By James Dines, editor
The Dines Letter

       DJI: The DJI's action Februarys has been neutral since 1961, with 19 rising Februarys, 20 declining, and three neutral. While there is a tendency to follow whatever the Major trend is, currently up. Those are the percentages.
       The market's outlook for 2004 is, based on these seasonalities listed in our Annual Forecast Issue: First, the "Early Warning System," referring to the first 5 days of the DJI and the S&P 500 were both up. Second, the "January Barometer" - both the DJI and S&P 500, up 0.33% and 1.73% respectively, also calls for an up 2004. Third, the Super Bowl Indicator, won by a "non-original team" (the Patriots) calls for a down year. Fourth, the US dollar was in a Downtrend for January, a negative for the dollar. Fifth, if the Dow holds above 9,785 until March 30 that would be a bullish factor.
       Golds: In the last 36 Februarys, our Research Department counted 20 rises, 14 declines and two neutrals by the Dines Gold Stock Average (DIGSA), indicating that Februarys have been seasonally bullish (up 59%) for gold shares, as per Dinesism #9, the Dines Rule of Gold Seasonality (DIRGS). The Dines Silver Stock Average (DISSA) rose 21 times, declined 14 times and was neutral once, so silver-mining shares have also been seasonally bullish (up 60%) in Februarys.
       Editor's Note: James Dines is editor of The Dines Letter, P.O. Box 22, Belvedere, CA 94920, 1 year, 17 issues, $195.