The thoughts expressed herein and the basic data from which they
have been drawn are believed to be reliable, but cannot be guaranteed
due to their complexity and their references to the future. Neither
the information nor any opinions expressed constitute a solicitation
for the sale or purchase of any security. Any opinion expressed
herein is subject to change without notice. This report has been
prepared by M. Steven Morgan, who is a registered Commodity Trade
Advisor (CTA) as well as a licensed commodity broker for T&T
Brokerage Co., Inc. Since the contents of this report are based
entirely upon the findings of M. Steven Morgan, the views in this
report may or may not be consistent with the market positions or
intentions of the commodities firm, its affiliates, employees and/or
members of their families. Those acting on this information are
responsible for their own actions. No claim is made that recommendations
will be profitable or that they will not result in losses.
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