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[IMAGE] [IMAGE] =09 [IMAGE]=09 =09Open an IRA and get a year of MONEY from TD Waterhouse Get control of = your retirement when you open a TD Waterhouse IRA - and receive a complime= ntary one-year subscription to MONEY magazine. Learn more . =09=09 [IMAGE]=09[IMAGE]=09[IMAGE]=09 [IMAGE]=09 Market Insight for February 4, 2002=09 [IMAGE]=09 [IMAGE] Economic Recovery to the Rescue By Arnie Kaufman, Editor, The Ou= tlook =09 Stay with a positive investment approach. =09 Corporate accounting and earnings quality issues, high P/Es and fear of a= dditional terrorism remain a drag on the market. Another restraint: Dynami= c leadership is absent and may not be seen until signs of improvement in i= nformation technology spending breathe new life into that deeply depressed= sector. But barring dramatic new financial irregularity disclosures, the= chances are good the market will soon start moving forward again. The dri= ving force, we believe, will be an improving economy. S&P chief economis= t David Wyss feels that if inventory rebuilding accelerates sharply in the= period just ahead, it is possible the first quarter will show strong GDP = growth and the second quarter a relapse into negative territory. He points= out that the 1990-91 recession was the only one since the 1950s that did = not have a positive quarter sandwiched between down quarters. Wyss thinks = the more likely scenario, however, is a smoother pace of inventory accumul= ation and rising quarter-to-quarter GDP growth through 2002. This forecast= implies upward-trending earnings this year and next. Investors, burned = badly by the 2000-2001 bear market, are in a show-me state of mind. Short = sellers and others who bet stocks will fall have become bolder lately, and= institutions have been moving cautiously. All of this suggests that a goo= d deal of fuel for an advance exists. It wasn't a good omen that the S&P= 500 index slipped in January, losing 1.6%. As mentioned a week ago, of th= e 19 times in the postwar period that the "500" has fallen in January, the= index then went on to score a gain for the full year only seven times and= suffered a loss for the year 12 times. That was against a backdrop of 2.4= up years for each down year for the 56 years from 1946 through 2001. On= the other hand, a decline in the S&P 500 this year would be the third in= a row, and that hasn't happened since 1941.=09 As a TD Waterhouse customer, you can view a complete copy of S&P's The Ou= tlook (a $298 value) for FREE. Just select 'News & Research' when you logi= n to yourTD Waterhouse account . The Outlook is available under Other Rep= orts.=09 =09=09 [IMAGE] =09 =09=09 Access Your Tax Documents Online You can now access your tax docume= nts online. To view and print a FREE copy of your Consolidated 1099 or Yea= r-End Summary Statement, login to your account , click on 'My Account,' t= hen 'eServices.' =09 [IMAGE]=09[IMAGE]=09[IMAGE]=09 Your feedback is important to us! E-mail us with any questions or comment= s at eServices@tdwaterhouse.com TD Waterhouse Investor Services, Inc.= Member NYSE/SIPC. Access to services and your account may be affected by= market conditions, system performance or for other reasons. Under no circ= umstances should the information herein be construed as a recommendation, = offer to sell or solicitation of an offer to buy a particular security. Th= e article and opinions herein are obtained from unaffiliated third parties= and are provided for informational purposes only. While the information i= s deemed reliable, TD Waterhouse cannot guarantee its accuracy, completene= ss or suitability for any purpose and makes no warranties with regard to t= he results to be obtained from its use. To unsubscribe to this service,= login to your account and select 'My Account' then 'My Info.' Or e-mail = us at eServices@tdwaterhouse.com =09
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