Go to Jeff Salisbury LWGate Home Page.From: "Tom Worley" <stkguru@bellsouth.net>
Subject: [CANSLIM] Worley's Weekend Weeview
Date: Sat, 2 Nov 2002 18:45:58 -0500
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This is a multi-part message in MIME format. - ------=_NextPart_000_0759_01C282A0.151BB1F0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_075A_01C282A0.151BB1F0" - ------=_NextPart_001_075A_01C282A0.151BB1F0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable JAPAN After weeks of waiting, the highly touted plan to reform the banks, and = bring an eventual end to the combination of recession and deflation, was = trotted out. Unfortunately, Japan remains a toothless tiger, and will = continue to drag on the world's economy for years to come. The Nikkei = had been sagging, and threatening once again to fall under 8,000, as = banks feared that Takenaka would deliver a strong and strict reform plan = with full govt backing. Then, as it became obvious that he was running = into political opposition from his own party's old guard, the markets = rallied, and even briefly climbed over 9,000. The plan as delivered is = so watered down that it pleases no one, nor appears to change much at = all from the present. The plans to accelerate write offs of bad loans = now looks like it will not actually speed up the process, and will take = until 2004 or 2005 at least, and that's assuming they stop adding new = defaulted loans as fast as they write off others, which has been the = pattern for several years. The expectation that banks would be required = to adhere to strict int'l accounting standards in identifying = non-performing loans (which could triple the volume of bad loans from = the official level of about $400 billion to well over $1.2 trillion) = became instead mere guidance and encouragement. And the most = controversial element, that of eliminating by March 2003 the legal use = of the "expectation" of a future tax refund (resulting from writing off = bad loans also in the future) as part of the bank's current required = capital reserve, was essentially eliminated entirely. This was = significant, since this would likely have put half the banks below = required minimum capital requirements. New rules were established to = require greater capital reserves on new loans that is more risk related, = however it is expected that this will simply mean less capital available = to small businesses. And to make matters worse, while Japan wallows in = debt (135% of GDP, worst industrialized nation in the world, $5.3 = trillion), there are calls for tax cuts even while the collection of = taxes falls well under the level needed by the govt. As of August, tax = collection was running 19% under last year with only 23% of the full = year target collected with 40% of the year already gone. The govt is = pledged to "only" add a further 30 trillion yen in new debt to its load = this year, but if this loss of tax revenue due to the dismal economy = persists, it alone could increase this figure another 6 or 7 trillion = yen. Any supplemental budget to either pump more money into the economy, = or to infuse fresh cash into failing banks, or more tax cuts, will = additionally increase the Japanese national debt. The Japanese banking = system, and economy, remains on the path to total meltdown and collapse. = This was Prime Minister Koizumi's best, and perhaps last, chance to make = a difference, and it didn't happen. The only hope now is that the global = economy can recover so quickly and strongly that it can drag Japan's = export based economy back into being a powerful engine of the world = economy. That doesn't look likely to happen either, especially with = Japan having to be carried on the backs of other nations. - -------------------------------------------------------------------------= - ------- "M" While we somehow managed to hold on and get our fourth week of gains on = every major index, this rally continues to look tired. It still is not = clear to me if we are trying to do the second leg up of a double bottom = "W" formation, or are stagnating in the right shoulder of a head and = shoulders pattern. Volume remains boring, hovering around average. = Volatility has dropped, as had VIX. We survived the earnings reporting = cycle without significant damage, and even got a few decent forward = looking forecasts. Several indexes (Russell 2000, Naz 