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To: Square_Dealings who wrote (235205)	4/12/2003 3:30:40 PM
From: Secret_Agent_Man	Read Replies (1) \| Respond to of 436258

Market commentary that makes good sense: I quoted a couple of bullish remarks from Jim Cramer this past week. He has claimed that this pullback is a healthy consolidation period. Cramer also claims that we are on the cusp of a huge economic rebound. When shares of one of his top picks, Skyworks(SWKS) plunged on bad news he said Friday that he is holding on so that he has a position when the big tech recovery comes. "One day I think tech will come back, but if I don't have an entry there, I will miss it for certain. That awareness is worth far more than the opportunity cost of being able to shift that capital to something that I might like more," he said. I bring up these comments to show you how bullish people right now. When stocks drop they don't care, because they think they will go back up soon enough. What we are seeing in the sentiment indicators is being reflected in commentary and news analysis. In other words the talk is all bullish, because people are fully invested in the market. There is no more money sitting out there to come back in. Everyone is all aboard and that is why the top is in. The best example of this is the recent market action. Despite the market falling last week, the VIX and put/call ratio fell while the numbers of bulls rose to 51% in the Investors Intelligence Survey. If what we are seeing is a healthy consolidation in the market that is a prelude to higher prices later we should be seeing fear on this pullback - not bravado and more bottom guessing. The action of the indicators proves that there is "no wall of worry" - no matter what Cramer and the other pundits are saying. Michael Swanson TimingWallStreet.Com USA Capital Hedge Fund