Technical Analysis: Power Tools for Active Investors

Technical Analysis: Power Tools for Active Investors

by Gerald Appel

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Overview

Technical Analysis: Power Tools for Active Investors by Gerald Appel

Unlike most technical analysis books, Gerald Appel's Practical Power Tools! offers step-by-step instructions virtually any investor can use to achieve breakthrough success in the market. Appel illuminates a wide range of strategies and timing models, demystifying even advanced technical analysis the first time. Among the models he covers: NASDAQ/NYSE Relative Strength, 3-5 Year Treasury Notes, Triple Momentum, Seasonality, Breadth-Thrust Impulse, and models based on the revolutionary MACD techniques he personally invented. Appel covers momentum and trend of price movement, time and calendar cycles, predictive chart patterns, relative strength, analysis of internal vs. external markets, market breadth, moving averages, trading channels, overbought/oversold indicators, Trin, VIX, major term buy signals, major term sell signals, moving average trading channels, stock market synergy, and much more. He presents techniques for short-, intermediate-, and long-term investors, and even for mutual fund investors.

Product Details

ISBN-13: 9780132930048
Publisher: FT Press
Publication date: 04/04/2005
Edition description: Reprint
Pages: 264
Product dimensions: 6.90(w) x 9.10(h) x 0.50(d)

About the Author

About the Author

Gerald Appel has, since 1973, published Systems and Forecasts, a leading technical analysis publication. Appel is legendary for his work in technical analysis and market timing, including the creation of Moving Average Convergence-Divergence (MACD), one of the field's most widely used tools. His numerous books include, among others, Winning Market Systems: 83 Ways to Beat the Market, Stock Market Trading Systems (with Fred Hitschler), New Directions in Technical Analysis (with Dr. Martin Zweig), The Big Move, and Time-Trend III. His company, Signalert Corporation, and affiliates, currently manages more than $550,000,000 in investor capital. Appel has trained thousands of traders through his world-renowned video and audio tapes, seminars, and workbooks. He recently taught a series of four-day international master classes on investing and trading strategies in partnership with Dr. Alex Elder. As Appel puts it, "I have never lost anything by giving ideas away. If people find it useful, it makes me feel good."

© Copyright Pearson Education. All rights reserved.

Read an Excerpt

IntroductionIntroduction

This book, Technical Analysis, is meant for every investor who has been hurt trusting his brokerage firm, trusting his friendly mutual fund manager, or trusting the latest hot guru. It is meant for every investor who has ever wished for the skills required to deal with an increasingly volatile and uncertain stock market. It is meant for every investor willing to take responsibility for the outcome of his own investments. It is meant for every investor ready to take at least some of the time and to put forth at least some of the effort required for the quest.

The stock market tends to condition investors to make the wrong decisions at the wrong times. For instance, the stock market explosion of the late 1920s convinced investors that the only path for stocks was up, and that the prospects of stocks rising indefinitely justified even the high levels of margin leverage that could be employed at the time.

Investors plowed in, the stock market collapsed, and, thereafter, the public remained fearful of stocks for 20 years, although the stock market actually reached its lows during 1931 and 1932. In the mid-1990s, the Standard & Poor's 500 Index was king and index mutual funds were the royal coach. Between 1996 and 1998, huge inflows of capital were injected into Standard & Poor's 500–based index mutual funds, such as those sponsored by Vanguard. The largest inflows took place just before a serious intermediate market decline in mid-1998. The market advance that followed that decline was headed not by the Standard & Poor's 500 sector of the stock market, but by speculative areas of the Nasdaq Composite:technology sectors (Internet issues and the like) that, in some cases, sold for hundreds of dollars per share, even though many companies had no earnings whatsoever. And then came the crash, in March of 2000. The Nasdaq Composite ultimately declined by more than 77%.

So, investors returned to the sanctity of total return, value, earnings, and dividends, not the worst strategy during the bear market that took place between 2000 and 2002, but definitely not the best of strategies when the new bull market more clearly emerged during the spring of 2003. The play returned to technology and the Internet, with growth back in and total return back out. (During the first nine months of 2004, however, technology issues once again lost market leadership to value- and income-oriented market sectors.)