100, Naz = Composite) are beginning to look more like continuing the rally while = the rest appear to be stagnating in the h&s pattern. Only time will tell = which will win out. I remain fully in cash in my margin acct, but did go = so far as to get preclearance for buys of up to about a dozen tech = stocks, just haven't executed any yet. Elections on Tuesday, and the = Feds meeting on Tue and Wed, will likely affect the markets early in the = week. And the only question with the Feds appears to be whether the long = awaited cut will be 25 BP or 50. A quarter point cut is already priced = into the Treasuries, so anything less will be a blow to the markets (my = bet is on 25 BP). Consumer spending and sentiment is the worst so far = this year. Significant economic and corporate profit recovery appears = now to have been postponed from the second half of this year until at = least mid year 2003. While it may make some sense to nibble around the = edges, and take some small or partial positions, "M" has still not = clearly spoken, so keep your powder dry and your cash safe. - -------------------------------------------------------------------------= - ------- ECONOMICS The steady rise in gas prices finally slowed last week, amid most major = oil companies reporting lousy earnings for Q3. Where is all the money = going? Crude has been steadily dropping as part of the Iraqi War Premium = is stripped out, gas pump prices nonetheless went up, and oil company = profits are falling. What am I missing? Is it just a lack of product = volume sales? Chain store sales rose 1.4% during the first 3 weeks of October compared = to September, attributed to cooler weather. The Conference Board reported that consumer confidence fell off the = cliff in October, dropping to 79.4 from September's 93.7. Fifth straight = monthly decline, well under expectations of 90, lowest since Nov 1993. = Also biggest month to month decline since 9/11. Employment Cost Index rose by 0.8% during Q3, below expectations of = 1.0%, as businesses delayed or cancelled wage, salary or benefits = increases. Wages and salaries combined only grew by 0.5%, smallest = increase since Q1 1999. Weekly unemployment reports continue to paint a picture of a stagnant = labor market, new claims rising to 410,000, above expectations of 399K. = Workers continuing on unemployment increased 76K to 3.6 million. That's = a LOT of people out of work as Christmas approaches. Ouch!! Good news, bad news. The preliminary Q3 report of GDP shows a rise to = 3.1%, well above Q2's anemic 1.3%, but also well under expectations of = 3.6%. Consumer spending drove the numbers, up 4.2%, but much of that may = have been early in the quarter, especially on new autos (durable goods = including cars was up 22.7%) which appears to have topped out. One = hopeful sign was business spending on equipment and software, rising at = a 6.5% rate and strongest since Q2 2000 (remember the tech bubble??). = CPI was up a lethargic 1.4%, so inflation remains a non-event, much less = a threat. In a prelude to the nat'l survey, the Chicago Assn of Purchasing = Managers index fell further and faster in October, down to 45.9 from = 48.1 in Sept. Expectations were for 49, so contraction was not only = expected, it was worse than expected by a wide margin. The employment = component of this index fell to 41.6 from 46.6, but prices paid rose to = 62.0 from 57.6. Paralleling the Chicago report, the national report from ISM came in = with a decline to 48.5% in October, down a full percent from September = and below expectations of 48.9%. The employment component rose to 45 = from 44.9, so got worse at a slightly marginally slower rate. On a = positive note, the new orders component rose to 50.9 from 50.2, second = monthly rise and keeping alive hopes for future improvements. US Dollar remains top of the pile, despite accounting scandals, severe = drops in the US markets, poor corporate earnings, fear of recession or = war with Iraq, etc. The US dollar is off 12% against the Euro so far = this year, and 7% against the yen. But the dollar still beats both over = the past 4 years. The S&P500 is down 22% for the year, but France's = CAC40 is down 26.6% and Germany's DAX is down 33.3%, and who's still = counting the NIKKEI as it battles 19 year lows? Consumer spending dropped 0.4% in September, largest decline in 10 = months. Consumer income rose by the same 0.4%. Both