biggest-names-near- their-all-time-extended-highs....Why, I haven't the foggiest idea....Even coming close to just doing two long-side passes each year at the Techs, outperforms any buy-and-hold strategy with big-names....Plus, many Blue Chips HAVE had 33-50 % drops, S.T., at times, and as you know, I fail to see the logic of continuing to accept such big drops in such issues....Then, he actually acknowledges the waning breadth of the market, and, as a "solution" to that building negative divergence, (not) he just says to continue to buy/hold whatever biggies have been the strongest....Two "PSYCLE sm" notes: He never mentions just/only buying ex-biggies after they have huge drops, and, He says nothing about protection, stops, targets, technicals, etc. Just another mediocre B-firm analyst....oh, P.S., how "reliable" are Blue Chips which have FALLEN 50-60 % in a short time, at times ? and how "reliable" is it, to NOT buy any Blue Chips near their lows ?

2) a beautiful item, L.A. Times, front page, 11/21, interviewed newly "online traders" churning their 401 (K)'s (my word, not theirs), an article, titled, "Technology Helps Online Traders Try to Realize Their Dreams": One age-46 home-trader actually said, "I don't see history repeating itself....I think history's changed." Beautiful, eh ? Thank goodness, in the same article, a B-firm guy said, "I'm really worried about the rise of online over-traders....at some point, these people are going to get thrashed." I was surprised when the article said that "over 15 % of all 401-k accts. have at least one Loan outstanding on their retirement accounts"....Last gal interviewed in this article, was a brand-new investor, and she bought UBID--- after it rose, after the IPO--- she said she was "going to sell it at $ 60", but when it only rose to $ 58., she pulled her order....and, of course, it fell quickly to the 30's....then, of course, then she said, "I am still hopeful....I may be rich yet." How much do you want to bet, she sold in the 30's, before it rose again to 55+ Friday ? re-read my book on mastering PSY-chology....She had no plan, no concept, no tenets, no stops, no diversification, and too much emotion, etc.

3) I gotta mention the obvious, how the newspapers had headlines recently, like, "Defense Stocks Fall Despite U.S. Attack on Iraq": remember, I did give you a few Aero/Def. stocks as Puutables near their highs, herein, yes ? And, the Energies pulled back quickly....Just as happened in the Gulf War period....re-read my insert....but, of course, this time, without all the big predictions from the peanut gallery....yet....good....

c) more incorrect/improper/misleading Media comments from "fundamentalists/ companies", etc., vs. illogical/contrary stock prices moves, etc.: 1) You have hopefully read my "Scenarios" booklet section, on "words", re: how the damaging Media often distorts and misleads stock price moves, in their ignorance ? Well, the WSJ, 12/16, said, SUNW "climbed" 4, to 80., and SPLS "climbed" 2, to 40., PG "climbed" 3, to 90., and CSCO "jumped" 3, to 83....you get the picture....Huh ? "Climbed" ? for just small, normal, daily percentage moves in high-priced stocks ? Geez, if 3 points on 80. is "climbing", what term will they use for a 5-10-15 % rise ? 'nuff said, I am just reminding you to watch what and how things are said, among Media sources, removing one's emotional reactions to incorrectly reported items, not being swayed by improper things, etc. They are just trying to get, and keep, people super-bullish, dig ? Which is scary for those kinds of extended stocks.

d) more late, misleading, Brokerage/NL writer/Analyst comments: 1) analyst at Goldman, Sachs, gave new buy on TEK up here....view its chart, and see where I gave it to you herein near Fall lows....quite late, yes ? ....2) you heard about the $ 200. target on MU, and the $ 400. target on AMZN, given by analysts.... notice, they gave no time limits, and, I just don't see the point of such predictions, anyway....one of my mentors said, when in the dark, just point the flashlight correctly, but don't expect to see any further than the area illuminated just ahead....if that makes sense to you, it has been a cornerstone to "PSYCLE sm" success at times....we just want to see just ahead a while, without the grandiose, headline-grabbing predictions, which hardly ever work anyway, dig ?

As you have seen the last several months, how much better one does, just "doing" the best individual stocks, technically/sentiment-wise, while ignoring, or going contrary to, 95 % of all Media messages, and "indexes/averages" comments, from the peanut gallery ? By just getting my output, alone, you do much better, and save time, by not having to "seek, and process" tons of other, useless info., anyway, and we also help remove potential emotional problems before they begin.

3) Most recent Hypothetical "PSYCLE sm" transactions, to be mimicked, and referred back to:
 Always remember to view "1-year-at-least past" charts of everything you can view, herein, along with their 200 day moving averages (DMA's), to "see/learn" the "PSYCLE patterns", and see where/when stocks in section (3) were Hypothetically bought near lows, and put near highs....note: (Q = quick; i.e, was less than 2-3 months holding period.... VQ = very quick; i.e., was less than 3-4 weeks holding period) also re-read "the Guide" for how I derive the estimated % percentage Gains I show herein, on assumed Hypothetically closed-out trades (always assumed to have been in Options, where applicable/suitable, and on margin where available/suitable, and on a cash basis where not, as per "PSYCLE sm" tenets)....and "bal." in section (3), means, "the balance" of assumed long positions, assuming a "1/2 and 1/2" sale....ans, "css" means "covered short sale", where no puts options existed....

