Status: U Return-Path: Received: from mx-casero.atl.sa.earthlink.net ([127.0.0.1]) by mx-casero.atl.sa.earthlink.net (EarthLink SMTP Server) with SMTP id 1lmNX26JZ3Nl34m0; Tue, 13 Jan 2009 13:25:20 -0500 (EST) Received: from wsmarth-hairy.pas.sa.earthlink.net ([207.217.120.115]) by mx-casero.atl.sa.earthlink.net (EarthLink SMTP Server) with SMTP id 1lmNX21Ng3Nl34m0 for ; Tue, 13 Jan 2009 13:25:20 -0500 (EST) Received: from domrl-ground.atl.sa.earthlink.net ([207.69.231.199]) by wsmarth-hairy.pas.sa.earthlink.net with smtp (Exim 3.36 #4) id 1LMnwt-0001CQ-00 for merileek@earthlink.net; Tue, 13 Jan 2009 10:25:11 -0800 X-ELNK-Loop: merileek@kerncommunications.com Received: from dukecmmtar01.coxmail.com ([68.99.120.48]) by domrl-ground.atl.sa.earthlink.net (EarthLink SMTP Server) with ESMTP id 1lmNWP25x3Nl5vF0 for ; Tue, 13 Jan 2009 13:25:07 -0500 (EST) Received: from merilee07cf8a9 ([68.15.13.44]) by dukecmmtar01.coxmail.com (InterMail vM.6.01.06.05 201-2131-130-106-20070212) with SMTP id <20090113182507.PWEL4531.dukecmmtar01.coxmail.com@merilee07cf8a9>; Tue, 13 Jan 2009 13:25:07 -0500 Message-ID: <04AE32E1EFC64C71B74381B5F3380110@merilee07cf8a9> Reply-To: "Merilee:::Kern Communications" From: "Merilee:::Kern Communications" To: "Brent Wilsey" , Subject: DowJones-MarketWatch.com placement Date: Tue, 13 Jan 2009 10:24:31 -0800 MIME-Version: 1.0 Content-Type: multipart/related; type="multipart/alternative"; boundary="----=_NextPart_000_028A_01C97569.1F9B5820" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 6.00.2900.5512 X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5579 X-ELNK-AV: 0 X-ELNK-Info: sbv=0; sbrc=.0; sbf=00; sbw=010; This is a multi-part message in MIME format. ------=_NextPart_000_028A_01C97569.1F9B5820 Content-Type: multipart/alternative; boundary="----=_NextPart_001_028B_01C97569.1F9B5820" ------=_NextPart_001_028B_01C97569.1F9B5820 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable http://www.marketwatch.com/news/story/dont-conned-thinking-there-recovery= /story.aspx?guid=3D%7BDD152E8A-13D9-4CBE-B444-7BE9F3148685%7D =20 PAUL B. FARRELL Doomsayers warn: 'No recovery before 2010' Wall Street's praying for new bull, but wishful thinking not enough for = '09 By Paul B. Farrell, MarketWatch Last update: 7:19 p.m. EST Jan. 12, 2009 Comments: 340 ARROYO GRANDE, Calif. (MarketWatch) -- Dateline: 1720. Breaking news. = One day, at the peak of its speculative frenzy, as the "South Sea = Bubble" swept through Europe faster than the plague, an "unknown = adventurer" in Britain ran this advertisement: "A company for carrying = on an undertaking of great advantage, but nobody to know what it is."=20 The scam was originally reported in Charles Mackay's 1841 classic, = "Extraordinary Popular Delusions and the Madness of Crowds," and updated = by Forbes columnist and economist Gary Shilling in his annual "2009 = Investment Outlook: 12 Strategies," to illustrate how little has changed = between 1720 and today.=20 Investors never learn. And Wall Street knows it. That crafty 1720 = ancestor of today's Wall Street investment bankers and Bernie Madoffs = devised what we'd call an "IPO:" He "opened his office to crowds of = investors at 9 a.m. the next morning ... closed at 3 p.m. after taking = in a fortune ... then left that evening for the Continent ... never to = be heard from again."=20 Warning folks: Wall Street's happy-talking bulls are now hyping economic = recovery and a new bull this year. That's a slower, but equally lethal = 2009 version of that famous 1720 trick.=20 So first let's review Shilling's forecasts for 2009. He was amazingly = accurate with his 2008 investment strategies. Expect the same in 2009 as = he's part of a growing chorus of experts who believe "the worst global = financial crisis and deepest worldwide recession since the 1930s will = continue throughout 2009." His 12 strategies, with my notes:=20 1.. Sell home-builder stocks and bonds.=20 2.. If you plan to sell your house, second home or investment houses = anytime soon, do so yesterday. (Yes, another 20% drop is coming.)=20 3.. Sell some housing-related stocks.=20 4.. Sell some consumer discretionary spending companies.=20 5.. Sell most commercial real estate.=20 6.. Sell some commodities. (But proceed "carefully:" Selling "some" = securities, or buying, or actively trading in today's volatile markets = demands a level of skill sets, savvy and sophistication most investors = lack.)