Master Time Factor trading

W. D. Gann on

THE MASTER TIME FACTOR

This E-Book is not to be sold. It is a free educational service in the public interest published by

Gann Study Group

W. D. Gann on

Contents

Note to the Reader

3

Background on The Master Time Factor

4

Supply and Demand

8

Aout Terminology

!!

"t#s Mathematical$

!%

Further Statements &rom the 'ritings o& '( D( )ann *Arranged +hronologically,

!-

Ad.ertisements Making Re&erence to Time Factor or The Master Time Factor

!/

%

W. D. Gann on

Contents

Note to the Reader

3

Background on The Master Time Factor

4

Supply and Demand

8

Aout Terminology

!!

"t#s Mathematical$

!%

Further Statements &rom the 'ritings o& '( D( )ann *Arranged +hronologically,

!-

Ad.ertisements Making Re&erence to Time Factor or The Master Time Factor

!/

%

THE MASTER TIME FACTOR

Note to the Reader  This ooklet is o&&ered to you 0ith the thought that moti.ated the &ounding o& the )ann Study )roup itsel&1 to ring original 0ritings y and aout '( D( )ann to students o& his 0ork 0ho may pre.iously ne.er ha.e had access to these 0orks and to o&&er selections &rom those 0ritings and organi2e them in a 0ay that may stimulate thought and promote &urther in.estigation( "& you ha.e decided to read this ooklet 0ith the hope o& analy2ing the &inancial markets like '( D( )ann on the net trading day a&ter you &inish reading you might as 0ell dispose o& this little 0ork right no0 ecause it 0ill not help you in that 0ay( The o5ect o& this ooklet is to collect Mr( )ann#s thoughts on the su5ect6 it does not attempt to tell  you anything more than he does 0hich 0hich as 0ill e seen is precious precious little( 'e must e.er ear in mind that '( D( )ann shrouded the eact nature o& the Master Time Factor in deepest secrecy( 'hate.er the shortcomings o& this little 0ork " ha.e at least not held ack 0hat Mr( )ann said in plain 7nglish on the su5ect e.en i& 0hat he said amounts to a thimle&ul o& the in&ormation that 0e 0ould all like to ha.e( "& on the other hand you approach this ooklet 0ith the idea that there may e some ideas 0orth re&lecting upon 0ithin it and that these could e the asis &or &urther study and eperimentation then your time in reading it may e 0ell spent( Romeman April !% %!4

3

W. D. Gann on

Background on The Master T!e Factor 7.ery student 0ho has ecome &amiliar 0ith the 0ritings o& '( D( )ann is interested in the 9uestion o& the Master Time Factor1 0hat it is and ho0 it 0orks( This ooklet rings together in one place scattered re&erences made y Mr( )ann to the Master Time Factor( A historian approaching the su5ect o& this ooklet might 0ant to kno0 right a0ay1 'hen did '( D( )ann &irst make re&erence to the Master Time Factor in his 0ritings and 0hen did he disco.er it:  The &irst kno0n re&erence re&erence to the Master Time Factor y that name appears to ha.e een on ;uly / !/% on pp( 3EC38 in 0hich he re&ers speci&ically to >man#s seasonal trend>(

4

THE MASTER TIME FACTOR

Mr( )ann 0rote1 >Stocks &ollo0 a regular cycle and mathematical cur.e( By a certain time &actor 0hich " disco.ered am ale to tell 0hen they 0ill e high or lo0(>3 And in !/%3 he 0rote in Truth of the Stock Tape 1 >The most important thing o& all is the Time &actor 0hich " use in making up my annual &orecasts( "t is not my o5ect here to gi.e a0ay that secret >4 Although Mr( )ann does not in these t0o 9uotes use the term Master Time Factor it seems reasonale to assume it is 0hat he intends 0hen he speaks o& >the Time &actor> and >a certain time &actor>( 3

From From an ad.e ad.errtis tisemen ementt in in Th The Ghi Ghilladel adelph phia ia "n9u "n9uir irer er ;a ;anuar nuary y !- !- !/%! !/%! 9uo 9uotted in &ull later in this ooklet( 4 '( D( )ann Truth of the Stock Tape  p( !!-( The statement >"t is not my o5ect here to gi.e a0ay that secret > raises the 9uestion as to 0hether Mr( )ann 0as implying >"t is my o5ect in some other place to gi.e a0ay that secret(> "nterestingly in the Fore0ord to the romance The Tunnel Thru the Air  0ritten &our years later he said >The #Tunnel Thru the Air# is mysterious and contains a .al uale secret clothed in .eiled language(> The letter 0ritten to ;ohn =( Spohn 9uoted ao.e 0as 0ritten on ;uly / !/%Face Facts America$> copyrighted in !/4 !/ 4 he states that his course entitled >Master Forecasting Method> >includes his Master Time Factor and +ycle Theory>( *p( 4Forecasting> 0hich is sometimes also called >Master Time Factor and Forecasting y Mathematical Rules>6 in this course ho0e.er the terms Master Time Factor and time &actor are ne.er used( "n his course >'( D( )ann Mathematical Formula &or Market Gredictions1 The Master Mathematical Grice Time and Trend +alculator> dated Septemer %/ !/E3 Mr( )ann says on p( 3 >"n connection co nnection 0ith the Master Time and Trend +alculator apply all o& the rules 0ith the Master Time Factor and geometric angles(> =o0e.er the term Master Time Factor appears no0here else in the course and this suggests that students 0ho ought the course recei.ed additional pri.ate *9uite possily oral, instruction as to its identity( Gri.ate oral instruction o& this kind apparently did occur( ;oel Rensink 0riting in  Trader#s 'orld Maga2ine ate Fall %EJ7arly 'inter %- said that he had heard o& a trader 0ho had contacted '( D( )ann y telephone and to 0hom during the course o&

