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Further Capex Slowdown Confirms
Our Major Stock Market Top Call
by Bob Bronson
Bronson Capital Markets Research
June 24, 2004 (published 6/29)

Here's an update of our call for the March peak in Business Capital Spending (Capex). All rates-of-change or growth rate measures, whether on a 1-month, 3-month, 6-month or 12-month basis, in total Capex, non-defense Capex, and non-defense Capex excluding aircraft and parts, had "last gasp" growth rate spike peaks no later than March, which we still expect was simultaneous with another stock market major top in this BAAC Supercycle Bear Market Period:  SEE

© 2004 Bob Bronson
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Bob Bronson
Bronson Capital Markets Research
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