=20 7.. Sell emerging-market equities.=20 8.. Sell emerging-market debt.=20 9.. Sell stocks in general. (Shilling's forecast of a "severe = recession suggests that corporate profits, as defined by the Commerce = Department, will fall 48% from their peak in the third quarter 2007 to = the fourth quarter 2009, and drop 32% from 2008 to 2009. This forecast = implies much weaker S&P 500 earnings than projected by Wall Street = analysts and strategies" whom he says "tend to be overly optimistic, = especially in recessions when analysts don't want to offend managements = of the companies they follow with low numbers.")=20 10.. Sell consumer lenders' equities.=20 11.. Buy the dollar.=20 12.. Buy, carefully, high-grade bonds.=20 No recovery in 2009? Not till 2010, or later? Shilling's not alone. But = in the eyes of the Wall Street happy-talkers, he's just another = dark-side bear vying for the title "Dr. Doom" in 2009.=20 Shilling offers 10 "sells" and two cautious "buys." The dollar's one: = "The buck tends to have five-to-seven year moves, and the current one = appears to have just started. With a global recession, the dollar is the = safe haven, the best of the bad lot."=20 And as for bonds: While "the 27-year rally in Treasury bonds is over," = the yields on "high-quality municipals, compared to super-safe = Treasurys, make them interesting. The risk is that as the financial = crisis continues, those spreads could get even bigger. And ratings may = be cut as the recession strains state and local finances."=20 Another alternative: "Yields on investment-grade corporate bonds are = very attractive relative to record low Treasury yields." So "buy = high-grade corporate and municipal bonds, but carefully."=20 Will new bull be leading indicator of economic recovery? Shilling is one of America's top economists. Sixteen months before the = 2007 meltdown he warned Forbes readers: "The current housing weakness = will develop into a full-scale rout ... a bubble ... the house-price = collapse will induce a painful recession that will send U.S. stocks into = a tailspin." But the bigger question now: When will it end?=20 "If policymakers succeed in containing the mortgage mess and bailing out = financial crises related to consumer borrowing, commercial real estate = and junk securities -- and other potential financial problems -- then = the recession may well end in early 2010 as massive fiscal stimulus = begins to take hold ... if not, the slump probably will extend well into = 2010 and perhaps beyond, and might as well be given the label that such = a long downturn deserves: a depression."=20 Contrast that with Wall Street strategists who make their living selling = securities that generate big commissions and fees. They don't like the = conservative forecasters. So it's no surprise that another regular on = the Forbes investment team, Bob Froehlich, author of "A Bull for All = Seasons" and chief investment strategist with Deutsche Bank's retail = funds, recently dismissed Shilling as a "perma-bear" whose forecasts are = "dead wrong."=20 But a year ago Froehlich predicted the market would stay above 14,000 in = 2008. And later Deutsche Bank's stock tanked from a high around $128 to = a low about $22.=20 Yes, money managers are optimistic ... but 30% returns!? The main reason Wall Streeters expect a new bull market in 2009 is the = growing belief that the markets hit bottom back in November. Last week a = Wall Street Journal article reported that "Suddenly, a Market = Turnaround: Dow Is Up Nearly 20% From a Low, Other Markets More; Is It a = Tease?"=20 That same day, in comes a "decidedly optimistic, opportunistic approach = to the economic downturn and the effect it has had on the financial = markets." The source: Brent Wilsey, president of Wilsey Asset = Management. His "9 Reasons 2009 can Deliver a 30% Return for Investors" = got my attention as I read Shilling's 42-page "Outlook for 2009." = Wilsey's reasoning begins with the key assumption that we've hit bottom: = The "market is forward thinking and can be ahead of the game by six = months."=20 The contrast with Shilling offers an interesting counterpoint as you = examine your own investment strategies for 2009. Assuming the market did = bottom a few months ago, he predicts "the market could begin a strong = rally in April. And even if the economy isn't going to improve until = later in February 2010" he again extrapolates back six months predicting = the "market could begin a strong rally in August" of 2009.