The point, of course, is that the typical investor follows and does not lead trends, is late rather than early, and is a crowd-follower rather than a self-director. According to Dalbar, Inc., a financial services research firm, the average equity fund investor realized an annualized return of 5.32% between 1984 and 2000, while the Standard & Poor's 500 Index rose at a rate of 16.3% per annum. Matters become even worse when comparisons are updated through July 2003. The average investor was ahead by only 2.6% per year for the 1984–2003 period, compared to annualized returns of 12.2% for the Standard & Poor's 500 Index.

This book has been prepared to help investors achieve better than average performance—considerably better, we believe.

The structure of Technical Analysis has been designed to provide information and investment tools, some of which can be put to work immediately, by both sophisticated and relatively unsophisticated stock market investors. I will share with you, right at the start, my favorite techniques for picking mutual funds and ETFs (securities that trade on the stock exchange and act similarly to market index mutual funds but provide greater investment flexibility at lower ongoing internal management fees, though, possibly, with some initial commission expense, which is often involved with mutual funds as well).

We move from there to some of the basic tools stock market technicians use to track and predict market behavior. A certain amount of statistical calculations is required in applying some of the "practical power tools" you will be learning—nothing truly complex. I have placed a strong emphasis on the "practical" in "practical power tools." The KISS (Keep It Simple, Stupid) principle is observed throughout the book—at least, to the best of my ability.

For example, in Chapter 1, "The No-Frills Investment Strategy," I show you two indicators that, together, should require no more than five or ten minutes for you to post and maintain each week—that's right, each week, not each day. These have a fine history of helping investors discriminate between favorable and unfavorable market climates. Nothing in the stock market can ever be guaranteed for the future, of course, but you will see how powerful these two simple indicators have been during more than three decades of stock market history in supplementing your selections for market investment with straightforward but surprisingly effective market-timing strategies.

Even if you go no further, you will have already acquired a useful arsenal of tools for improved investment results. By this time, you might well have become ready for additional, more involved technical tools that I have found over the decades to be more than useful in my own investment decisions. These include, for example, T-formations, special time-based patterns of market movement that frequently provide advance notice of when market turning points are likely to occur. In a subsequent chapter, you learn about the application of moving average trading channels, a technique for employing certain patterns of past market behavior to predict likely patterns for the future.

Finally, you get my personal take on Moving Average Convergence-Divergence (MACD), an indicator that I invented in the late 1970s and, since then, has become one of the most widely followed of market-forecasting tools employed by technical analysts, private and professional. You will learn how to maintain the MACD indicator and how to interpret it for time frames ranging from 15 minutes (for day trading) to many years (for long-term investing).

Each of these indicators alone can be quite powerful, particularly as you develop the facility for combining various elements of your trading strategy for disciplined decision-making, higher returns, and less risk. Synergy helps the cause. I will show you many ways to achieve this synergy.

All in all, Technical Analysis is about the best stock-market timing tools that I have learned in nearly 40 years of studying, trading in, and writing about the stock market. These are real tools, practical tools, tools that my staff and I employ every day in tracking the stock market and investing our own and our clients' capital. These are tools that you, yourself, can begin to employ almost immediately.

There will be some additional interesting side trips and excursions along the way, but I think that we will conclude the description of our itinerary at this point. The time has come to begin the journey....

© Copyright Pearson Education. All rights reserved.

Table of Contents

Foreword.

Acknowledgments.

Introduction.

The No-Frills Investment Strategy.

Picking the Right Investment Vehicles.

Risk: Reward Comparisons Between More Volatile and Less Volatile Equity Mutual Fund Portfolios

Gain/Pain Ratios

Drawdown: The Measure of Ultimate Risk

The End Result: Less Is More

Changing Your Bets While the Race Is Still Underway

Relative Strength Investing

Testing the Relative Strength Investment Strategy: A 14-Year Performance Record of Relative Strength Investing

Results of Quarterly Reranking and Quarterly Rebalancing (1990-2003)

Buy-and-Hold Results: The Standard & Poor's 500 Benchmark

Increasing the Risk: Maintaining a Portfolio of Somewhat More Aggressive Mutual Funds

Observations

Upping the Ante: The Effects of Applying the Concepts of Relative Strength Selection to a Still More Volatile Portfolio of Mutual Funds

General Observations

A Quick Review of Relative Strength Investing

Summing Up

Two Quick-and-Dirty Stock Market Mood Indicators.

