Table Of Content

M2001 INDEX OF ARTICLES Items in parentheses are key topics * Cover stories Features Exploiting report day tendencies in Treasuries Wrestling with a bear market (tips for trading (report day strategies still key for bonds) bear markets) March, p. 48 Futures 101 February, p. 56 Springtime for bran flakes (wheat spreads) Trading interest rates for added advantage Intermarket analysis and economic forecast- March, p. 52 (interest rate basics) January, p. 60 ing (forecasting with intermarket analysis) Stressing the fundamentals (portfolio stress It's all in your head (psychology of trading) March, p. 60 tests) March, p. 56 February, p. 64 The economy & markets: Trading the relation- ChronoGraphics trading edge (using candle- Choosing a _ (first steps to trading) ship (how to trade stocks’ correlation to sticks to confirm trading signals) April, p. 34 March, p. 66 economy) April, p. 60 Plan ahead (point-and-figure charting) Stating the not-so-obvious (reading broker The many faces of markets (tendencies ofd if- April, p. 40 statements) April, p. 66 ferent market moves) May, p. 56 System testing via Monte Carlo (Monte Carlo Better than average (moving averages) New age trading systems for dynamic markets simulation) April, p. 44 May, p. 64 (steps for building adaptive trading systems) Think before you spread (introduction to Catch a break (breakout systems) June, p. 60 June, p. 54 spreads) April, p. 48 To everything, (pat)tern, (pat)tern, (pat)tern Delving for dynamic dollars (constructing a Qualifying streaks (quantitative analysis) (chart patterns) July, p. 64 logical premise) July, p. 58 April, p. 56 What goes up must come down (basics of Managing financial risk with fractal geometry Volatility matters: better position sizing oscillators) August, p. 64 (measuring cash flow) August, p. 56 (position sizing and volatility) May, p. 34 System building basics (creating and testing Equity futures: Traders site in this bold new Market realities and options pricing trading systems) September, p. 68 market (retail opportunities in equity (correcting the bell curve) May, p. 38 Easing tax time for traders (tax issues for futures) September, p. 58 The fundamentals of forex (fundamental traders) October, p. 66 Artificial intelligence: The newest answer in analysis) May, p. 42 Candles shed light on a sticky subject (candle- market analysis (new method in analyzing Convert to the cause (convertible bonds) stick charting) November, p. 70 markets) October, p. 56 May, p. 48 Serving just what you ordered (options in Building a trading robot (adapting game theo- The art of managing multiple positions (diver- order entry) December, p. 62 ry to trading) November, p. 60 sification) May, p. 52 Hello, Mr. Frankenstein (combining subsys- Trading S&Ps with COT (analyzing net com- Managed Money tems into one model) December, p. 54 mercial position) June, p. 30 Europe in bloom (growth of European hedge No cure yet for Mad Dow disease (stock mar- funds in United States) January, p. 68 Trade Trends ket woes) June, p. 34 Top traders of 2000* (top industry traders) Surviving the Chicago way (future of the Convertibles: You can run but you can't hide March, p. 70 CBOT) January, p. 72 (hurdles in convertibles) June, p. 38 A new life for managed futures (the future of Tops and bottoms (best and worst of 2000) More intelligent option pricing (statistical managed futures) April, p. 70 February, p. 68 anomalies and option pricing) June, p. 42 Top 10 systems tackle a new millennium (top Profiting outside the box (tips for improving In fraud we trust (recap of Intrust investiga- profitability) May, p. 68 tion) March, p. 76 performing systems) June, p. 48 The science of order execution (factors of good Eurex still king in _ (Traders’ View of the Scoping the Nasdaq (Nasdaq 100 futures) order execution) June, p. 64 World) Aprilp, July, p. 34 Is the trend still your friend? (analysis of trend It’s the end of the te do you know your set- Bonds: A first-order system with second-order following) July, p. 68 tlement price? (investigating P-Tech scandal polynomials (analyzing