2005/2006 MARKET FORECASTS

FINANCIAL ASTROLOGY:
It is NOT WHAT you know, but WHEN you know it.

© Henry Weingarten Last Updated:

Much of the following material has been serialized in WALL STREET, NEXT WEEK and our subscriber premium channels.
Notes: Hyper links that are prefaced with a S: are restricted to WSNW Subscribers.
This forecast was first posted on our web site in our premium channels for WSNW subscribers.


2006 IS COMING!
 IT WILL BE BLEAK. BE PREPARED.

PRSERVE CAPITAL: FOCUS ON PROTECTING AGAINST DOWNSIDE RISK.

THE 2005/2006 STOCK MARKETS (From WSNW May 23, 2005)

"While some optimists believe the worst may be already over, I don’t. It is true that earnings for companies in the Standard & Poor's 500 index have risen. However, the outlook for the months ahead is in question, as many companies have issued warnings about future growth prospects. What's more, there are worries over high energy prices, growing inflationary pressures and rising interest rates - and the potential drag all those factors could have on the economy. The LEI (Leading Economic Indicators) declined in April, as it had in March, February and January. The more markets are recognized to be range based, the more investors will slowly have to adjust their expectations.

Will markets decline in the form of a single or series of downturns, failed rally attempts or even crashes? [We note the possibilities of a summer bargain hunting rally as well as a year end one.] Even so, each market rise will be accompanied by increased risk vs. declining reward attributes. If a crash in 2006, we have identified close to 40 potential looming crises (Pluto events).  A partial but not complete list of worries includes: China melt down, Yuan reevaluation after effects or Taiwan action, global biomedical epidemics, e.g. Avian Flu, or bioterrorism outbreaks, trade wars (China, EU), major hedge fund bankruptcies, a PBGC (Pension Benefit Guaranty Corp.) shortfall crisis, major junk bond or emerging market bond default, a bank derivative blowup, Fannie Mae issues plus possible assorted natural disasters. This list does not include problems arising from higher interest in consumer credit, energy costs, and costs and consequences of the ongoing conflict in Iraq. The list goes on and on. 

Alan Greenspan and his soothing reassurances will be gone in 2006. Whether January 31 when his term expires, or later until May 11 to become the longest-serving Fed chairman ever, he won’t be of much help post the May 17, 2006 New York Stock Exchange Solar Return. 2006 is likely to have more wars, rather than peace, whether in North Korea, Iran, India/Pakistan, etc.  The most ominous event we see intermediate term is the US dollar decline ahead and “America for Sale”, hopefully not a fire sale! 

As we approach 2006, be prepared for increased risk and market drops.  Decide what will be the maximum loss you are willing to take. The trend will be towards increased risk aversion. CASH WILL BE KING, with conservative investors buying the bonds of blue chip companies, selected REITs, shorter term fixed income, etc. Remember, the path of capital conservation entails a lower return: it is the conservative offset for the risk you are not wiling to assume.

WARNING: DANGER AHEAD WHILE  AN INTERMEDIATE TOP IS IMMIMENT

Foreign investors sell US assets
Less interest in US shares by foreign investors is one of the greatest dangers facing the US stock markets in H2 2005 and 2006. Last month international investments in U.S. securities dropped to $45.7-billion from $84.1-billion in February.  This is well below the $65-billion+ needed to cover the U.S. current account deficit.
Even many bullish analysts believe that until the Fed signals it is at or near the end of interest rate increases, markets will not break out far above of their recent trading ranges. The worse R/R, i.e. greatest risk and lowest reward is with the Nasdaq market now. Shall we project less than 1900 by Summer Why not!"