=20 Then a huge leap of faith: "With companies trading at today's levels = it's more important to be invested than to try and time the bottom." = Bottom line: Start buying stocks now. Now? But first, examine the nine = upbeat assumptions driving his 30% forecast, edited for comparison:=20 1.. $12 trillion cash on the sidelines: Just 10% would be a $1.2 = trillion investment.=20 2.. Low interest rates: Cheap money usually has a positive effect on = the economy.=20 3.. Low stock valuations: Forward earnings P/E ratios on many = companies are under 10.=20 4.. Low consumer confidence: Low confidence often signals a rebound in = a year.=20 5.. Banking fundamentals improving: The banks are working through this = mess.=20 6.. Low gas prices: Add another $300 billion to $500 billion back into = the economy.=20 7.. Increased labor productivity: Companies become cost effective, = boost stocks.=20 8.. New president: Typically boosts confidence, optimism and spending. = 9.. Federal money: And President-elect Barack Obama's ready to pump = $1.2 trillion into the economy.=20 OK folks, the ball's in your court. Two opposing forecasts. But now you = alone must decide on the direction of the market, economy and your = investment strategy, facing so many "ifs," so many unpredictables.=20 Stop and ask yourself: Maybe you should ignore all predictions, = especially any made by the Wall Street voices that got us in this mess = in the first place. Maybe you should just wait, patiently, pray ... and = do nothing. ------=_NextPart_001_028B_01C97569.1F9B5820 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
ht= tp://www.marketwatch.com/news/story/dont-conned-thinking-there-recovery/s= tory.aspx?guid=3D%7BDD152E8A-13D9-4CBE-B444-7BE9F3148685%7D
 
3D"Paul
PAUL B.=20 FARRELL

Doomsayers warn:=20 'No recovery before 2010'

Wall Street's=20 praying for new bull, but wishful thinking not enough for '09

By Paul B. Farrell, MarketWatch
Last update: 7:19 p.m. EST Jan. 12, 2009
Comments: 340
ARROYO GRANDE, Calif. (MarketWatch) = -- Dateline:=20 1720. Breaking news. One day, at the peak of its speculative frenzy, as = the=20 "South Sea Bubble" swept through Europe faster than the plague, an = "unknown=20 adventurer" in Britain ran this advertisement: "A company for carrying = on an=20 undertaking of great advantage, but nobody to know what it is." =
The scam was originally reported in Charles Mackay's 1841 = classic,=20 "Extraordinary Popular Delusions and the Madness of Crowds," and updated = by=20 Forbes columnist and economist Gary Shilling in his annual "2009 = Investment=20 Outlook: 12 Strategies," to illustrate how little has changed between = 1720 and=20 today.=20
Investors never learn. And Wall Street knows it. That = crafty 1720=20 ancestor of today's Wall Street investment bankers and Bernie Madoffs = devised=20 what we'd call an "IPO:" He "opened his office to crowds of investors at = 9 a.m.=20 the next morning ... closed at 3 p.m. after taking in a fortune ... then = left=20 that evening for the Continent ... never to be heard from again."
Warning folks: Wall Street's happy-talking bulls are now = hyping=20 economic recovery and a new bull this year. That's a slower, but equally = lethal=20 2009 version of that famous 1720 trick.
So first let's review Shilling's forecasts for 2009. He = was=20 amazingly accurate with his 2008 investment strategies. Expect the same = in 2009=20 as he's part of a growing chorus of experts who believe "the worst = global=20 financial crisis and deepest worldwide recession since the 1930s will = continue=20 throughout 2009." His 12 strategies, with my notes:
  1. Sell home-builder stocks and = bonds.
  2. If you plan to sell your = house, second=20 home or investment houses anytime soon, do so = yesterday. (Yes,=20 another 20% drop is coming.)
  3. Sell some housing-related=20 stocks.
  4. Sell some consumer = discretionary=20 spending companies.
  5. Sell most commercial real=20 estate.
  6. Sell some commodities.=20 (But proceed "carefully:" Selling "some" securities, = or=20 buying, or actively trading in today's volatile markets demands a = level of=20 skill sets, savvy and sophistication most investors lack.)