* Previously assumed Long positions most recently SOLD (showing the actual price changes, in parentheses, from the price where/when originally recommended herein, to the price where very rently Hypothetically "sold"):
bal. puts ROH (37+ to 28+) for VQ 125% G....bal. puts UHS (54- to 44+) for % Gain....bal. puts HB (60- to 50) for Q 111% Gain....bal. puts ITW (66+ to 55+) for Q 125% G....1/2 pos. puts XRX (112+ to 103+) for Q 90% G....bal. puts LFG (61 to 55) for VQ 66% G....1/2 pos. calls WJ (18+ to 21-) for 75% G....puts PPDI. (29 to 25) for Q 55% G....bal. puts JCI. (60- to 55-) for VQ 55% G....puts CG (60 to 55+) for 50% G....bal. calls OLN (25+ to 28+) for 50% G....and longs, PAGE, TMA, CPU, WLM, ECO, FLC, RYO, MIR, CYI., IIR, and puts, YHOO (220 to 180 to 220), ELNK (70 to 55 to 65), ITWO (29 to 24 to 29), LOW (46 to 42 to 46), QLGC, SNRZ, UNPH, ZION, LSTR, AEOS, RMBS, MFNX, MDT, SBC, TYC, PPL, PE, for VQ, very small losses....

More, Larger % Puts Gains, overcoming, too many, though smaller % Puts losses ....and too many Q,S, losses, Longside, lately....I am assuming you may have had ONE, Q,S, loss in ONE, Energy stock, and/or remain IN, or have Bt., at least one Energy Svc. stock, most recently, still....Remember, a few real small Q losses will never hurt us much, financially nor psychologically, in the long run.... cutting Q, S losses will also keep us in the game, for the larger gains that follow....hey, I am upset with "any" losses....and no amount of Gains satisfy me. One key is to stay with it, and Buy the ideas that show stage 1, for tax-selling bounces at least.

It is also nice to see so many of my previously-given long-side Winners, have pulled back/corrected since we 'sold' them herein for you....and we also accept that some "whipsaws" may occur with our Energy issues here, cutting losses, then some revalidated, so we bought more/back....but those we 'sold' still should have been sold at those times.

NOTE: while all the $ under 10. stocks are listed here as "stocks on margin" ("stk.on.mgn."), if one Had bought L.T., in-the-money calls options, their % Gains would have been multiplied, higher, right ? We just prefer not to buy Calls on most stocks under $ 10., unless their patterns are phenomenal, as their options premiums tend to be too high, vs. just buying those stocks on Margin, with close stops, where suitable, instead, with less risk, and similar reward potential--- stocks themselves have no "premium", right ? and, of course, if one just bought longs for cash, and not on margin, the % Gains would be relatively smaller, though still excellent, for so short a time period, yes ?

* Newly/Additionally BOUGHT/Buyables, right near these prices only:
(either for Cash, especially in Pensions, and/or on Margin where suitable, and/or Only L.T., in-the-money Options, where suitable/ available, always Diversifying, always with close Stops below/above recent lows/highs): (note: If you are New to this NL, here are the most recent "Buyables/Puttables", long/short) (note: a " - " after a price, means "just under" that price....and, a " + " means "just over" that price....i.e., 16+ means, 16 to 16 3/8, and, 56-, means, 55 5/8 to 56, etc.)....again, the idea is to "just get real close" to my listed prices here, when buying long/selling/putting issues given....try NOT to worry about every 1/8 or 1/16....


**** Newly BOUGHT Long-side, for potential Rises: (note, many more/new/revisited stocks here, and most are still pretty low-priceds): today's list, alphabetically by symbol:
(new ones) AAC @ 3 7/16, ATV @ 1 5/16, CCC @ 6, CQB @ 9 3/4, IHS @ 10, LYO @ 16+, MWY @ 10, NL @ 13 1/2, OMPT @ 7+, PAR @ 7+, PRD @ 18.06, UPR @ 9-, VC @ 3 3/4, WND @ 5,
(repeats) AAM @ 1 9/16, ACLY @ 2 5/8, AEC @ 12+, ATW @ 16, AXC @ 7/8, BDS @ 3 3/16, BEV @ 5 13/16, BEZ @ 19+, BLM @ 2.06, BS @ 7 11/16, BUR @ 8 3/4, CAU @ 0.31, CS @ 8+, CTI. @ 6 13/16, DX @ 4 7/16, ELCO @ 1 7/16, ESOL @ 1 13/16, GGC @ 14 13/16, GLDR @ 1, HBI. @ 5 1/8, IAIC @ 1 3/16, ICA @ 4 9/16, IHSC @ 6, IPIC @ 3-, IT @ 19+, JBAK @ 4 3/8, KRY @ 0.44, LTC @ 16+, LWN @ 7 3/8, MAVK @ 5 7/16, MGN @ 2 1/4, MHR @ 2 7/8, MIFGY @ 8-, MS @ 1.06, MSN @ 0.41, MT @ 13+, NBR @ 12+, NBTY @ 5 7/8, NE @ 12++, NGX @ 7/16, NOV @ 2 1/4, NR @ 5 3/4, OO. @ 9-, PAH @ 6 9/16, PDE @ 7-, PVH @ 6 5/8, PRGO @ 8 7/16, PHYC @ 4 9/16, SFSK @ 18+, SIF @ 12-, SSC @ 11/16, TLZ @ 4 5/16, TOX @ 3/16, TRMB @ 7+, TRP @ 14+, TVX @ 1 13/16, VGZ @ 3/16, VSNR @ 1 1/4, VTO @ 4 7/16, VTS @ 13, WFT @ 17+, ZAP @ 7+....most are still EVB's...."buy low", right ? Note, we are revisiting some "previously given/traded" issues, and a few whipsaws, back in....and, more importantly, that, now, AFTER recent rises, most "new buys" are real cheapies, and/or "laggards" with less "sexiness", dig ? What does THAT tell you ? also see the "just missed" issues, below...