were weaker than = expectations of a negative 0.2% and a positive 0.5% respectively. The Longshoremen's Union and the Pacific Maritime Assn have apparently = reached a tentative agreement over implementation of technology. While = details are not out, maybe now productively can at least return to prior = levels, if not exceed that. Construction spending remains strong, up 0.6% in September, and = reversing a four month decline. But its all concentrated in residential = housing. Nonresidential construction fell to more than a six year low. = Expectations were for an overall 0.2% improvement. Overall unemployment rose slightly to 5.7% instead of the expected 5.8%. = Businesses cut 5,000 jobs in line with expectations of unchanged, with = service jobs again increasing while manufacturing jobs declining. = Personal savings rate also increased to 4.2% from 3.4%. Visa, Master = Charge and American Express better watch out, people might actually = start paying off their credit card balances instead of running them = higher. - -------------------------------------------------------------------------= - ------- WORLEY'S WATCHLIST WANNABES=20 This list is in no way intended to recommend any stocks to the group. It = is a part of my regular personal assessment of the health of CANSLIM's = "M" and, as the name implies, only intended to identify some stocks with = constructive chart patterns that may be worth WATCHING and learning from = (and of course doing your own due diligence). I am employed in = Operations by a US Broker Dealer, however everything presented by me is = strictly my own ideas and in no way should be taken to reflect the views = or opinions of my employer. I typically list stocks with both RS and EPS ranking of 80 or better, = and try to exclude stocks undergoing any merger / acquisition / buyout = scenario. I look at all charts that meet this general RS/EPS criteria, = focusing on ones at or close to a new 12 month high. I consider all = industry groups and prices, even those I will not consider for my = personal investing. I no longer will actively consider earnings forecast = for this year and next due the confusing data presented by DGO. I do no = due diligence, that is your responsibility. I will note any CANSLIM = patterns I see, such as c&h, double (or triple) bottoms, or flat bases = (shown as Bx where "x" is the # of weeks, IMO). I will also note LLUR = (Lower Left Upper Right) even though it is not exactly a CANSLIM = pattern. Rarely are any of these stocks of interest to me for my = personal investing due size, price or industry group. I will note any = stocks in which I have a current personal financial interest. The population of stocks I am reviewing this weekend is stable to = slightly improving. CAH - 2nd handle? CCCG - B3 CHCO - LLUR CHS - c&h? CPKI - high handle FESX - B5 GDW - double bottom IDXC - cup w/o handle KSWS - c&h MVL - c&h PCLE - c&h PFGC - c&h RKY - c&h SHFL - c&h STN - b/o Wed on over 3X ADV, within 5% of pivot SYMC - stealth b/o from the handle on below avg volume TSCO - b/o Friday on 2.5X ADV from a B3+ Happy hunting, and good luck, Tom Worley stkguru@bellsouth.net AIM: TexWorley - ------=_NextPart_001_075A_01C282A0.151BB1F0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=3DContent-Type content=3D"text/html; = charset=3Diso-8859-1"> <META content=3D"MSHTML 6.00.2800.1106" name=3DGENERATOR> <STYLE></STYLE> </HEAD> <BODY> <DIV><FONT face=3DArial><STRONG>JAPAN</STRONG></FONT></DIV> <DIV><FONT face=3DArial>After weeks of waiting, the highly touted plan = to reform=20 the banks, and bring an eventual end to the combination of recession and = deflation, was trotted out. Unfortunately, Japan remains a toothless = tiger, and=20 will continue to drag on the world's economy for years to come. The = Nikkei had=20 been sagging, and threatening once again to fall under 8,000, as banks = feared=20 that Takenaka would deliver a strong and strict reform plan with full = govt=20 backing. Then, as it became obvious that he was running into political=20 opposition from his own party's old guard, the markets rallied, and even = briefly=20 climbed over 9,000. The plan as delivered is so watered down that it = pleases no=20 one, nor appears to change much at all from the present. The plans to = accelerate=20 write offs of bad loans now looks like it will not actually speed up the = process, and will take until 2004 or 2005 at