  7. Sell emerging-market=20 equities.
  8. Sell emerging-market debt.=20
  9. Sell stocks in general.=20 (Shilling's forecast of a "severe recession suggests = that=20 corporate profits, as defined by the Commerce Department, will fall = 48% from=20 their peak in the third quarter 2007 to the fourth quarter 2009, and = drop 32%=20 from 2008 to 2009. This forecast implies much weaker S&P 500 = earnings than=20 projected by Wall Street analysts and strategies" whom he says "tend = to be=20 overly optimistic, especially in recessions when analysts don't want = to offend=20 managements of the companies they follow with low numbers.")
  10. Sell consumer lenders' = equities.=20
  11. Buy the = dollar.
  12. Buy, carefully, high-grade=20 bonds.
No recovery in 2009? Not till 2010, or later? Shilling's = not alone.=20 But in the eyes of the Wall Street happy-talkers, he's just another = dark-side=20 bear vying for the title "Dr. Doom" in 2009.
Shilling offers 10 "sells" and two cautious "buys." The = dollar's=20 one: "The buck tends to have five-to-seven year moves, and the current = one=20 appears to have just started. With a global recession, the dollar is the = safe=20 haven, the best of the bad lot."
And as for bonds: While "the 27-year rally in Treasury = bonds is=20 over," the yields on "high-quality municipals, compared to super-safe = Treasurys,=20 make them interesting. The risk is that as the financial crisis = continues, those=20 spreads could get even bigger. And ratings may be cut as the recession = strains=20 state and local finances."
Another alternative: "Yields on investment-grade = corporate bonds=20 are very attractive relative to record low Treasury yields." So "buy = high-grade=20 corporate and municipal bonds, but carefully."
Will new bull be leading indicator of economic = recovery?
Shilling is one of America's top economists. Sixteen = months before=20 the 2007 meltdown he warned Forbes readers: "The current housing = weakness will=20 develop into a full-scale rout ... a bubble ... the house-price collapse = will=20 induce a painful recession that will send U.S. stocks into a tailspin." = But the=20 bigger question now: When will it end?
"If policymakers succeed in containing the mortgage mess = and=20 bailing out financial crises related to consumer borrowing, commercial = real=20 estate and junk securities -- and other potential financial problems -- = then the=20 recession may well end in early 2010 as massive fiscal stimulus begins = to take=20 hold ... if not, the slump probably will extend well into 2010 and = perhaps=20 beyond, and might as well be given the label that such a long downturn = deserves:=20 a depression."
Contrast that with Wall Street strategists who make their = living=20 selling securities that generate big commissions and fees. They don't = like the=20 conservative forecasters. So it's no surprise that another regular on = the Forbes=20 investment team, Bob Froehlich, author of "A Bull for All Seasons" and = chief=20 investment strategist with Deutsche Bank's retail funds, recently = dismissed=20 Shilling as a "perma-bear" whose forecasts are "dead wrong."
But a year ago Froehlich predicted the market would stay = above=20 14,000 in 2008. And later Deutsche Bank's stock tanked from a high = around $128=20 to a low about $22.
Yes, money managers are optimistic ... but 30% = returns!?
The main reason Wall Streeters expect a new bull market = in 2009 is=20 the growing belief that the markets hit bottom back in November. Last = week a=20 Wall Street Journal article reported that "Suddenly, a Market = Turnaround: Dow Is=20 Up Nearly 20% From a Low, Other Markets More; Is It a Tease?"