NOTE: as I teach in the "green Guide" Booklet, you should already understand, that, very often, there is NOT "just one day" when my ideas become "long buys" or "long puts"....some stocks may hit around originally suggested prices, 2, 3, 4 times, etc., sometimes over a period of weeks, as they may form EVB's, double-bottoms and/or bases at times, right ? When/if they rise/ fall in between those times, I will follow-up those moves, in section (4) and (5) anyway....this is a Positive, a Benefit, for you....remember, I have subscribers who ARE already in stocks which have already moved before YOU noticed them herein, dig ? And there ARE many subscribers who ARE viewing MANY of the charts of the stocks herein, first....and there ARE many subscribers who DO want "longer, more thorough, teaching" NL's/items from me....

*** remember, all my given stocks REMAIN buyable/puttable, every time they hit originally suggested prices, unless/until they break their patterns....even if weeks pass by !!! This is covered in "the Guide" and herein, endless times.... "just get close", and do everything else properly: the stops, VIEWING the charts BEFORE acting, NOT forcing trades, and, of course, LEARNING the stages/patterns of price, ind. group, and sentiment/media patterns.

** Important: took, CFS, RYO, BGO, ECO, BMC, SRR, FAX, --- Off pot. Long buys list, before they might have been Hypothetically "bt." (as most all made quick, new lows....also recall the last few lists of stocks removed before "bt." here). Note, I try to give "something for every type of investing/trading desire/account/objective", including some real cheapies, some $ 5-10. stocks,some over $ 20. stocks, and some "names" blue chips--- either, for straight Cash, and/or on Margin, and/or L.T., in-the-money Options, etc., so that all my valued subscribers have Choices, and for proper Diversification --- all still having similar, exploitable patterns, in each NL.

**** Newly BOUGHT, long "PUTS", for potential Drops: alphabetical by symbol: (new ones) ALTR @ 57+, BOL @ 57-, CAH @ 72, CBC @ 70-, CF @ 71+, CSC @ 68+, CTSH @ 25, CYBX @ 27-, DLX @ 36-, FRX @ 48+, FTU @ 64-, HAE @ 23-, HLYW @ 29+, HTN @ 45-, IDXX @ 28-, LLL @ 47-, SEPR @ 86-, STI. @ 74+, TI. @ 84-, WAT @ 82+,
(repeats) ATHM @ 75-, BBK @ 39-, BLS @ 91+, CLX @ 114+, EAT @ 26+, EFBI. @ 46+ FTEN @ 35+, HMK @ 34+, ISCA @ 36-, MSBC @ 45-, RX @ 70-, SFXE @ 55-, SWC @ 37+, TYC @ 68-, VIA @ 70....and/but, remember, I/we have NO "market scenario", ever, as you know....and, note, there have been too many minor breakouts all of a sudden, so I am taking more real small, quick Puts losses above, and NOT fighting the tape, in those stocks....But that does not mean I am not finding more/new ones, in our Puttable Ind. groups...

and/but, Took, CREE, LLTC, NETA, LGTO, APCC, INSS, NCC, GE, Off pot. Puts list, before "put", as they aborted their patterns immediately (also see recent past issues taken off, here). IMPORTANT: sometimes, in the few hours after I send this NL to the web site, a stock might break its S.T. umbrella top, or its depressed EVB/base pattern....So I am assuming, you actually View their recent charts, BEFORE you consider buying any Longs or Puts, and you will see/know that the pattern is still O.K., and therefore buy/not buy them....this takes just seconds each to check/do, and will keep you from buying Puts/Calls on issues which abort budding patterns quickly after publication of my NL's.

....and/but, among stocks recently given you herein, in sections (6) and (7) below, we "just Missed", AMMB, IMRS, PBY, PLC, COG, CSE, CFN, RBK, PPP, KRI., as Longs near very recent lows, and, BGEN, BSYS, XOMD, CXR, CVC, KVA, LLY, BMY, AZA, as Puts, near recent highs....as one of the few honest guys in this biz, I will always tell you here, also when we "miss" actually catching suggested ideas, so you can "view/see" and LEARN their charts/patterns, for your educational benefit. By viewing such charts, also tells us, whether the market itself is providing more bottoms/tops, at that time, right ? Another reason why it is important to consider ALL my output, each NL....Again, the idea is to learn the "Patterns" of previously "given/done" ideas, for YOUR future benefit.


All previously mentioned ideas are Followed-up here below, for your Educational/Trading benefit ....check these lists/issues briefly, to see if any YOU own, are mentioned....