E

W. D. Gann on

'hen then did Mr( )ann disco.er the Master Time Factor: "n contradiction to his o0n letter to ;ohn =( Spohn it has een claimed that '( D( )ann &ound it 9uite early in his career in !/8 or !//( According to es +lemens in his iographical sketch o& '( D( )ann >n August 8 !/8 he made one o& his greatest mathematical disco.eries &or predicting the trend o& stocks and commodities( This 0as #The Master Time Factor(#>E Ad.ertisements during Mr( )ann#s li&etime put the date in !//( At a date unspeci&ied in !/4seemed to e #reall y right# in his trades 0hen he had a lot o& si2e on> according to one o& the trader &riends( The &riends then decided that they too 0anted to study 0ith Mr( )ann ut 0hen they tried to get in touch 0ith him they learned that he had died( Gann Masters Technical Analysis Course  =alliker#s "nc( !//E( '( D( )ann#s E pulicity rochure >Mathematical Formula &or Market Gredictions> states * p( !,1 >!/8 ((( August 8th made one o& his greatest mathematical disco.eries &or predicting the trend o& stocks and commodities(> Mr( +lemens does not tell us ho0 he is ale to link the August 8 !/8 disco.ery to the Master Time Factor( The rochure in 9uestion does not say that it 0as the Master Time Factor that Mr( )ann disco.ered on that date( Again according to the es +lemens iographical sketch( < Ad.ertisments placed in The Boston =erald Septemer E !/486 The Dallas Morning Ne0s Decemer !% !/48 and Feruary !3 !/4/6 and The Seattle Daily Times March - !/4/ all use this eact phrase( "t is possile that this 0as a guess on the part o&  the successors to Mr( )ann rather than something that they actually heard &rom him ut i& the Master Time Factor 0as indeed disco.ered in !// then it certainly makes that  year a .ery pro&icuous one &or Mr( )ann( "n !// he compiled 0hat he called his Financial Time Tale6 authored the R ad.ertisements *see the )ann Study )roup ooklet R L '( D( )ann,6 and suse9uently ga.e his no0 &amous inter.ie0 to The

-

THE MASTER TIME FACTOR

=a.ing attempted to determine 0hen Mr( )ann disco.ered the Master Time Factor the historian 0ould 0ant to kno0 eactly 0hat he had disco.ered( At this point 0e run into great di&&iculties ecause it 0ould appear that throughout his li&etime it remained Mr( )ann#s goal not >to gi.e a0ay that secret>( =e ne.er says openly in any o& his ooks or courses >this is the Master Time Factor and here is ho0 you use it>( A 5ournalist once tried to get Mr( )ann to open up aout >the time &actor>( From the 0ay in 0hich Mr( )ann responded 0e may presume that the time &actor re&erred to 0as indeed the Master Time Factor( =is response sho0s ho0 tenaciously he guarded his secret( >" AS7D MR( )ANN1 #'=AT "S T=7 +AKS7 B7="ND T=7 T"M7 FA+TR# >=e smiled and said1 #"t has taken me t0enty years o& ehausti.e study to learn the cause that produces e&&ects according to time( That is my secret and too .aluale to e spread roadcast( Besides the pulic is not yet ready &or it(# >#'ater seeks its le.el# continued Mr( )ann( #?ou can &orce it higher 0ith a pump ut 0hen you stop pumping it re9uires no &orce to cause it to return to its &ormer le.el( >#Stocks and +ommodities are the same( They can e &orced ao.e their natural le.el o& .alues to 0here lams lose all &ear ecome charged 0ith hope and uy at the top( Then stocks are permitted to sink to a le.el 0here hope gi.es 0ay to despair and the most rampant ull ecomes a ear and sells out at a loss( >#My disco.ery o& the time &actor enales me to tell in ad.ance 0hen these etremes must y the la0 o& supply and demand occur in stocks and commodities(#>8  Ticker and "n.estment Digest( "t is in this year that he made his &irst kno0n pulic re&erences to the a0 o& Hiration( 8 The Morning Telegraph o& Ne0 ?ork Ne0 ?ork Decemer ! once in9uired o& Mr( )ann regarding his ad.isory ser.ices( The latter 0rote ack in a letter >My calculations are ased on supply and demand and are purely scienti&ic mathematical calculations( Many years ago " disco.ered a time &actor 0hich enales me to tell 0hen accumulation or distriution is taking place and 0hen stocks reach approimate tops or ottoms(>!! no0ing these things ga.e Mr( )ann a key ad.antage1 >The study / !

Supplementary pulicity material to Wall Street Stock Selector  p( 44( The Ticker and "n.estment Digest Decemer !// p( E3 and Truth of the Stock Tape  p( !-/ respecti.ely( Wall Street Stock Selector  p( !% "n promoting his ne0sletters Mr( )ann &urther eplained1 >My ad.ice is not ased on &ake tips or guess 0ork ut a care&ul study o& SKGG? AND D7MAND 0hich enales me to determine 0hen stocks are eing accumulated or distriuted( >'hen the SKGG? o& stocks is large and D7MAND is small stocks decline( 'hen D7MAND eceeds SKGG? they ad.ance( My study o& time and .olume enales me to determine mo.ements in ad.ance(>!3 "n t0o o& his courses 0hich are a.ailale to us today ut 0hich 0ere not kno0n to the general pulic in his day Mr( )ann gi.es &urther insight on this 9uestion o& supply and demand( >'hen a stock is in a .ery 0eak or a .ery strong position it 0ill al0ays sho0 it y its position on the geometrical angles and a .olume chart made up according to the proper spacing 0ith .olume that is considering the total numer o& shares!4 0ill sho0 0hen the stock is in a strong or 0eak position and sho0 0hether uying or selling predominates enaling you to determine 0hether supply is increasing or 0hether demand is decreasing(>!E >The HKM7 F SA7S is the real dri.ing po0er ehind the market and sho0s 0hether Supply or Demand is increasing or decreasing( arge uying or selling orders &rom pro&essional traders the pulic or any other source o& supply and demand are ound to e registered on the tape and sho0n in the .olume o& sales( >There&ore a care&ul study o& the HKM7 F SA7S 0ill enale !% !3 !4 stock

Ad.ertisement The Ghiladelphia "n9uirer Sept( %E !/%!( Ad.ertisement The Ghiladelphia "n9uirer May %/ !/%!( > in order to understand the meaning o& .olume you must kno0 the total capital outstanding and the &loating supply o& the stock you are trading in(> * Truth of the Stock Tape, p( -,( !E Method &or Forecasting the Stock Market p( !8(

/

W. D. Gann on

 you to determine .ery closely a change in trend especially i& you apply all o& the other rules &or 5udging position according to the Formations Resistance e.els and Time(>!-

!-

Holume o& Sales p( !(

!

