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To: Les H who wrote (7665)	6/4/2003 1:19:10 PM
From: Return to Sender	Respond to of 29596

Investor Intelligence: schaeffersresearch.com Date Percent Bullish Percent Bearish 6/4 56.5 20.7 Summary: We frequently discuss the sentiment data produced by Investors Intelligence. Their Index of Bullish Market Opinion of newsletter writers has particularly telling implications for stocks. High readings suggest excessive optimism, which typically occurs when buying strength has been tapped out, and low readings represent depleted selling strength, and tend to precede market rallies. We normally view a bullish percentage higher than 55 combined with a bearish reading lower 30% as bearish for the market. On the other hand, overwhelming investor pessimism is reflected in Investors Intelligence bearish readings that are in excess of 55%, which normally translates into bullish market conditions.