4) Already given out in previous NL's, assumed Hypothetical "Long-side" positions:(issues moving since last time, worthy of following-up, and/or mentioning, because of recent price moves, and still remaining long in most of them, unless otherwise noted):

(* too late to buy up here, up already, and/but acting O.K., so stay in these for now):

**** note: ("sos") means "Sell On Strength" (on a bounce up towards resistance, and/or where it broke down from)....("S") means Sell it here (if right at/near listed price level)

still giving you plenty of risers (note, these have always been listed, in order, from the biggest % moves, to the smallest important most recent price moves): MSN 5/8 up 1/4, TKOCF 2 1/8 up 3/8, AAM 1 7/8 up 3/8, ESOL 2 1/8 up 3/8, UPX 2 3/4 up 3/8, LWN 8 3/4 up 1 1/2, AAC 4 1/4 up 7/8, MMG 5 1/4 up 1, PAIR 8 1/2 up 1 1/2, TRMB 8 3/8 up 1 3/8, PHYC 5 1/8 up 5/8, WND 5 7/8 up 1, WEL 2 3/4 up 3/8, BCP 6 up 5/8, JDAS 10 1/8 up 1 1/2, IHS 12 up 2 1/4, CCC 6 3/4 up 7/8, OMPT 8 up 13/16, CS 9 up 5/8, MWY 10 7/8 up 7/8, RMDY 13 1/2 up 1, NL 14 1/8 up 3/4, LPX 18 3/8 up 7/8, SFSK 19 3/8 up 1, TEN 34 1/2, MPS 15 1/4, JOB 7 1/2, CMND 3 3/4, PCTL 7-, NL 14 1/2, SIF 13-, PAR 7 5/8, IT 20, NDE, up/further, since last time here....oh, and we got another potential "semi-formal" takeover offer, 18 1/2 on our TIG....we shall see....

also, see, that GALTF 26+, GILD 36+, INCY 40-, IDPH 48, KMAG 10+, TEK 28, VSVR, PETM, EFII., went higher still....I gave you trhese herein near their lows....

note: please appreciate, that I have subscribers who want "real quick and out" trades, and others, who want the "multi-month holds for bigger potential gains" trades....by VIEWING the "higher still" list above, you will hopefully learn better PERSPECTIVE in the overall chart patterns, and what can really be accomplished at times, if one lets them....another, of mnay reaons why we are so against "day-trading": why anyone would limit one's potential, and increase one's stress, on purpose, is beyond illogic.

and/but, then, seeing many pullbacks, like, ALL the Oil Service and Steel stocks, WJ 21 up 2, HAL -3 3/8, INPR 6 up 1/2, NDE 10 1/8 up 5/8, RON 25- up 1 1/2, WJ, LTV, JOB, JBAK, CEI., HOC, ATW, VTS, SHG, PAH, AIN, NOI., NX, NBR, NOV, ELY, HP, MGN, HMY, PETC, PAIR, IPIC, TWA, RRC, BTC, ZAP, TXB, DBRSY, BUR, BEV, HOC, SRR, UNO, GLT, UDR, HBI., TRMB, APFC, IHSC, OLN, ADM, NBR, RDC, JBAK, MAVK, SUL, ELY, PDE, VTO, WFT, GGC, NGX, SSC, MCN, DAY, CCH, WTS, UPX, DX, OO, MS, NS, DO, NE, Z., pb (pulling back)....some of these are also in "ms" list below.

again, please do not be afraid of buying the "Real Depressed Stocks", even in pension accounts, always diversifying, with close stops....Again, you Must buy at least a FEW, to increase your chances of being in the bigger movers.... Lesson: there is NO such thing as "but, Jim, which 1 or 2 are your favorites ?" It is impossible, and illogical, to expect anyone to be able to choose just 1 or 2, out of 2,500 issues ....maybe 5 to 10, long-siders, and also 5 to 10, put-siders, sometimes, but never just 1 or 2....One must also eliminate one's "PSY-chological need for excitement", and/or of "instant/S.T. gratification"

* and/but, these already assumed Longs, are acting weaker S.T., and/or must strengthen,
and/or must strengthen "again/anew", and/or must "break above recent high or else", and/or are sales on strength ("sos") to/towards/near resistance:
(some of these are also in "pb" list above) Oil Service and Steels and cheap Golds, and, CWC 8 7/8 up 1/2, MIFGY, ESOL, CHK, MWY, SAMC, NOV, IHSC, MGN, ROP, TXB, AR, MAVK, WKGP, ATW, RON, AEC, PCMS, HMY, HBI., JAMS, TLZ, HOC, MHR, CXI., PGO, RDC, RRC, IAIC, VOX, BUR, SSC, MCN, AZC, DBRSY, TMA, GGC, BEV, VDC, UDR, MCL, JBAK, ADM, TOX, AMLN, NGX, SSC, BTC, VTO, WTS, VTS, ZAP, AZC, CAU, MS, OO, DX, DO, IT, cheap Golds, all Energy/Svc./Expl., and Steels.

