We present a study of the long‐term variability of Cyg X‐1 using data from the RXTE/ASM and the RXTE/PCA during the time between the two soft states of 1996 and 2001/2002. This period has been characterized by many short ASM flaring episodes which we have identified as “failed state transitions”. The 150 d period which has been seen before and shortly after the 1996 soft state is not obviously present in the ASM rate during most of this time. Applying selection criteria from our pointed RXTE/PCA observations to exclude the flaring episodes we show that the 150 d period can indeed still be significantly detected in the hard state. Furthermore, while the ∼420 d timescale associated with the flaring is reduced in the selected hard state count rate, it is still pronounced in the temporal evolution of the corresponding hardness ratios. The Ryle radio flux is also consistent with the 150 d period being present but distorted during this time. © 2004 American Institute of Physics