least, and that's assuming = they=20 stop adding new defaulted loans as fast as they write off others, which = has been=20 the pattern for several years. The expectation that banks would be = required to=20 adhere to strict int'l accounting standards in identifying = non-performing loans=20 (which could triple the volume of bad loans from the official level of = about=20 $400 billion to well over $1.2 trillion) became instead mere guidance = and=20 encouragement. And the most controversial element, that of eliminating = by March=20 2003 the legal use of the "expectation" of a future tax refund = (resulting from=20 writing off bad loans also in the future) as part of the bank's = current=20 required capital reserve, was essentially eliminated entirely. This was=20 significant, since this would likely have put half the banks below = required=20 minimum capital requirements. New rules were established to require = greater=20 capital reserves on new loans that is more risk related, however it is = expected=20 that this will simply mean less capital available to small businesses. = And to=20 make matters worse, while Japan wallows in debt (135% of GDP, worst=20 industrialized nation in the world, $5.3 trillion), there are calls for = tax cuts=20 even while the collection of taxes falls well under the level needed by = the=20 govt. As of August, tax collection was running 19% under last year with = only 23%=20 of the full year target collected with 40% of the year already gone. The = govt is=20 pledged to "only" add a further 30 trillion yen in new debt to its load = this=20 year, but if this loss of tax revenue due to the dismal economy = persists, it=20 alone could increase this figure another 6 or 7 trillion yen. Any = supplemental=20 budget to either pump more money into the economy, or to infuse fresh = cash into=20 failing banks, or more tax cuts, will additionally increase the Japanese = national debt. The Japanese banking system, and economy, remains on the = path to=20 total meltdown and collapse. This was Prime Minister Koizumi's best, and = perhaps=20 last, chance to make a difference, and it didn't happen. The only hope = now is=20 that the global economy can recover so quickly and strongly that it can = drag=20 Japan's export based economy back into being a powerful engine of the = world=20 economy. That doesn't look likely to happen either, especially with = Japan having=20 to be carried on the backs of other nations. <HR> </FONT></DIV> <DIV><FONT face=3DArial><STRONG>"M"</STRONG></FONT></DIV> <DIV><FONT face=3DArial>While we somehow managed to hold on and get our = fourth=20 week of gains on every major index, this rally continues to look tired. = It still=20 is not clear to me if we are trying to do the second leg up of a double = bottom=20 "W" formation, or are stagnating in the right shoulder of a head and = shoulders=20 pattern. Volume remains boring, hovering around average. Volatility has = dropped,=20 as had VIX. We survived the earnings reporting cycle without significant = damage,=20 and even got a few decent forward looking forecasts. Several indexes = (Russell=20 2000, Naz 100, Naz Composite) are beginning to look more like continuing = the=20 rally while the rest appear to be stagnating in the h&s pattern. = Only time=20 will tell which will win out. I remain fully in cash in my margin acct, = but did=20 go so far as to get preclearance for buys of up to about a dozen tech = stocks,=20 just haven't executed any yet. Elections on Tuesday, and the Feds = meeting on Tue=20 and Wed, will likely affect the markets early in the week. And the only = question=20 with the Feds appears to be whether the long awaited cut will be 25 BP = or 50. A=20 quarter point cut is already priced into the Treasuries, so anything = less will=20 be a blow to the markets (my bet is on 25 BP). Consumer spending and = sentiment=20 is the worst so far this year. Significant economic and corporate profit = recovery appears now to have been postponed from the second half of this = year=20 until at least mid year 2003. While it may make some sense to nibble = around the=20 edges, and take some small or partial positions, "M" has still not = clearly=20 spoken, so keep your powder dry and your cash safe. <HR> </FONT></DIV> <DIV><FONT face=3DArial><STRONG>ECONOMICS</STRONG></FONT></DIV> <DIV><FONT face=3DArial>The steady rise in gas prices finally slowed = last week,=20 amid most major oil companies reporting lousy earnings for Q3. Where is = all the=20 money going? Crude has been steadily dropping as part of the Iraqi War = Premium=20 is stripped out, gas pump prices nonetheless went up, and oil company = profits=20 are falling. What am I missing? Is it just a lack of product volume=20 sales?