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To: Wyätt Gwyön who wrote (125592)	11/20/2002 8:17:08 PM
From: Jon Koplik	Respond to of 152472

Re : Investors Intelligence / "bear reading" -- one thing that I have always wondered about with these "sentiment" indicators is an idea which people sometimes mention with regard to U.S. Federal Reserve policy : Do not watch what they say. Watch what they DO. (The best example of this being (if I remember correctly) : In late 1998, the Fed's "policy directive" was a bias toward tightening. During this period of tightening bias, they in fact cut the Fed Funds interest rate three times in a row ! ). I have no idea if peoples' actions are inconsistent with what they are saying to the polling agents who compile the Investors Intelligence numbers; but it is certainly possible that their actions are inconsistent. Jon.