past data) July, p. 38 Will new markets mean new opportunities? at Nybot) May, p. 74 Next civilization, no commodities! (slide in (what to look for in new ante The changing face of Europe* (Europe update) physical commodity prices) July, p. 42 August, p. 68 June, p. 68 By Garch, volatility trading works (conditional Fitsoh ian gp oritnf oal iboi) ggSeerp tpeomnbde r(,a dpd.i n7g4 hedge funds Thfeu tfuurtesu)r e Juisl yn,o wp . (7p2r eparing for equity Clvaasrsiiafnycien)g Jyuoluyr, tpr.a d4i8n g system (style-based classification process) July, p. 52 Hot new CTAs (new trading successes) Trading around the world (rules of interna- BaOcckt obien rt,h ep .g a7m2e (industry rebuilding post- Petrisoonnaall iezxecdh abnrgoekse)r aAgueg uisnt ,an pa.u t76o mated world ThAeu gRuSsIt ,r epv.i si3t4e d (relative strength index) 9/11) November, p. 74 (evolution of brokerage) September, p. 78 Delive ring the day-trading experience (Larry Shrinking world opens arbitrage window (arbi- Ready or not... (equity futures update) Williams, godfather of gurus?) August, p. 38 trage opportunities) December, p. 66 October, p. 76 Teaching the old Vix new tricks (measuring market volatility) August, p. 42 Following the paper trail (investigating suspect Markets trades before 9/11) November, p. 78 Sh(oiunltde rndaitvieornsailf icdaitvieorns ifsitcoapt ioant) waAtuegru'sst ,e dgp.e ?4 8 U.S. economic forecast: boom or gloom?* Top 50 Brokers* (ranking of largest futures (2001 economic forecast) January, p. 28 brokers) December, p. 70 MaAturgiux stf,o repc.a s5t2i ng (input selection) A hot market for cold times* (energy prices) Slow growth can mean steady profits (position- February, p. 26 Trading Techniques ing in slowing economy) September, p. 36 January effect: 2001 style (economic Nothing average about it (moving average Getting the angle with Drummond geometry turnaround or further slump?) March, p. 28 analysis) January, p. 36 (crowd behavior) September, p. 40 Weak economic shadow dims currency out- A MACD combo to counter risk (strategy for Probability theory: a winning bet (measuring look* (currencies forecast) April, p. 28 lowering risk) January, p. 40 and assuming risk) September, p. 44 Precious metals: Bulls still playing the waiting Is it the same game? (trading now vs. then) Don't fight the Fed — You just might win game* (gold and silver outlook) May, p. 26 January, p. 44 (going against the Fed) September, p. 50 Grains depend on weather and a whole lot Knowledge: Gaps (handling market shocks) Trading signs of the times (long-term cycles) more (grain factors) June, p. 26 January, p. 48 September, p. 54 U.S. interest rates: Split personality* (trading We've lost that bullish feeling (oats/notes Curves you can't ignore (bond yield curve) interest rates) July, p. 26 spread) January, p. 52 October, p. 34 Stocks staging a comeback?* (what to expect Measuring market moves (testing short-term A day in the life of a trader (rundown of a trad- in stocks) August, p. 28 price extremes) February, p. 34 er's day) October, p. 38 Will dollar fold in weak world?* (euro gaining Do breakout systems work on stocks? (break- Silver in the data mine (pattern recognition on dollar?) September, p. 28 out profits in equities) February, p. 38 and silver fundamentals) October, p. 42 Opec keeping a cool hand* (high demand Profiting from extremes in fear and greed (sen- Walking a fine line (trading system optimiza- eaves Opec in control) October, p. 28 timent indicator) February, p. 44 tion) October, p. 48 9/11: Redefining the markets* (consumers Trading at your discretion (discretionary trad- The Elliott-Fibonacci connection (interrela- key in market rebound) November, p. 28 ing systems) February, p. 48 tions between two methods) October, p. 52 Grains, soybeans planted in a rut (what's in Crying over spilled milk (equity index futures) You bought and you held. Now what? (chang- store for grains) December, p. 28 February, p. 52 ing strategies) November, p. 36 Technology & Trading Trading single stock futures (trading strate- A strategy for trading multiple time frames gies) March, p. 