That same day, in comes a = "decidedly=20 optimistic, opportunistic approach to the economic downturn and the = effect it=20 has had on the financial markets." The source: Brent Wilsey, president = of Wilsey=20 Asset Management. His "9 Reasons 2009 can Deliver a 30% Return for = Investors"=20 got my attention as I read Shilling's 42-page "Outlook for 2009." = Wilsey's=20 reasoning begins with the key assumption that we've hit bottom: The = "market is=20 forward thinking and can be ahead of the game by six months."=20
The contrast with Shilling = offers an=20 interesting counterpoint as you examine your own investment strategies = for 2009.=20 Assuming the market did bottom a few months ago, he predicts "the market = could=20 begin a strong rally in April. And even if the economy isn't going to = improve=20 until later in February 2010" he again extrapolates back six months = predicting=20 the "market could begin a strong rally in August" of 2009.=20
Then a huge leap of faith: = "With=20 companies trading at today's levels it's more important to be invested = than to=20 try and time the bottom." Bottom line: Start buying stocks now. Now? But = first,=20 examine the nine upbeat assumptions driving his 30% forecast, edited for = comparison:
  1. $12 = trillion cash on=20 the sidelines: Just 10% would be a $1.2 trillion investment.=20
  2. Low = interest=20 rates: Cheap money usually has a positive effect on the = economy.=20
  3. Low = stock=20 valuations: Forward earnings P/E ratios on many companies are = under 10.=20
  4. Low = consumer=20 confidence: Low confidence often signals a rebound in a year.=20
  5. Banking fundamentals=20 improving: The banks are working through this mess.=20
  6. Low = gas=20 prices: Add another $300 billion to $500 billion back into the = economy.=20
  7. Increased labor=20 productivity: Companies become cost effective, boost stocks.=20
  8. New = president:=20 Typically boosts confidence, optimism and spending.=20
  9. Federal=20 money: And President-elect Barack Obama's ready to pump $1.2 = trillion=20 into the economy.
OK folks, the ball's in your court. Two opposing = forecasts. But now=20 you alone must decide on the direction of the market, economy and your=20 investment strategy, facing so many "ifs," so many unpredictables. =
Stop and ask yourself: Maybe you should ignore all = predictions,=20 especially any made by the Wall Street voices that got us in this mess = in the=20 first place. Maybe you should just wait, patiently, pray ... and do = nothing.=20 3D"End
