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To: Giordano Bruno who wrote (243410)	6/2/2003 11:05:15 AM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Merrill sees 'substantial' further upside for stocks By Tomi Kilgore Richard McCabe, chief market analyst at Merrill Lynch, said the stock market should make "substantial further upside progress" through the end of this year and into the next. He noted that over 80 percent of the NYSE-listed stocks are now trading above their 200-day moving averages, versus less than 20 percent during the July to October lows of 2002. "In the last 30 years, such swings from under 20 percent to over 80 percent have tended to characterize bull markets rather than bear market rallies," McCabe said in a note to clients. He added, however, that short-term momentum indicators are currently in overbought territory, which could foreshadow a temporary setback during the month of June.