38 (identifying tradable trends) November, p. 40 Rolling your own intermarket index (creating Speaking volumes (volume and price patterns) Good trading is not rocket science (trading pit- your own index) January, p. 56 March, p. 42 falls and suggestions) November, p. 44 86 www.futuresmag.com 2002 SourceBook M2001 INDEX OF ARTICLES Items in parentheses are key topics * Cover stories Features Exploiting report day tendencies in Treasuries Wrestling with a bear market (tips for trading (report day strategies still key for bonds) bear markets) March, p. 48 Futures 101 February, p. 56 Springtime for bran flakes (wheat spreads) Trading interest rates for added advantage Intermarket analysis and economic forecast- March, p. 52 (interest rate basics) January, p. 60 ing (forecasting with intermarket analysis) Stressing the fundamentals (portfolio stress It's all in your head (psychology of trading) March, p. 60 tests) March, p. 56 February, p. 64 The economy & markets: Trading the relation- ChronoGraphics trading edge (using candle- Choosing a _ (first steps to trading) ship (how to trade stocks’ correlation to sticks to confirm trading signals) April, p. 34 March, p. 66 economy) April, p. 60 Plan ahead (point-and-figure charting) Stating the not-so-obvious (reading broker The many faces of markets (tendencies ofd if- April, p. 40 statements) April, p. 66 ferent market moves) May, p. 56 System testing via Monte Carlo (Monte Carlo Better than average (moving averages) New age trading systems for dynamic markets simulation) April, p. 44 May, p. 64 (steps for building adaptive trading systems) Think before you spread (introduction to Catch a break (breakout systems) June, p. 60 June, p. 54 spreads) April, p. 48 To everything, (pat)tern, (pat)tern, (pat)tern Delving for dynamic dollars (constructing a Qualifying streaks (quantitative analysis) (chart patterns) July, p. 64 logical premise) July, p. 58 April, p. 56 What goes up must come down (basics of Managing financial risk with fractal geometry Volatility matters: better position sizing oscillators) August, p. 64 (measuring cash flow) August, p. 56 (position sizing and volatility) May, p. 34 System building basics (creating and testing Equity futures: Traders site in this bold new Market realities and options pricing trading systems) September, p. 68 market (retail opportunities in equity (correcting the bell curve) May, p. 38 Easing tax time for traders (tax issues for futures) September, p. 58 The fundamentals of forex (fundamental traders) October, p. 66 Artificial intelligence: The newest answer in analysis) May, p. 42 Candles shed light on a sticky subject (candle- market analysis (new method in analyzing Convert to the cause (convertible bonds) stick charting) November, p. 70 markets) October, p. 56 May, p. 48 Serving just what you ordered (options in Building a trading robot (adapting game theo- The art of managing multiple positions (diver- order entry) December, p. 62 ry to trading) November, p. 60 sification) May, p. 52 Hello, Mr. Frankenstein (combining subsys- Trading S&Ps with COT (analyzing net com- Managed Money tems into one model) December, p. 54 mercial position) June, p. 30 Europe in bloom (growth of European hedge No cure yet for Mad Dow disease (stock mar- funds in United States) January, p. 68 Trade Trends ket woes) June, p. 34 Top traders of 2000* (top industry traders) Surviving the Chicago way (future of the Convertibles: You can run but you can't hide March, p. 70 CBOT) January, p. 72 (hurdles in convertibles) June, p. 38 A new life for managed futures (the future of Tops and bottoms (best and worst of 2000) More intelligent option pricing (statistical managed futures) April, p. 70 February, p. 68 anomalies and option pricing) June, p. 42 Top 10 systems tackle a new millennium (top Profiting outside the box (tips for improving In fraud we trust (recap of Intrust investiga- profitability) May, p. 68 tion) March, p. 76 performing systems) June, p. 48 The science of order execution (factors of good Eurex still king in _ (Traders’ View of the Scoping the Nasdaq (Nasdaq 100 