Strategies Update 5 August 2004

As seen today markets across the board were hit hard so we currently have some large draw downs on some strategies which we are monitoring. The difficulty is it appears to to be an over reaction in the markets but still does not mean it stopped it from happening.

Currently hard to tell which way the markets will go as there is also an anticipation of another war breaking out which moves markets. The last week has been a combination of large news events that meant changes in thoughts of how countries are managing their economies.

We will continue to monitor.

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