THE MASTER TIME FACTOR

A%out Ter!no#og$ 'hen researching the Master Time Factor it is important to e a0are o& '( D( )ann#s particular use o& 0ords( "n his 0ritings including pulicity materials and ad.ertising he re&ers to >a time &actor> >the time &actor> >the Master Time Factor> and >time &actors>( The &act that Mr( )ann speaks o& the eistence o& more than one time &actor is su&&icient reason to e cautious in assuming that any re&erence that he makes to >time &actor> necessarily means the Master Time Factor unless the Master Time Factor is actually named in the contet o& the particular statement in 9uestion( "& the re&erence is not eplicit 0e must e open to the possiility that it could re&er to some other time &actor( Another point to ear in mind is that the 0ord >&actor> does not necessary mean the same thing e.ery time that Mr( )ann uses it( "n some places in his 0ritings Mr( )ann appears to use >&actor> near the 0ord >time> in the sense o& >component o& market acti.ity> along 0ith other components such as price and .olume( For eample he 0rites1 >earn the three most important &actors  T"M7 GR"+7 and HKM7 F SA7S(>!three most important &actors> appears to e 9uite clearly >the three ma5or components o& market acti.ity>( r take this &amous statement1 >T"M7 is the most important &actor o& all and not until su&&icient time has epired does any ig mo.e start up or do0n( The T"M7 &actor 0ill o.eralance oth Space and Holume( 'hen T"M7 is up space mo.ement 0ill start and large .olume 0ill egin either up or do0n( At the end o& any important mo.ement @ monthly 0eekly or daily @ T"M7 must e allo0ed &or accumulation or distriution or &or uying and selling to e completed(>!8 =ere again i& >component o& market acti.ity> is sustituted in this 9uote at the t0o points in 0hich the 0ord >&actor> appears the tet makes sense( !< !8

'( D( )ann Forty-Five ears in Wall Street  p( 38( '( D( )ann !o" to Make #rofits in Co$$o%ities  p( E-(

!!

W. D. Gann on

It&s Mathe!atca#' For many years '( D( )ann ad.ertised his ser.ices as a market analyst in ne0spapers throughout the Knited States( "n ad.ertising that appears later in this ooklet 0e 0ill see that Mr( )ann re&ers to the Master Time Factor as >our mathematical Master Time Factor> >our Scienti&ic Mathematical Master Time Factor> >our Mathematical Scienti&ic Master Time Factor> and >our Master Time Factor ased on Mathematical Science(>!/ =e &urther says in one ad.ertisement >The mo.ement o& stock prices oeys a mathematical la0 o& cycles 0hich can e &orecast y the Master Time Factor @ Time is the most important element(>% "ndeed in one o& his ooks Mr( )ann states that the Master Time Factor permitted him to kno0 0hen Ocertain time cyclesP 0ould repeat6 this &act at least tells us something aout 0hat the Master Time Factor does1 >"t is a matter o& record that the panic o& !/3!C!/3% 0as the greatest in history 0ith the most se.ere declines e.er recorded in the history o& the Ne0 ?ork Stock 7change( This prediction 0as ased on my Master Time Factor 0hich enales me to tell months and years in ad.ance 0hen certain time cycles repeat and cause etreme high and lo0 prices( This is enough to con.ince any man that my disco.eries ased on mathematical science can e depended upon to &orecast &uture market mo.ements(>%! !/

The name o& Mr( )ann#s usiness 0as O'( D( )ann Scienti&ic Ser.ice "nc(P &rom as early as !/%8 *ad.ertisement in The 'instonCSalem ;ournal o& 'instonCSalem North +arolina ;anuary 8 !/%8, until the end o& !/3- *ad.ertisements in The Glain Dealer o& +le.eland hio and The maha 'orld =erald o& maha Neraska oth dated Decemer - !/3-,( % The Mil0aukee ;ournal o& Mil0aukee 'isconsin ;uly 3 !/38 included in the last chapter o& this ooklet( %! '( D( )ann &e" Stock Tren% 'etector  p( !3-( ne o& the )ann pulicity rochures adds1 >Time pro.es all things e.en 0hen stocks and commodities make tops and ottoms( 'ith our Master Time Factor 0e are ale to tell long e&ore important e.ents take place 0hen stocks and commodities 0ill reach high or lo0 ecause 0e kno0 y mathematical science 0hen time cycles repeat( These .aluale rules are all in the Bile i& you kno0 0here to &ind them(> *>Scienti&ic Stock Forecasting or arge Gro&its on Small Risks> undated perhaps pulished around !/3- p( !(,

!%

THE MASTER TIME FACTOR

'hate.er the Master Time Factor is it is use&ul to rememer its intimate connection 0ith Omathematical scienceP( Mr( )ann makes many strong statements aout mathematics in relationship to the &inancial markets( "t is not out o& place here to recall some o& them1 >7uclid the great mathematician 0hose 0ork 0as per&ect taught that mathematics 0as the asis o& e.erything and y it 0e pro.e .iration( " am the only man 0ho has applied this old la0 to speculati.e markets and pro.ed it correct( No other li.ing man has possession o& this secret kno0ledge and there is no other in&ormation #5ust as good# that tells you 0hat the markets 0ill do(>%% >All markets are su5ect to un&ailing mathematical la0 and " ha.e disco.ered ho0 to apply this la0 success&ully to +otton 'heat and Stocks( " am ale to tell you eact points to 0hich markets 0ill mo.e up or do0n( Ask yoursel& seriously can you do 0ithout ad.ice that is asolutely accurate and reliale( There is no guess 0ork in my method(>%3 >There is no top and ottom price 0hich cannot e determined y mathematics( 7.ery market mo.ement is the result o& a cause and 0hen once you determine the cause it is easy enough to kno0 0hy the e&&ect is as it is(>%4 >#" &igure things y mathematics# Mr( )ann eplained in an inter.ie0( #There is nothing mysterious aout any o& my predictions( "& " ha.e the data " can use algera and geometry and tell eactly y the "t is 0orth noting here as 0ill e seen &rom the ad.ertisements later in this ooklet that the epressions OMaster Time Factor and +ycle TheoryP 0ere sometimes linked y Mr( )ann as 0hen &or eample a pulicity rochure summari2ed his *success&ul, trading eperience o.er a threeCyear period and added1 >Such a record o& accuracy pro.es that '( D( )ann has disco.ered a Master Time Factor and +ycle Theory that 0orks and can e depended upon in &uture(> *earn Be&ore ?ou ose p( !,( Thus 0e must not &orget aout cycles 0hen thinking aout the Master Time Factor( %% R ad.ertisement The Ne0 ?ork =erald May %3 !//( %3 R ad.ertisement The Ne0 ?ork =erald ct( 3! !//( %4 >Natural Resistance e.els and Time +ycle Goints> p( !(

