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To: Return to Sender who wrote (11674)	1/16/2005 11:28:22 PM
From: Les H	Read Replies (1) \| Respond to of 29608

I would guess that it's the first of several lows in that indicator, similar to the McClellan Oscillator which made a deep low recently. Normally, you need a positive divergence in the McOsc on the next low for a bigger rally to occur. The 2002 summer-fall low had four lows in the indicator in late June, late July, early August, September, and October. This doesn't appear to be that severe a pullback. The market's in the midst of a bounce back to at least the 10-day moving average (see Value Line Geometric index XVG).