</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>Chain store sales rose 1.4% during the first 3 = weeks of=20 October compared to September, attributed to cooler = weather.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>The Conference Board reported that consumer = confidence=20 fell off the cliff in October, dropping to 79.4 from September's 93.7. = Fifth=20 straight monthly decline, well under expectations of 90, lowest since = Nov 1993.=20 Also biggest month to month decline since 9/11.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>Employment Cost Index rose by 0.8% during Q3, = below=20 expectations of 1.0%, as businesses delayed or cancelled wage, salary or = benefits increases. Wages and salaries combined only grew by 0.5%, = smallest=20 increase since Q1 1999.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>Weekly unemployment reports continue to paint a = picture of=20 a stagnant labor market, new claims rising to 410,000, above = expectations of=20 399K. Workers continuing on unemployment increased 76K to 3.6 million. = That's a=20 LOT of people out of work as Christmas approaches. Ouch!!</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>Good news, bad news. The preliminary Q3 report = of GDP=20 shows a rise to 3.1%, well above Q2's anemic 1.3%, but also well under=20 expectations of 3.6%. Consumer spending drove the numbers, up 4.2%, but = much of=20 that may have been early in the quarter, especially on new autos = (durable goods=20 including cars was up 22.7%) which appears to have topped out. One = hopeful sign=20 was business spending on equipment and software, rising at a 6.5% rate = and=20 strongest since Q2 2000 (remember the tech bubble??). CPI was up a = lethargic=20 1.4%, so inflation remains a non-event, much less a threat.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>In a prelude to the nat'l survey, the Chicago = Assn of=20 Purchasing Managers index fell further and faster in October, down to = 45.9 from=20 48.1 in Sept. Expectations were for 49, so contraction was not only = expected, it=20 was worse than expected by a wide margin. The employment component of = this index=20 fell to 41.6 from 46.6, but prices paid rose to 62.0 from = 57.6.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>Paralleling the Chicago report, the national = report from=20 ISM came in with a decline to 48.5% in October, down a full percent from = September and below expectations of 48.9%. The employment component rose = to 45=20 from 44.9, so got worse at a slightly marginally slower rate. On a = positive=20 note, the new orders component rose to 50.9 from 50.2, second monthly = rise and=20 keeping alive hopes for future improvements.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>US Dollar remains top of the pile, despite = accounting=20 scandals, severe drops in the US markets, poor corporate earnings, fear = of=20 recession or war with Iraq, etc. The US dollar is off 12% against the = Euro so=20 far this year, and 7% against the yen. But the dollar still beats both = over the=20 past 4 years. The S&P500 is down 22% for the year, but France's = CAC40 is=20 down 26.6% and Germany's DAX is down 33.3%, and who's still counting the = NIKKEI=20 as it battles 19 year lows?</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>Consumer spending dropped 0.4% in September, = largest=20 decline in 10 months. Consumer income rose by the same 0.4%. Both were = weaker=20 than expectations of a negative 0.2% and a positive 0.5%=20 respectively.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>The Longshoremen's Union and the Pacific = Maritime Assn=20 have apparently reached a tentative agreement over implementation of = technology.=20 While details are not out, maybe now productively can at least return to = prior=20 levels, if not exceed that.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>Construction spending remains strong, up 0.6% in = September, and reversing a four month decline. But its all concentrated = in=20 residential housing. Nonresidential construction fell to more than a six = year=20 low. Expectations were for an overall 0.2% improvement.