!3

W. D. Gann on

theory o& cycles 0hen a certain thing is going to occur again(#> %E >#An astronomer can predict to the minute 0hen a eclipse is going to occur# he said in another inter.ie0 #ut you 0ould not consider him a prophet 0ould you: & course not( =e simply makes use o& mathematics ased on kno0n la0s o& the mo.ements o& the planets in their orits( " ha.e &ound in my researches that the +hinese understood all those la0s and computed the coming o& eclipses thousands o& years e&ore the 7gyptians and +haldeans( "t is mar.elous the kno0ledge that these ancients had( "n making my predictions " used geometry and mathematics 5ust as an astronomer does ased on immutale la0s 0hich " ha.e disco.ered(%- There is nothing supernatural or 0eird aout it( Some 0eeks ago " read an interesting article on the &ailure o& astrologers in their predictions regarding the 0ar( %< >#No0 there is a great deal in the .irations o& the planets ut to make accurate predictions the great la0 ehind it all 0hich the ancients understood ut 0hich they purposely re&rained &rom putting in their ooks as they 0anted to keep the secret &or themsel.es must enter into the calculation( That is 0hy astrology &ails &or nothing can e accurate that is not ased on mathematics Q and so &e0 astrologers are mathematicians(#>%8 %E

The 7.ening Telegram Ne0 ?ork Ne0 ?ork March E !/%3( "n saying in this inter.ie0 that he uses Oalgera and geometryP he is gi.ing &urther de&inition to his use o& the 0ord mathematics( %Mr( )ann later placed this statement at the eginning o& the se.enth chapter o& his romance1 >"n making my predictions " use geometry and mathematics 5ust as the astronomer does ased on immutale la0s(> The Tunnel Thru the Air  p( 'ar#s 7nd a Blo0 to the Grophets> stated that >Raphael adkiel Mme( Thees and other 0ell kno0n prophets &ailed in e.en approimating the date 0hen the 0ar 0ould end and nearly all prophesied that the aiser 0ould not li.e to see the close o& the con&lict(> The article added ho0e.er that >There 0as really only one astrologer 0ho told the coming o& the 0ar to any de&inite degree and he 0as 7d0ard ( ;ohndro(> Many years later it has een reported ( 7d0ard ;ohndro 0as hired y '( D( )ann to do astrological 0ork &or him( %8 "nter.ie0 pulished in The Ne0 ?ork =erald Maga2ine ;an( E !/!/( No attempt is made here in 9uoting this statement to do anything so &ooli sh as to try to deny that Mr( )ann used astrology as it 0as clearly an important part o& his 0ork( =e is in no 0ay repudiating astrology in this 9uotation as can e seen y a close reading o& it( But Mr( )ann e.en 0hen mentioning astrology &a.oraly in his oneCpage article >The =uman

!4

THE MASTER TIME FACTOR

>My calculations are ased on the cycle theory and on mathematical se9uences( =istory repeats itsel&( That is 0hat " ha.e al0ays contended @ that in order to kno0 and predict the &uture o& anything you only ha.e to look up 0hat has happened in the past and get a correct ase or starting point( ((( mathematical science 0hich is the only real science that the entire ci.ili2ed 0orld has agreed upon &urnishes unmistakale proo& o& history repeating itsel& and sho0s that the cycle theory or harmonic analysis is the only thing that 0e can rely upon to ascertain the &uture(>%/ >G7R+7NTA)7 F =")=7ST S7"N) GR"+7 '7ST S7"N) GR"+7 AND RAN)7 >Mathematics is the one eact science( All nations agree on the accuracy o& the science o& mathematics and use it regardless o& 0hat language they speak( "n all other lines scientists disagree ut 0hen it comes to using mathematics the chemists the astronomer the economist and the accountant all rely upon mathematics and agree upon its accuracy( They all agree that % and % make 4( Any method or system to make money trading in +ommodities must e ased upon the eact la0 o& mathematics( 7ach TG or BTTM in 'heat or other +ommodities comes out in accordance 0ith an eact mathematical proportion to some other TG or BTTM(> 3 >All po0er under hea.en and on earth is gi.en unto the man 0ho masters the simple science o& mathematics(>3!

Body> 0ritten !% years later on ;an( !Study the position o& < times < or 4/ on all o& your permanent charts( Then you 0ill understand 0hy the children o& "srael marched < times around the 0alls o& ;ericho le0 the rams horn < times and the 0alls &ell do0n on the The Tunnel Thru the Air  pp( 3% >T"M7 FA+TR AND FR7+AST"N) M7T=D >A&ter you ha.e learned all o& the rules laid do0n in TRKT= F  T=7 ST+ TAG7 and 'A STR77T ST+ S77+TR and ha.e learned ho0 to apply them " am sure you 0ill agree that " ha.e gi.en  you more than your money#s 0orth in these ooks( ?ou 0ill then e ready &or a postCgraduate course and 0ill proaly 0ant to kno0 ho0 to &orecast according to my Master Time Factor and determine the years 0hen stocks 0ill ha.e ig ad.ances and reach &inal tops and also the  years and the cycles 0hen panicky declines are indicated( >" teach all o& these rules 0ith my complete Forecasting Methods sho0ing ho0 to determine the ma5or and minor s0ings according to the time element( " can teach you ho0 to determine the 0a.e lengths o& di&&erent stocks so you 0ill kno0 aout ho0 many points they are going 3%

'( D( )ann Wall Street Stock Selector  supplementary material p( !!( "n reality as 0e &ind on p( E o& '( D( )ann#s promotional rochure >earn Be&ore ?ou ose> Mr( )ann &orecast the coming stock market crash e.en earlier than he states here( >"n the spring o& !/%=is !/%/ Stock Forecast issued on No.emer %3 !/%8 and ased on his Master Time Factor indicated the end o& the ull market in August and early Septemer !/%/( =e stated in no uncertain terms that the panic 0ould start in Septemer !/%/ and that it 0ould e a great deluge 0ith a Black Friday(> "t seems reasonale to conclude that i& the prediction in the !/%/ Forecast 0as >ased on his Master Time Factor> so too the prediction o& a panic in The Tunnel Thru the Air  0as >ased on his Master Time Factor>(

