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To: LLCF who wrote (74063)	3/1/2001 4:26:14 PM
From: pater tenebrarum	Respond to of 436258

all possibilities have to be considered now. most importantly, we have to see if May 5/6 (have to give it a day latitude) IS indeed a high. if not, i would expect a two to three week rally to ensue, into the FOMC. in other words, whether to favor the long side or re-enter puts depends on what happens on those dates imo. it's definitely very likely that unless some unexpected negative news hit that the rally will continue over the next two or three days. the sentiment picture that evolves over these two or three days will indicate the likelihood of the March 5/6 turn being a high...so we'll be able to anticipate somewhat. one thing that is already obvious is that another bottom is being called far and wide. still, over the past few days, the SnP has made two very long shadows on the daily, with buying commencing at roughly the same level...that looks bullish.