21.   Stocks were mixed, with gains by Nikon Corp. and other technology on strong earnings forecasts offset by declines among cyclical issues such as Mitsubishi Heavy Industries.

22.   The stock fell among a decline in cyclical issues, companies whose earnings are tied to swings in economic activity.

23.   The Wall Street Journal reported that some analysts say the recent rally in some cyclical issues will be short-lived, and that their momentum will slow with economic growth.

24.   Too few investors are bullish about the outlook for cyclical issues and too many are optimistic about the outlook for consumer stocks, Hitschler said.

25.   Transportation stocks were about the brightest performers among cyclical issues.

26.   Tuesday, for instance, the Dow was bolstered by heavy demand for cyclical issues.

27.   Yesterday, Canadian stocks fell for the first time in three sessions, led by cyclical issues like metals producers and other firms sensitive to swings in the economy.

28.   And they bought up cyclical issues, on the premise that the economy continues to grow at a steady but noninflationary pace.

29.   But cyclical issues, those that respond sharply to changes in the economy, gained ground, including Eastman Kodak, Caterpillar and Alcoa.

30.   Cyclical issues were leading the pack again Thursday morning.