!-

THE MASTER TIME FACTOR

to ad.ance 0hen they go into ne0 territory and aout ho0 many points they are going to decline 0hen they reak out o& the 2one o& distriution( 'ith my Forecasting Methods you can make up a &orecast o& the a.erage market one or more years in ad.ance and also make up a yearly &orecast on indi.idual stocks( 7ach stock mo.es according to its indi.idual time limit and makes top and ottom at di&&erent times ecause the .iration and 0a.e length .aries on the di&&erent stocks( >" teach +ourses o& "nstruction on +otton 'heat +orn ats Rye ard +o&&ee Sugar +ocoa Ruer Silk and other commodities ut " only impart these methods to people 0ho are 0illing to comply 0ith my re9uirements( They are too .aluale to e roadcast or put in the hands o& people 0ho cannot use them to ad.antage( There&ore " only teach them to people 0ho 0ant them &or their o0n use and do not intend to pulish them or sell them to others( " 0ill not teach my Forecasting Method to anyone unless " &eel sure that they can make a success 0ith it a&ter they learn it( Some men cannot make a success 0ith any kind o& a method or rule( " 0ould not take a man#s money and teach him something that " did not think 0ould ene&it him( >The man 0ho epects to succeed in speculation or in.estments must study and learn all that he can aout the market( "t has een 0ell said #'here kno0ledge egins speculation ceases(# There&ore the aim and o5ect o& e.ery man 0ho 0ants to make success in speculation or in.esting should e to get as much scienti&ic kno0ledge as possile and then he 0ill e ale to make pro&its( >'( D( )ANN S+"7NT"F"+ S7RH"+7 >My method o& determining the trend o& the stocks and commodity markets has stood the test o& time( " ha.e een in Ne0 ?ork +ity &or %%  years and ha.e al0ays done usiness under my o0n name( This Ser.ice possesses many superior ad.antages o.er other classes o& ser.ice ecause it has the one thing lacking in all other ser.ices @ the time element( My disco.eries o& a Master Time Factor and the )reat +ycle

!<

W. D. Gann on

enale me to &orecast markets years in ad.ance(33 " do not depend on space charts ased on space mo.ements alone ecause these 0ould make errors and cause losses( " use .olume comined 0ith the proper time charts 0hich help me to determine the technical position o& the stocks much etter and a long time e&ore the statistical position is sho0n( Time tells all things( The &act that " ha.e een selling my Forecasts all o.er the Knited States and in many o& the &oreign countries &or the past !E years pro.es that they are .aluale ecause people continue to suscrie &or them year a&ter year( "n.estors and traders are al0ays 0illing to pay &or 0hat 0ill help them to make a greater success( "t pays to get the est scienti&ic kno0ledge ecause the est is al0ays the cheapest in the long run and you cannot epect to get something &or nothing( 7perience has taught me that the est 0ay to help others is to sho0 them ho0 to help themsel.es and i& " can get suscriers to read my ooks and learn my Methods they make a greater success &ollo0ing my Ser.ice(>34 >To those 0ho elie.e that #Faith 0ithout 0orks is dead# and 0ho are 0illing to 0ork and pay &or .aluale kno0ledge " 0ill teach my Master Time Factor and other rules &ound in the Bile( All o& these rules are co.ered in my !/3- Master Forecasting Method and &ull +ourse o& "nstruction(>3E 33

"n his course >Forecasting> dated No.emer !/3E *see note 4 ao.e, under >)R7AT +?+7 C MAST7R T"M7 G7R"D C - ?7ARS> Mr( )ann 0rites >This is the greatest and most important cycle o& all 0hich repeats e.ery - years or at the end o& the third %Cyear cycle( ?ou 0ill see the importance o& this y re&erring to the 0ar period &rom !8-! to !8-/ and the panic &ollo0ing !8-/6 also - years later Q !/%! to !/%/ Q the greatest ull market in history and the greatest panic in history &ol lo0ed( This pro.es the accuracy and .alue o& this great time period(> "n other courses ho0e.er he uses the term great cycle to descrie other time periods( 34 >!/%/ Annual Stock Forecast> supplement in Wall Street Stock Selector  pp( 3/C4!( &e" Stock Tren% 'etector  p( !%8( A &ootnote &ollo0ed *dates taken &rom pp( !8 3E and !!E,1 >=o0 &e0 people 0ould elie.e that there is a rule and time period in the grand old Bile that indicated the time 0hen +hrysler 0as &inal high ct( - !/%8( "t did not go one point higher until it declined to a &inal lo0 o& E in ;une !/3% ;une 4 !/3% 0hen according to the rule in the Bile it 0as ottom &or another ig ad.ance( Many .aluale truths are to e &ound in the Bile and practical la0s are there ut .ery &e0 people study and seek enough( They are not 0illing to 0ork hard &or no0ledge that 0ill help them make money( The Bile says #Seek and ye shall &ind knock and it shall e opened unto  you(#> *See Note % ao.e &or &urther comments on the Master Forecasting Method course(,

!8

THE MASTER TIME FACTOR

Ad+ertse!ents Makng Re(erence to T!e Factor or The Master T!e Factor "n this &inal chapter in our eamination o& the Master Time Factor 0e reproduce the tet o& ad.ertisements placed y '( D( )ann in ne0spapers in 0hich he urges readers to a.ail themsel.es o& the ad.antages o& his >time &actor> 0hich in later ad.ertising is identi&ied as the Master Time Factor(

Cruc%#e Stee# , Me-can ete

0ere among the special stocks " ad.ised purchases o& recently as 0ell as Bald0in American "nt( American 'oolen and Hanadium Steel( The Supply L Demand etter is one that you can depend on to make you pro&its( My calculations and &orecasts are ased on Supply and Demand 0hich al0ays go.ern price mo.ements( Stocks &ollo0 a regular cycle and mathematical cur.e( By a certain time &actor 0hich " disco.ered am ale to tell 0hen they 0ill e high or lo0( " am the man 0ho predicted the end o& the 0ar and the aiser#s adication to the eact day( " also predicted the great decline in stocks &or No.emer and Decemer !/% the &orecast eing sent out one year in ad.ance( Send &or a copy o& it and 0rite &or &ree literature and read 0hat the Ticker Maga2ine Ne0 ?ork =erald and other ne0spapers say aout my 0onder&ul predictions( '=AT '" ST+S D N7T: ne stock 0ill ha.e a sensational ad.ance like +rucile Steel did recently( Se.eral lo0 price stocks are aout ready to ad.ance a reaction in some high price stocks is near( My Daily etter 0ill pick the acti.e &ast mo.ers &or you to uy and sell &or 9uick pro&its( My ad.ice on 'heat !/

W. D. Gann on

and +otton has een remarkaly accurate( 'heat 0ill soon ha.e a mo.e o& %E to 3c per ushel( Big mo.es in +otton are ahead( Send I!E( &or one month#s suscription to the Supply L Demand etter or IE( &or my Annual Forecast &or !/%! on stocks( SG7+"A FF7R &or I!E( " 0ill send the Daily etter &or one year and the Annual Forecast &or !/%! and mail &ree my ook >Speculation a Gro&itale Gro&ession> 0hich is o& great .alue to in.estors and traders( The ook is also sent &ree 0ith t0o months# suscription o& I3(( A trial 0ill con.ince you o& the .alue o& my ser.ice( Act no0( Mail your check today( '( D( )ANN !8 BRAD'A? N7' ?R N(?(3-