"The real issue for investors is whether the economy slows significantly next year, and how fast corporate profits grow." FT Lex Column

Many savvy investment advisors believe the next few years will be a decade of higher risk and lower market returns. I agree.
Intermediate Term, the 2004 US Presidential election was only One of Seven Market-Driving Forces in 2005. The others are Terrorism, Iraq, Oil, Valuation, Interest Rates and the Economy. Just as Democrats and Republicans were roughly and highly evenly divided, so are market Bears and Bulls today. The former see the cup as half full with continued worries about the three "I"s: Iraq, Interest Rates and Inflation that will result in further economic slowdown and reduced corporate profits overall in 2005. The latter, while acknowledging that there are many dangerous and difficult challenges ahead, view the post October 25 markets not as a bear market rally, but as the beginning or continuation of filling up a half empty economic cup.  The two sharply different worldviews are likely to continue to clash in H2 2005.[However, no later than H2 2006, we believe markets will declare the Bears clear winners.]  In such a yo-yo market, it is not so much macro economic views, but the quality of individual companies and the individual prospects that should determine most stock buying in 2005. Furthermore, active trading and/or frequent profit taking is required in order to sustain portfolio growth.  Five favorite sectors are alternative energy, health care, mining, nanotechnology and VOIP.

Long Term, we consider the long term economic fallout of the US Iraq invasion quite severe and believe that global markets can retest or break their 2004 lows. As forecast, more and more savvy international investors are moving some of their money out of the US stock market to invest in countries that they feel are in better shape than the US. International Equities will outperform domestic ones We still recommend US investors in 2005 have up to 50% of their portfolio outside of US dollar denominated assets, or use gold and currencies hedges for similar protection.

 I recommend increase use of Exchange traded funds [ETFs], which are passively managed, low-cost,  efficient baskets of stocks that focus on countries, sectors, regions or indices. Even market bulls are concerned about specific asset classes and betting on individual sectors they prefer. My view remains that stock selection continues to be paramount and counts more than sector rotation. It is also as important as market timing! Further, while the internal Stock Market astrology, as in 2003 and 2004, is mixed, the external risk potential continues to be abnormally high. Looking ahead, my question is whether 2006 will show slow growth of less than 2%, no growth, or turn into a classical recession. America will be on sale then. Hence we advise PRESERVE CAPITAL: FOCUS ON PROTECTING AGAINST DOWNSIDE RISK.
Given that the traditional "Buy and Hold" investing strategy will continue to under perform, we again recommend trading 50% in "investing" portfolios in 2005. TAKE/PROTECT PROFITS CONTINUOUSLY.
 

BOTTOM LINE:
DON'T BUY AND HOLD. THE STOCK MARKET REMAINS A RISKY, DANGEROUS PLACE.
I ADVISE KEEPING A BALANCED AND DIVERSIFIED PORTFOLIO, AVOID MARGIN DEBT AND BE CASH RICH.  


There are five primary celestial and terrestrial phenomena affecting world events and global markets in H2 2005/H1 2006:

These are extraordinary times, where geopolitical risk and outlook continue to outweigh normal stock market considerations trends. As this will take money away from more productive areas of the economy, we are far from bullish intermediate term. US government bond yields will rise due to weakening foreign demand along with an increase in supply because of massive tax cuts underway, as well as military adventures and increased defense and homeland security spending. We could see a very nasty bear market in bonds.  Remember: Life jackets, Deadbolts, Smoke and Fire Alarms, etc. do NOT provide you with Financial security. Liquidity, Global Diversification and hard assets such as gold DO offer some protection.

WILL US FED POLICY PREVENT A JAPANESE OUTCOME OR JUST DELAY IT?
HOW WILL  FUTURE US MILITARY ADVENTURES HELP OR HINDER THE WAR ON TERROR?
WILL THE US DOLLAR FIGHT BACK OR REALLY TAKE A DIVE?

Global Stock markets in 2005/2006 will be determined largely by answering five questions:

Q1:  Will the US Dollar remain the sole global reserve currency?
Q2:  
Will Energy Prices Stay High?
Q3:  Who will be helped/hurt the most by the lower/higher US dollar?
Q4:  What P/e's will investors be willing to pay for modest corporate growth?
Q5:  Where are interest rates headed and when and where will the Fed stop increasing rates?

TWO WILD CARDS

1) New rules by the Financial Accounting Standards Board (FASB) call for publicly traded companies to record employee stock options as an expensive beginning with their first fiscal reporting period after June 15. This could slash the reported earnings of many big companies, and this requirement for expensing options is likely to result in a strong Nasdaq midyear fall, as it would reduce up to 44% the profits of a a number of Nasdaq high flyers.

