Chief Editor
The last week again showed continuing momentum but despite the good news on the US reporting front, stocks did not match that with a surge of buying as much of the good news has been factored in. This could be a case of "buy the news sell the reality.” Indices volume is now starting to lag and this can also be seen in individual stocks both here in OZ and in the US. It’s called taking a breather – which is good to see. With the market having achieved such gains the propensity for further upside for the medium term, is abating as investors become more cautious.

We welcome to Trading Tutors a new options columnist - Frederic Ruffy. Fred is a Senior Writer for Optionetics and specialises in trading options on exchange-traded funds and index products. For that reason, he holds the role of being the Optionetics Index Strategist. Prior to working with Optionetics, Fred worked in New York for the trading firm Miller, Tabak. He has more than a decade of direct working experience in finance and holds degrees in Communications and Economics from the University of Utah.

As well as welcoming Fred, I would like to extend our appreciation to Mike Lawch for the very sound knowledge he has brought to our Newsletter over the last few months. You will still see Mike on the Australian Seminar circuit.

Whilst on the subject of our American friends, you will also see Mike Wade, who is known to many of you from the Optionetics seminars, at the forthcoming SITM Conference. Mike is not only an entertaining presenter with plenty of stories to tell he also speaks from a very experienced perspective, having been an options writer for many years.

This years conference certainly has a rich agenda, packed with brand new content and covers equites, options and futures with yours truly giving his forecast for 2004. My objective is to identify how and in what markets, conference attendees can achieve above average returns in the coming year.

Check out - I believe if you book by 31 October 2003 you can save $250 off the Conference registration fee.

Look forward to seeing you there!!

Tom Scollon