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To: Les H who wrote (8058)	7/9/2003 11:59:00 AM
From: Return to Sender	Read Replies (1) \| Respond to of 29596

Investor's Intelligence schaeffersresearch.com Date Published Percent Bullish Percent Bearish 7/9 56.5 18.5 7/2 53.1 20.9 6/25 59.4 17.7 6/18 60.2 16.1 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. Your comments in the previous post are again dead on 100% correct. Those are just some of the technical divergences along with overwhelmingly bullish sentiment that suggests to me that even the most bullish investors should wait for a dip to buy. RtS