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To: Mike M2 who wrote (9794)	11/25/2002 11:02:59 AM
From: Crimson Ghost	Respond to of 89467

Latest commentary from John Hussman. Note that advisor bearishness has dropped below 25%. Bulls beware! In recent sessions, the market has displayed fewer signs of distribution. Advancing volume has been better on strong days in the market, and declining volume has been more restrained on weak days. Against this generally positive feature of market action, sentiment indicators have become increasingly unfavorable. Investment advisory bearishness has dropped below 25%, which is relatively rare, while the CBOE volatility index has finally dropped as well, indicating a reduction in bearishness among option market participants. Historically, such declines in bearishness during periods of unfavorable trend uniformity have often preceded abrupt plunges, including much of 1973, the 1987 market crash, the 1998 Asian crisis, and the summer 2001 decline. However, the record is not strong enough to draw a sharp conclusion - there are a few instances when the market continued higher, such as late-1999. Generally speaking, low bearishness during periods of unfavorable trend uniformity is associated with exhausted rallies. Again, however, this view is not the basis of our investment position.