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<TD vAlign=top align=left width=370><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#000000
size=4><B>BLEAK ECONOMIC PICTURE<BR><BR></B></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2>We got a mixed
bag of reports by retailers at the end of last week. As you know, retail
sales are a key element to this economy's growth as continued consumer
spending is necessary to remain out of a recession. Market analysts are
hoping consumers will be spending part of their $40 billion tax refund in
the coming months. Consumer spending is the only part of this economy that
is still stagnating without reflecting signs of this slowing economy...for
now. This week, we get several clues on the latest economic condition, on
top of the consumer spending reports that will give the market a further
indication how they are coping with the weakening job market. Analysts are
expecting today's Retail Sales report to come in -0.2%.<BR><BR>Earlier
last week, the Fed Beige Book, even though limited in its number of
anecdotes, showed a slowing factory sector, flat to falling bank loan
demand, and most importantly, retail sales below plan. Pretty much all
U.S. regions are presenting a picture of "slow growth or lateral movement
in economic activity" over the past few months. The economy keeps touching
that bottom without showing any improvements. On August 7, we had Chicago
Fed President Moskow citing that, "an underperforming economy may be rare,
but it is nothing new. What is different today are the mixed signals we
see in the marketplace. The combination of weaknesses and strengths and
risks is both unusual and challenging."<BR><BR></FONT>
<P><FONT face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2>
<TABLE cellSpacing=0 cellPadding=3 width=366 bgColor=white border=0>
<TBODY>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff00ff
size=2><B>Symbol</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff00ff
size=2><B>Close</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff00ff
size=2><B>High</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff00ff
size=2><B>Low</B></FONT></TD>
<TD vAlign=top align=middle></TD>
<TD vAlign=top align=left><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff00ff
size=2>Gain/Loss</FONT></B></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>SPU01</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1191.20</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1197.50</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1171.50</B></FONT></TD>
<TD vAlign=top align=middle><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><IMG
height=14
src="http://www.eminidaytrading.com/erappin/images/arrow_up.gif"
width=12 border=0></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>3.40</B></FONT></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>ESU01</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1191.25</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1197.50</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1172.00</B></FONT></TD>
<TD vAlign=top align=middle><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><IMG
height=14
src="http://www.eminidaytrading.com/erappin/images/arrow_up.gif"
width=12 border=0></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>3.50</B></FONT></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>NDU01</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1624.00</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1652.50</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1581.00</B></FONT></TD>
<TD vAlign=top align=middle><IMG height=13
src="http://www.eminidaytrading.com/erappin/images/arrow_down.gif"
width=12 border=0></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff0000
size=2><B>15.50</B></FONT></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>NQU01</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1624.00</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1652.50</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1582.50</B></FONT></TD>
<TD vAlign=top align=middle><IMG height=13
src="http://www.eminidaytrading.com/erappin/images/arrow_down.gif"
width=12 border=0></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff0000
size=2><B>15.50</B></FONT></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>DOW</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>10416.25</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>10433.46</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>10197.32</B></FONT></TD>
<TD vAlign=top align=middle><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><IMG
height=14
src="http://www.eminidaytrading.com/erappin/images/arrow_up.gif"
width=12 border=0></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>117.69</B></FONT></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>NASDAQ</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1956.47</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1967.03</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1915.99</B></FONT></TD>
<TD vAlign=top align=middle><IMG height=13
src="http://www.eminidaytrading.com/erappin/images/arrow_down.gif"
width=12 border=0></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff0000
size=2><B>6.85</B></FONT></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>SPX</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1190.16</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1193.33</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>1169.55</B></FONT></TD>
<TD vAlign=top align=middle><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><IMG
height=14
src="http://www.eminidaytrading.com/erappin/images/arrow_up.gif"
width=12 border=0></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>6.73</B></FONT></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>SOX</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>593.05</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>595.63</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>572.29</B></FONT></TD>
<TD vAlign=top align=middle><IMG height=14
src="http://www.eminidaytrading.com/erappin/images/arrow_up.gif"
width=12 border=0></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>7.16</B></FONT></TD></TR>
<TR>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>VIX</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>22.81</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>24.91</B></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black
size=2><B>22.68</B></FONT></TD>
<TD vAlign=top align=middle><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><IMG
height=13
src="http://www.eminidaytrading.com/erappin/images/arrow_down.gif"
width=13 border=0></FONT></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff0000
size=2><B>0.83</B></FONT></TD></TR></TBODY></TABLE><BR><BR></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#000000
size=4><B>TRADING<BR><BR></B></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2>We have seen this
market trade in quite the range these past few months (Nasdaq 2000-2300).
