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To: robert b furman who wrote (163715)	3/5/2008 1:39:32 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

I'm going to continue to stress that sentiment data 1. is only relevant at extremes 2. those extremes must have the appropriate context, ie sentiment troughs in a bear must be compared against sentiment troughs in other bears 3. sentiment is only a necessary, not sufficient, ingredient in forming a bottom I do agree that we may have some more up here, but think about this: What did sentiment look like for the entirety of the 1990s bull? Was it bearish the whole time? No. It was mostly bullish. Believe it or not, the majority were right most of the time. It was only when it went to the most extreme readings that it was of use. In a bear market, sentiment will be bearish, and it will fall to levels not seen since the prior bear market. Comparisons to data points within the past five years of cyclical bull are irrelevant. `BC