futures) order execution) June, p. 64 World) Aprilp, July, p. 34 Is the trend still your friend? (analysis of trend It’s the end of the te do you know your set- Bonds: A first-order system with second-order following) July, p. 68 tlement price? (investigating P-Tech scandal polynomials (analyzing past data) July, p. 38 Will new markets mean new opportunities? at Nybot) May, p. 74 Next civilization, no commodities! (slide in (what to look for in new ante The changing face of Europe* (Europe update) physical commodity prices) July, p. 42 August, p. 68 June, p. 68 By Garch, volatility trading works (conditional Fitsoh ian gp oritnf oal iboi) ggSeerp tpeomnbde r(,a dpd.i n7g4 hedge funds Thfeu tfuurtesu)r e Juisl yn,o wp . (7p2r eparing for equity Clvaasrsiiafnycien)g Jyuoluyr, tpr.a d4i8n g system (style-based classification process) July, p. 52 Hot new CTAs (new trading successes) Trading around the world (rules of interna- BaOcckt obien rt,h ep .g a7m2e (industry rebuilding post- Petrisoonnaall iezxecdh abnrgoekse)r aAgueg uisnt ,an pa.u t76o mated world ThAeu gRuSsIt ,r epv.i si3t4e d (relative strength index) 9/11) November, p. 74 (evolution of brokerage) September, p. 78 Delive ring the day-trading experience (Larry Shrinking world opens arbitrage window (arbi- Ready or not... (equity futures update) Williams, godfather of gurus?) August, p. 38 trage opportunities) December, p. 66 October, p. 76 Teaching the old Vix new tricks (measuring market volatility) August, p. 42 Following the paper trail (investigating suspect Markets trades before 9/11) November, p. 78 Sh(oiunltde rndaitvieornsailf icdaitvieorns ifsitcoapt ioant) waAtuegru'sst ,e dgp.e ?4 8 U.S. economic forecast: boom or gloom?* Top 50 Brokers* (ranking of largest futures (2001 economic forecast) January, p. 28 brokers) December, p. 70 MaAturgiux stf,o repc.a s5t2i ng (input selection) A hot market for cold times* (energy prices) Slow growth can mean steady profits (position- February, p. 26 Trading Techniques ing in slowing economy) September, p. 36 January effect: 2001 style (economic Nothing average about it (moving average Getting the angle with Drummond geometry turnaround or further slump?) March, p. 28 analysis) January, p. 36 (crowd behavior) September, p. 40 Weak economic shadow dims currency out- A MACD combo to counter risk (strategy for Probability theory: a winning bet (measuring look* (currencies forecast) April, p. 28 lowering risk) January, p. 40 and assuming risk) September, p. 44 Precious metals: Bulls still playing the waiting Is it the same game? (trading now vs. then) Don't fight the Fed — You just might win game* (gold and silver outlook) May, p. 26 January, p. 44 (going against the Fed) September, p. 50 Grains depend on weather and a whole lot Knowledge: Gaps (handling market shocks) Trading signs of the times (long-term cycles) more (grain factors) June, p. 26 January, p. 48 September, p. 54 U.S. interest rates: Split personality* (trading We've lost that bullish feeling (oats/notes Curves you can't ignore (bond yield curve) interest rates) July, p. 26 spread) January, p. 52 October, p. 34 Stocks staging a comeback?* (what to expect Measuring market moves (testing short-term A day in the life of a trader (rundown of a trad- in stocks) August, p. 28 price extremes) February, p. 34 er's day) October, p. 38 Will dollar fold in weak world?* (euro gaining Do breakout systems work on stocks? (break- Silver in the data mine (pattern recognition on dollar?) September, p. 28 out profits in equities) February, p. 38 and silver fundamentals) October, p. 42 Opec keeping a cool hand* (high demand Profiting from extremes in fear and greed (sen- Walking a fine line (trading system optimiza- eaves Opec in control) October, p. 28 timent indicator) February, p. 44 tion) October, p. 48 9/11: Redefining the markets* (consumers Trading at your discretion (discretionary trad- The Elliott-Fibonacci connection (interrela- key in market rebound) November, p. 28 ing systems) February, p. 48 tions between two methods) October, p. 52 Grains, soybeans planted in a rut (what's in Crying