WELCOME - Vol. 7 No. 3

TIMELY INVESTMENT INFORMATION - Weekly Economic Update
======================================================

Welcome !

For new and old subscribers, there is an Archive Section
on our website at: http://www.stockresearch.com/archive.html
It lists the original copy of each of our research reports,
at the time of publication.


=============================================================

PLEASE SUPPORT OUR SPONSORS
===========================

INDIVIDUAL MANAGEMENT FOR EVERYONE
==================================

For everyone who has enjoyed reading our newsletter but has
not had the $200,000 required for our personal, individual,
asset management services, we have an incredible announcement
to make: Green Mountain Asset Management Corp. and
BridgePortfolio.com of Chicago, IL have created an alliance
where you can now invest in the Green Mountain Asset Growth
Portfolio through BridgePortfolio with a low minimum of
$10,000. Your individual account will be set up at Schwab
Institutional, which gives you 24 hr. web access. Green
Mountain Asset, as a sub-advisor, will instruct
BridgePortfolio what to buy and sell. BridgePortfolio.com, as
your investment advisor, will execute trades on your behalf
only in accordance with our instructions.

       Simple as that!  Click here for more details.

  http://www.bridgeportfolio.com/index.asp?RelCode=GM4005VT

Or call 800-610-8882  Monday thru Friday-9:00 am-5:00 pm CST


============================================================

This is a text only copy that should be fairly well
formatted for most e-mail programs.  For those of you
that would prefer an easier to read format, simply click
on the link to our website, and if you want, print a copy.

       http://www.stockresearch.com/weekecon.html

============================================================

WEEKLY UPDATE FOR: January 19, 2002

Prior Week in Review:

Financial Market Highlights:
============================

                        01/18/02     01/11/02     %Change

S&P 500                 1,127.58     1,145.60      -1.57%
Dow Jones               9,771.85     9,987.54      -2.16%
NASD Comp               1,930.34     2,022.46      -4.56%
Russell 2000              474.37       489.94      -3.18%
SOX Index                 523.04       568.89      -8.06%
Value Line                358.32       369.76      -3.09%
MS Growth                 558.74       556.92       +.33%
MS Cyclical               510.81       527.86      -3.23%
T - Bill                    1.58%        1.59%      -1 BP
Long Bond                   5.37%        5.36%      +1 BP
Gold - Oz-Near Month     $283.40      $287.70      -$4.30
Silver - Oz-Near Month     $4.35        $4.70       -$.35


Economic News:
==============

Last Week's Reports Very Solid With One Exception
 FRB's Beige Book Mixed - But Some Signs Of Hope
 Our View More Optimistic - Recovery Underway By Spring


*December Retail Sales eased -.1% - Good News - See Below
*Consumer Price Index fell -.2% in December - Core Rate -
  Ex Volatile Food and Energy rose +.1% - Non Event
*November Business Inventories fell -1.0% - Sales off -1.4%
  Inventory/Sales Ratio remains at 1.39 months
*Industrial Production fell -.1% in December - Capacity
  Utilization off -.1% to 74.4%
*Federal Reserve Board (FRB) Beige Book -  See Below
*Housing Starts fell -3.4% in December to 1.57 mil rate
*Building Permits in December rose +3.6%
*Philadelphia FRB Index rose to 14.7 - First positive
  Level in thirteen months
*Jobless Claims fell -14,000 to 384,000 - Four Week
  Moving Average fell -250 to 411,000
*International Trade deficit for November narrows -4.9%
*Univ. of Michigan Consumer Sentiment 94.2 mid month
  Big gain from December's 88.8


Although stock market participants focused on individual
earnings releases as the "official" earnings season got
underway, our focus remained on the economic news.  And,
the reports were fairly good, and continue to support our
view of a recovery in progress by Spring.

For starters, the Retail Sales report was very good, even
though the reported number was a decline of -.1%.  The
drop was fueled (pun intended) by a decline in gasoline sales,
which fell -4.2% as energy prices fell - which also drove the
trade deficit down.  But, obviously a decline in gasoline
prices is not a negative for consumers.  As we have pointed
out numerous times recently the decline in energy prices
has the same economic impact as a reasonable tax cut.

Not surprisingly, then, we liked the retail sales data.
The implication is that inventories will not be a problem at
the retail level after the holiday selling season.  And, of
course, the strength does support our contention that
spending is driven by personal income, which continues to
hold up very well and consumer confidence, which was quite
strong at midmonth according to the Univ. of Michigan survey.

The FRB Beige Book Survey agrees - sort of, at least for
retail sales.  Otherwise, they are not so sure, but seem
to imply that they think the economy is bottoming out,
with any hints at recovery very tentative.  More so than
is usual, even for the FRB, this report seems to steer
clear of making any definitive statements.

In addition to the fact that economic inflection points are
very, very difficult to identify in real time, the FRB may
be trying to keep their options open for the next meeting
of the rate setting Federal Open Market Committee (FOMC).
As you know, our view is that another quarter of one point
cut is not necessary, but the FOMC may take out an "insurance
policy."  In any case, as we tried to make clear last week,
the really important issue is the extent of the rebound in
productivity growth, and not the exact timing of the onset
of recovery.

One other point worth noting, from the more obscure Philadelphia
Federal Reserve Bank's Business Outlook Survey, is that
their mid-Atlantic manufacturing index turned positive.  And,
the new orders subcomponent went positive as well, moving from
-6.2 to +12.6, with the shipments subcomponent even stronger.
Anecdotal evidence, yes.  But directionally important, and
the magnitude of the change would imply no huge revisions
back to negative territory near term.

