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To: orkrious who wrote (212457)	1/6/2003 12:55:19 AM
From: ild	Respond to of 436258

... A key feature of a more robust market would be an improvement in price/volume behavior. Since late October, rallies have been on fairly dull volume, while declines have frequently picked up higher volume - a standard feature of distribution. Sentiment and smart-money indicators also remain unfavorable, with advisory bearishness still quite low, and insider selling picking up steam. Ideally, a favorable shift in the Market Climate would follow a hard decline, accompanied by higher levels of bearishness, but relatively low trading volume, and followed by a few days of powerful upside breadth on heavy volume. That's not a forecast, of course, and we'll take whatever shift we get, when we get it. ... In short, the Market Climate is now unfavorable for both stocks and bonds. While shifts in either are possible and may occur at any point, we are defensive at present. No forecasts required. hussman.com