2) The partial privatization of social security would result in a stock market bonus, but a US bond hit. Fortunately, this ill advised proposal is becoming less likely to be enacted.

SHORTING AND MARKET NEUTRAL INVESTING FOR EXPERIENCED INVESTORS
In order to sleep soundly at night, I recommend a Hedge Fund style Market Neutral Strategy for much of 2005. This involves both buying under valued and selling short overvalued stocks. This is often best done in industry pairs: going long quality stocks and shorting lower quality ones, as it involves the smallest risk, but the most work. Alternately, stocks can be hedged against their individual sector membership or the overall market: Buying a stock and selling its sector or broad market index, or Selling a stock and buying its sector index or the overall market. For example, take our favorite 2005/2006 trading short Google (GOOG), which has a history very similar to Yahoo mania. A GOOG short could be paired with Buying another Internut like YHOO.  Or one could buy the Internet Index (INX), for possibly more profitability, Buy the Nasdaq 100 or SPX respectively, while maintaining a GOOG short (until well past 108).

If you are bullish, I would recommend a long/short ratio of 2-1 for market neutral strategies.
If you incline more to the bearish camp as I do, then a long/short ratio of 1-1 and 1-2 (depending on the short term astrological trend) is preferable.


 HOW HIGH IS UP? HOW LOW IS LOW?

AFUND TRADING RANGES
DJIA: 8850 to 10750
SPX: 985 to 1215

NASDAQ: 1610-2190

VALUE WITH GROWTH
We would be glad to be less active traders and more traditional buy and hold cosmic value investors if only....
In 2005, we recommend holding some [up to 30%] Blue Chip dividend stocks which offer a greater  total return beyond cash in the bank. Additionally, we look to commodities [10%-15%], currencies [10%] and small cap trading [5%-15% depending on account risk profile] for double digit 2005 portfolio returns.  The mania for M&A will gradually be replaced by DISTRESSED INVESTING.

Capital Preservation remains important for global investors; hence, we stress caution. Flat and range bound markets will  favor quality issues. Alternately, Market timing is another key to above average returns.

Today most investors realize classic "Buy and Hold" is passé: Stock picking and market timing will continue to rule in 2005.
Successful investing depends on knowing: 
When all the good news has already been factored into the share price, at what price is the valuation just too high? 
When all the bad news has already been factored into the share price, at what price is the valuation too cheap?

LEARN THE LESSONS OF 2000, THEY REPEATED IN 2003 AND 2004 WITH EXCESSIVE SPECULATION AND WILL AGAIN IN 2005:
1) Buy carefully and when stock valuation becomes super frothy again, SELL.
2) Be careful about owning stocks that are “priced to perfection”, they can only disappoint.
3) It is NEVER “different this time.”
4) Ultimately, profits matter.
        

INVESTORS SHOULD BUY AND HOLD STOCKS IN 2005/2006 THAT ARE:
1) Profitable, well managed companies,
2) P/E* under 15 for Growth and under 12 for Value.       
3) A PEG <1.4, or undervalued by 10% or more, or dividend yields of 5% or more.

*After allowing for pension liabilities and expensing options.
I GLOBAL INVESTING
BUY JAPAN
ACCUMULATE CANADA and KOREA ON WEAKNESS

TRADE THE UNITED STATES

The Horoscope is a MAP of TIME and PLACE - here is a brief overview of selected global markets:
Country risk is real. Despite globalization, sophisticated investors today are rightly concerned about being overly invested in any one country or currency.

EUROPE - One global alternative to the US
We are buyers of Euros under 126, sellers above 136  Our Fair value is currently 131, but subject to upwards revision should the Yuan repeg to a basket of currencies or a similar move by other countries to keep the US Dollar the sole world reserve currency. However, we also note that if Gold targets $500, the Euro is likely to target 136-140.  We plan to trade accordingly.         


NORTH AMERICA - Traders paradise


ASIA/PACIFIC
- Intermediate term investment opportunities in India and China.

Long term, China and Asia could be the fastest growing area in the world 2010-2030 and the world's largest economy in 2050. It is only a matter of time before Asia is no longer so dependent upon American consumer markets to thrive.

