StockbrokerPro.com NOTES…Sunday, April, 27, 2003

      · DO NOT forget that we are in a bear market … be careful!

     · · We WILL have a go at market lows again, sooner rather than later, certainly by the fall of this year.

       · WHY, WHY, WHY Greenspan again, Mr. President? Certainly there are short term political benefits to keeping on Fed Chairman Greenspan for a fifth term but he has done no favors for this economy or administration. As a matter of fact, Greenspan is doing to this President Bush what he did to the last one. After the first Gulf War, Greenspan shut down the money supply spigot. Shortage of cash in circulation crushed the economy and cost the senior George Bush the election. Then when Clinton came into office, Greenspan open the spigot like never before. He created more new money in eight years than had been created in all the prior years since this country's founding…which created a phenomenal economic boom, in spite of Clinton's tax-raising furor (which we are paying for now). Greenspan has the spigot closed again (it has been for a while). Just last week the Federal Reserve announced that the broad M3 money supply had fallen an astounding $37 billion in the previous seven days. This does not bode well for this economy, to say the least. Greenspan has shown very clearly that he does not like the Bush family.

      · Initial jobless claims rose to 455,000 for the past week. This was the tenth consecutive week over 400,000—NOT GOOD!

      · 25% of U.S. Industrial Capacity is lying idle (with more and more business being sent to China), and 16% of commercial property is now empty—THIS ISN'T GOOD EITHER.

      · Keep in mind, the S&P 500 is still pricy at 30 times earnings—this is not indicative of the end of a bear market (among other reasons, which I will cover in the future).

      · Thank you all who have registered for these NOTES. I don't know yet how often I will release them. Clearly, whenever I have something to say!

     · ··Remember, in economies like we are in now, RELATIONSHIPS are more important than ever. Pay attention to people—whether customers, employees, partners, investors, family and friends—It's The People, Stupid!

      · If you would like to see my new book The Covenant: 7 Principles For Creating The Model Business Relationship in manuscript form, email me at jfeloni@aol.com and I will email it to you (in a Word file).

      · The war is over! Expect President Bush to announce its end this week, more than likely this Thursday on the U.S.S. Lincoln. (Expect more silliness from the anti-Bush, anti-American crowd — they never disappoint!)

    ·  · Please tell everyone that you have an email address for (ALL of your email lists) to register for these NOTES — send them a hot link for me — registration is so easy, just a name and an email address.

THANK YOU!