over spilled milk (equity index futures) You bought and you held. Now what? (chang- store for grains) December, p. 28 February, p. 52 ing strategies) November, p. 36 Technology & Trading Trading single stock futures (trading strate- A strategy for trading multiple time frames gies) March, p. 38 (identifying tradable trends) November, p. 40 Rolling your own intermarket index (creating Speaking volumes (volume and price patterns) Good trading is not rocket science (trading pit- your own index) January, p. 56 March, p. 42 falls and suggestions) November, p. 44 86 www.futuresmag.com 2002 SourceBook The X-factor: Synthesizing trading system Demand drives beef bull market despite fears, Sam Gover: Turning numbers into money, reports (measuring trading systems) April, p. 26 September, p. 94 November, p. 50 The dollar vs. the Nasdaq: A trick to click Essex: Mining for gold, October, p. 90 Hedging covered calls: A way to profit while May, p. 32 Fall River: Designing profits, November, p. 98 minimizing risk (managing covered calls) Gann, cycles hint at bean bear, June, p. 24 Jerry Vlam: From pit to screen, December, November, p. 54 EUR/USD, GBP/USD: A correlation tale, p. 94 Playing the numbers the S&P way (exchange July, p. 32 traded funds) December, p. 32 30ttoms up! Late summer rally likely for Dow, Trading Places E-forex: Currency trading for the rest of us August, p. 26 E-learning firm gets new boss, January, p. 18 (spot currency trading for smaller investors) What dollar reversal? September, p. 34 Eurex architect moves on, February, p. 17 December, p. 38 Soybeans: A classic trading pattern, TT adds new U.S. boss, March, p. 20 Silver: Tarnishe d no more (silver’s bullish October. p. 26 ride) December, p. 44 The song doesn't remain the same, EwAipnrigl , brpi. n2g0s political experience to firm, Option spreads are not as simple as they November, p. 34 Clapp moves to First Union, May, p. seem (monitoring option spreads) Swedes expose top forecasters, December, p. 2¢ December, p. 50 Viola latest change at Nymex, June, 18 Goone goes for broader role, July, p. 18 Special Issue MarketWatch Heale new LME chief, August, p. 20 What is behind your front-end? (independent Another ‘es another se t of challenges for Fitzsimmons assumes Liffe/Nasdaq helm, software vendors’ new features) p. 6 the Fed, January. p. : September, p. 20 Confessions of an individual equity futures How will the Fed hi nde ‘aed Collins climbs the ladder, October, p. 20 trader (tips for trading) p. 10 uncertainty? March, p. 26 Rainer takes new approach, November, p. 20 New order to Internet-based screens (Web The Fed's care and feeding of Wall Street, Richards joins Nasdaq/Liffe, December, p. 20 based trading) p. 14 May, p. 24 Making the match (finding the best trading Will the Fed win its ‘foot race’? July, p. 2 Trendlines screen for you) p. 22 Fed debates final tunds rate setting, January, p. 12 — Expansion comes to elec Top systems for short-term trading (c— ir September, p. 26 tronic access ¢ Stock market swings with ing short-term trading systems) p.2 The Fed's ‘finest hour,’ November, p. 26 election news ¢ Spain to trade stock futures Traders, choose your weapon (online trading ¢ CFTC finalizes rules, software shootout) p. 32 Online Trading February, p. 12 — Law lifts ban on equity Day-trading modern markets (old strategy for futures ¢ Former Griffin CFO faces criminal Resolutions for the online trader, Bunye,w semlla rokre thso)l d:p . I3n6t egrating new market SoJ amnaunayr y,i ndpi.c a6t4o rs, so little time, cwhoarrkgse sf ee¢ s Locals sue in Nybot saga ¢ CME places and the futures industry (FCM chal March, p. 12 — CBOT chief outlines goals « February, p. 62 Wilreenlgeesss) wpo. n4d0e rs (fully mobile trading?) p. 50 TWhiree lweasns intgr adoinnlgi:n e Behyyopne.d Moanyl.in pe., ( Mia re h, p. 65 Mpraerzc ¢ RNiachg gifnignd s sestybmapcakst hyc onwtiitnhu eo uttog otihnrge at en exchange ¢ Comex traders charged in Online aspirin for online traders, June, p. 59 Departments The virtual guru, August, p. 61 ftrraodnitn-gr un— nionvge rssecaasm ¢ U.S. stock futures Book Review