In+estors Stock Ser+ce

?ou should kno0 &acts e&ore uying and selling stocks( "t pays to get epert ad.ice and guidance( SKGG? AND D7MAND al0ays go.ern prices in the end( 'hen Supply eceeds Demand stocks decline6 0hen Demand eceeds Supply they ad.ance( " ha.e disco.ered a Time Factor 0hich enales me to determine 0hen stocks 0ill reach high or lo0 le.els(  T=7 SKGG? AND D7MAND 7TT7R keeps you ad.ised as to the est stocks to uy or sell according to statistical and technical conditions( My ad.ertisement in last 0eek#s papers 0arned you that a reak in many stocks 0as near( "t came promptly Monday and Tuesday( Studeaker +handler Am( Sumatra declined < to !% points in three days( My suscriers 0ere short o& Studeaker and +handler at the top and made ig points( Some stocks are going higher$ Many are going lo0er( )et my ad.ice e&ore you get in 0rong( Suscription rate o& Daily etter co.ering ad.ice on +otton Stocks and )rain I!E per month or 3-

The Ghiladelphia "n9uirer o& Ghiladelphia Gennsyl.ania ;anuary !- !/%!( The same ad.ertisement 0as pulished in The Bridgeport Telegram o& Bridgeport +onnecticut on ;an( !E !/%! 0ith slight stylistic di&&erences *the 2eros eing omitted a&ter the dollar prices,(

%

THE MASTER TIME FACTOR

t0o 0eeks# trial ISpeculation a Gro&itale Gro&ession> sent &ree 0ith t0o months# suscription at I3( !/%! Annual Forecast on stocks reduced to I4( 'rite &or recent letters !/% Forecast and ne0spaper comments on my accurate &orecasts( '( D( )ANN 4/ Broad0ay Ne0 ?ork3<

T!e Te##s On Stocks

 The &actor o& Time is most important in 5udging &uture mo.ements o& stocks( "t takes time to accumulate stocks &or a Bull campaign( Time is re9uired to distriute stocks e&ore a Bear mo.e( Do you kno0 0hether stocks are eing distriuted &or another reak or eing accumulated &or another ad.ance: Don#t guess$ Suscrie to T=7 SKGG? AND D7MAND 7TT7R 0hich gi.es you ad.ice ased on the la0 o& Supply and Demand correct statistical &acts and a time &actor 0hich enales me to kno0 0hen stocks are eing accumulated or distriuted( Some ig mo.es in oils coppers and steels 0ill start soon( et me help you select the est stocks to trade in( Daily etter ad.ising on +otton Stocks and )rain I!E per month t0o 0eeks# trial I=elp&ul =ints &or Stock Traders> &ree to suscriers( Recent letters and ne0spaper comments on my accurate &orecasts mailed &ree( '( D( )ANN 4/ Broad0ay Ne0 ?ork38

3< 38

The Glain Dealer o& +le.eland hio May !E !/%!( The Ghiladelphia "n9uirer o& Ghiladelphia Gennsyl.ania No.emer % Send 4%

The Brooklyn Standard Knion o& Brooklyn Ne0 ?ork ;une ! !/%3( This ad.ertisement 0as pulished on the same date 0ith slight stylistic di&&erences in The Glain Dealer o& +le.eland hio and The +onstitution o& Atlanta )eorgia(

%E

W. D. Gann on

&or sample letters sho0ing the remarkale record on 'heat this year( Big mo.es are coming in 'heat and +otton( et me get you in at right time( Daily +ommodity etter .ia Airplane I%( per month( )rain Forecast reduced to I @ These ooks gi.e .aluale trading rules1 contain 4! charts1 I- prepaid( For proo& o& our accuracy send &or our letters issued early in March( Ask &or AGC!( ' D )ann Scienti&ic Ser.ice "nc( // 'all Street Ne0 ?ork N(?( 4E

WHEN TO SE11 

 To kno0 the time to sell and secure pro&its is 5ust as .ital as to kno0 0hen to uy near ottoms( ur Ser.ice ased on a scienti&ic mathematical Time Factor enales us to tell 0hen time cycles run out and stocks make top( N7T '77 is .ery important( ?ou 0ill need epert ad.ice on 0hat to do( Some lo0Cpriced stocks going higher 0hile some highCpriced stocks react( Send I!E &or TriC0eekly etter one month and get uying and selling indications or send I3 &or Daily 4E

The Glain Dealer o& +le.eland hio April %3 !/33(

%<

W. D. Gann on

 Telegraph Ser.ice( Special Gersonal Ser.ice I- per month( +TTN AND '=7AT1 MoneyCmaking mo.es in these and other commodities i& you N' the right time to uy and sell( +ommodity etter I!E monthly( Groo& o& our accuracy &ree( Ask &or MMCR3( '( D( )ann Scienti&ic Ser.ice "nc( // 'all Street Ne0 ?ork N( ?( 4-

B/5ING TIME

 The time &or ottom o& the net reaction in stocks 0ill e .ery important ecause certain stocks 0ill e good uys &or sustantial ad.ances 0hile other stocks 0ill remain dull or rally .ery little( ?ou cannot determine uying days or select the est stocks to uy i& you depend on tips or guess0ork( ur Mathematical Scienti&ic Master Time Factor has stood the test and you can depend on it to call the net uying time( T0o lo0Cpriced stocks selling elo0 E 0ill soon e good to uy &or long pull pro&its( ne highCpriced industrial 0ill go .ery much higher( Send I!E &or one month#s suscription to TriC0eekly etter and get this list o& est stocks( Daily Telegraph Ser.ice I3 monthly( +TTN AND '=7AT1 These and other commodities 0ill continue acti.e and o&&er some good trading opportunities( 'e can gi.e you net uying dates and prices( TriC0eekly +ommodity letter I!E monthly( >'A STR77T ST+ S77+TR> @ This ook and >Truth o& the Stock Tape> comined contain 4! charts 0ith practical trading rules that 0ill help you make a greater success in trading @ price I-( Money ack i& not satis&actory( Groo& o& accuracy &ree( Ask &or MC% 4-

