2006   

             Upward market momentum takes over at some point.  The image of a changing herd of
    bulls does give us an accurate insight here.  Such markets resist seasonality norms, for example
    that Septembers had only risen 30% of the time between 1965 and 2005.   The FED did try
    a modest amount of pulling at the reins, but did nothing in the second half of 2006.  That did
    not go un-noticed. 

                                     Date                  Discount Rate Change
                                     ------------       -----------------------
                                     12/13/2005      5.25%
                                     12/31/2005       5.5%
                                     3/28/2006        5.75%
                                     5/10/2006         6.0%    This is what started the May-June decline.
                                     6/29/2006         6.25%

,

Pea