OTHER- Opportunities for savvy investors ONLY .

We continue to advise caution for emerging markets unless you monitor them very closely. There is always an uncomfortably large possibility of shocking negative "surprises."   They "behave like rich-country ones on speed, both up and down". It is very important for investors to distinguish between high and low risk countries. In addition to the obvious political and currency risk, many are too loosely regulated. By the end of this decade, many forecasters believe we will see greater economic growth coming from a combined India, China, Brazil and Russia than from the established economies of the US, Canada and Europe.

Until then, one can expect plenty of geopolitical risk. For example, the actions against Yukos and Khodorkovsky should be an investor red flag about Russia's commitment to rule of law and protection of shareholder and investor rights.
Current AFUND ratings on the BIG Four Emerging Markets are: Brazil (Accumulate on Weakness), China (Wait), India (Watch) and Russia (AVOID). In 2006, the global investing landscape may be dramatically different.

WSNW subscribers should periodically review our S: AFUND GLOBAL 12 - for our favorite global blue chip long term investments.


II TIMING
Traders believe that "Making money in the market is all about Timing".  The "Buy And Hold" climate we used to have in the US stock market is long PAST HISTORY.  Since 2000, it has become a "Market Timing" and “Stock Picking” environment.  Markets reward best stocks that have Value AND Growth. Corporate profits for more well managed and sufficiently capitalized companies should rise modestly, helped by the low interest rates.                                                                                                
Despite the fact that we do live in interesting times, short term we repeat last year's mantra:
VALUE plus GROWTH is BEST
and Trade for short term profit 10-20% moves. WSNW subscribers can find trading ideas from our Stock of the Month Club picks.  H2 2005
Both Jupiter and Saturn are changing signs in H2 2005
Saturn enters Leo in July 16th, while Jupiter will enter Scorpio October 26, 2005 which will cosmically bestow favor on the Business Intelligence, Health Science, Mining, Nanotechnology, VOIP/Wireless sectors as well as grow bankruptcy - a challenge for banking, business intelligence (spying) and pollution [classic scorpio themes].

LONGER TERM

2006: In the 4 year presidential cycle, this is often a down year (e.g. 2002, 1998 etc.).  March 29, 2006 is a Total Solar Eclipse. In 2006 Jupiter squares Neptune 1/28, 3/16 and 9/24. Also we have the first pass of Saturn opposite Neptune 8/31 and again in 2007 (2/28) and 6/25).

2007: Jupiter Square Uranus: 1/22, 5/11, 10/9 and then in December 2007: Jupiter will be conjunct Pluto. Two Total Lunar Eclipses March 03 and August 28, 2007.

The low point of the nodal cycle is reached in 2008, when Pluto ingresses into Capricorn with one Total Lunar Eclipse February 21 and a Total Solar Eclipse over China and Russia. 8/1/2008. 

Jupiter conjunct Neptune in 2009: 5/27, 7/10, 12/21. Total Solar Eclipse July 22, 2009 (India/China).

The next epic shifting planetary configurations in 2010/2011 of Jupiter conjunct Uranus AND Jupiter opposition Saturn as well as Uranus entering Aries and Neptune entering Pisces and a total Solar Eclipse July 11, 2010 and a Total Lunar Eclipse December 21, 2010. We also have a rare transit of Venus June 6, 2012.  Then a Total eclipse of the Sun 14 November 2012. ALL precede the December 21, 2012 Mayan end date. Also we have 7, yes 7 Uranus-Pluto squares from June 24, 2012-March 17, 2015--Wowie! Some of the more extreme forecasts made for this time period include alien visitations/invasions, catastrophic asteroid impacts, violent volcanic eruptions and massive earthquakes. We will give our views here no later than midnight 12/20/2009.


III SECTORS
Sector based investing, while no longer replacing country based approaches to global investing, still is very important.
Favorite 2005/2006 future themes are: Biotechnology, Hydrogen/Solar Energy, Nanotechnology/Robotics and Wind/Water. 
The themes of Technology, Communications and Health Care continue to matter.
WSNW subscribers please note: we update our coverage on the following industry sectors on our premium Silver posting area: S: COMMUNICATIONS, S: COMPUTERS, S: ENERGY, S: HEALTH CARE, and S: MINING.             
Most of our 2005/2006 favored sector themes are defensive:         

IV STOCKS
Markets in 2005 and 2006 will continue to be more a stock pickers market, than a sector based one.

