Stockscom Report for Sunday July 16 2003

Publisher: Colin Alexander     Editor: Ken Wilson

Subscriptions and Administration: Pierre Fichaud (toll-free: 866-487-9711)

Since Monday, markets have been topping out at any opportunity when they appeared to start moving higher. Indications of money flow suggest strongly that money is being taken out of stocks much faster than price suggests. Tonight may be signalling that with the S&P futures down more than 5.00 at this moment and the Nasdaq futures down over 10.00.

The price of natgas has tumbled and fallen through support levels and with it goes our natgas shares ECA and EGN. Stops should be applied on ECA at 35.50 and EGN at 31.60. We retain the stop on TRP at 17.40. The TRP is interest-rate sensitive and with a move to bonds, it should recover.