------=_NextPart_001_028B_01C97569.1F9B5820-- ------=_NextPart_000_028A_01C97569.1F9B5820 Content-Type: image/gif; name="farrell_67x67.gif" Content-Transfer-Encoding: base64 Content-Location: http://i.mktw.net/newsimages/news/dreds/columnist/farrell_67x67.gif R0lGODlhQwBDANU/AM1yXA4MCvv17qWOduaTe+6Zg9Woj/q6o7Ckj/q0nfapko1QOfnayf3m1duV eciFZ+uiiUEnGdeDaLh2WW9EL/rItZJnTvWjjWVZR9aeiKNkSce0ntPEr+aokPvBq5NcQaVZQ+fL ud6KcNjaz+S8qLNkS6hrT+OwnKR2Wr9rVL59YcGYgNCLbra9pODEq458Y3gxJNmQcurUxMx+YvrQ v+Tk3kE2Oe3BsL2Mb7BvU/Svk/mumeKcgX+BeczMzP///yH5BAEAAD8ALAAAAABDAEMAAAb/QJ9w SCwaj8ikcin8OQVQaINRqTAYjQZty6BVsuBwQyDOXkM30mlNCslCHM6m5qzbm88omWrldr1bFYEH Hh6CNFhmVzJvby4kGRknbjJyGxx2mXh6ZFqCf1deVRUeBwk7pzsHo1w0aSQ3ISSzawYZJIwhGwgb mXc+Aj+cnoc0hqOFhQfLHqcXCsckgmodJ2qRkQ4ruHC7vb5Om1FZxoeFpFWlCYTJhAeoq1U0JAcn 1R3YGSy3bxv+CMHAiZNC5RyydMsSrFvGLqECHZ9unJDYwVYMHvpYtOmGAMEIcD/wjAFTMFk6ZeoU KnTnEFUCQR2qZcDnIIaDBw8MuOi2C5NA/x9PRk6pwC4dqXYrFSZLuWPHhQ4VOjiA0IGH1RgsVDxY sSGECw4dWwTUBFSYUGMoz5UilXRdKYYJT/GwZ5WHg5osZqhQgUNnnI4bxv7K06lCgkILUZKK67Zh ygNPFVi9yyPGA718t8npyEFwnU0kDcNlqHY0u7dvFSroAIHA3bssHsSeoILrvwEt6PgCDYbGCR06 4CozzVClymUPIfAoYNNu7AcqaPfdMKAjwJ9BwVT4rTSBjoVti6+Eu0OBAgjKRbzG+mBCjgk4ViAY QP/67rKdptzoAHydcfDHmbJQQk0pcIFyBNiEF3TuoaACffXNgZ1ZVzCwH3Df/Sfgf/+V1//UDsrZ 5YBd7KnwngkaoADhABLel90VFHWgQAIPMWOKgB4q5JKH5h0oYk0l5oACihq8AOELPpFVxxRdkFAN cE0NaCONCuwYpYcX+AjbDBLMZkIOGliQIn0vvIDAhD80EAIaJ8zUn3HMlPIhPG0ViJ5yeGE2wZca aGACCkaW+YJnIZX1Qw0uuCDRiPx9910pytCoo0sCmtKUDh0QoN6C0Zmwp59/lmmBBSt0NtgTHDxy AkYx9ccSY+uUp9AFqDhVAAEScCkCVizEoMKfJn5pwQsYYPCBBLcOcKoTMmxAgg4QOMDfKSoZmGUB 2GZbwDMQYIvnXRnEgEOntL0X3QQooID/QQQLEADBAjCA8FE4hv7Q7G9VNZpllTSih1EGK2RgywoE 47CiigOki8IHCyxAwQfw0fYACgtggIMDCwTA7jeF5iGDAQbEBEEGEBywhUQgA7yCwcSC8IA+Myzw Ag4mfEDBzQ+H+ecHFhgbHQsWUIAADhREQMECIHDchAA0NPBxyBDEcAIDjEiUwV4mlKDCDCw4YMEC ACg0AwYZOKBCnyieyPACHwj58GUUWDBA0B+UkEIJunXMwEs0HLCyBCfI4KQILBSewwd+5qAVDxCs kAMBCvDMQw4LePqAA7dKMIEGDn8AHQUqLGCDwaM+YAIAKgzGgKYQbWACDzVkwIMBK2T1/4BNeb03 wQME4GBBCodbYLOxGth8s8MLFG8CDiyYgMHDLFNQQg4AnPkZUAwAAAABlTwAhyQkEGyAXRMzDEIO ObCQQwk6XOB1sS/AAEPPAWgMQwQwIE6bChEEkC59ddNACjjWMQGIYHttIJgL7OGCDRiAAy14gQ36 1zAQ2E0DMyhFBwZgpgE0TCt9KkEJQECB832KAjCYgNwGkDUQDPBUGyiACCpAnQE8QhIuaIEOEWAB G1DgASBYgF5Ad4ACzGAAPUABDkRYAgDMYAZ3K8ETRaACEGjgaDkYFgstmIJ64cEHCiAAA2q4gRuQ 72IngEBeHKC9GcTgBRRgwQFEIIEewv9AAyDIowXXJ0UJxCAGJejT0TiHATGl4AF4O1UNDrSmBFgA ATdAEB1F4K4CACAFAHAA0BZAqwsQYAERaJsG7JaCFExgAjMQQQF4MIMS7OloxmubA4CnJGFA4AJe 0cGwngWBh9DxjzMAAAtEcLtTXqAAEBBBCthWyr1wiQDbOlAMUHe2DzDMmp5TQQlWUMsfGEABs+gA DjAwABoVQAEFkAAALocnAkxOBFmCQCuDqL0USGAq5jEPrp4IgJpd0wI5QKQECNgxJ2wgAdUggQOK lYB9OQWa2bolDx6ArabMwIIWPKAIelml8uAqVypYG9s+oIKuqcAzeAiJZBxQNhVggHH/EPiQgbZl LRackwC0IsD5WAACFRzToccUASVjRgHOWbNyvLPesmqALQfMoGwr6EA6FWCpKhlIKhAwJ63k6Up4 