Identifying High- and Low-Risk Investment Climates

The Nasdaq/New York Stock Exchange Index Relative Strength Indicator

The Maintenance and Interpretation of the Nasdaq/NYSE Index Relative Strength Indicator

Observations

Measuring the Market Mood with the Intermediate Monetary Filter

The Monetary Model

The Ingredients

The Calculation and Rules of the Intermediate Monetary Filter

Observations

Combining the Two Indicators

Point and Counterpoint

Observations

A Final Long-Term Statistic

Summing Up

Moving Averages and Rates of Change: Tracking Trend and Momentum.

The Purpose of Moving Averages

The Intermediate-Term Moving Average

The Long-Term 200-Day Moving Average

Using Weekly-Based Longer-Term Moving Averages

Moving Averages and Very Long-Term Moving Averages

Moving Averages: Myths and Misconceptions

Using Moving Averages to Identify the Four Stages of the Market Cycle

Stage 1

Patterns of Moving Averages During Stage 1

Stage 2

Patterns of Moving Averages During Stage 2 Advances

Stage 3

Patterns of Moving Averages During Stage 3 Distribution Periods

Stage 4

The Rate of Change Indicator: How to Measure and Analyze the Momentum of the Stock Market

The Concept and Maintenance of the Rate of Change Indicator

Constructing Rate of Change Measurements

Bull Market and Bear Market Rate of Change Patterns

Adjusting Overbought and Oversold Rate of Change Levels for Market Trend

Looking Deeper into Levels of the Rate of Change Indicator

The Triple Momentum Nasdaq Index Trading Model

Maintenance Procedure

Notes Regarding Research Structure

Rate of Change Patterns and the Four Stages of the Stock Market Cycle

More Than Just Pretty Pictures: Power Tool Chart Patterns.

The Concept of Synergy

Powerful Chart Formations

Example 1

Example 2

Example 3

The Wedge Formation: Times to Accumulate and Times to Distribute Stocks

The Wedge Formation

Declining Wedge Formations

Appropriate Strategies

Synergy in Chart Patterns

Head and Shoulder Formations

Using the Head and Shoulder Formation to Establish Downside Price Objectives

At Market Bottoms, the Inverse Head and Shoulder Formation

Confirmation by Measures of Market Momentum

Volume Spikes Are Very Bullish If the Stock Market Has Been in Decline

The Selling Climax

Support and Resistance Levels

Support Zones

Support Zones

Resistance Zones

Example: The 1999-2003 Stock Market Climate (Chart 4.4)

Market Downtrends

Major Trend Synergy in Action

Tricks with Trendlines

Inverse Trendline Support and Resistance Zones

Channel Support and Resistance

Early Warnings Provided by Channel Patterns

Extended Channel Support

Rising Resistance Zones

False Breakouts and Breakdowns: Key Market Patterns

A Significant Sell Signal

A Significant Buy Signal

The Key

Political, Seasonal, and Time Cycles: Riding the Tides of Market Wave Movements.

Calendar-Based Cycles in the Stock Market

Days of the Month

Pre-Holiday Pattern

The Best and Worst Months of the Year

The Best Six-Month Period, the Worst Six-Month Period

Evaluating the Tabulations

The Presidential Stock Market Cycle

Comments

Time Cycles: Four Days to Four Years

Example of Market Cycles: The 53-Day Market Cycle

Segments of Market Cycles

The Significance of Segmentation

Distinguishing Bullish Cyclical Patterns from Bearish Patterns

Lest We Forget the Concept of Synergy...

Lengths of Market Cycles

The Very Significant and Regular Four-Year Market Cycle

An Intermediate Market Cycle with a Confirming Indicator

How the Confirming Indicator Helps the Cause

The August-September Cycle

The October-November Cycle

The November to Early January Market Cycle

The January-March Cycle

The 18-Month Market Cycle with a Rate of Change Confirming Indicator

Synergy Between Rates of Change and Cyclical Patterns

Enter the Rate of Change Indicator

For Future Readers of This Work

Day Trading with Short-Term Cycles

T-Formation: The Ultimate Cyclical Power Tool?

