Descriptors: motivation, anticipation, event-related potentialsNeural correlates for the anticipation of probable rewards and punishments arefrequently assessed using hemodynamic responses during a monetary incentivedelay (MID) task. Unfortunately, these imaging methods are not well suited toexamining the time-course of neural activity during an experimental trial. RecentERP studies have reported differential neural responding across anticipation peri-ods, suggesting that reward/loss prospect affects some anticipatory processes butnot others. Here we used principle components analyses (PCA) to assess the ERPtime-course for discrimination between probable gains and losses within experi-mental trials. 19 participants completed a modified MID task while a concurrentEEG was recorded. Cue stimuli indicated the probable outcome of each experi-mental trial as well as the required response hand to the target stimuli. A temporaljudgment task was embedded in the MID task and participants were informedthat more accurate responding (as close to 1 second post-target) would increasethe likelihood winning rather than losing money. Post-experiment self-reportsconfirmed cuing stimuli signaling probable reward and probable loss were morearousing and motivating than cues signaling no monetary change. PCA of ERPsrevealed that cuing stimuli signaling the prospect of probable gains and probablelosses are processed along different temporal scales. Early components appear tobe more sensitive to the anticipated prospect of a loss, while later componentsappear to be more sensitive to the anticipated prospect of a gain.