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To: sammy™ -_- who wrote (466)	6/25/2006 1:30:30 PM
From: sammy™ -_-	Read Replies (1) \| Respond to of 1939

Bullish advisors readings above 60% are a rare event: * there had been none since prior to the October 1987 crash until 1999 when bullish readings surged above 60%, a pre-warning of “irrational exuberance”. * another extreme bullish reading above 60% occurred in 2001 which suggested that many Advisors were still stubbornly “buying the dip” as had been appropriate during the bull market. * Bulls surged to a 17-year high late December 2004, at 62.9% – Almost a year was to follow before the S&P500 was able to make a clear break above the subsequent sidways action. Conversely, bearish readings above 55% are a rare event: from 1987 to date, there have only been ten such instances: * Seven bearish readings above 55% occurred during the economic recession in 1990, the market subsequently made its lows in October 1990 and then climbed strongly after the start of the Gulf War in Feb 1991. Two bearish readings above 55% occurred in 1994 prior to the commencement of the uptrend that took the Dow Industrials from 4,000 to 12,000 over a six year period.