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To: Kirk © who wrote (6661)	7/9/1999 6:05:00 AM
From: Justa Werkenstiff	Read Replies (3) of 15132

Kirk: Re: " Newsletter writers might change their portfolios as soon as they see the survey results so the data is old and invalid a day later, especially if they all were to use the same model!" Same was true twenty years ago. Re: "My point is the survey can react to its results in near real time with CNBC and the internet." True as far as the general investing public is concerned. But they do not participate in the poll so their actions would not affect the survey more than they did twenty years ago. Newsletter writers can consider the market's doings in their considerations just as easily today as it was true twenty years ago. The decision of the investing public collectively in the market is all that matters for the purpose of this survey and there is nothing to suggest that the internet or anything else has changed human nature. One can even make the argument that the internet would tend to exacerbate human tendencies. I guess the true measure of your hypothesis would be if the reading reached a ten week moving average of 70 plus and nothing happened in the market. I don't plan to test it.

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