Having my Moon in Libra, my Stock Selection is both:

TOP DOWN: country/currency, bourse/sector, individual stock and
BOTTOM UP : strong astrological and/or fundamental/technical indications.

I like to begin with one or more of the following 4 criteria:

   A: CASH RICH, WELL MANAGED AND PROFITABLE,  

   B:  UNLOVED BUT UNDERVALUED, 

   C:  POSITIVE MOMENTUM AND MONEY FLOWS          

   D: GOOD HOROSCOPE OR IN AN ASTROLOGICALLY FAVORED SECTOR:   

     1) Saturn in Leo
     2) Jupiter In Scorpio [Mining, Health Care, Nanotechnology, VOIP/Wireless].
    

Summer/Fall 2005's favorite strategy will be defensive: Market Neutral Hedging: Buying a strong stock while shorting an appropriate index (SPX or Nasdaq), or Pairs Trading - buying a strong company and selling a weak one in the same sector usually makes money whether the market moves up, down or sideways. Until then, we will not so much be investing as doing short term trades such as buying January effect stocks or periodically Nasdaq Internut-like fantasies.

We again are looking to some cash rich dividend paying global blue chips. These are companies that are prospering by gaining market share and buying "cheap" assets during this economic slowdown over small and midcaps.  These are companies that will become far stronger in the long term.  Our game plan is to invest conservatively, but due to recent high market volatility and increasingly compressed market cycles, we now advise trading all accounts more actively, at least 50% of portfolio holdings! Note: European and Asian stocks may NO longer rise and fall fully in sync with US markets as currency trading brings more wild short term swings, and when the US dollar resumes its secular decline. WSNW subscribers should periodically review our S: AFUND GLOBAL 12 - for our favorite blue chip long term investments.
                                               
Nine selected Investing themes follow. For more and updates, WSNW subscribers may visit our AFUND premium channels.    

1.  The US dollar will fall again, select Country I-Shares or Foreign Blue Chip companies to hedge:

2. Share buybacks and dividend paying stocks are always desirable in our eyes. Historically, we always like undervalued stocks, especially if coupled with a yield greater than the classic value buy signal of 5%. Companies that pay dividends posted a total return of 18.35% vs. 13.65% for non-payers. We excpect the same relative out performance in 2005.Given Saturn remains in Cancer, we dramatically reduced our previously favored REIT exposure while we wait for more of a downward real estate price adjustment. Instead we recommend ishares Dow Jones Select Divident Index (DVY) and Canada's Power Book of high dividend paying - 50 Top Income Trusts. We also like stocks that are 10% or more undervalued or potential M&A acquisition candidates.
WSNW subscribers may wish to read our S: Income& Dividend stocks post for more.                
                                
3.
S: DJIA Our  FAVORITE  H 2005 stock will be Intel (INTC). Others are defensive: Pfizer (PFE) and secondarily, American International Group (AIG) and Johnson and Johnson (JNJ). While companies such as General Motors (GM) will continue to be highly challenged in 2005 for obvious reasons, it is perhaps surprising that Dow bellweather General Electric [GE] will also under perform. Citibank (C), Intel (INTC), JPMorgan (JPM) and possibly Merck (MRK) are likely to outperform H2 and Q4 2005.  However, these days even Blue Chip stocks have to be traded, not "buy and  held" for better than 10% returns in 2005.  4.  STOCKS FOR UNCERTAIN TIMES
Gold, entertainment and consumer staples have often outperformed in bad times. Such stocks are to be watched and accumulated on weakness before market bulls become concerned. Also considered traditional safe havens in times of uncertainty are utilities and property trusts. However, deregulation and future interest rate increases will make them less attractive in 2005.
Our S: Stocks for Uncertain Times is a defensive, lower risk value oriented portfolio that allows one to sleep better at night even if there is more terrorism or the "recovery" takes time and is not on "TV" time. Also included are income oriented stocks as well as an SRI component to feel good about, even if one is not making a ton of money. This, along with Health care, are our favorite sectors to buy and hold during market weakness.

