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To: John Madarasz who wrote (61396)	12/11/2002 11:33:48 PM
From: NOW	Read Replies (1) \| Respond to of 209892

one could argue they were smart money John, no?

To: John Madarasz who wrote (61396)	12/12/2002 4:20:24 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

Re Rydex: I would second the notion that bear fund levels will continue to hit new highs as the secular bear grinds onward. While it provides fuel for a short-covering rally, as it did in last year's topping process as well, the bear fund exposure hit substantial new highs (nearly doubling off the lows) at the top. These numbers may trend higher for years. Sentiment numbers only work at extremes, and the extreme here is not clear. Money may be drawn toward bear funds in increasing flows for years. There just aren't that many bear funds to plow interested money into. The consensus is always right at some point in a trend, by definition, usually just before the trend ends. See stocks, 1999. BC