A graph would have been useful, wouldn't it? I think what they mean is that in the first half of a woman's cycle, estrogen is lower than in the second half, total cholesterol is higher but HDL ("good") is lower. Estrogen levels rise after ovulation, so HDL rises and total cholesterol (think LDL, "bad") drops.

This also helps explain why my total cholesterol, which always used to be under 170, is now creeping over 200 post-menopause. Otoh, it shouldn't matter when I get it tested.