5. JUPITER IN SCORPIO
Business Intelligence, Health Care, Mining, Nanotechnology and VOIP/Wireless

6. FUTURE TECHNOLOGIES
Even before we became one of the first Apple dealers in NYC, we historically have liked betting on emerging technologies.   This we recommend doing in a basket of stocks, because this is a high risk-high return investment that is best done in a diversified manner. Also, I don't like to pay too much of a premium over value for longer term holding. 
Note: Given an inevitable future boom-bust cycles, the "safe" play is the equipment sellers who always make money. After the Klondike and California gold rush, most miners went home broke. The real money was made by freighters and merchants who brought and marketed supplies. So too with Biotechs, the Internet and Nanotechnology today. For example about 1,200 of the roughly 1,500 companies involved globally in nanotechnology are start-ups, and obviously many will disappear.

Our 2005 four favorite FT sectors are:                            

BIOTECHNOLOGY: e.g. BBH and IBB or heavyweights Amgen (AMGN) and Genentech (DNA) can be trading buys on strong pullbacks.  I prefer to invest in companies that have multiple products in clinical development.   Another is our March 2005 Stock of the month pick Enzo (ENZ), which also has a stable health business unit as well as undervalued IP (Intellectual Property) in addition to the usual potentially risky biotech home run.
     
CLEAN AND SUCCESSOR ENERGY: e.g. The WilderHill Clean Energy Index [ECO], Vestas,and Gamesa.
Watch: DayStar Technologies (DSTI), FuelCell Energy (FCEL), Energy Conversion Devices (ENER), Hydrogenics (HYGS), Intermagnetics General Corporation (IMGC), Mechanical Technology (MKTY), Quantum Technologies (QTWW).

NANOTECHNOLOGY: e.g. NNZ or Veeco Instruments (VECO), FEI (FEIC) and watch Altair Nanontechnologies (ALTI) and Lumera (LMRA). Also you can research either Harris & Harris Group (TINY) or its portfolio of companies.

VOIP/Wireless: Voice over IP (VOIP). The new hot key application continues to be Voice over IP (VOIP). Accordingly, we are watching with interest Cisco, the obvious major winner here, along with much smaller companies that stand to benefit: DDDC and VOII.  Additionally,  the wireless area is growing and we are watching infrastructure plays such as microcap ICOA and GGBMW.

Forthcoming in 2006/2007 we plan to add ROBOTICS coverage.

7. SRI STOCKS 
Given the increasing risks to global sustainability, we believe there is a corresponding increasing need for increasing exposure to SRI stocks in one's long term investing portfolio.  One list to refer to annually for an initial stock screen is SustainableBusiness.com's annual list of the 20 World's Top Sustainable Stocks.  Another is to periodically check our Neptune Fund selections.

8. AFUND STOCK OF THE MONTH CLUB PICKS
Our Stock of the Month Club pick philosophy is to look for a minimum of 15-20% appreciation within four to six month. Thereafter, we take profits or use trailing stop losses. Conversely, as intermediate term investments (not trades), if there is a 15-20% loss, we either double up or exit depending on any news, market conditions and astrological factors at the time.
These monthly stock picks are emailed in real time to all Wall Street, Next Week Subscribers.
More aggressive investors and traders may wish to also follow our new SEASONED SPECULATOR picks.
 9. AFUND CLIENTS
Business Astrologers know that the best way to predict the future is to create it.
With strong Disclaimers and with an informed but obviously biased view, I am doing my best to help create investor wealth for client companies we consult for including International High Tech Industries [IHITF], Surfnet (SFNM) and TNX Television (TNXTE).
Since May 2, 1988 I have established a superior forecasting record primarily due to my knowledge of financial astrology. While not perfect as some critics would demand, my precision and accuracy is appreciated by many professional traders and investors.  As more of our forecasting is now private and contracted to money managers, it is my intention to have other financial astrologers and money managers contribute more on my web site in the future.
Latest sample performance figures at AFUND Performance.
Henry Weingarten

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