The Construction of T-Formations

Area 1

Area 2

Area 3

Area 4

Further Examples of T-Formations, Including the Application of Synergy

T-Formations and Mirror Patterns of Stock Movement

T-Formations and Longer-Term Time Periods

Supplemental Indicators

One Final Set of T-Formations

In Summary

Seasonal and Calendar Influences on the Stock Market

Time Cycles

T-Formations

Bottom Fishing, Top Spotting, Staying the Course: Power Tools That Combine Momentum Oscillators with Market Breadth Measurements for Improved Market Timing.

A Quick Review of Where We Have Been

The "Internal" as Opposed to the "External" Stock Market

Measures of Market Breadth

New Highs and New Lows

New High/New Low Confirmations of Price Trends in the Stock Market

Positive and Negative Confirmations, 1995-2004

New Lows at a Developing Stock Market Bottom

Creating a New High/New Low Indicator to Keep You in the Stock Market When the Odds Heavily Favor the Stock Market Investor

Method of Interpretation

The Application of the New High/(New Highs + New Lows) Indicator to the Nasdaq Composite

Pre-Bear Market Comparisons

The New York Stock Exchange Advance-Decline Line

Relating to Advance-Decline Breadth Data

General Observations

Chart 6.4: The Advance-Decline Line Between 2002 and 2004

The 21-Day Rate of Change of the Advance-Decline Line

Overbought Levels

Oversold Levels

Breadth Patterns at Bull Market Highs 1997-2000: A Period of Breadth Transition

A Change in Tone

A Major Negative Breadth Divergence Followed

Using a Somewhat More Sensitive Rate of Change Measure of the Advance-Decline Line

The Ten-Day Rate of Change Indicator

The Weekly Impulse Continuation Signal

But First, an Introduction to the Exponential Moving Average

The Smoothing Constant of Exponential Averages

Example 1

Example 2

Example 3

Stabilizing the Exponential Average

Some Special Qualities of Exponential Moving Averages

The Weekly Impulse Signal

The Required Items of Data Each Week

Buy and Sell Signals

General Concept of the Weekly Breadth Impulse Signal

Final Comments

The Daily-Based Breadth Impulse Signal

The Construction and Maintenance of the Daily-Based Breadth Impulse Signal

The Performance Record of the Daily Breadth Impulse Signal

The Application of the Daily-Based Breadth Impulse Signal to Trading the Nasdaq Composite Index

Caveat

Volume Extremes, Volatility, and VIX: Recognizing Climactic Levels and Buying Opportunities at Market Low Points.

Market Tops: Calm Before the Storm; Market Bottoms: Storm Before the Calm

TRIN: An All-Purpose Market Mood Indicator

The Data Required to Compute TRIN

Calculating TRIN

Interpreting TRIN Levels

TRIN as a Bottom Finding Tool

The Volatility Index (VIX) and Significant Stock Market Buying Zones

The Volatility Index

Theoretical Pricing of Options

Implied Volatility

Ranges of VIX

Bullish Vibes from VIX

Summing Up

The Major Reversal Volatility Model

Calculating the Major Reversal Volatility Model

Major Market-Reversal Buy Signals

The 1970-1979 Decade

The 1979-1989 Decade

The 1989-1999 Decade

Post-1999: Mixed Results

The Ideal Scenario

Advanced Moving Average Convergence-Divergence (MACD): The Ultimate Market Timing Indicator?

Scope of Discussion

The Basic Construction of the Moving Average Convergence-Divergence Indicator

Basic Concepts

Trend Confirmation

The Signal Line

Very Important Supplementary Buy and Sell Rules

Rationale for Supplementary Rules

Using Divergences to Recognize the Most Reliable Signals

Additional Examples

Improving MACD Signals by Using Different MACD Combinations for Buying and Selling

Two MACD Combinations Are Often Better Than One

MACD During Strong Market Uptrends

MACD During Market Downtrends

Modifying MACD Rules to Secure the Most from Strong Market Advances

Reviewing Chart 8.9

Market Entry Supported by Positive Divergence

Moving Averages, MACD Patterns Confirm Advance

Initial Sell Signal Not Reinforced by Any Negative Divergence

Secondary Sell Signal Confirmed by Negative Divergence

Use Moving Average as Back-Up Stop Signal

The Stop-Loss When Trades Prove Unsuccessful

Synergy: MACD Confirmed by Other Technical Tools

MACD Patterns Confirmed by Cyclical Studies

When the MACD Does Not Provide the Most Timely Signals

Money Management with the MACD (and Other Indicators)