In any case, we believe that by Spring a recovery will be
underway.  And, our view remains that the "bounce back" will
be softer than what some are assuming, and could therefore be
disappointing to those that are buying stocks that are dependent
on the economic cycle.  But, even 3% GDP growth should be
positive for financial assets in general, and if the FRB is
right about productivity trends, they will allow higher trendline
growth than in the past.

In short, nothing in the economic data, or the early corporate
earnings reports for that matter, has caused us to alter our
view.  We expect a recovery to be underway shortly, if it has not
already begun, and to accelerate in the second half.  Last week
the economy outperformed the stock market.  But, the stock
market should revert to form, as a discounting mechanism. And,
when it does, it will look to the recovery, and not the history of
the just ended quarter.  Stay tuned !



Current Weekly Calendar of Economic Data:
=========================================


Monday:      MARTIN LUTHER KING DAY - U.S. MARKETS CLOSED
Tuesday:        Leading Indicators
Wednesday:
Thursday:       Jobless Claims
Friday:



Fresh Money Buys:
=================

In response to subscriber feedback, we have established this
section to highlight recommendations from our list that we
believe are the most attractively priced currently.  We will
limit the selections to three each week, even as our list of
recommendations changes.

Colgate-Palmolive (CL)                         $57.15
Fannie Mae (FNM)                               $82.60
Pfizer Inc. (PFE)                              $40.10


Original reports from the time of recommendation, are
         available on our Website at:

    http://www.stockresearch.com/archive.html


You may obtain a "second opinion" from VectorVest, a service
that provides limited access free so you may try their
service at:

    http://www.stockresearch.com/vv.html


We will not track the performance of this list as we are
already monitoring the original recommendations.  Hope
this helps.

**************************************************************

INVESTOOLS
==========

Tech Buyback Portfolio Posts Stellar Gains: +39.23% YTD!

David Fried knows a stock is undervalued when the company
buys back its shares. That's how he earned 39.23% YTD in
techs while the benchmark Nasdaq fell 21.82%. 'Buy these 5
techs today,' Fried says. Get them with a FREE trial:

   http://www.investools.com/c/go/BACK/SR-backTX2


INVESTOR'S BUSINESS DAILY - FREE TWO WEEK TRIAL OFFER
=====================================================

FREE TWO WEEK TRIAL to America's Fastest Growing Newspaper
and the FREE VIDEOTAPE "Maximizing Your Success." CLICK

http://ibd.infostreet.com/cgi-bin/freeoffer.cgi?source=ALA1GE2

            NO CREDIT CARD INFORMATION REQUIRED

**************************************************************

CLASSIFIED ADS
==============

PARIS VACATION RENTALS - Apartment on Historic Ile Saint Louis
    Plan Ahead - Only November and December Left For 2002
         http://www.paris-vacation-rental.com

AT ANY COST:HOW AL GORE TRIED TO STEAL THE ELECTION - Only $19.56
http://www.amazon.com/exec/obidos/ASIN/0895262274/greenmountainass

BIAS: A CBS INSIDER EXPOSES HOW THE MEDIA DISTORT THE NEWS -$19.56
http://www.amazon.com/exec/obidos/ASIN/0895261901/greenmountainass

THE THEORY OF INVESTMENT VALUE - John Burr Williams - Only $29.95
http://www.amazon.com/exec/obidos/ASIN/087034126X/greenmountainass

BASIC ECONOMICS: A CITIZEN'S GUIDE TO THE ECONOMY - Only $21.00
http://www.amazon.com/exec/obidos/ASIN/046508138x/greenmountainass


**************************************************************

SURVEY
======

It would really help us if you would take our brief survey, so
that we have a better understanding of our users and so that
we can sell targeted advertising, which keeps our services
free to you. A benefit to you and us.  So, please take just
two minutes to fill out a 13 question survey.  There is no
information requested to identify you personally as our only
interest is in the aggregate data. Thank you very much for
your help !

http://38.148.250.3/cgi-win/client.exe?readers,welcome,ad1321a,2000

To return here, after you have completed the survey, File
Close works better than the method suggested at the
survey site.

**************************************************************

As we continue to build both our Newsletter and our Website,
we welcome your feedback, so please feel free to e-mail me at:
mailto:bobbose@stockresearch.com

To UNSUBSCRIBE, just send an e-mail to:
timely-invest-off@mail-list.com
Be sure to use the e-mail address from which you subscribed.

To SUBSCRIBE, just send an e-mail to:
timely-invest-on@mail-list.com

To CHANGE, put either your new or old e-mail address in the
subject line and the other address in the from line and send to:
timely-invest-change@mail-list.com

DISCLAIMER:
===========

The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy or
sell any security. It does not purport to be a complete
description of the securities, markets, or developments
referred to in the material. All expressions of opinion
are subject to change without notice. The information is
obtained from internal and external sources which we
consider reliable but we have not independently verified
such information and we do not guarantee that it is
accurate or complete.  We do not undertake to advise you
to any changes in figures or our views.  We, our employees,
clients, and or officers and directors, may from time to
time have a long or short position in the securities
mentioned and may sell or buy such securities.



--
Bob Bose
Green Mtn. Asset Mgt. Corp., 139 Bank Street, Burlington, VT 05401
FREE Investment Newsletter - http://www.stockresearch.com
FREE Trial Investor's Business Daily
http://www.stockresearch.com/ibdform.html
800 - 385- 2673 / 802 - 658 - 7806




----------------------------------------------------------------------------------
To subscribe,   send a blank message to timely-invest-on@mail-list.com
To unsubscribe, send a blank message to timely-invest-off@mail-list.com
To change your email address, send a message to timely-invest-change@mail-list.com
   with the other address in the Subject: line



This message was launched into cyberspace to alewis@enron.com