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March 31, 2006

Bird Flu: Possible Effect On Your Investments
by Chris Ciovacco

If you are concerned about how bird flu might affect the stock market or your investments, you should take a moment to listen to a March 23, 2006 interview with Dr. Paul Offit, chief of infectious diseases at Children's Hospital in Philadelphia. In the interview, the doctor, citing the results of a study published in a magazine named Nature (www.nature.com), states that the current bird flu virus gets imbedded deep in the lungs of infected humans. Humans sneeze and cough from much higher levels in the lungs making it remote that the disease would spread from human to human. Dr. Offit states that the 1957 flu pandemic that began in Hong Kong occurred because the virus was spread from human to human, which is not the case in the current situation. The current avian bird flu is known as a H5 virus. H5 viruses have been around for over 100 years and have never caused a pandemic.

Dr. Offit goes on to say that he believes that the current focus on bird flu stems from the fear of future pandemics (not the current avian bird flu). As most of us are aware, experts agree that it is only a matter of time before the next pandemic strikes, but it is remote that we are at that point today. Our hope is that the current coverage will help us prepare for the day when we do have to deal with an extremely serious pandemic.

From an investment perspective, we will continue to closely monitor the current situation. In the unlikely event that the current avian bird flu does mutate into a more dangerous virus, we already have contingency plans in place, which will allow us to adjust our investments in a timely manner. We suggest that all investors monitor the situation.

You can listen to the NPR interview with Dr. Offit via the following link: NPR Bird Flu Interview (http://www.npr.org/templates/story/story.php?storyId=5297299).

Chris Ciovacco
Ciovacco Capital Management

Chris Ciovacco is the Chief Investment Officer for Ciovacco Capital Management, LLC. More on the web at www.ciovaccocapital.com.

All material presented herein is believed to be reliable but we cannot attest to its accuracy. Investment recommendations may change and readers are urged to check with their investment counselors and tax advisors before making any investment decisions. Opinions expressed in these reports may change without prior notice. This memorandum is based on information available to the public. No representation is made that it is accurate or complete. This memorandum is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. The investments discussed or recommended in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is not necessarily a guide to future performance. The price or value of the investments to which this report relates, either directly or indirectly, may fall or rise against the interest of investors. All prices and yields contained in this report are subject to change without notice. This information is based on hypothetical assumptions and is intended for illustrative purposes only. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION CONTAINED IN THIS ARTICLE.

Ciovacco Capital Management, LLC is an independent money management firm based in Atlanta, Georgia. CCM helps individual investors and businesses, large & small; achieve improved investment results via research and globally diversified investment portfolios. Since we are a fee-based firm, our only objective is to help you protect and grow your assets. Our long-term, theme-oriented, buy-and-hold approach allows for portfolio rebalancing from time to time to adjust to new opportunities or changing market conditions.

Copyright © 2006-2008 Chris Ciovacco

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