An MACD Configuration That Suggests More Active Selling

MACD Through the Years: Long Term, Short Term, and Intraday

The Start of a Bull Market

An Example of the MACD Stop-Loss Signal in Action

MACD Employed for Day-Trading Purposes

MACD and Major Market Trends

The Amazing Ability of the MACD to Identify Significant Market Low Points Following Severe Stock Market Declines

MACD Patterns and Significant Market Bottoms

Initial Rally at Start of Year

Brief Decline and Well-Timed Market Re-Entry

Rally and Topping Formation

Waterfall Decline, and Then Bottoming Process

Final Shakeout and Recovery

MACD and the Four Stages of the Market Cycle

Reviewing Rules and Procedures Associated with the MACD Indicator

Creating and Maintaining Your MACD Indicator

Buy Signals

Prerequisite

Sell Signals

Converting the Daily Breadth Thrust Model into an Intermediate Entry

Buy Signals

Sell Signals

Providing That...

Summary of Results

MACD Filtered Breadth Thrust Applied to the Nasdaq Composite Index

Moving Average Trading Channels: Using Yesterday's Action to Call Tomorrow's Turns.

The Basic Ingredients of the Moving Average Trading Channel

Creating the Channel

What Length of Offset Should Be Used?

Moving Average Trading Channels in Operation

Area A: The Chart Opens with a Market Downtrend

Area B: The First Recovery Rally

Area X: The Technical Picture Improves

Area D: The Upper Trading Band Is Reached

Area E: Prices Retrace to the Center Channel

Area F: Improving Market Momentum Confirmed

Bullish Indications

Area G: The Center Line of the Moving Average Trading Channel

Area H: Warning Signs

Area I to J: One Final Attempt That Fails

The Basic Concept

The Evolution of Phases Within the Moving Average Trading Channel

A Classic Topping Formation to End a Major Bull Market

Chart 9.2: The Ingredients

January 2000: The Bull Market in Nasdaq Moves Along Steadily

Area E: The Fun and Games of the Bull Market Come to an End

Area F: Trend Reversal Is Confirmed and Completed

The Development of a Bottom Formation

Moving Average Channels and the Major Trend

1996-1998: Strong Bullish Upthrust

The First Correction Stops at the Center Channel Line

Resurgence of Market Advance

Technical Warnings Develop

The Top Formation Moves Along

Major Downtrend Gets Seriously Underway

Patterns Suggest a Phasing-Out of Long Positions

Significant Downturn Is Confirmed

How to Construct a Price/Moving Average Differential Oscillator

A Review of the Key Rules Associated with Moving Average Trading Band Trading

Putting It All Together: Organizing Your Market Strategies.

The First Step: Define the Major Trend and Major Term Cycles of the Stock Market

The Second Step: Check Out Market Mood Indicators and Seasonal Cycles

The Third Step: Establish the Direction and Strength of the Current Intermediate Trend and Try to Project the Time and Place of the Next Intermediate-Term Reversal Area

The Fourth Step: Fine-Tune Your Intermediate-Term Studies with Studies Based on Shorter-Term Daily-or Even Hourly-Market Readings

Remember Our Favorite Mutual Fund Selection Strategy!

Lessons I Have Learned During 40 Years as a Trader

Recommended Reading and Resources

Charting Resources

Sources for Research

Books Relating to Technical Analysis

Investment Newsletters

Index.


Preface

Introduction

Introduction

This book, Technical Analysis, is meant for every investor who has been hurt trusting his brokerage firm, trusting his friendly mutual fund manager, or trusting the latest hot guru. It is meant for every investor who has ever wished for the skills required to deal with an increasingly volatile and uncertain stock market. It is meant for every investor willing to take responsibility for the outcome of his own investments. It is meant for every investor ready to take at least some of the time and to put forth at least some of the effort required for the quest.

The stock market tends to condition investors to make the wrong decisions at the wrong times. For instance, the stock market explosion of the late 1920s convinced investors that the only path for stocks was up, and that the prospects of stocks rising indefinitely justified even the high levels of margin leverage that could be employed at the time.