SyOsctteomb ert,e stpi.n g6 4 for an online world, Aprfiult,u rpe.s 1¢2 C—B OHTu rdhlieress tnherwe atCeEnO s¢i ngIlnet russtto ck Dancing with Lions by Trader X and Trend Direct access gaining speed, November, p. 66 clients sue regulator ¢ Threat to T-bond Forecasting with Technical Analysis by Louis A helpful tool for the beginner, heats up ¢ CME trading system defies Mendelsohn, April, p. 83 December, p. 60 glitches ¢ Bush pushes tax cut at CME Energy Derivatives: Pricing and Risk Split for clearing firms Management by Les Clemlow and Chris Software Review May, p. 12 — Lifle and Nasdaq partner on stock Strickland, May, p. 89 futures ¢ Broad-based index rule eases tax The Encyclope dia of Trading Strategies by rsu l Tick 7.1, January, p. 65 burden ¢ Refco expands with retail firm ¢ Jeffrey Owen Katz and Donna L. ‘aptools Individual Investor 1.55b, ADX liquidity crunch forces close ¢ Eurex McCormick, June, p. 74 “t‘ ebruary, p. 60 bobl gets squeezed * CBOT/CBOE keep it out The Art of Electronic Futures Trading by Aspen Graphics 3.71, March, p. 64 of courts ¢ Prison time for over-trader William Kaiser and James Green, and Black-Scholes Animation, April, p. 64 June, p. 12 — Shareholders sound off ¢ Energy Derivatives: Trading emerging mar Performance Suite 2000 by Rina Systems, Dt en drives lumber volatility ¢ Online kets by Jeremy Wilcox and Peter Fusaro, May, p. 62 start-up courts IPE ¢ CME liftsE -Mini con August. p. 86 TradingSolutions from NeuroDimension, tract limits ¢ Seg funds optional for some Risk: The New Management Imperative in June, p. 58 July, p. 12 — Equity futures bring rivals Finance by James T. Gleason, October, p. 86 Bull's-Eye Broker by Archer r Analysis, together * CBOT moves MidAm upstairs, The Guts & Gloryo f Day Tradingb y Mark July, p. 62 launches mini-Dow futures ¢ LSE on public Ingebretsen, and Derivatives Diary: The TradeCast Elite by TradeCast Securities, bandwagon ¢ P-Tech fiasco fallout ¢ CME Strategies of an Independent Fund Manager August, p. 60 ~ joins Euro index race ¢ Front-end firm by Richard Folcker, November, p. 86 Anyware RealTime WebSheet, slashes jobs ¢ Euro exchanges expand September, p. 64 offerings, Editor’s Note John Murphy's Chart Pattern Recognition, August, p. 12 — The fight is on ¢ Another Fallen king of the world, January. p. 8 October, p. 62 platform for eSpeed ¢ Nyfe settles, regula Natural High? February, p. 8 Fractal Finance, November, p. 64 tors busy in June ¢ Lawsuit threatens Rich with change, March, p. 8 TradeStation Platform, December, p. 58 CBOE ¢ MTS strengthens bond network Ouch! April, p. 8 September, p. 12 — Chicago exchanges make The plot thickens, May, p. 8 Trader Profile nice on rights ¢ Wine producers snub futures Wins of war, June, p. 8 ¢ Refco hit with huge fine ¢ CFTC nails Eisler, AC=Hnua ro pmrdpeeyymns ocsdyre ayyy m saoaf .yl.a.rn,h ieegOhamctd?,t? o bJASueulergyp,,ut setpmp,..b e88r p ., 8 p. 8 BDKoeeJFtnraetnnnbkiauersr au darA ryLsy,esB,o oo ncntpip.eya. etk 8vea86:s6m : p T:aL peTevre raradegiaindngig n gf otrhf eot rh cepr ruoasfghie,ts s., ONcoskitvineoelttblotmes lb reeB,s5r r ,e0.wnp0 i.t0t .hp .1 2Nh 1ay—2lf tes— T ¢e trCLrrioBafrdfOiei Tsnt pg u eta¢n ttotNenary csmk be isxdow nda ibpnWr gTa fnCrbca lhyo ecsk Capitalist jihad, November, p. 8 March, p. 90 ¢ WIC collapse buries gold ¢ Drive to delay In defense of brokers, December, p. 8 DragonHorse: Trend-following in the Far equity futures ¢ NYC exchanges up and Market Strategy LuEca sVt,a n ApHroifl:, Tp.h e9 0s weet music of the markets, Dercuenmnbienrg, p. 12 — Consolidation wave hits Bond yields to rise as bull wanes, May, p. 90 Liffe ¢ Prank at Merc highlights changed January, p. 34 DigiLog: What are friends for?, June, p. 86 world ¢ 30-year T-bond gets the hook ¢ Know thy Fed: Forecasting the Fed with Ozbek: Always have an opinion, July, p. 86 Equity futures launch delayed ¢ Early suc- futures, February, p. 24 Bernard Drury: Personal projects that pay off, cess for commodity gauge ¢ Firms cut jobs What a difference a year makes, March, p. < August, p. 90 to ease struggles Futures 2002 Sourcebook 87