5) Already given out in previous NL's, assumed Hypothetically long "Puts" positions:
(issues moving since last time, worthy of following-up, still remaining long in these long Puts, unless otherwise noted):

* too late to buy puts on these now, but acting properly, stick around:
 Puttables specifically given you herein, many which are Falling/further, read list carefully today: SFXE -9, HBCCA -3 1/2, ASGN -3, BLS -3, USW -2 1/2, SEPR -2, MKL -2, WAT -2, CF -2, CAH -1 7/8, HLYW -1 3/8, BOL -1 1/4, IDXX -1, EFBI. -1, CBC -1, FTU -1, BBK -1, HB -1 (S), EAT -1, HTN -3/4, HMK -1, AA -1, SCUR (sow), ROH (S), PHCC, down/further, just since last time here....note, Banks, down....and also see 'bouncers' below.

* Note, how I, again, am giving you some Puttable stocks which are Falling, as most of "the market", and especially high-priced, name, quality-type stocks, rise, again....that I am among the very few, giving out ANY profitable puts, since early Sept. (and tons more, from March, and from July through Oct.) should be enough, yes ?

Note: these have always been listed, by "number of points falling", from most, to least...."(sow)" means, "Sell long puts On next Weakness, towards/near support"...."(S)" means sell/sold their long Puts right near here, and/or as in section (3) above....I follow-up every idea mentioned, for your benefit.... remember, these are NOT "overnite" trades, they take a little time to fulfill, so please have some patience, and no emotion, nor antsiness....let them do their thing....**** IMPORTANT, you MUST view the 200 DMA's of our Puttables, past and present, for their potential support targets/areas/prices....

NEW: notice how, OSSI., PPDI., XRX, JCI., GNE, GM, CG, each fell quickly to their 200 DMA's, which, notice, were relatively close to their tops anyway....but, we also caught their Puts anyway, see ?


* but, then, these, are acting too Strong, and/or are Bouncing, and/or must weaken anew, and/or are sales on pullbacks/weakness (sow): ASGN -3, +3, USTC +4, PGR +3, QWST +2 1/2, CGX +2, TYC -1, BFO, MSPG +7, HMK +1, JCOR, FISV, ISCA, FTEN, ECLP, PRGN, ATHM, PNY, FITB, GVA, CTXS +5, XCIT, GNE, NDN, GM, PG, VIA, USW, RCGI., SWC, MMC, CLX, LIN, COX, FAM, HMK, SCUR, EFBI., EAT, GPU, CQ, BEL, BLS, SFXE +2....See, many stocks, and Internets, must "follow-through", and break below recent lows, to warrant holding their Puts or shorts....


Remember, we either buy our Puts right up near each stock's high, or not at all....but you can still view their charts, to "see" previously formed/worked/aborted "PSYCLE sm" patterns, to hopefully Learn from.

6) Now--- Here are Other, still-Depressed, Long Buys, near their recent Lows Only, for potential Rises towards resistance, always Diversified (w/close stops, when/if their basing or "EVB" patterns break down):
Be patient here, and do not "force" trades, or overtrade, just because, PSY-chologically, you "want" to have "something" to buy long....do NOT be "antsy", relax....let the patterns come to YOU....also, there may seem to be "a lot" of stocks to review here, especially in the next two sections here....but that says how cheap many stocks have been at times, right ? Of course, near the highs in March, and July, this list was much smaller, yes ? It is logical and expected, after the recent mini-crash, That there have been/are more "EVB's", yes ? Also, remember, we do NOT "chase up"....only buy the ones You prefer to choose, which are still near their lows, with stops for protection.
"Potential Longs, by Industry Groups, for Rotation":almost no great Bases here, just many decent EVB's and double-or-triple-bottoms, (but, again, Not when/if any of these make new lows here, and, NOT if they are already "up", much, off lows, right ?):
NOTE: when there are more stocks listed in an I.G. here, that tells you I feel more strongly about that I.G., right ? Which, in turn, tells you a lot about how "the market" looks, sometimes....

Semis/Comp./Techs: please see "Techs", listed, in the "watching" section, just below.

new group, somewhat riskier, longer-term: (Y2K) "Year 2000": CMND, IMRS, ACLY, IAIC, MIFGY, ZITL, some have long bases, and they all DO need more work, still)
Prec.Metals (TVX, GLDR, KRY, CCH, VGZ, DAY, CAU, all real cheapies, risky)
"Basic Inds." (Chem., Farm, Steel, Paper) (TEN, AR, FNL, BCP, BS, TFT, LTV, GGC ....maybe "Copper" double-bottoms's, soon ?)
Energy/and Oil Svc. (add, TRP, UPR, LYO, to, NBR, WFT, RON, FGI., HP, TDW, ATW, VTS, NE, NOI., GLM, MHR, RDC, WEL, PDE, ESV, TRMB, near their recent lows, only)
Biotech/Health/Medical (add, MATK, to, DURA, NOV, PHYC, GNSA, SHG, VTS, TGX, LXR, TOX, ULB, HIV, CCLR, IPIC, TOX, MPN, TXB, IHS, MT, MS)
Consumer/Retail/Apparel/Shoes (add, WIND, to, SAMC, PAR, PVH, PBY, SRR, SME, BBA, HMY, KFI., MSN, OO, UNO, BLM, GCO, HBI., Z.)
Capital Goods (LDW, HPH)
Hotel/Gaming/REIT (HET, SER, UDR)
Employment (OLS, JOB, MPS, RMDY, ESOL)
And, as I pointed out earlier here, some depressed R.E.I.T./Financials/Mtg.-type/ R.E., stocks, many with huge Insider Buying a while ago, some with very high "potential" dividends, may shape up ahead....watching, in no particular order, add, BED, BD, LOD, PRT, SMT, OH, WDN, RTC, ACH, ARI., FHS, to, AMMB, AAM, NHR, BRE, PAH, UC, AAC, ALF, AEC, AML, AMMB, BNP, BOY, BRI., CPP, CMO, CRO, ENN, FBG, NDE, KPA, LTC, JPR, MAA, PMC, RFS, SIR, SPF, TMA, MT, if you need some maybe's, on pullbacks only)