pQ+e1roVC0qAQhCYYKSVuwmhUvqDE7iPB13rgBp4ADkDGSgBJxjReVpD1WPmAKPy0+MI9Yi0QGKT cyYQATddVIcRIDQBvUImNkIWE0lkigDuwlytLjBWCUgAXik4Gx7t5sQJgOCwQfPTvLrphBNUQAe9 YpymZocNxqUTnrfqZEOVaU8RzmBb2VJnCoKITeEtYAB5Y+0PHJsAfTigks+Y0SmU+dtjntM8B1CA OikHtmBKQKjCHSw2rYkBkNDLFwaI/0rXYqDKLDUlnfZkby97WZ4sSYCsEQBBPUXoWe0Ntk9re4F5 C2oHAfQSSKnElicvOQNo5uqeBUhAa3R6v55eUnt5xOQlAwkmhlGgBQNmax0EsIGa1CTBMfCuUIM6 A5zc5WwobKIpT6kXpAmzlXwyXnIZC44VFGAqeYnBd4UKzeiS71d9WkBJ3fOlCcCrBLLhgQhKkOMI lDfE9crECO5yngfTMasgMg+mWLA5xM3gJtEpASgDAANkYk4C5wNT0XowYAKDAwfuCqME9qkXB0AL AjpQQAago4KpSOBup6UAmze1nM2Z6AMRiECWeQwODsQgplGD5gxMC4MF/NGz7N3zof9PiQN1HQ0A 3700D0TIgitGGsRYrrMK6urOMPJABw+AgQkcSIKUdS0DLpBgpF2oAlCr0WUhjXQE6BzrEEsA0FHz F1UVsE4D+EMGApABAzigaPxx8YluhEAgY5CDohntyuYVMTgGALkduOYCjGvKBe4Lgk4HDYUw0LAI t/ZECfBgASlwgAkifbMI1FndvhCACiKczG5Ft1vZAoAIU0CAphDgkop7olZYIMQYgDKUimY2SBDu Cw5sNAGuuaWBMJUlWhXIQLg612U2bSJPP6BoFBh4/URO6QGvgAA0usgzho4eq4aoJgzaeHsmgDge DBzk9dv5yCcNkhFc2t2XttaBegn/rcnAZmu3mw3lJuBxoyk66vXDwFqpDg6rs6B9F3mIeYremmjt qnCX2RVOnLyAvBAc7WjHwI5JnnBN3touXDcQeo4J8T/26o8TfaXnng54wEdAqXaus+weQBWbRNeu PUImZoW6HALMgHIUQN/ZK195DHgk8+ZtwQdw/YCqsIAHoL/WMaH5UXdm5YofOGv/WE98KxPeDgiw QQAmQPvKsKDo10JmROkI11MWTfjEr3z/Im2D49cAAT2wgfID8ABcl1QFl76TtiBeODJTjl2Qzr78 JU11Afgg/OIX//AtoIAH6I4HrJEtmMU4DgBS7xcBVyR/xacxIvZ9GJB/EDh8AWADehOQFejDAqxR ekJVgJvmavCngAq4CfcHgQ+YfxEwflEXR6ajOHjXb6JlPDejARIIgmg3fEIgAAhQguJXLBMYgTOo MYX2K1/SZDXTMA3DM/FHg6zXP0KggxBYPxA4QT9YP30Xead0SjXjKZuzekpIfCPABGAYhmIIhkEA ADs= ------=_NextPart_000_028A_01C97569.1F9B5820 Content-Type: image/png; name="comments.png" Content-Transfer-Encoding: base64 Content-Location: http://i.mktw.net/mw3/community/images/btns/icons/site/comments.png iVBORw0KGgoAAAANSUhEUgAAAAwAAAAMCAMAAABhq6zVAAAABGdBTUEAANbY1E9YMgAAABl0RVh0 U29mdHdhcmUAQWRvYmUgSW1hZ2VSZWFkeXHJZTwAAAClUExURQB3xhB/yMPf8hBvrQB1wwB3xQB0 wQBttRSCyhWCyzST0gh7xx58vA5trTyX0zqW0wBzvx6DxgBmqlOj2ABzwA5+yfX5+wBwukuUxNjo 8iaFxDJ/swBttjF8rh93sg1noxFztBZrpISvywVrrzmOxgtytw1qqfD2+rzT4pzC2xtqngBqsZzH 5ABxvA1rqmSavihyo3av1uXw9wZpquPv9lOSvP////qZe78AAAA3dFJOU/////////////////// /////////////////////////////////////////////////////wAQWZ2LAAAAdUlEQVR42kTH 1xKCMBAAwAOS0AldbICCXVBR7/8/zSMw474tYORqihshoJfoSuJRYubIIJAOiym+yCzbtjLhUwwB ijDGpJxzAJ6O6W/mImQsNI+U7fW5e2+6Q7mmkPOjatoPTsF8/61X9znkUrz+OS0H/AkwAKo3EGOR Tp0HAAAAAElFTkSuQmCC ------=_NextPart_000_028A_01C97569.1F9B5820 Content-Type: image/gif; name="greendot.gif" Content-Transfer-Encoding: base64 Content-Location: http://i.mktw.net/mw3/News/greendot.gif R0lGODlhCgAKAIAAAHyknAAAACH5BAAAAAAALAAAAAAKAAoAAAIIhI+py+0PYysAOw== ------=_NextPart_000_028A_01C97569.1F9B5820--