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>Overall unemployment rose slightly to 5.7% = instead of the=20 expected 5.8%. Businesses cut 5,000 jobs in line with expectations of = unchanged,=20 with service jobs again increasing while manufacturing jobs declining. = Personal=20 savings rate also increased to 4.2% from 3.4%. Visa, Master Charge and = American=20 Express better watch out, people might actually start paying off their = credit=20 card balances instead of running them higher.</FONT></DIV> <DIV><FONT face=3DArial><STRONG> <HR> WORLEY'S WATCHLIST WANNABES</STRONG><FONT face=3D"Times New Roman"> = </FONT> <DIV> <DIV> <DIV> <DIV><FONT face=3DArial>This list is in no way intended to recommend any = stocks to=20 the group. It is a part of my regular personal assessment of the health = of=20 CANSLIM's "M" and, as the name implies, only intended to identify some = stocks=20 with constructive chart patterns that may be worth <STRONG><FONT=20 color=3D#ff0000>WATCHING</FONT> and learning from</STRONG> (and of = course doing=20 your own due diligence). <FONT color=3D#0000ff><STRONG><EM>I am employed = in=20 Operations by a US Broker Dealer, however everything presented by me is = strictly=20 my own ideas and in no way should be taken to reflect the views or = opinions of=20 my employer.</EM></STRONG></FONT></FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>I typically list stocks with both RS and EPS = ranking of 80=20 or better, and try to exclude stocks undergoing any merger / acquisition = /=20 buyout scenario. I look at all charts that meet = this general RS/EPS=20 criteria, focusing on ones at or close to a new 12 month high. I = consider all=20 industry groups and prices, even those I will not consider for my = personal=20 investing. I no longer will actively consider earnings = forecast=20 for this year and next due the confusing data presented by DGO. <FONT=20 color=3D#ff0000>I do no due diligence, that is your = responsibility</FONT>. I will=20 note any CANSLIM patterns I see, such as c&h, double (or triple) = bottoms, or=20 flat bases (shown as Bx where "x" is the # of weeks, IMO). I will also = note LLUR=20 (Lower Left Upper Right) even though it is not exactly a CANSLIM = pattern. Rarely=20 are any of these stocks of interest to me for my personal investing due = size,=20 price or industry group. I will note any stocks in which I have a = current=20 personal financial interest.</FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><FONT face=3DArial>The population of stocks I am reviewing this = weekend is=20 stable to slightly improving.</FONT></DIV> <DIV> </DIV> <DIV>CAH - 2nd handle?</DIV> <DIV>CCCG - B3</DIV> <DIV>CHCO - LLUR</DIV> <DIV>CHS - c&h?</DIV> <DIV>CPKI - high handle</DIV> <DIV>FESX - B5</DIV> <DIV>GDW - double bottom</DIV> <DIV>IDXC - cup w/o handle</DIV> <DIV>KSWS - c&h</DIV> <DIV>MVL - c&h</DIV> <DIV>PCLE - c&h</DIV> <DIV>PFGC - c&h</DIV> <DIV>RKY - c&h</DIV> <DIV>SHFL - c&h</DIV> <DIV>STN - b/o Wed on over 3X ADV, within 5% of pivot</DIV> <DIV>SYMC - stealth b/o from the handle on below avg volume</DIV> <DIV>TSCO - b/o Friday on 2.5X ADV from a B3+</DIV> <DIV> </DIV> <DIV>Happy hunting, and good luck,</DIV></DIV></DIV></DIV></FONT></DIV> <DIV><FONT face=3DArial></FONT> </DIV> <DIV><IMG alt=3D"" hspace=3D0 = src=3D"cid:075801c282c9$fdf1b9f0$6501a8c0@TOMSBOX"=20 align=3Dbaseline border=3D0></DIV> <DIV><FONT face=3DArial>Tom Worley<BR></FONT><A=20 href=3D"mailto:stkguru@bellsouth.net"><FONT=20 face=3DArial>stkguru@bellsouth.net</FONT></A><BR><FONT face=3DArial>AIM: = TexWorley</FONT></DIV></BODY></HTML> - ------=_NextPart_001_075A_01C282A0.151BB1F0-- - ------=_NextPart_000_0759_01C282A0.151BB1F0 Content-Type: image/gif; name="Waving Flag.gif" Content-Transfer-Encoding: base64 Content-ID: <075801c282c9$fdf1b9f0$6501a8c0@TOMSBOX> R0lGODlhZAA3AMcAAAAAAAAAMwAAZgAAmQAAzAAA/zMAADMAMzMAZjMAmTMAzDMA/2YAAGYAM2YA ZmYAmWYAzGYA/5kAAJkAM5kAZpkAmZkAzJkA/8wAAMwAM8wAZswAmcwAzMwA//8AAP8AM/8AZv8A mf8AzP8A/wAzAAAzMwAzZgAzmQAzzAAz/zMzADMzMzMzZjMzmTMzzDMz/2YzAGYzM2YzZmYzmWYz zGYz/5kzAJkzM5kzZpkzmZkzzJkz/8wzAMwzM8wzZswzmcwzzMwz//8zAP8zM/8zZv8zmf8zzP8z /wBmAABmMwBmZgBmmQBmzABm/zNmADNmMzNmZjNmmTNmzDNm/2ZmAGZmM2ZmZmZmmWZmzGZm/5lm AJlmM5lmZplmmZlmzJlm/8xmAMxmM8xmZsxmmcxmzMxm//9mAP9mM/9mZv9mmf9mzP9m/wCZAACZ 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