Unless we are getting something different than the clouded visibility
companies are reporting, some economic data showing signs of a bottom, we
will not be trading outside that range. Going into the weekend, we saw a
technical rather than a fundamental-based rally. Traders want more than
just reports telling them there is no worry about inflation. It is time
for some reports saying there is no worry about this economy slowing any
further! For now, economic news is not showing signs of stabilization
so traders will remain anxious about the timing of the economic turnaround
hoping that the next data reports are giving them reason to believe it is
sooner rather than later.<BR><BR>Curious to see how this week's earnings
come in for Hewlett-Packard, Applied Materials and Dell and of course how
they see next quarter's numbers. HWP is expecting a 91% drop in earnings
per share, Applied Materials a 97% drop while Dell sees a 27% step back in
EPS.<BR><BR><BR></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#000000
size=4><B>EUROPE'S SLOWING ECONOMY<BR><BR></B></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2>The European
Central Bank (ECB) indicated in its August report that it might need to
cut interest rates again. So far, the ECB has been reluctant to do so as
they were experiencing troubles with rising inflation. Latest economic
reports are indicating a pause in inflationary pressures, which introduces
the possibility now of another 25 basis point rate cut as soon as August
31st. Especially given Europe's largest economy, Germany, is reporting
weak industrial production, factory orders, and factory orders besides its
seventh consecutive rise in unemployment.<BR><BR>It seems that central
banks around the world are now in the race to reverse direction on their
slowing economies. Greenspan and company have cut interest rates six times
so far this year, with possibly another two coming up later this quarter,
the Bank of England has reduced them four times while the Bank of
Japan.... well they are still stuck with their zero interest rate
situation. Based on the economic data we have seen these past few months,
it does not look like Europe's economic bottom is in sight any time soon
either. Last week, the ECB released a statement saying, "there is an
increased uncertainty surrounding economic growth in the euro area in the
second half of 2001," and they might feel the effects of, "deteriorating
growth performances in several other regions of the world."<BR><BR>On
Friday, back on U.S. soil, the Chicago Board of Trade's Fed Fund Futures
are indicating a 100% chance of a 25 basis point rate cut to 3.50% at the
next FOMC meeting on August 21st and even a slight 18% probability of a 50
bp cut at that time. Given a cut to 3.50% end of August, traders are
expecting with an 88% probability another 25 bp cut to 3.25% by year end.
<BR><BR>Have a great trading day -- and honor those stops
!!<BR><BR><BR></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=black size=1>If
you would like to signup for a free trial of our interactive trading room
called the epit, where trading signals are posted in realtime throughout
the day, please fill out form at <A
href="http://www.eminidaytrading.com/eminisignup.htm">http://www.eminidaytrading.com/eminisignup.htm</A>l
All questions regarding the epit service, please email <A
href="mailto:info@eminidaytrading.com">info@eminidaytrading.com</A> . Erap
service is not an investment advisory service, nor a registered investment
advisor or broker and does not purport to tell or suggest which securities
members should buy or sell for themselves. Members should always check
with their licensed financial advisor and their tax advisor to determine
the suitability of any investment. You are currently subscribed to erap.
To unsubscribe, please send a blank email to <A
href="mailto:erap@eminidaytrading.com">erappers-unsubscribe-request@eminidaytrading.com<BR><BR></A><B>Copyright
2001 by eminidaytrading Inc.</B></FONT> </P></TD>
<TD vAlign=top align=left><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><B>Number
1<BR>08/13/2001<BR><BR></B></FONT>
<TABLE cellSpacing=0 cellPadding=5 width=125 border=0>
<TBODY>
<TR>
<TD bgColor=#000000 colSpan=4><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=2><B>Futures - The Basics</B></FONT></TD></TR></TBODY></TABLE><IMG
height=35
src="http://www.eminidaytrading.com/erappin/images/erap_basics.gif"
width=125 border=0>
<TABLE cellSpacing=0 cellPadding=5 width=125 border=0>
<TBODY>
<TR>
<TD bgColor=#000000 colSpan=4><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ffffff
size=1>Futures, the Basics - Are you a stock / option trader and
have considered trading futures but are constantly reminded how
terribly risky they are? If you are new to futures trading, then
this session is a must as emaster and emagine will cover the basics.
