October 20, 2003
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

-- SELL RECOMMENDATIONS
-- BUY RECOMMENDATIONS
-- OTHER STOCKS THAT WE STILL CONSIDER STRONG BUYS

Dear william,

We have not been paid by any of the listed investments within this message.

We may buy, sell and/or hold any listed or mentioned investments @ our own discretion.

If you do not want our material any longer visit www.saadvisory.com/update and follow the directions.

Overview: We still believe the that the NASDAQ has the potential to reach 2000 by the end of 2003, but a 10% correction is also possible as everyone and their uncle decides to remove some of the huge profits that we have encounter during the past 7- 8 months. For many the profits are smaller because many of us rode the market down to the depths of 1150 on the NASDAQ and have only recouped a fraction of this NASDAQ 70% gain.

We remain bullish on America and bullish of the US stock market.

SELL RECOMMENDATIONS
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
fdry- recommended Jan 01 03 @ $7.04 sold half @$15.29 and now place a sell on the balance @ $23.00

mcd -recommended Feb 23-26 03 @ $12.81-we believe that @ $24.15 that it is fully valued and should be sold.

intc -recommended Jan 01 03 @$15.57 --we believe that @ $31.66 that 25% of your position should be sold.

pvn -was recommended Jan 01 03 @ 6.49 and Feb 23- 26 03 @$6.20- we believe some profit should be secured and are placing a 25% sell recommendation @ $12.39.

emc-recommended @ $7.51 on Feb 23-26 03 --we would sell 25% @ $13.15

txn- recommended @$15.75 on Feb 23-26 03- we would sell 25% @ $25.50

We are not negative on these stock, but instead are investing for profits. If they fall back we may re- purchase our sold shares.

BUY RECOMMENDATIONS
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
NWL @ $ 22.93 look attractive long term - and while we wait we get a 3.73 yield. This stock is totally out of favor and appears to be a value @ current levels. RUBBERMAID AND A WHOLE LOT MORE.

IMH @ $15.36 with a yield of 12.75 ( $2.00) Impac Mortgage Holdings--very diverse REIT-looks very stable and should be considered for purchase @ current levels for dividend and diversification.

WE OWN BOTH @ CURRENT LEVELS.

OTHER STOCKS THAT WE STILL CONSIDER STRONG BUYS
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
MOT, NOK, TYC, LU,

NITE, AOL-CPN,DYN,- ALSO SHOULD BE OVERLOOKED

NEW MICRO-CAP RECOMMENDATION

We informed our phone service subscriber on or about Oct 6-7, 03 to buy wpec @ .35.

WESTERN POWER & EQUIPMENT (WPEC.OB) current price .40

The company is engaged in the sale, rental and servicing of light, medium-sized and heavy construction, agricultural and industrial equipment, parts and related products that are manufactured by CASE Corp. Products include backhoes, excavators, crawler dozers, skid steer loaders, forklifts, compactors log loaders, trenchers, street sweepers, sewer vacuums and mobile highway signs. It operates in Wash, Or, NV, Cal and Alaska. The Company is 36% owned by American United Global, Inc., a holding company.

At present 10 million shares outstanding Public float -1.5 million net worth--negative fully reporting with SEC

Turn-around industry--heavy equipment play-- just look @ CUM on the NYSE- As the economy strengthens --this company will participate- After 3 years of losses ( 2000, 2001, 2002) fiscal 2003 has shown a nice turn in profits. This company will post rev of $100 million for July year end and only has a market-cap of $4.million. For the nine months net income/sh was .06 based upon the 10 millions shares fully diluted outstanding.

For the year ending July 31st 2003 WPEC sports an est. PE of 5x based upon net income/sh of .08. For fiscal 04 earnings are est. @ .11-.12--This is a great economy recovery play which has only a .04 PSR. That is a $4 million market-cap with sales of over $100 million. Take a hard looook @ this micro-cap Strong Buy @ current levels!

NOTE: The year-end results might show a write down-- -but income from operations will be the strongest in since 2000.

We also believe that the company intends to firm up it's balance with either some sort of debt offering or a cash infusion for equity during the coming months.

The President has been in the business for over 25 years. The company has no intention of delisting itself either!!!!

We anticipate that the latest 10k will be released within a few weeks. We rate wpec.ob with a strong buy rating @ current levels. For investors that can handle levels of risk.

Final note: For all investors that invested in the oil and gas project listed on the home page of www.saadvisory.com- the first checks should be released by late Nov 03--- Please review current OIL and GAS projects currently being offered to our investors.. We are very excited about the current drilling programs that we are currently involved in.

Other BITS: look @ milr.ob and afpc.ob-- Milr is going to be a shell with cash-- afpc.ob looks like it is on the launch pad-- visit website for afpc.ob and review the recent numbers. We are very bullish on both.

If you would like to be notified before the herd concerning new recommendations--send us $30 for our next micro-pick.

If you would like personal phone service recommendations and personal conversation --send a check for $650/yr

S.A.Advisory
2274 Arbor lane #3
S.L.C Utah 84117
801-272-4761




Contact Information
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
email: [email protected]
voice: 9499229986
web: http://www.saadvisory.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~