NOTE: as I said above, ON BIGGER PULLBACKS ONLY, add, Eyewear, to stocks like our Farm./Chem/Fert., Golds, and Techs, may set up as depressed buys again, down the road....as always, I will let you know....have patience. But tax-selling bounces beckon, yes ? Oh, and Airlines are NO longer as negative, but are at least neutral....

And, as I have been saying here, even though I have given you a ton of quick 50-100% gains, since Sep./Oct., do NOT expect as large rises off bottoms, as when I gave out similar "EVB" Techs, in the late '97/early '98 period (nor, from the late '95 to early '96 period....I was first/only to do so near their lows at those times as well), because there are NOT many "true bases" here--- just some with good EVB's....we accept occasional Q, small losses in some longs, w/close stops, along the way, to get to the Bigger Winners....Also note that many already popped stocks pulled back, after their recent/initial "dead-cat bounces". This is normal, and welcome. Hey, many formed better bases, double-bottoms, etc., right ?

and/but, Important: also, took these Off the pot. long Buy list, Before they might have been Hypothetically "bt.": CFS, RYO, BGO, ECO, BMC, SRR, FAX, --- were taken Off.... These/they just need more work, technically, first, and/or are still making new lows....we do NOT "Guess" at bottoms....we want only the EVB's, which set up properly....we MUST also see the cathartic/high volume, in "PSYCLE sm" stage 7", first.

* The stocks on this next list, are also, still, Current, or, Potential, "EVB's" ("exhaustion V bottoms"), read that Booklet !):
Remembering ONLY to buy near their recent Lows (do not "pay up" much off lows), as "EVB's", diversified, w/close stops....these, plus the stocks listed above, and the "Newly Boughts" in Section (3) above, comprise the "total" complete long-side buyable lists in today's market.

We are Also "Watching" --- as potential EVB's/bottoms, near recent lows ONLY: add, FHCC, CHRZ, IDTC, SWW, CQB, HCM, PLC, UMR, ALR, FLM, DRQ, CCC, BLX, CFB, CSE, FTL, LSS, SOL, RBK, KNE, TSO, SNY, BA, AG, OH, BD, P., to, those listed in section (3), and those just above here, plus, BAANF, STRX, MANU, SFSK, SIF, SAA, TMO, CQB, CYM, BDS, TLZ, UTI., INPR, OMPT, PCTL, NPSI., PAIR, GDC, PRD, CS, VSNR, BTC, PCMS, SYNT, IHSC, ALN, BGO, LWN, ECO, VRC, CHK, SEW, AFCI., LPX, BEZ, AGTX, CEXP, WKGP, MWY, JDAS, VDC, UPX, ZAP, CXI., ILX, ELCO, LWN, AXC, ICA, VC, IT, still, most all as "EVB's" (again, note, most are "Techs", with some "Finls., Foreign, Health"), plus, the Value Line issues: NSANY, PRGO, DEMP, CEPH, GNSA, OFIS, BUNZ, SEW, TSA, MGN, COE)....some here, some Not just yet, as some still need more work, technically... and/but most, only on pullbacks towards lows....and/but, not any of these, when/if they make new lows or break budding bases/patterns....don't "force" trades....also note, more addeds are also, in Energy, Health, Tech, REIT, Retail, Apparel, ind. groups, dig ?

**** The potential Longs above are chosen, First, by their EVB, or "base" technical chart patterns, then, I do do a "little Fundamentals research" on each, to make sure they are viable companies, with no "hidden time bombs"....Last, on some of these, you are going to have to stretch your time-frame out a bit, this time around, as some of these may, like after the last few mini-crashes, take weeks instead of days, months instead of weeks, to form any bases/EVB's, and/or rise, dig ?

7) other, still extended/potentially Toppy, "Puttables", near recent Highs Only, for potential Price Drops, using, Only, L.T., in-the-money Puts Only, Always Diversified, w/stops if patterns abort to the upside, for potential drops towards their 200 DMA's, or lower (NOTE: again, if they are already down appreciably from their highs, do NOT chase them down, right ?):

(re-read my "Downside/Puts" booklet) now, I add some more Puttables, again, after/into recent bounces:

Fuller, Potential Puts list, by Industry groups where practical, near their highs ONLY, do NOT "chase down":

note: this list supercedes all previous ones....these are the ONLY Puttables here, all others have been removed....
(banks/insur.) FITB, BBK, HIG, PGR, MSBC, ASO, CMA, CBC, FTU, STI., CF,
(comp./techs/s'ware) ALSI., DELL, BSYS, CTXS, CSC,
(retail) HLYW, LOW, NDN, FDO, LIN,
(telecom/commun.) HBCCA, ATHM, USW, CVC, BLS, TEF, CDRD, LBTYA, QWST, LLL,
(medical/health/drug) HEA, BOL, LLY, CAH, PDX, RX, EL, PGNS, MDT, PDX,
(food/bev.) PZZA, EAT, UFS,
(utilities) AYE, METZ, BRG, NIS,
(internet) BCST, LCOS, MSPG,
(others, misc.) CTSH, PHCC, SEIC, MEDQ, VIA/B, EFBI., FRX, CLX, HMK, MPO, ENE, EFX, SSP, INSS, OSSI., OMC,
also watching: added, ALTR, RINO, AMSY, AXNT, BRCM, CHTT, CHIR, IMNX, AMAT, BBBY, MVSN, XLNX, COMS, ORLY, PMCS, AET, AEH, AJG, EQU, PNU, HTN, DA, DS, TI., to, AGPH, TROW, NEON, GBLX, NLCS, NTLI., BSYS, BGEN, TSFW, and, Advertising stocks, on/into/after strength, soon ? Note how many are banks, Insur., health-Drug,

the Best Puttable Industry Groups: still, Extended Banks, Health/Medical/ Drugs, Insurance, Finance, Computers, Retails, Internets, Aero./Def., Food/Bev., High-PE techs, all types of Tele.-Commun., in no particular order, as the most probable Puttables, near their recent Highs ONLY, w/close stops above their patterns....also, note how we are revisiting some of our past Puttable stocks.... Also, extended Biotechs may be beginning their top process....

8) "PSYCLE sm" Lesson for today:
Besides all the previous Lessons you have hopefully gleaned from all my past materials, NL's, ideas, and my (7) educational Booklets, I promised I would re-run "the seven sequential stages of my "PSYCLE sm"", so, started 12/7, and for the next 7 NL's, here they are again: today, stage 5:

"PSYCLE sm" stage 5: The Initial Decline off the Top: (re-read my Downside booklet also) Once we break the steep uptrend line of the semi-parabolic rise, while "the 95 %" and "news" have uniformly super-bullish/bragging sentiment, etc., and the stock has formed an EVT or rolling top, we get the "unexpected by the bulls" initial correction....This is usually the largest decline since the stage 2 decline, and importantly, is always accompanied by the "hey, I'm not worried, it was due for a rest, it is still an excellent company/I.G., and its growth will resume, big-time, again soon"-type comments by the peanut gallery....Often these will be the "famous-last-words- rationalization-covering-inner-psychological-fear" statements, representing the "I'm not worried, it's only a temporary setback", etc. You get the picture.... We also get the "when it gets up to where I paid for it, or its highs, I'll sell it then...." (if any of this sounds familiar, you are not alone, historically).

Of course, one of two things will happen: it will form a bigger top, and have bigger three-staged declines, or, it will rise back up, and "the 95 %" will most likely not sell it, again....Like stage 4, stage 5 is NEVER "announced", and is RARELY ever accompanied by "bad/worse" news/fundamentals....Remember, the stock will decline a lot, well BEFORE any "publically disseminated, real, negative stuff" is made/noticed--- even by the overpaid analysts or mgmt. at that comeany itself ! Again, stage 5 is almost entirely a "technical" move, period, often falling to its 200 DMA, initially. (note, in stage 6, when/if it occurs, that stock may indeed rise/bounce up to the now/then previously-broken 200 DMA, which may, by then, be falling, itself, dig ? but more on that next time here).

If stage 4 is anything but an EVT, we often catch these, as you have seen, but also, single tops become multiple-tops, hence the Q, S, losses occasionally in such stocks, herein....It is best to always VIEW a 1-2-year chart of any stage 4 stock, for proper L.T. perspective....Anyway, as you have been taught, stage 5 often pulls back, to the most recent breakout level, or the still-rising 200-DMA, as initial support....Sometimes, the decline stops around the stage 3 breakout, last-run-to-the-top level, as well....Last, if the stock has not had as much of a parabolic, steep, big rise, the S.T. rtolling top and drop to the 200 DMA is more likely....we have caught a ton of these in recent years....Instead of praying for a huge drop, we take higher-probability, easier, quicker drops, in such "non-sexy" issues....As I have said countless times, I still have never understood the illogic, of holding a stock for years and years, through several 33-50 % declines, even when/if it rises further, because, by nature, each rise increases one's mathematical risk, but I digress....

Initially, we are just exploiting stage 5 drops, we have NO idea at this point, whether or not a much bigger, second drop will occur (we have caught many of those herein as well, but not on purpose as much)....bceause stage 5 drop is NEVER accompanied by "bad news", it is a totally technical price move, especially when other stock in that I.G. also look similar at the same time, as you know ....And NO "fundamentalist" will ever sell any stock, in stage 4 or stage 5....Eventually, the stage 5 lows will often be broken, as well--- only then the first "less positive stuff' will be announced, but more on stage 6, next time, here....