What you need to know about futures, how it differs from stocks
& options trading and how to add them to your trading
arsenal.<BR><BR></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ffffff
size=2>August 23rd and August 27th</FONT></B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ffffff
size=2><B>.</B></FONT></TD></TR></TBODY></TABLE><BR><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#000000
size=1><BR></FONT><FONT face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
color=#000000 size=2><B>Targets</B><B><BR></B></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#33cc00
size=1><B><BR></B></FONT><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1>Both ES/NQ
continue their downtrend. ES had a double bottom in the 1174-78 area which
was briefly taken out, low 1172, before it bounced back. However, until we
make a clean break and close above 1235 level, we aren't getting bullish.
That area has been tested twice and failed. We have been trading within
this 1174-1233 range for over a month now. NQ has same story. Even though
it penetrated the upper trendline, it has resumed trend making a new low
of 1582.50. A break of this level could leave us testing 1550 and 1500
levels. We need a close above 1800 to get bullish. <BR><BR>
<TABLE cellSpacing=0 cellPadding=4 width=129 border=0>
<TBODY>
<TR>
<TD bgColor=#000000 colSpan=4><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ffffff
size=2><B>Intraday Epit Targets Hit</B></FONT></TD></TR>
<TR>
<TD width="50%"><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff00ff
size=2><B>ES</B></FONT></TD>
<TD vAlign=top align=middle width="50%"></TD>
<TD width="50%"><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular color=#ff00ff
size=2><B>NQ</B></FONT></TD>
<TD vAlign=top align=middle width="50%"></TD></TR>
<TR>
<TD width="50%"><B><FONT size=2><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></FONT><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
size=2>174.50</FONT></B></TD><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1>
<TD vAlign=top align=middle width="50%"><IMG height=13
src="http://www.eminidaytrading.com/erappin/images/arrow_down.gif"
width=12 border=0></TD>
<TD width="50%"><B><FONT size=2><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></FONT><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
size=2>604</FONT></B></TD><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1>
<TD vAlign=top align=middle width="50%"><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1><IMG
height=13
src="http://www.eminidaytrading.com/erappin/images/arrow_down.gif"
width=12 border=0></FONT></TD></TR>
<TR>
<TD width="50%"><B><FONT size=2><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></FONT><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
size=2>188</FONT></B></TD><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1>
<TD vAlign=top align=middle width="50%"><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><IMG
height=14
src="http://www.eminidaytrading.com/erappin/images/arrow_up.gif"
width=12 border=0> </FONT></TD>
<TD width="50%"><B><FONT size=2><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></FONT><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
size=2>590</FONT></B></TD><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1>
<TD vAlign=top align=middle width="50%"><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1><IMG
height=13
src="http://www.eminidaytrading.com/erappin/images/arrow_down.gif"
width=12 border=0></FONT></TD></TR>
<TR>
<TD width="50%"><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
size=2>1</FONT></B></FONT><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
size=2>195.75</FONT></B></TD><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1>
<TD vAlign=top align=middle width="50%"><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><IMG
height=14
src="http://www.eminidaytrading.com/erappin/images/arrow_up.gif"
width=12 border=0> </FONT></TD></FONT>
<TD width="50%"><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
size=2>1619</FONT></B></TD><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1>
<TD vAlign=top align=middle width="50%"><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=2><IMG
height=14
src="http://www.eminidaytrading.com/erappin/images/arrow_up.gif"
width=12 border=0> </FONT></TD></TR></FONT>
<TR>
<TD width="50%"></TD><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular size=1>
<TD vAlign=top align=middle width="50%"></TD>
<TD width="50%"><B><FONT size=2><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></FONT><B><FONT
face=Arial,Helvetica,Geneva,Swiss,SunSans-Regular
size=2>631</FONT></B></TD><FONT
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