      Four times every year there exists an excellent opportunity tocapitalize on corporate earnings. Between earnings periods, stocks will (inthe absence of contrary broad market moves or contrary stock or sector-specific news) trend toward a price commensurate with the anticipatedearnings in the upcoming quarter, given a PE Ratio comparable to the restof the companies in the same industry group. During the month before theonslaught of earnings releases, traders, fund managers, and investors alikebegin to worry about whether or not companies will meet or exceed theirestimated earnings. Some traders, investors, and fund managers will play itsafe and exit trades that they had been playing in anticipation of strongearnings and reposition themselves in safer, less volatile stocks, in cash,or in a combination of the two.