The Glain Dealer o& +le.eland hio May !4 !/33(

%8

THE MASTER TIME FACTOR

'( D( )ann Scienti&ic Ser.ice "nc( // 'all Street Ne0 ?ork N( ?( 4<

WHEN TO SE114

 The Stock Market is oiling and 0e ha.e had suscriers uying stocks right along( The time 0ill come to sell &or a 9uick reaction and 0ith our Master Time Factor ased on Mathematical Science 0e can tell you 0hen to take pro&its and uy again( Send I!E &or TriC0eekly Stock etter one month or send I3 &or Daily Telegraph Ser.ice one month( +TTN AND '=7AT1 These and other commodities 0ill continue acti.e and o&&er money making opportunities( 'e can help you to pick the uying and selling points( TriC0eekly +ommodity etter I!E per month( Daily Telegraph Ser.ice I3 per month( Gersonal Ser.ice I- per month( Groo& o& our accuracy &ree( Ask &or C'( D( )ann Scienti&ic Ser.ice "nc( // 'all Street Ne0 ?ork N( ?( 48

STOC0S / OR DOWN4

'ill this ad.ance continue &or a long time or 0ill the unepected happen and cause a sharp sudden decline: Don#t guess gamle on hope or &ollo0 tips( )et our scienti&ic ad.ice ased on our Master Time 4< 48

The Glain Dealer o& +le.eland hio May %! !/33(  The Glain Dealer o& +le.eland hio May %8 !/33(

%/

W. D. Gann on

Factor and let us steer you clear o& pit&alls( Some stocks 0ill go higher 0hile others react( ?ou need our Selected ist o& stocks ehind the market( -333 @ 'hat does it mean: Send I!E &or TriC0eekly Stock etters one month and 0e 0ill tell you( Net Monday .ery important( Daily  Telegraph Ser.ice I3 monthly( >'A STR77T ST+ S77+TR> @ This ook and >Truth o& the Stock Tape> comined contain 4! charts 0ith practical trading rules that 0ill help you make a greater success in trading @ price I-( Groo& o& accuracy &ree( Ask &or ;C!( '( D( )ann Scienti&ic Ser.ice "nc( // 'all Street Ne0 ?ork N(?( 4/

Methods (or Makng Mone$ n Stocks6 Cotton and Gran

?ou lose money trading ecause you do not kno0 the rules the silent men o& 'all Street use and the Master Time Factor and relation o&   T"M7 to GR"+7 and HKM7 o& sales 0hich e.ery in.estor and trader should N'( 'ith these rules you 0ill e 0ith the trend and sell short 0hen the trend is do0n and uy 0hen the trend is up( ?K +AN MA7 GRF"TS By learning my Mechanical Method and Trend "ndicator or my Forecasting Method and Master Time Factor( 'hen you trade on Mathematical Science you 0ill make pro&its( 'hy not stop guessing and gamling on hope: Take my course o& instruction and learn to trade according to rules in Stocks +otton and )rain( ?ou can take the course y Mail in +lasses and Gersonal "nstruction( 4/

The Brooklyn Daily 7agle o& Brooklyn Ne0 ?ork ;une 4 !/33(

3

THE MASTER TIME FACTOR

nly those 0ho meet re9uirements 0ill e accepted( 'ill e in your part o& the country soon to teach +lasses( Send &or +erti&ied Accountant#s report o& pro&its made trading according to this method details and terms( Dept( MC/( '( D( )ANN F"NAN+"A S+=  // 'all St( Ne0 ?ork N( ?(E

SCIENCE 3S. G/ESSWOR0

"& you &ollo0ed statistics tips or guess0ork you proaly did not uy stocks early in March 0hen our ads appeared all o.er the Knited States headed >Reconstruction and Reco.ery(>E! The &astest ad.ance in  years &ollo0ed Gresident Roose.elt#s inauguration and our Master Time E E!

The Times Gicayune o& Ne0 rleans ouisiana ;une 8 !/33( From The Dallas Morning Ne0s o& Dallas Teas March !% !/331 R7+NSTRK+T"N R7+H7R?

Ne.er in the history o& the Knited States has a Gresident took o&&ice sic 0ith the country in such an unsettled state( " elie.e that Gresident Roose.elt is the man o& destiny to lead us ack to prosperity( =istory repeats and my study o& Time +ycles indicates that 0ithin si months conditions 0ill ha.e greatly impro.ed and 0e 0ill look ack on March 4th as the date 0hen the trend turned &or the etter( No0 is the time &or us all to ha.e &aith and 0ork together as 0e ha.e in time o& 0ar and America 0ill lead the 0orld ack to etter times( Fortunes can e made y those 0ho uy the right stocks and commodities 5ust as they ha.e een in pre.ious panics( TRKT= F T=7 ST+ TAG7 'all Street Stock Selector and the Tunnel Thru the Air 0ill gi.e you practical rules &or success&ul in.estment trading( Grice I-( prepaid( Money ack i& not satis&actory( 'hat groups o& stocks 0ill e &uture leaders mailed &ree( Ask &or -C+( '( D( )ANN // 'all Street Ne0 ?ork(

3!