A note: on the rally back up after the stage 5 drop, we often get a SECOND chance to Put the stock, if its chart pattern, I.G., and situation remain no better at that time....Many stocks form broadening tops, triple/double-tops, or flatter rolling-tops, etc., on a case-by-case basis....and/but, generally, broader, flatter, and double-tops are NOT as bearish, downside-potential-wise.... Why ? Because the longer the top(s) take(s) to form, the higher the still-rising 200 DMA gets, towards the current price, making the initial, expected, hoped-for, downside potential smaller, over time, dig ? Those stocks have leess to fall, to reach their MA's....Ideally, with Puts done "The Psycle Way", we want an entire I.G. to confirm, with 4-8-week tops, with their 200 DMA's still at least 25-33 % below the recent price, for S.T. drops, and, of course, with parabolics, the MA is going to be much lower than the current stock price....As long as one ONLY has in-the-money, L.T., diversified portfolios of puts, with stops above pattern breaks, minimum, we certainly HAVE exploited many stage 4 to 5 drops, often.... Oh, and a "head & shoulders" top, IS a series of stage 5 drops, towards support (which is, often, the "neckline" of the formation). And, we NEVER "begin to buy puts" After the stage 5 drop, even if it falls further....we ONLY buy puts near the stage 4 top, or double-top, etc. In recent years' institutional, overpriced, high-relative-strength-big-name market, we don't want to just "guess' at tops, but wait for a decent chartt formation to form, first, with I.G. confirmation.

Oh, and don't kill me, but, on a "longer-term" basis/perspective, in the recent mutli-year L.T. bull market, a bunch of seemingly S.T. stage 4 stocks, have formed "1/2-way-sideways-congestion-ranges", instead of big corrections--- then they have broken out again, for another large rise, making what we thought was stage 4, S.T., stage 2, L.T. I hope that is clear....Of course, one would just have cut a Q, S puts loss on such rises, the moment they broke out....Some Techs, Internets, Biotechs, have done that in recent past years....BOTTOM LINE: every stock, and I.G., HAS a stage 5....the only question is whether, from the S.T. correction's bottom, it has another failing rally to buy puts into again, or, it has a new high breakout, after the initial drop. Again, we solve this, by looking to see if it s entire I.G. looks the same, or how parabolic the stage 3 rise was, and using stops and diversification properly.

so, now you know the briefest basics of sequential stages 1, 2, 3, 4, and 5, in most all stocks' "PSYCLE sm"....oh, and, remember, everyone's perspective differs: stage 1 can be viewed as, say, only a 1-2-month basing/bottoming period after a big drop, if you are a S.T. trader, and/or, a 3-6-9-month basing period, if you are a longer-term investor....and last, a bigger previous drop, will normally lead to a bigger % rise, off the EVB/base low, and, the bigger the previous rise, the bigger the potential drop, when/if breaks the uptrend, which, I guess, is obvious ....Hey, you'd be surprised how few people, even pros, know about stage 1, or stage 4, at all....hope this helped.

Remember, WE tend to ONLY trade long, from stage 1, into stage 2, with stops, and often miss potential stage 3 rises....and we try to Only get Puts at what we think might be a stage 4 top, with stops, and often miss stage 6 and 7 drops, but more on that later....The highest-reliability, reward/risk plays, are in stage 1 and 4, even with occasional stops triggered.

A final note: a stock can, of course, be in different stages, when viewed from a shorter-term or longer-term perspective....I use 1-year and 2-year charts, period, because we seek 1-2-3-month holds and moves, and NOT overnite, or daily or intraweek moves....
IMPORTANT: people keep trying to "formula-ize/computerize" my "PSYCLE sm" process, which, as I keep saying, is a fruitless waste of your valuable time.... "just get close(r)", and do everything else correctly....The KEY is just plain learning the simple VISUAL chart patterns for each of the 7 sequential stages in my "logo chart" on my webpage and on the front of every Booklet, then adding the "sentiment" nuances of each stage.

As Repeated in Every NL:
As I keep reiterating, It is also still better most times, to, 1) buy "some" stage 1 "PSYCLE sm" stocks, in depressed or EVB chart patterns, when their "news seems so bad" but their patterns show EVB's (and have occasional, small, cut losses), than to never do that at all....Because, historically, and as you have seen herein, any small, cut losses, will be more than overcome by larger % Gains, over time, off those EVB lows, when one properly Diversifies....and, to, 2) TRY at least "some" "Puts/options" the opposite way, near their Highs only, when/where suitable, than to never do any Puts ever....always diversifying properly, with close stops....no emotion.

Remember, "PSYCLE sm" stocks tend to move much more INDEPENDENTLY of any/all "external" stuff, than "the 95 %" incorrectly believe....one does Not "need" "events" to happen, in order to exploit normal, probable stock price moves.... this is a Good thing....One Key is to have the strength to Buy, when there is a "scary story", provided the stock pattern is intact....Connectedly, realize, by nature, there is SUPPOSED to be no "sexiness" in stocks/groups, near their lows, in bases, nor EVB's....they only become "sexy", After they rise a bunch, right ? and, by then, it is/will be too late....One must buy into NON-sexiness, into NON-positiveness, into "fear", when the patterns are intact, right ? Also, buying PUTS options "the Psycle Way", can be viewed as just plain intelligent/ logical, and proper, as just "insurance" or "protection", as well as for direct profit at times, yes ? The March tops, and July tops, and drops, have proven that yet again.