Investors plowed in, the stock market collapsed, and, thereafter, the public remained fearful of stocks for 20 years, although the stock market actually reached its lows during 1931 and 1932. In the mid-1990s, the Standard & Poor's 500 Index was king and index mutual funds were the royal coach. Between 1996 and 1998, huge inflows of capital were injected into Standard & Poor's 500–based index mutual funds, such as those sponsored by Vanguard. The largest inflows took place just before a serious intermediate market decline in mid-1998. The market advance that followed that decline was headed not by the Standard & Poor's 500 sector of the stock market, but by speculative areas of the Nasdaq Composite: technology sectors (Internet issues and the like) that, in some cases, sold for hundreds of dollars per share, even though many companies had no earnings whatsoever. And then came the crash, in March of 2000. The Nasdaq Composite ultimately declined by more than 77%.

So, investors returned to the sanctity of total return, value, earnings, and dividends, not the worst strategy during the bear market that took place between 2000 and 2002, but definitely not the best of strategies when the new bull market more clearly emerged during the spring of 2003. The play returned to technology and the Internet, with growth back in and total return back out. (During the first nine months of 2004, however, technology issues once again lost market leadership to value- and income-oriented market sectors.)

The point, of course, is that the typical investor follows and does not lead trends, is late rather than early, and is a crowd-follower rather than a self-director. According to Dalbar, Inc., a financial services research firm, the average equity fund investor realized an annualized return of 5.32% between 1984 and 2000, while the Standard & Poor's 500 Index rose at a rate of 16.3% per annum. Matters become even worse when comparisons are updated through July 2003. The average investor was ahead by only 2.6% per year for the 1984–2003 period, compared to annualized returns of 12.2% for the Standard & Poor's 500 Index.

This book has been prepared to help investors achieve better than average performance—considerably better, we believe.

The structure of Technical Analysis has been designed to provide information and investment tools, some of which can be put to work immediately, by both sophisticated and relatively unsophisticated stock market investors. I will share with you, right at the start, my favorite techniques for picking mutual funds and ETFs (securities that trade on the stock exchange and act similarly to market index mutual funds but provide greater investment flexibility at lower ongoing internal management fees, though, possibly, with some initial commission expense, which is often involved with mutual funds as well).

We move from there to some of the basic tools stock market technicians use to track and predict market behavior. A certain amount of statistical calculations is required in applying some of the "practical power tools" you will be learning—nothing truly complex. I have placed a strong emphasis on the "practical" in "practical power tools." The KISS (Keep It Simple, Stupid) principle is observed throughout the book—at least, to the best of my ability.

For example, in Chapter 1, "The No-Frills Investment Strategy," I show you two indicators that, together, should require no more than five or ten minutes for you to post and maintain each week—that's right, each week, not each day. These have a fine history of helping investors discriminate between favorable and unfavorable market climates. Nothing in the stock market can ever be guaranteed for the future, of course, but you will see how powerful these two simple indicators have been during more than three decades of stock market history in supplementing your selections for market investment with straightforward but surprisingly effective market-timing strategies.

Even if you go no further, you will have already acquired a useful arsenal of tools for improved investment results. By this time, you might well have become ready for additional, more involved technical tools that I have found over the decades to be more than useful in my own investment decisions. These include, for example, T-formations, special time-based patterns of market movement that frequently provide advance notice of when market turning points are likely to occur. In a subsequent chapter, you learn about the application of moving average trading channels, a technique for employing certain patterns of past market behavior to predict likely patterns for the future.

Finally, you get my personal take on Moving Average Convergence-Divergence (MACD), an indicator that I invented in the late 1970s and, since then, has become one of the most widely followed of market-forecasting tools employed by technical analysts, private and professional. You will learn how to maintain the MACD indicator and how to interpret it for time frames ranging from 15 minutes (for day trading) to many years (for long-term investing).

Each of these indicators alone can be quite powerful, particularly as you develop the facility for combining various elements of your trading strategy for disciplined decision-making, higher returns, and less risk. Synergy helps the cause. I will show you many ways to achieve this synergy.

All in all, Technical Analysis is about the best stock-market timing tools that I have learned in nearly 40 years of studying, trading in, and writing about the stock market. These are real tools, practical tools, tools that my staff and I employ every day in tracking the stock market and investing our own and our clients' capital. These are tools that you, yourself, can begin to employ almost immediately.

There will be some additional interesting side trips and excursions along the way, but I think that we will conclude the description of our itinerary at this point. The time has come to begin the journey....

© Copyright Pearson Education. All rights reserved.

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