M2

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=82 BGCOLOR="#006600" TEXT="#F7F7FF" bgproperties="fixed" background="00505521dwnpjk.jpg"> <div> <FONT SIZE="5" COLOR="#FFFFFF" FACE="Arial" ><B>InvestmentTools.com <style type="text/css">  </style></B></FONT><FONT SIZE="2" COLOR="#FFFFFF" FACE="Arial" ><B> </B></FONT><B>| </B><A HREF="http://www.investmenttools.com/" TARGET="_top" TITLE="http://www.investmenttools.com/"><U>home</U></A>          <B> </B><A HREF="index.htm" TARGET="_top" TITLE="The Fed Short Sales"><U><B><IMG SRC="00a0a0b0.jpg" border=0 width="10" height="11" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></U></A></div> <div> <A HREF="http://www.investmenttools.com/the_home_of_investmenttools__the_com_tock_letter_and_tradingtools.htm" TARGET="_top" TITLE="http://www.investmenttools.com/the_home_"><U><B>About</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/equities/" TARGET="_top" TITLE="http://www.investmenttools.com/equities/"><U><B>Equities</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/futures/" TARGET="_top" TITLE="http://www.investmenttools.com/futures/"><U><B>Commodity/Futures</B></U></A><B>    </B><A HREF="http://www.investmenttools.com/thestate/" TARGET="_top" TITLE="http://www.investmenttools.com/thestate/"><U><B>The State</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/bonds/" TARGET="_top" TITLE="http://www.investmenttools.com/bonds/"><U><B>Notes/Bonds</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/editorials.htm" TARGET="_top" TITLE="http://www.investmenttools.com/editorial"><U><B>Editorials</B></U></A><B>    </B><A HREF="http://www.investmenttools.com/sic_itur_ad_astra.htm" TARGET="_top" TITLE="http://www.investmenttools.com/sic_itur_"><U><B>Volition</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/com_tock_letter.htm" TARGET="_top" TITLE="http://www.investmenttools.com/com_tock_"><U><B>Com$tock Letter</B></U></A><B>    </B><A HREF="http://www.investmenttools.com/welcome_to_the_links__page.htm" TARGET="_top" TITLE="http://www.investmenttools.com/welcome_t"><U><B>Links</B></U></A><B>    </B><A HREF="http://www.investmenttools.com/thefed/" TARGET="_top" TITLE="http://www.investmenttools.com/thefed/"><U><B>The Fed & Short Sales </B></U></A><B>   </B><A HREF="http://www.investmenttools.com/finacial_planning.htm" TARGET="_top" TITLE="http://www.investmenttools.com/finacial_"><U><B>Miscellaneous</B></U></A><B>  </B></div> <div> </div> </td> </tr><tr> <td valign="top" width=210 BGCOLOR="#FF9900" TEXT="#080000" background="006d2053.jpg"> <div> <TABLE BORDER="4" CELLPADDING="4" CELLSPACING="4" WIDTH="162" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" BGCOLOR=#FFFFFF > <tR> <tD VALIGN=TOP HEIGHT= 109 WIDTH="136"><div> <B>You can observe a lot just by watching.</B></div> <bR> <div> <B>Yogi Berra</B></div> </tD> </tR> </TABLE></div> <bR> <bR> <bR> <div>  <SCRIPT language="JavaScript" SRC="http://context3.kanoodle.com/cgi-bin/context.cgi?id=80085957&db=context&query=finance:financial_news&cgroup=fed&format=sky&newtarget=1&width=120&numresults=1&first=1 "></SCRIPT>  </div> <bR> <bR> <bR> <bR> </td> <td valign="top" height=398 BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <B>M2</B></div> <bR> <div> <B> <SCRIPT language="JavaScript" SRC="http://context3.kanoodle.com/cgi-bin/context.cgi?id=80085957&db=context&query=finance:financial_news&cgroup=fed&format=468x60&newtarget=1 "></SCRIPT>  </B></div> <bR> <div> <B> <TABLE BORDER="2" CELLPADDING="2" CELLSPACING="1" WIDTH="400" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="ROWS" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 16 WIDTH="121"><div> <A HREF="#m2_long" TITLE="M2"><U><B>M2 Long term</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="2"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="2" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="132"><div> <A HREF="#m2_short" TITLE="M2"><U><B>M2 Short term</B></U></A></div> </tD> <tD VALIGN=TOP><NOBR><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="-2" HSPACE="0" VSPACE="0"></NOBR></tD> <tD VALIGN=TOP WIDTH="121"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="16" ALIGN="bottom" WIDTH="121" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="121"><div> <A HREF="#m2log" TITLE="M2"><U><B>M2 Log Chart</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="2"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="2" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="132"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="132" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="-2" HSPACE="0" VSPACE="0"></NOBR></tD> <tD VALIGN=TOP BGCOLOR=#DDDDDD WIDTH="121"><div> <A HREF="index.htm" TARGET="_top" TITLE="The Fed Short Sales"><U><B><IMG BORDER="0" SRC="Symb075c00b700c899330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">More Federal  Reserve Data</B></U></A></div> </tD> </tR> </TABLE></B></div> <bR> <div> <B> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="609" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="NONE" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 46 WIDTH="580"><div> <FONT SIZE="4" COLOR="#000000" FACE="Courier New" ><B>U.S. M2, </B></FONT><B>52 week ROC (Rate of Change) </B><FONT SIZE="3" COLOR="#0033FF" FACE="Courier New" ><B>blue, </B></FONT><B>10 week Momentum, MACD 6 and 13.</B><FONT SIZE="4" COLOR="#000000" FACE="Courier New" ><B> </B></FONT></div> </tD> <tD VALIGN=TOP WIDTH="18"><div> <B> <A NAME="m2_long"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 181 WIDTH="580"> <IMG SRC="../../images/wfed/fedasci/m2.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="18"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="181" ALIGN="bottom" WIDTH="18" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 46 WIDTH="580"><div> <FONT SIZE="4" COLOR="#000000" FACE="Courier New" ><B>U.S. M2, </B></FONT><B>52 week ROC (Rate of Change) </B><FONT SIZE="3" COLOR="#0033FF" FACE="Courier New" ><B>blue, </B></FONT><B>10 week Momentum, MACD 6 and 13.</B><FONT SIZE="4" COLOR="#000000" FACE="Courier New" ><B> </B></FONT><B>  </B></div> </tD> <tD VALIGN=TOP WIDTH="18"><div> <B> </B><B> <A NAME="m2_short"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 21 WIDTH="580"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="21" ALIGN="bottom" WIDTH="580" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="18"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="21" ALIGN="bottom" WIDTH="18" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 181 WIDTH="580"> <IMG SRC="../../images/wfed/fedasci/m2_r.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="18"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="181" ALIGN="bottom" WIDTH="18" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 21 WIDTH="580"><div> <B>M2 Logarithmic Chart</B></div> </tD> <tD VALIGN=TOP WIDTH="18"><div> <B> <A NAME="m2log"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="580"> <IMG SRC="../../images/wfed/fedasci/m2log.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="18"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="18" HSPACE="0" VSPACE="0"></tD> </tR> </TABLE></B></div> <bR> <bR> <div> <B>  <script type="text/javascript" language="javascript" src="http://fry.webtistic.com/philip.php?id=71"></script> <noscript> <a href="http://www.webtistic.com/"> <img SRC="http://fry.webtistic.com/hit.php?a=71" border="0" alt="Webtistic - Traffic Analysis"> </a></noscript>   </B></div> </td> </tr></table></body>