W. D. Gann on

Factor &orecast it( "& you gamled on hope you proaly did not sell out stocks last Monday and go short ecause you did not kno0 that a ig smash 0as coming ut 0e did ecause the time cycle 0as up(E% 'e told suscriers the reak 0ould come this 0eek( Send &or copy o& last Monday#s market letter and see &or yoursel&(  The &uture holds ig moneyCmaking opportunities i& you N' the right stocks to uy and sell at the right time( 'hy not stop guessing and suscrie to our Ser.ice: !/33 Stock Forecast tells you 0hen net high and lo0 prices 0ill e reached6 price reduced to I4E &or alance o& !/33(  TriC0eekly Stock etter I!E per month( Daily Telegraph Ser.ice I3 monthly( Gersonal Ser.ice I- per month( +TTN AND '=7AT1 These commodities 0ill continue .ery acti.e and you can make money i& you kno0 the net uying date( TriC0eekly etter I!E per month( Daily Telegraph Ser.ice I3( !/33 )rain Forecast I4E( +otton Forecast I4E( >'A STR77T ST+ S77+TR> @ This ook and >Truth o& the Stock Tape> comined contain 4! charts 0ith practical trading rules that 0ill help you make a greater success( Grice I-( Groo& o& accuracy &ree( Ask &or ;C!4last Monday> he means >a 0eek ago Monday> then the re&erence 0ould e to ;uly !the time cycle 0as up> the 0ord >up> in this contet presumaly meaning >&inished> since the net mo.e in the market 0as a sellCo&&( )ann &re9uently speaks o& a cycle eing >up> in this manner 0here 0e might instead epect him to say that a ne0 cycle 0as eginning( The emphasis that )ann gi.es to the 7ND o& a cycle is striking( +onsider &or eample the &ollo0ing1 >'hen the time cycle is up neither Repulican Democrat nor our good Gresident =oo.er can stem the tide( "t is a natural la0( Action e9uals reaction in the opposite direction(> Wall Street Stock Selector  !/3 appendi >!/%/ Annual Stock Forecast> p( ! =undreds o& people recei.ed this letter and can .eri&y it( ne suscrier 0rites1 >'ould like to let you kno0 that the letters o& the past &e0 days 0ere 0orth the year#s price as " made money instead o& losing in this crash as so many got panicky(> =o0 much 0ould this letter ha.e een 0orth to you: "t 0ould ha.e sa.ed your capital and helped you make ig pro&its in the 0orst crash in  years( ur mathematical Master Time Factor &orecast this reak 5ust as it &orecast March !st &or ottom &or a ig ad.ance( ?ou can depend on our scienti&ic &orecasts in &uture( ur !/33 Stock Forecast issued No.emer !4 !/3% called ;uly !< &or top o& ad.ance and ;uly %! as lo0 o& a sharp decline( The stock a.erages reached high ;uly !< and lo0  ;uly %!( nly Science can sho0 such accurate results( 'hy not stop guessing and gamling on hope: )i.e our Ser.ice a trial and con.ince  yoursel& that 0e can help you make money( EE

The Glain Dealer o& +le.eland hio ;uly 3 !/33(

34

THE MASTER TIME FACTOR

!/33 Stock Forecast reduced to I4E &or alance o& !/33( TriC 0eekly etter I!E per month( Daily Telegraph Ser.ice I36 Gersonal Ser.ice I- monthly +otton or )rain Forecast I4E( TriC0eekly +ommodity etter I!E per month( Groo& o& accuracy &ree( Ask &or ;( ( %44( '( D( )ann Scienti&ic Ser.ice "nc( // 'all Street Ne0 ?ork( N( ?( E-

Stocks Fa## n Fa##4

'ill stocks go up this Fall as most people epect or 0ill they decline: ?ou can not make pro&its i& you depend on guess0ork( 'hy not sustitute our scienti&ic ser.ice and let us tell you y our mathematical Master Time Factor 0hat is likely to happen: Many important e.ents are pending 0hich 0ill make stocks and commodities acti.e soon( Send I!E &or TriC'eekly Stock etter or I3 &or Daily Telegraph Ser.ice( +TTN AND '=7AT1 Acti.ity 0ill start soon( There 0ill e some moneyCmaking opportunities i& you N' '=7N to BK? and S7( TriC 'eekly +ommodity etter I!E per month( Daily Telegraph Ser.ice I3( >'A STR77T ST+ S77+TR> @ This ook and >Truth o& Stock Tape> comined contain 4! charts 0ith practical trading rules that 0ill help you make a greater success @ price I-( Groo& o& accuracy &ree( Ask &or S7C!%( '( D( )ann Scienti&ic Ser.ice "nc( // 'all St( Ne0 ?ork N(?(E< EE<

The San Antonio ight o& San Antonio Teas ;uly 3 !/33( The Dallas Morning Ne0s o& Dallas Teas Septemer ! !/33(

3E

W. D. Gann on

STOC0 TREND 89:;

Many important e.ents in !/34 are likely to cause 0ide &luctuations in acti.e stocks( ?ou 0ill need epert scienti&ic mathematical ad.ice to pre.ent losses and help you make pro&its( 'ith our Forecast you can plan your market campaign ahead( This Forecast is ased on the cycle theory and our disco.ery o& a mathematical time &actor that has pro.ed remarkaly accurate o.er a long period o& years and you can depend on it( ne group o& stocks 0ill lead ad.ances in !/34( Stock Forecast I!6 0ith Tri0eekly etter I% per year(  Tri0eekly etter alone I!E per month( !/34 +otton )rain Ruer and Sil.er Forecasts I! each( Groo& o& accuracy &ree @ Ask &or D7C%% '( D( )ann Scienti&ic Ser.ice "nc( // 'all St( Ne0 ?ork N(?(E8

STOC0 MAR0ET METHODS

'hen you uy or sell stocks cotton 0heat or other commodities  you need to eliminate tips guess0ork and trading on hope( 7.ery man should ha.e a practical trading plan that 0ill enale him to S77 and N' &or himsel& then he can act 0ith con&idence and make pro&its instead o& losses( My mechanical method and trend indicator and my &orecasting method ased on my disco.ery o& a Master Time &actor ha.e stood the test o& time( " ha.e made ig pro&its 0ith them( ?ou can learn my rules and make a success( E8

The Dallas Morning Ne0s o& Dallas Teas Decemer 3! !/33(

3-

THE MASTER TIME FACTOR

" ha.e had o.er thirty years# eperience in 'all Street am author o&   TRKT= F T=7 ST+ TAG7 and 'A STR77T ST+ S77+TR( 'ill teach classes or gi.e personal instruction &or trading in stocks or commodities( My mechanical method and trend indicator can e learned in a short time y correspondence( 'rite or call &or certi&ied pulic accounts report o& pro&its made terms and details( Ask &or RAsk &or C%4(> n 89:?4

?ou should plan your in.estments &or sa&ety as 0ell as pro&its( 'e elie.e our !/38 Forecast ased on our +ycle Theory and Master Time Factor 0ill pro.e a help&ul guide to you as our !/3< Forecast did &or hundreds o& in.estors( ur !/38 Forecast outlines e.ents likely to a&&ect prices and tells 0hen the recession in usiness should end( 'e ha.e selected one group o& stocks that should lead in the net Bull market( Grice o& !/38 stock Forecast I! or 0ith TriC0eekly etter I% per  year( +TTN and )RA"N Forecasts I! each( TriC0eekly Stock etter I!E per month( +omparison chart o& !/3< Forecast and proo& o& accuracy &ree( Ask &or FC4 '( D( )ANN L SN "N+( 8% 'all Street Ne0 ?orker4

=o0 &ar can this decline go: "s a ma5or ottom near or distant: 'hy go through !/4 lind&olded( ur Master Time Factor 0ill ans0er these 9uestions and keep you 0ith the trend 5ust as it is doing &or present suscriers( !/4 Stock Forecast 0ith monthly supplements including de&inite uying and selling ad.ice I!(( !/4 )rain Forecast I